Bad credit personal loans are the most popular type of installment loans, with the borrowers being given a specific amount and paying it back in fixed monthly installments. However, it used to be a lot harder to secure one for those with unpleasant credit scores. People would have had to resort to private lenders or loan centers that charged extremely high-interest rates.
Fortunately, there is less of a struggle now to secure a bad credit loan with the rise of online businesses. There are several online lending networks that can help you look for online loans for bad credit in Tennessee. They work with professional lenders to provide reliable loan services for borrowers with terrible credit, without strict requirements.
A few of these online brands include iPaydayLoans, WeLoans, CocoLoan, CashUSA, and PersonalLoans. These online lending networks also have a ‘Find Loans Near Me’ function which can make it a lot easier for you to look for immediate loan services from nearby loan shops in Tennessee.
| Loan Amount | Interest Rate | Loan Term | |
| Payday loans up to $5,000 without hard credit checks | Varies | Varies | |
| Up to $35,000, additional verification required | Varies | Varies | |
| Up to $35,000 | 0% - 10% | 91 – 365 days | |
| Up to $10,000 | 5.99% - 35.99% | 90 days – 72 months | |
| Up to $35,000 | 5.99% - 35.99% | 90 days – 72 months |
What Credit Score Do I Need When Getting Bad Credit Loans?
Since online lenders don’t use your credit history as a basis for eligibility for bad credit loans, they generally don’t have a minimum credit score required. Instead, they use other aspects to determine whether or not to approve your bad credit loan request including your income, your employment history, your credit history (for any signs of late payments, defaults, etc.), your current monthly debts, as well as your residence history.
Lenders generally prefer those who have proof of stability because they’re more likely to be able to pay back their loans. People who have stayed in the same residence or job for years and have decent incomes are more likely to be approved for a loan request.
How Long Does It Take To Get My Funds?
The time you would need to wait before the money is transferred to your account depends on the type of loan you’re applying for and the amount you borrowed. Smaller loans take at most 2 hours to complete, with five minutes spent on the application process, and the rest of the time spent on getting approval and preparing the necessary documents.
On the other hand, loans with higher amounts can take up to 3 business days. This is because lenders take their time inspecting the borrower’s income and financial background to make sure that they’re capable of repaying their loan.