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500 - 100 000
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Apply for a Personal Loan with Bad Credit

Applying for a loan doesn’t have to be a difficult process for persons who have bad credit. By going online these people can quickly and easily apply for loans even though they have bad credit.

Going to a traditional lender such as a bank or loan company can be a cumbersome and embarrassing process for persons with bad credit. It may take several days to process a loan application that will be rejected. The borrower has the embarrassment of seeing a banker examine their credit and deny their application.

Online lenders can make quick decisions on loans because the borrower submits the application directly to the people who do the actual loan approval. At many banks and loan companies the people in the office don’t make the loan decisions they submit to a central office over the internet. When applying for an online loan a borrower eliminates the middleman by submitting the application directly to the people who make the decisions.

What is Needed to Apply for a Personal Loan With Bad Credit? 

The main requirement needed to apply for a personal loan with bad credit is usually proof of income. The lender will probably require documentation that you have a source of income to pay the loan off with. This documentation is usually copies of pay stubs or bank statements.

Some lenders will require you to fax in a signed copy of the loan agreement or loan documentation. Others will accept an electronic signature that can be submitted online. It may be possible to send in scanned copies of these documents via e-mail as well.

How to Apply for a Personal Loan With Bad Credit

Most online loan applications are simple forms that ask for basic information such as your name, address, phone number, e-mail address, Social Security number, income and employment information. You will have to provide your Social Security number or driver’s license with these applications so the lender can verify it is really you.

Many of these applications will ask for the routing and account numbers (the numbers at the bottom of your check) for your checking account.  They ask for this because many online lenders deposit the loan money directly into your bank account.

Protect your credit score when you apply for a personal loan with bad credit

People who have bad credit need to be careful to protect their credit scores when they fill out online loan applications. Many lenders run credit checks, a process that can make your credit score go down and make your credit worse. When a credit score is run, the credit bureau may lower your credit score. The more times your credit report is run, the more points by which your credit score can fall.

Try to find lenders that don’t run credit reports on loan applicants or ask lenders if you can apply without running a credit report. Another suggestion is get to a copy of your credit report yourself and submit a copy of it with your loan application. There are a number of websites where can get a free copy of your credit report including . This way only one credit report will be run, so your credit record won’t be hurt when you apply for loans.