- Are You Sure You Qualify For A Bad Credit Loan?
MoneyMutual requires that you be at least 18 years old, a US citizen, earn at least $800 a month and have a bank checking account. Even if you’ve bounced a check or had other credit issues, MoneyMutual can help you acquire a short-term loan.
- A simplistic application
- Monthly payments make it easy to repay
- Privacy is important to MoneyMutual
- You can borrow up to $5000 as long as you qualify
- 24 hour approvals – amazing!
- Unfortunately – MoneyMutual is not allowed to operate in some US states
There are thousands of happy customers who have taken a bad credit loan through MoneyMutual. They are a company that constantly goes above and beyond to deliver excellent customer experiences. This is why we are such a huge fan of them…
Applying for a bad credit loan with MoneyMutual has been made so easy. Their quick 5 minute loan application is one of the fastest in the industry. Within just 5 minutes you can be matched with lenders and be well on your way to getting the emergency loan that you need.
Some lenders will offer loans with mixed interest rates. Make sure you understand whether the loan is offered at a fixed interest rate or on a declining balance basis. Loans with a fixed interest rate are often offered at significantly cheaper interest rates. This does not, however, imply that you will pay less.
Interest payments are not the only payments you must make when you take out a bad credit loan. Read below to find out some of these other costs for bad credit loans:
- The Processing Fee – how much is it?
It is often that lenders will add on a payday loans open 24 hours Memphis TN charge that is 1 to 2 percent of the loan amount. These fees are added to the loan’s overall cost. The lower the processing fee, the better. After all – who wants to pay unnecessary fees?
- The Prepayment Fee – what is it and how does it work?
Just because an interest rate is low on a bad credit loan, does not make it the best loan for you
On occasion, and depending on your lender, you might be able to pre pay your bad credit loan. There will also be times where you are not allowed to prepay your loan. Doing a pre-payment ultimately is beneficial to you as it can lower your overall interest cost.
You should include prepayment penalty fees when calculating the all-in cost. Lenders utilize prepayment penalties to compel borrowers to remain in the loan and pay the entire interest cost. The lower the penalty for prepayment, the better.
- The Late Payment Fee – how much is it and when is it payable?
There are many variables that you should consider when you are selecting your lender and when you are taking your emergency loan
Don’t be late with your payments. That is the best advice we can give you! Remember when you got into this arrangement, the lender expected you to pay your bad credit loan back on time, so make sure that you are able to in order to avoid any further difficulties with the lender.
Only take what you are able to pay back. Lenders will often try to get you to borrow more of a bad credit loan. However, you may not actually need the money, but you take it. We strongly recommend that you do not do this. Only take what you need. Make sure that you are able to pay back that amount.