Are There Small Dollar Loans For $1,000 For People With Bad Credit

With the growing market demand for small dollar loans under $1,000, many non bank lenders are offering such services online following the rules laid by the Federal Deposit Insurance Corporation (FDIC)'s Small Dollar Loan Pilot started in 2008.

Our loans are used by thousands of consumers every week as it is easy to get approved. We continuously improve our business processed to maintain our reputation as the best lender for small dollar loans online even when other providers decline you because of poor credit. Just come to us for a loan to pay back over 90 days whether you have poor credit history, no income, no collateral, no fax machine whatever. Our automated loan software system can accept more borrowers using alternative underwriting so that risk is spread evenly and mitigated. This also help to keep our business costs low, and borrowers benefit from competitive low cost online loans.

Fill out this application form to get instant loan offers personalized just for you. We need your personal information, such as your phone number, social security number and address. Next is information about your income. Finally, we need your banking information to send funds over to the correct account.

Despite the notoriety that online loans have a high annual percentage rate (APR), it can still be cheaper than late payment fees you may incur on other bills if you do not have the money. The FDIC limits the maximum small dollar loan amount to $2500 and the APR range from 5% to 36%. Repayment can be made over 90 days instead of the usual single payment associated with payday cash advance loans. The Consumer Financial Protection Bureau (CFPB) also provides consumer protection against unfair fees and predatory lending, so it is now safe to use regulatory-compliant online small dollar loans when you have bad credit and need $1000 dollars fast.

Besides using small dollar loans for urgent cash matters, another group of consumers are using such facilities as low cost credit building methods. For example, our lenders will report your timely payments to the credit bureaus and this can help you rebuild a positive credit history. Note that not all small dollar loan lenders will bother to report your payment activities as this incur additional expenses.

Small dollar loan lenders also use alternative underwriting to serve a broader base of customers, especially borrowers who are blacklisted by banks. Thus if you have bad credit and need a $1000 loan, there are now many online lenders willing to help you. Determining that a borrower has the ability to pay the loan is more important that his or her credit score, especially when you are looking to borrow a small amount for several months. For example, our lenders may approve your loan if you have been paying utilities on time or have regular deposits in your checking accounts, which are indicators of a responsible borrower. These new underwriting methods for small dollar loans have enabled more people with poor credit history to get a loan approved.