Getting short term loans in spite of bad credit records
People often seek a short term loan to cover up their financial requirement for a specific and short period of time. It usually should be paid back within a couple of weeks and are often charged with higher interest rate than the traditional loans or line of credit.
Here are the tips on getting short term loans online.
Decide on the type of loan
There are four basic types of short term loans available to individuals with bad credit score – payday loans, title loans, pawnshop loans and cash advance fee loans. Fees and interest rates charged with the loans may differ significantly. Title loans and pawnshop loans should be secured by collateral, while payday loans are considered as short term unsecured loans.
Determine the loan amount
As the next step, you need to determine how much money you require to borrow and how soon you will be able to pay back the loan. For instance, title loans should be paid back in full within next 30 days of receiving the loan. Make sure you have enough cash in hand by the due date so that you can avoid incurring extra interests and fees or the peril of losing collateral.
Get matched with the lender online
Next step is to get an appropriate lender by means of completing the application for short term loans on our web site. You can fill out the short loan application form on our site even if you have bad credit. Based on the information provided by you our lenders will provide the best short term loan options available. You will be able to know the status of your application in minutes. If you choose a lender in your locality with a brick and mortarstore all you need to provide is a photo identity proof, recent paystub and details of bank account in order to apply for the loan. In case of a title loan, you have to furnish a valid car title.
Wait for loan approval
Approvals are instant! It takes only minutes for the loan application filled online to be verified and approved if all requirements are met. It is likely that your lender will directly deposit the loan amount into your bank account as soon as the next business day.
Representative APR Range
Iamdetail is not a lender and does not provide short term loans but refers consumers to lenders who may provide such loans. Iamdetail is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and your lender. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process.
The APR on short term loans can range from 176% to 2,100% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.
See the following example of the APR calculation:
Borrow $200 for 14 days with a $30 to $60 lender fee. Your estimated APR is 391.07% to 782.14%
Calculation:(lender fee / loan amount) x (amount of days in a year / duration of the loan) x 100
Low End of Range:($30 / $200) * (365 days / 14 days) x 100 = 391.07%
High End of Range:($60 / $200) * (365 days / 14 days) x 100 = 782.14%
Implications of Late Payment
Contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date. Your lender will set its own late payment fees in accordance with state regulations. There are several courses of action available to them if your payment is late. For more information about your lender’s late payment procedures please review your loan agreement or contact your lender directly.
Implications of Non-Payment Financial Implications
Your lender may also charge you late fees for non-payment as well as fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
Iamdetail is not a Lender, and is not involved in debt collection. If you are late or miss a payment on your loan, it is important to contact your Lender immediately. If a payment is missed and you do not speak with your Lender, it is possible your loan will be subject to collection. It is important you understand these terms and conditions, or discuss the process with your Lender directly. Collections practices of Lenders and/or any assignee(s) will be in accordance with the regulations of any applicable local, state, or federal regulations.
Some of the lenders in our network may automatically renew your emergency loans if they become past due. You should check your loan agreement for your lender’s policy on automatic loan renewal. If your loan is renewed, there will be additional charges as determined by your lender and the minimum term will be 15 days. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
IMPACT ON CREDIT SCORES –
Iamdetail does not make credit decisions nor does it ever conduct credit inquiries on potential borrowers. Some members of our lenders network may choose to conduct a credit check in order to determine your eligibility to qualify for a loan.
Short term loan activity generally does not show up on the credit reports you get from the three major national credit reporting agencies (Equifax, Experian, and Trans Union). However there are specialty credit reporting agencies that collect some of your short term loan history. It is possible that lenders may access this information when considering you for future loans.
In addition, if you don’t pay your loan back and your lender sells your short term loan debt to a debt collector, it is possible the debt collector would report this debt to one of the major national credit bureaus. Debts in collection could impact your credit score.