Bad-Credit Loans – Opp Loans, Marcus
If you’re looking for a short-term loan but are worried about your bad credit, payday loans or pawn shops may be the best option. But they come with hefty interest rates and high prepayment fees, so there are many alternatives. This article explores OppLoans, Marcus by Goldman Sachs, and Avant. Learn why these companies are the best bets for short-term funding. And don’t forget to compare terms and fees to avoid the pitfalls that often accompany these types of loans.
Payday or pawn shop loans are tempting if you have bad credit
But before you sign on the dotted line, be sure to research payday or pawn shop loans thoroughly. Though they offer short-term solutions to financial emergencies, they carry high interest rates and high risk. Interest rates can exceed 25 percent in some states. In addition, you will have to pay for storage, which is not always free. Considering all of the potential risks, a pawn shop loan should be your last option if your financial situation requires cash.
Marcus by Goldman Sachs offers unique perks
A short-term loan from Marcus by Goldman Sachs comes with several perks. One of these perks is that the company does not charge a fee to obtain your credit score, which is good news for those with less-than-perfect credit. This company also offers no-fee personal loans, though you may not be able to co-borrow. Other perks include low rates and an easy-to-understand application process.
OppLoans is the best short-term loan
If you are in need of fast cash, OppLoans is a great choice. The process is easy. After you have an account with OppLoans, you will have to provide some personal information and verifying documents to get approved. You will most likely get approved on the same business day and you will not have to worry about paying fees or paying high interest. You will have the money you need within a day.
Avant charges a prepayment fee
Avant offers a one-day application process without a credit check, but it will still perform a hard inquiry on your credit. That might lower your credit score a few points. Once approved, your loan will be deposited into your account the following business day. However, if you have bad credit, you may want to 주택담보대출 consider a credit card that offers better terms and a lower APR.
Avant doesn’t require collateral
If you need a short-term loan and don’t want to put up any collateral, you can still apply for one from Avant. You can fill out their online application form and submit it for prequalification. You won’t see your credit score change, and you can always come back to it later. Once you have been prequalified, you’ll be sent loan offers based on your qualifications.