5 Bad Credit Personal Loan Options

As someone with bad credit you may feel your options are limited when it comes to applying for personal loans in Woodland. While some lenders, such as banks have stricter requirements than ever, there are a number of types of loans available for bad credit borrowers. Knowing the options and how to apply for a bad credit loan in Woodland will open up many options.

 Car Title Loans

Car title loans in Woodland offer credit for bad credit. The loans are secured with your car as collateral and the lender will become the new lienholder when you take these loans. The loan amount is based on the market value of your car. They have flexible requirements, including the fact that there is no credit check and so bad credit borrowers may be eligible with the same terms and conditions as those with good credit. The loans are also convenient in that they can be applied for online and can be available in as little as one hour.

 Payday Loans

Payday loans are unsecured personal loans in Woodland. The loan amount is based on the size of your paycheck and these are short-term loans with high interest rates. The loans require no credit check making them suitable for people with bad credit. They can be applied for online and can be available on the same day.

 Peer-to-Peer Loans

Peer-to-peer lending is an online platform that allows people to borrow directly from an individual. Investors earn high interest while borrowers pay low interest rates. It works by borrowers posting loan requests which are then viewed by lenders and chosen according to their criteria. While peer-to-peer lending does pot your credit score, the loans are up to the discretion of the individual lenders and they may be more sympathetic to your situation.

 Credit Union Loans

Credit unions work in a similar way to banks, but are owned by members. They are non-profit organizations that pass on their earnings to the members. You can call up your local credit union to discuss the possibility of personal loans in Woodland.

 Home Equity Loans

If you have equity in your property you may be able to get a low rate, tax deductible line of credit that does not take your credit score into account. These act as personal loans that can be used for any purpose. If you have a secure source of income so that you will manage the monthly repayments without hassle and will not put your property in jeopardy by not being able to repay the loan, these can become a good option for a bad credit loan in Woodland.

 Choosing the Right Loan

Before you decide on a loan make sure to shop around for the best option for you. Look into the terms and conditions of the loan, including the interest rate, fees and repayment terms. Check the requirements of the loan and the convenience in applying. Once you find the right loan to suit your financial situation, you can begin the application process.