Choose a Lendly Loan When You Have Bad Credit
Unexpected expenses are hard enough. Bad credit often makes things harder, making it difficult to acquire a loan. Except at Lendly. We know financial setbacks are a part of life, and we believe a poor credit score shouldn’t prevent you from getting an installment loan that can help ease financial pressures. That’s why Lendly is ready to help you with a loan from CC Connect so you can get the cash you need right when you need it.
Here are a few reasons to choose a Lendly loan when trying to get a loan with bad credit:
- Easy to Apply: You can apply online in a matter of minutes.
- Fast Funding: If approved, receive the full loan amount from CC Connect in your bank account in as fast as 24 hours.
- First-Rate Customer Service: Have questions? We have answers. Need a helping hand? Grab ours. Lendly supports you with world-class customer service from application to final payoff.
- No Hidden Fees: No application fee, no loan origination fee, and no prepayment penalty. With a Lendly loan, what you see is what you get.
- Automatic Payments: Lendly’s payroll linking technology makes it easy to set up automatic payments from your paycheck, so you never have to worry about forgetting a payment.
- Could Boost Your Credit Score: Lendly doesn’t want you to have bad credit any more than you do. That’s why your payment history is reported to the three major credit bureaus. Keep making on-time payments and you could see a bump in your credit score!
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The Lendly Loan Application Process
Even if you have bad credit, the five-step application process for a Lendly loan provided by CC Connect is quick and painless. Here’s how it works:
- Tell Us About Yourself (Don’t Be Shy): Use your computer, smartphone, or another device to fill out the online loan application. This usually takes just five minutes!
- Verify Your Employment Details: Securely connect to your employer’s payroll system. This helps ensure everything is in order and will speed up the application process.
- Get a Swift Decision: The information you provide will be used to determine whether CC Connect can offer a loan approval. Either way, you won’t be left waiting — You will receive a decision in a timely manner.
- Finalize and Sign: If approved, you’ll need to finalize your application, sign your loan documents, and finish setting up your direct deposit payments. That way CC Connect can send you your funds.
- Receive Your Funding: Your loan amount will be deposited straight into your account. Fast. You could receive funds from CC Connect as soon as 24 hours.
That’s it! The Lendly loan application process is as easy as it sounds.
What’s Considered Bad Credit?
A person’s credit rating is determined by their FICO® Score. These scores generally range from 300 to 850, and any score of less than 580 is considered poor. In other words, you’ll be considered to have bad credit if your score is 579 or less — too low to qualify for most standard loans.
But this doesn’t mean you’ll suddenly have good credit if your score reaches 580. It’s a little more nuanced than that. FICO credit scores have the following ranges.
- Poor: A score of 579 or less.
- Fair: A score of 580 to 669.
- Good: A score of 670 to 739.
- Very Good: A score of 740 to 799.
- Exceptional: A score of 800 or more.
When considering these ranges, some argue that bad credit is when you have a score less than 670. But whether you have a FICO credit score of 350, 590, or even 700, the important thing is to make responsible financial decisions — such as only taking out loans you’re confident you can pay back — that can help increase your credit score and give you peace of mind.
What Considerations Should You Make When Choosing a Bad Credit Loan?
If you have bad credit, you’ve probably made a financial misstep somewhere along the way. That’s OK — what’s done is done. The most important thing now is to ensure you make sound financial decisions going forward. If you’re trying to find a bad credit loan, here are some key factors to consider before applying for a loan with poor credit:Yes! Information about your loan account will not be disclosed to an unauthorized person, but anyone can make installment loan payments on your behalf with your consent.
- Repayment Terms: Will repayment take place through monthly payments or does the loan amount have to be paid back all at once? If the loan is being repaid over time, will you be able to afford the minimum payment amount each period? Before signing off on a loan, you want to ensure you can afford the repayments to successfully pay it off.
- Fees and Penalties: Some lenders will charge loan origination fees, late payment fees, and even prepayment penalties. Other lenders don’t. Make sure you know who does so you don’t pay more of your hard-earned money than you need to.
- Interest Rate: It’s best to consider the annual percentage rate (APR) before finalizing any paperwork. Your APR will determine the true effective cost of borrowing.
- Potential Credit Score Impact: Does the lender report to the major credit bureaus? If they do, your on-time payments can help boost your credit score! If not, you might not experience the credit lift you deserve.
Steps for Choosing the Best Loan for Bad Credit
Finding and choosing the best loan for bad credit doesn’t have to cause a migraine. These steps can help make it easy to find and apply for a loan that meets your needs.
- Find Out Your Credit Score: You may be able to see your score for free when accessing your bank or credit card account. Otherwise, you can get it directly from FICO. Either way, it’s important to know your credit score so you can gauge what loans you may or may not qualify for.
- Research Potential Lenders: Every lender is different. It’s important for you to understand how. In researching each lender, consider the four factors explained in the section above. It’s also worth reviewing their customer service process and customer testimonials. You want to sign with a lender who has your back.
- Prepare Your Application Materials: Being ready with details like your Social Security number, employer information, and bank account number can help streamline your application process.
Apply NowFAQs
What is the minimum credit score you will accept?
Lendly loan applications are not approved or denied based solely on a credit score. A low or subprime credit score will not necessarily disqualify you from getting a Lendly loan.
How does applying for a Lendly loan affect my credit?
Upon applying for a Lendly loan, a credit inquiry will likely appear in your credit history. This may have a small impact on your overall credit score.
Does being declined hurt my credit score?
No, loan denials are not reported to the credit bureaus.
Does Lendly report to credit bureaus?
All Lendly loan payment history is reported to a credit reporting agency every month.
I haven’t established credit yet. Can I still apply?
Yes. A lack of established credit will not necessarily disqualify you from getting a Lendly loan.
How much can I borrow?
Currently, the highest available loan amount is $2,000. Please note that not all applicants will be approved for this loan amount.
Is Lendly legit/safe?
Yes! With more than 25 years of experience, Lendly was started to provide people with access to affordable installment loans, with fair terms and fair rates. See what our customers are saying on Trustpilot!
