1st Choice Bad Credit Loans - Q & A

Q:What types of loans can I get with a credit score of less than 600?
A: Although you may think that getting a loan with a low credit score might be impossible, it certainly is not. The good news is that you can begin to improve your credit rating with loans for bad credit, such as an auto loan for bad credit or a bad credit personal loan. While improving your credit is not an overnight process, you can really make a big difference by getting a loan and making your payments on time for an extended period of time.

Q: My credit is not good, but I am in desperate need of a vehicle. Should I get a brand new car or would a used car be best for me?
A: If you have bad credit, it is a good idea to start with a used vehicle, one that is safe and reliable. Once you have established a good credit record, you can then look at getting a loan for a new car.

Q: What will my interest rate be with a loan for bad credit?
A: It depends on several factors including, what type of loan your are needing, what your actual credit circumstances are, and the terms of the loan (amount and length of finance period). Your lender's job is to find you the very best rate.

Q: Is a credit report needed to get approved for payday loans?
A: No, payday loans are not based upon your credit. Payday loans are among the easiest and fastest type of loan to get if you have bad credit.

Q: Can I get a loan in any state if I apply online?
A: Even if you are applying online, the loan you receive will be in the state that you are a legal resident of.

Q: Can I just apply for a loan over the phone?
A: No, for security reasons we are not allowed to process phone applications.

Q: What is your application fee?
A: We never charge a loan application fee, the services we provide are absolutely free to you.

Q: How long does it take to process the application?
A: Applications are processed instantly, a lender will contact you regarding the status of your loan generally within hours. In cases where inaccurate or incomplete information is given, the process could take several days.

Q: Are there restrictions on how I can use my loan?
A: If you are getting a personal loan or a payday loan, there are no restrictions on the use of your loan. However, if you are getting an auto loan, of course, the loan must be used to purchase a vehicle.

Q: I feel like I am in over my head in debt, what are my options to get my debt back under control?
A: You need to discuss your debt issues with one of our debt advisors, depending on your personal circumstances, there are several options including debt consolidation loans and even bankruptcy in extreme cases.

Q: I am a college student and have no credit history, can I be approved for a cash advance loan?
A: Yes, as long as you are over the age of 18 and meet the minimum requires for a cash loan.

Q: When I apply for a bad credit loan, will you call my employer?
A: No, in most cases, your most recent paystubs will be sufficient proof of income.

Q: How many payday loans can I take out at one time?
A: Very few states will allow a person to have multiple (up to three) payday loans at one time. This, however, is not advisable; in fact, most states will allow only one loan at a time.

Q: I need to borrow $3,000, can I get a large payday loan in this amount?
A: Usually when you are looking to borrow more than $2,000, you will need to apply for a personal loan.

Q: Can a person with bad credit, get an unsecured personal loan?
A: Yes, there are lenders who specialize in bad credit personal loans that have enabled people with poor credit to get an unsecured personal loan.

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