poor credit loans

What should you be looking for in poor credit loans to ensure you get your best possible offer?

Just because you have had a rocky credit history sometime in the past 7 to 10 years doesn’t mean you can’t get a good loan or that you shouldn’t do everything possible to get the best loan terms you possibly can.

But it’s not always easy to know what criterion to use in selecting a bad credit loan or how to locate and compare your options in a practical way.

Finding Acceptable Terms For Poor Credit Loans

The first thing you have to consider when searching for poor credit loans, or any other loan for that matter, is to make sure the loan truly fits your needs. You need to be able to borrow the required amount of cash and have enough time allowed to repay it.

Don’t plan on using more than 15% to 25% of your total budget to make loan payments or you could end up falling short and getting hit with a late fee. The exact percentage of your income you can allot to repay the loan depends on how many basic bills and needful expenses you have and how much is left for other things.

The second set of factors to consider relate to how good of a “deal” the lender is willing to give you. Within the parameters of loan offers that fit your needs, compare interest rates, number and level of fees, late fee amounts (hopefully a non-issue), whether or not you’re penalized for paying back early, how fast you can get and use the cash, and other pertinent matters.

Be Sure You Are Trusting A Reputable Lender

There are many good, reputable lenders of payday loans and personal installment loans online, but of course, there are also those lenders with a disreputable reputation. It always pays to be careful when selecting a lender for a fast cash loan.

There are many signs you can look for, such as an address and contact information on their website, an informative About Us page, the green lock and HTTPS in the URL line, and the information about loan terms on the website itself.

But another way is to check online review sites, look for testimonials from past clients, and to talk to an industry expert like those at Bonsai Finance. At Bonsai, we offer you powerful search engines to quickly connect you to hundreds of reputable lenders and an accessible online staff that can help answer your questions. Our staff is familiar with the “landscape” of the online lending industry, and we can help you find a trustworthy loan partner.

Look For Loans With No Credit Check

Finally, when you already have damaged credit, the last thing you want to do is damage it further by having one or more lenders run hard credit checks on you. A “soft” credit check won’t hurt, but a hard check can lower your credit score. And if you apply with 5 or 10 lenders and they all run hard credit checks on you, you could seriously damage your credit and not even get approved for a loan.

Bonsai Finance can connect you with lenders that you know ahead of time are very, very likely to approve you application. And you get an immediate answer when you apply, so there’s no wait time and no need to apply for multiple loans if you can’t wait long. You can also search for loans based on their not requiring any credit check at all through Bonsai.

Bonsai Finance enables you to conveniently, quickly scrutinize your quick cash loan offers and choose only reputable poor credit loans that meet your needs and protect your credit.