If you have been told that with bad credit it is impossible to land even small online personal loans, then this is simply not true. The small and short-term unsecured loans are one of the main services offered by third-party direct lenders and they also lend to people with poor credit, though getting approved in such case might be harder.
Still the best way to get a small personal loan with no collateral is to contact several lenders of use a broker like ProvisionSources and save your time. Yes, bad credit history means that the loan will be more expensive and it is not so easy to repair your credit score. But what if you have an emergency and are short of cash? Then getting an unsecured personal loan with poor credit and quick online approval might be your only option.
What is a Personal Loan?
It is a small, short-term and unsecured loan given against your source of income or any other line of credit. Some direct lenders offer such loans even with bad or fair credit.
No Collateral Needed – an Unsecured Loan
The concept is that simple and straightforward, but with hundreds or thousands of companies operating and competing against each other, they can offer benefits, some tricks and whistles to make the deal even sweeter and more appealing. But, the core rules remains the same:
- It is a quick loan, nevertheless, and you have to pay.
- If you fail to repay, the interest can quickly add up.
- If you’re eligible, then a small amount can be borrowed during an emergency.
- In case of an emergency, it is a lifesaver.