Learning that you have bad credit is no fun. In fact, it’s usually a lot worse than simply being “no fun.” This is because having bad credit inhibits you from making the purchases you need to make your life better. Buying cars, homes, or other possessions which require a payment plan might be off the table for no other reason than the providers of these products/services are unwilling.
But what’s worse than that is when you are denied the ability to get emergency cash, even in the form of a loan, due to the nature of your bad credit. Circumstances that led up to this situation might have been largely outside of your control, in the same way that expenses are piling while it seems like you are out of options.
Whether you are paying unanticipated medical expenses, you need a new “A to B” to keep your job, or you have other reasons for needing emergency cash, we at Your Loan Depot want you to know that you are not completely out of options.
There is something called a “bad credit loan” that can help you get the emergency cash you need, regardless of your bad credit.
What Is A Bad Credit Loan?
A bad credit loan, in Texas or elsewhere, is a kind of personal loan that is specifically offered to loanees, or borrowers, who are lacking in the “good credit” department. That is to say, they have weak, bad, or no credit at all. You can get a bad credit loan at a wide variety of establishments, from payday lending companies like us at Your Loan Depot to online lenders, credit unions, and banks.
It should be said that bad credit loans are going to be significantly more expensive than other loan types. While it’s not exactly fun to learn, it’s a fact that makes a good bit of sense when you break it down. Whether it’s a bank, credit union, or a payday lender like us that’s offering the bad credit loan, the lender needs to protect themselves financially in order to stay in business. When you don’t have any credit, or you have explicitly bad credit, lenders take it as a sign that borrowers are less likely to pay back the loan on time, or at all.
Again, we understand that this type of thing might frustrate you — especially when the path that led you to this point was determined by events that were outside of your control. However, payday lenders, banks, and credit unions need to protect their investments just like any other kind of company does. That’s why you can anticipate your interest rate to be higher on a bad credit loan when compared with loans that are offered to folks with good credit. If there’s a greater risk that someone will default on their loan, there’s going to be a greater price to pay for someone to get the fast cash they need.
What Is A Bad Credit Score?
Perhaps we should have addressed this earlier, but either way, a “bad credit score” is determined by something called a FICO score. Good credit is typically in the range of 700-850, with average credit being between 630-679. Subprime credit, or below average credit is between 550-629. Finally, you know you have a big hill to climb if you want to restore your credit score when your credit is between 300 and 549.
Find A Payday Lender In Texas
Here’s where we at Your Loan Depot come into the picture. We have two options for you — payday loans and title loans, both of which can be deemed bad credit check loans or “no credit check loans.” Payday loans are a type of bridge loan where you can earn up to $1,000 to help you make ends meet during difficult financial times. Title loans, also called car title loans, are a type of bad credit loan where you can receive up to $10,000 in emergency cash. There is one significant caveat, however, to speak of: you’ll need a form of vehicular collateral to receive the cash. Due to the nature of the loan being inherently “risky,” you’ll need to provide the title of an operating car, truck, or RV.
If you’d like to learn more about either of these bad credit loan options, don’t hesitate to reach out to us at Your Loan Depot. Apply for your cash advance today!