Nowadays, more and more lenders have stepped into the bad credit loan market and have started offering loans with affordable monthly installments and competitive interest rates to people with unpleasant credit backgrounds. If you are looking to get a loan in Maryland but worried about your low credit score, online loan brokers such as iPaydayLoans, WeLoans, CocoLoan, CashAdvance, and CashUSA can help, as they have partnered with those professional lenders and can provide clients with reliable loan services for bad credit.
Some of these online lending networks make it easier to secure a loan if you need urgent loan services in Maryland. Try out the ‘find loans near me’ function on their website that allows you to quickly locate and get instant cash from local stores in Maryland at speed.
| Brands | Loan Amount | Interest Rate | Loan Term |
| Up to $35,000 | Varies | Short-term loans up to 30 days | |
| Up to $35,000 | Varies | Varies | |
| Up to $35,000 | Varies | 91 – 365 days | |
| Up to $10,000 | 2% - 22.9% | Varies | |
| Up to $10,000 | 5.99% - 35.99% | 90 days – 72 months |
What Are The Requirements On Credit Scores When Getting Bad Credit Loans?
Based on market research, the average credit source for bad credit loan approval is around 600, but most online lenders you can find don’t have a strict minimum credit score requirement in order to approve your loan. This is because they look beyond your credit score to determine if you are eligible or not.
Factors that may affect your eligibility include your current monthly debts and your recent credit history. The sources of income, length of residency at your current address, and how long you’ve stayed at your current job will also affect a lender’s decision. Generally, lenders like borrowers who show proof of stability because this means there’s a higher chance they’re able to repay their loans.
How Long Does It Take To Get Loans With Bad Credit?
The length of time before you’re able to complete a bad credit loan varies depending on the type of loan and the loan amount you’re applying for. Smaller loans can typically be completed within the day you submit the application. It takes less than five minutes to apply and after hours of processing, the lender will then transfer the money to your provided bank account.
On the other hand, larger loans can take longer to verify and process. This is because the lender will spend more time inspecting the borrower’s financial background and income.
One advantage of getting bad credit loans online is that they’re typically processed a lot faster than approaching a direct lender. Since everything is done online, you can enjoy the convenience of getting loans with easy requirements right from your cozy couch.