Whether we like it or not, we all could make use of personal loans now and then. Not every expense can be carefully planned and foreseen, and there are always emergencies such as a visit to the dentist or the car repair shop. It’s life, and should you need a minor sum of money quickly, nothing should stand in your way.
Speedy Loan is one of the companies who understand this perfectly well and is always ready to lend clients some cash. Anything in between USD 100 and 3000 should not be a problem, regardless of your current credit score and history.
Differently from most other banks and lending companies, we are ready to work with people whose credit score is far from perfect. More importantly, we are ready to offer them flexible payment conditions, without charging sky-rocketing interests or setting rigid, unrealistic deadlines.
We offer most clients a chance to repay even a minor loan within 12 months, with fixed monthly payments and adequate interest rates. So, how do personal loans work? Fond out below to choose a plan that suits you best.
New York Personal loans explained in a nutshell
Sometimes, when you have to borrow some cash — especially a large sum — you are expected to provide something valuable that would serve as collateral. It’s pretty much the same as pawning your cell phone and getting the cash you need, but in the case with larger sums borrowed from banks, your collateral can be even more significant than that — a car, for example, or even a house.
Don’t panic, though — that’s not what personal loans are about. This type of borrowing does not presuppose any collateral, so you can just go ahead and get some cash — pretty much like you would do when you borrow money from your friends or relatives.
The amount is usually not quite large, up to $3000, but the most significant benefit is that you can get this money without 24 hours, or even sooner. More importantly, you don’t even have to go anywhere — you can always make use of online personal loans in New York and save yourself some trouble.
Applying for an online loan: a step-by-step guide
Before we guide you through the essential steps, let’s see if you check all the requirements on the application list. They are quite basic, truly:
- You have to be of legal age
- You should have a social security number
- You have to be a citizen of the US
- You need to have a bank account and a credit/debit card
- You have to provide proof that you’re employed and have regular income
Checked all the boxes? Then, you’re ready to discover personal loans — a quick and easy solution to get some extra cash when you need it.
Step 1: Application
If you ticked all the above boxes, you could easily apply online — filling in a simple form is all it takes to get started with your application. With Speedy Loan, you do not have to google for things like ‘New York personal loans near me’ — no matter where exactly you are located in the US, you can still get your application approved!
Step 2: Waiting for approval
No worries, this part never takes long — usually, all new applications are approved within a couple of hours. In some rare cases, the process may take up to a day — but never longer than that. When you apply, you will have to give us a valid phone number so that we could send you an instant notification when your loan is confirmed.
Step 3: Receiving your money
After that, you can take the cash you just received in one of our nearest offices or simply have it credited to your bank account — whichever works best for you.
Can you apply with a bad credit score?
Yes, absolutely! As already mentioned, we understand that sometimes people need money quickly, and we never see a bad score as an excuse to rip people off with high-interest rates. Find out more about New York personal loans for bad credit in the paragraphs below.
Why bad credit is no longer a problem?
Before, your credit score used to define the types of loans you’re eligible for, as well as the conditions on which creditors would offer you money. While to a certain degree, this rule works even today, more and more companies — Speedy Loan included — focus on one’s ability to repay the debt, rather than one’s previous borrowing history.
Some time ago, creditors would charge high-interest rates on bad loans or set very rigid deadlines on them; unfortunately, both of these practices resulted in more damage to the lendee’s pocket. Today, however, the situation has significantly improved, so anyone with a job can borrow money and — more importantly —easily repay this debt in the nearest future.
Speedy Loan Benefits for Bad Credits
How is our approach different, and what benefits does it have for a client? Simple:
- We don’t perform hard credit checks that affect your score
- We don’t ask you for a collateral
- We approve your credit if you have a job and means to repay it
- We create flexible and realistic payment conditions
- We have tons of private lenders in our database, so any application is eventually approved
Specifics of a New York bad credit personal loan
Why is there even such a thing as bad credit? As already mentioned, money-borrowing rules used to be a bit different before. So, creditors would often refuse to lend money to people with bad credit history. Bad history implies that borrowers took longer to repay their debts or did not repay them at all. So, lenders would tag such clients as risky ones. Even if they did agree to give them money, such a loan would always be associated with high interests — sometimes, up to 400% of the initial sum. Simply put, the less reliable the borrower seems (and the less money this person has), the more money the borrower would be expected to pay.
Today, anyone can see the downside of such an approach. If the person does not have a lot of money to begin with, charging higher interest is sheer robbery. The whole system would work based on the assumption that one of the borrowers would not repay at all, so this sum (in the form of higher interest) would be subdivided among other lendees. Simply put, they would be expected to repay other people’s debts on top of their own ones. Such a system would give lenders a chance to compensate their potential losses, but would still be unfair for the borrowers. On the other hand, refusing people an opportunity to borrow money is not exactly a solution either.
So, Speedy Loan decided to give it a try and treat any bad credit borrowing pretty much the same as positive personal loans. And it worked! With us, you no longer need to trouble yourself with personal loans calculator or any other tool that would help you figure out the kind of interest you’re expected to pay. Our system is simple — no matter your current score.
How are our loans different?
Essentially, it all goes down to fixed interest rates. This is the primary reason to consult Speedy Loans any time you need money urgently. We are willing to take some risks even when clients with bad score ask us for money because we understand that emergencies do happen. While the high-interest principle offers more repayment warranties for the lenders, we still do not think that ripping people off is a justified practice.
Also, we do not set short deadlines on paying the debt. Even if you borrow a hundred bucks from us, you can still have a full year to repay it. Of course, in this pretty exaggerated example, you will unlikely need so much time — but still, this is how Speedy Loan works. Even the smallest sum offers a borrower some flexibility and more than enough time to fully repay the borrowed amount plus the fixed interest. We do encourage people to pay off their debts sooner if they can, but there is no penalty even you need a whole year to repay a hundred bucks.
With us, anyone is eligible for a personal loan in New York !
Bottom line, if you’ve been wondering where to get personal loans — with a bad score, a good one, or no score at all — you’re in the right place! We understand your trouble and have no intentions of making you pay more than you should. Anytime you have an emergency, reaching out to us is the safest and the soundest solution.
Money-lending terms at Speedy Loan are client-oriented and can suit any person, regardless of one’s income and previous credit history. Whenever you face urgent medical expenses, unexpected repairs, or simply need cash for any other personal matters, we are here to offer you precisely the help you need.
While we do not deal with large sums of money, we can ensure that every new application is approved quickly — which is often exactly what our clients expect and deserve. Getting online personal loans NY has never been easier than today!