Have you been turned down for a micro loan because of your bad credit? We’ve all been there. It can be frustrating to think that just because you had one mishap on your credit report, it will follow you forever and prevent you from getting a micro loan. But the good news is that there are options! In this blog post, we will talk about some of the micro loans available for people with bad credit.
A micro loan is can be a personal loan, as well as other types of loans. Personal loans can vary in terms and interest rates but typically offer lower rates than unsecured micro loans like payday or title-based lending companies. Not all personal loan companies provide micro loans, so it’s important to check the minimum amount before applying for a loan.
There are many reasons why people take out microloans including more favorable repayment plans, no collateral needed and they don't require credit checks (unlike larger company's requirements). A lot of times these microer lenders will want you to pay back your microloan through automatic payments from your checking account.
Get a micro loan online is possible if you have bad credit. There are many online lenders on the market, so your chances of finding a lender that will approve and fund your loan is much higher than going straight to an offline lending institution.
The catch with getting a micro loan from an online lender is that they may charge higher interest rates - especially if you have poor or fair credit. This isn't necessarily a disadvantage because some people don’t mind paying more for convenience when it comes time to apply for loans!
Additionally, while not all moneylenders offer this option, there are some lenders out there who allow borrowers to pay back their microloans over time in monthly installments rather than lump sum payments at once.
Sometime lenders will advertise a micro loan product as an affordable option, but when you delve into the details of their rates and fees it turns out that they are anything but. When you get a micro personal loan, like for $1,000, it is better to skip payday loans or car title loans. These often have really high interest rates and you will have to pay lots of fees.