Personal loan for bad credit
Before granting you a loan, a financial institution wants to make sure you will repay it. The answer to this question is based on your credit report and your credit history. A bad credit score can greatly affect your chances of being able to borrow money. Fortunately, there is a solution: a personal loan for bad credit.
What is a credit score?
A credit score is a number between 300 and 900 that assesses the risk you will not repay your loan. It improves if you pay your credit balance on time, but it decreases if you make late payments instead.
Credit scores above 660 are considered good and those above 760 are considered excellent. Conversely, if your credit score is close to 300, you are considered at risk and your financial institution may refuse your loan. Fortunately, Deposit My Cash Now can offer you a personal loan for bad credit.
What is a personal loan for bad credit?
By doing business with Deposit My Cash Now, it is possible to have access to no credit check loan. We believe a past bad credit rating shouldn't prevent you from accessing money when you need it most.
Therefore, we base ourselves on other criteria before granting you a personal loan. For example, you must be working full time and have resided at the same address for at least 6 months. You must also have a valid checking account for at least 3 months. Finally, you should not be in bankruptcy or have a wage garnishment.
How to apply for a personal loan for bad credit?
To apply for a personal loan, you must take the time to fill out a form. You will also need to provide us with the following documents:
- Proof of your social insurance number;
- Photo ID;
- Your last 2 pay stubs;
- Proof of address;
- Void check;
- The last 90 days of your bank statement.
How is the repayment made?
Repayment is made with a fixed interest rate of 15%. Monthly payments are a minimum of 300 Canadian dollars per month. The amortization period is spread over a maximum of 2 years. You will have a choice between 3 reimbursement options.
- Pay the minimum fee on your first payday after borrowing money.
- Pay the minimum fees and a share of capital to reduce the amount to be reimbursed.
- Pay all of the capital and finance costs all at once.
About Deposit My Cash Now
For over 12 years, Deposit My Cash Now has been dedicated to helping people with their financial problems by providing loans when they need it most. If you need a personal loan for bad credit, contact us now. We will be happy to answer all your questions.
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