Having a fair or less than good credit should not keep you from getting financial assistance in times of needs. Even if you have a regular monthly income, you may face cash shortage due to some emergencies. Personal loans are convenient options to get fast cash for such emergencies; however, you may find it hard to obtain a low rate loan when you have a bad credit score.
If you live in Alaska and need some extra cash but have poor credit rating, you can still get a personal loan as there are many lenders who offer personal loans to people with bad credit in Alaska.
Green Leaf Loan Group, Alaska USA Federal Credit Union and Northern Skies Federal Credit Union are some of the reliable lenders in Alaska who can help you meet your needs even if you have less than good credit rating.
Bad Credit Loan Options in Alaska
A person with a not-so-good credit history has quite a few options in Alaska.
Unsecured Personal Loans
Most of the leading banks ad financial institutions in Alaska offer their financing products to borrowers with good to excellent credit score.
This does not mean that you cannot get a personal loan if you have poor credit as there are other financial institutions and local lenders who are more than willing to offer you personal loans without doing any credit check.
Moreover, there are lenders who offer their loans online and they just need some personal and income details to approve your loan. A major drawback with such lenders is that they often charge higher interest rates compared to loans for good credit borrowers.
Bad Credit Secured and Unsecured Loans
While interest rates for bad credit borrowers are usually higher, you can still get a competitive rate if you can offer some collateral and get a secured personal loan.
Secured loans usually come with fixed rates and fixed repayment terms that allow you to manage your monthly budget.
If you don’t want to offer any collateral, you can choose an unsecured loan, such as a credit card, where the interest rate may be a little higher. Your loan amount and approval will depend on your income condition and the ability to repay on time.
What are requirements during application?
Most of the lenders have some common loan requirements while making your application and having some knowledge about them will allow you to speed up your application process.
You can also check your current credit score before starting your application. Some of the common personal loan requirements of lenders are:
- Minimum age of at least 18 years
- An active checking account
- Applicants must be U.S. Citizens
- Applicants should have minimum income of at least $1,000 per month.
What to do after you are approved?
Online personal loans are easy to apply and once approved, you can get your loan in as fast as the same day or the next business day.
Generally, the loan amount gets transferred to your checking account and you don’t even have to visit the bank or lender. You are free to use the funds the way you want.
Use the money to complete a home renovation project, plan a wedding, make a big purchase, or plan a family vacation. Make your monthly loan repayment on time and re-establish your credit.