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bad credit personal loans

Are you one of the millions of Americans who suffer from a poor credit score?

Whether you had difficulties making payments years ago or simply haven't had the time to build up decent credit, your bad credit score will probably make it difficult to get ahead financially.

Fortunately, there are a few options for people with bad credit when they need to borrow money - and a personal loan from Atlas Credit may be your very best bet.

What Is a Personal Loan?

First of all, a personal loan from Atlas Credit is nothing like a payday loan. While payday loans are also available for people with bad credit, the repayment plan for a payday loan is harsh by comparison.

It's right there in the name. A payday loan should be paid back by your next payday - or else. And the interest added on these loans is sizeable, to say the least.

Personal loans, on the other hand, are like a direct infusion of cash to your finances that can be paid back at your leisure. You won't have to offer up your home for collateral, and you won't have to lose an arm and a leg to pay it back.

Does Applying for a Personal Loan Hurt My Credit? 

Applying for the loan will not hurt your credit in the long term. The only way your credit could be impacted negatively by the personal loan is if you fail to make your payments on time. 

With Atlas Credit, filling out an application takes just a few minutes when you apply online. We notify you of our decision quickly, sometimes within hours. You can also apply at any of our locations throughout Texas and Oklahoma.

Submitting the application will result in a loss of a few points on your credit score when the borrower checks your credit. The drop will not last, though. You quickly will make up for it when you receive your loan and begin making on-time payments. 

Can Getting a Personal Loan Hurt My Credit? 

As long as you stick to the repayment schedule, a personal loan won't hurt your credit. If you pay back the money on time each month and don't forget a payment, then your credit score will rise. Personal loans provide the chance for you to prove your responsibility and willingness to repay your debts. 

Even if you have a history of defaulting on debts, your future actions can reverse your credit score. Getting a personal loan with lousy credit sets you up to improve your score — and Atlas Credit wants to help. We approve lots of borrowers who have bad credit to help them better their situations. 

How Can a Personal Loan Help My Credit? 

So what is the benefit of obtaining a personal loan? Beyond getting the money you need to pay for bills or expenses, you also can take advantage of the opportunity to rebuild your poor credit with a personal loan. You can use the money to assist you with: 

  • Paying emergency medical bills
  • Covering car repairs
  • Getting current on mortgage payments

By taking out a personal loan, you can wipe away debts that have built up during a difficult period. Maybe you were laid off, or you had to assist a family member with their expenses and fell behind on their own. When you take out a personal loan, you get a better interest rate than you do on a credit card. You will have less debt to pay off in the long run.

Should I Get a Personal Loan? 

Getting a personal loan is a personal choice. We want you to feel comfortable with your decision and have a thorough understanding of what you need to do to rebuild your bad credit when you get a personal loan. Keep these things in mind: 

  • You must make on-time payments each month to raise your credit score.
  • You must budget for your monthly loan payments. 
  • You must have a steady source of income, such as a regular job, to receive a personal loan.

When you have all these things, you are likely to receive approval on your loan from Atlas Credit. Borrowing money and repaying it will increase your credit score, and when you do that, you also can qualify for bigger loans in the future, such as mortgages or vehicle loans. 

Borrow Appropriately

While it may be tempting to borrow a large sum once you realize you can finally secure it from a lender, you should limit what you actually borrow.

The size of your bad credit personal loan should be equal to or just slightly more than the exact amount you need to get by. If you need it for your monthly expenses, consult your budget to determine how much that will be.

Because remember: whatever you borrow must be paid back. By limiting the value of your personal loan, you'll get it paid off far more quickly.

Apply For a Personal Loan Online

Reclaim Control Over Your Money

With a simple supplement to your money clip like a personal loan, you can easily afford whatever you need to pay for - immediately. No more digging for coins in your sofa or asking relatives for money. You'll be in control, and you'll soon find yourself ahead financially.

The best thing about a bad credit personal loan is that the flexible repayment schedule can prevent you from ending up worse off than you started. Where a payday loan or a loan from your bank might hurt your credit if you don't make the steep monthly payments, a personal loan from Atlas Credit can be repaid over a 5 to 12 month period.

That means more affordable payments and less stress on your monthly budget.

So if you're in need of a quick and easy way to get a personal loan with bad credit, try a Texas or Oklahoma personal loan from Atlas Credit today! Visit us in person at any of our locations or apply online to get started. 

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