Bad Credit? No Problem: How to Get a Loan Despite a Credit Check
November 30, 2024
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• Borrow between $200-$5000

• Payback terms span 3-12 months.
• We run a credit check (but can often overlook bad credit where others can’t)
• A debit card is required 
• To apply you will need to upload a current pay stub, proof of residence, and a picture ID 
• We can get you cash as soon as today!

We want to help you achieve financial success. The best things we can offer, besides the actual installment loan, are tips on borrowing responsibly.

1.Cautiously assess your financial situation.
Before taking out an installment loan, take a good hard look at your finances. Gather a full understanding of how much you need, and how you can pay it back. 

2. Take the time to understand the loan terms.
It is crucial to carefully read and understand the loan agreement, including interest rates and repayment terms. Make sure you know how much your loan money is costing you long term.

3. Borrow the minimum of what you need.
Borrowing more than you need can become a revolving debt spiral. It is best to choose affordable payments that, when paid on time, can increase your credit score.

4. Make a repayment plan ahead of time.
Create a budget that includes your loan payments. Preparation ensures that you’ll have the money available to pay down your installment loan each month. 

Three main categories make up a credit score, payment history, credit utilization, and credit mix. An installment loan from Las Vegas Finance checks the boxes for all three. When you follow the tips for responsible borrowing practices, not only can we often approve your loan despite bad credit, we can help you improve your credit score.

Here's how:
 

• Build Payment History: An installment loan allows you to show that you can consistently make your payments on time. Each month your current payment will work toward establishing a positive payment history, which is the most important factor of your credit score. 

• Diversify Credit Mix:  Including a variety of credit types boosts your credit score. If you have usually depended on credit cards or payday loans, an installment loan can diversify your credit mix which, over time, can help improve your overall credit score. 

• Lower Credit Utilization:  This portion of your credit score considers how much of your available credit you are using. For instance, maxed-out credit cards bring down your credit score. If you cover that same amount with an installment loan, it is given in a set amount, there is no “available credit”. This means your loan is not applied toward your credit utilization score.      

  
   

Your stress about “bad credit” can be a thing of the past! Borrowing responsibly with an installment loan will allow you to make your payments and ultimately improve your credit score without unfairly punishing you for the score you have now. 

When you’ve struggled with bad credit, it can be so easy to get caught in a payday advance loan debt spiral. Step out of the cycle by choosing helpful financial products instead of those that hinder your progress. In a moment of desperation, payday loans may seem like the only option, but if you see the whole picture, you may rule them out completely:
 

• Credit Impact: If payday advance loans are delinquent, they are often sold to a collections company which plummets your credit score. In contrast, paying on time is rarely, if ever, rewarded with a positive report to the credit bureau and will do nothing to build your credit. 

  
   

• Repayment Periods:Payday loans typically give only a two-week repayment window. If you don’t have the money now, trying to make the payment two short weeks later will be very difficult. You may be tempted to take another payday loan, then another and the cycle perpetuates.

• Interest Rates: Ok, hear us out…payday loans don’t always mention interest rates directly. However, when you calculate the fees involved, it equates to paying interest rates of as much as 400%, or more.

The bottom line is that payday loans are not going to help you out of your bad credit situation. Instead, choose a lower-interest, longer-repayment-period, and credit-building installment loan.  

At Las Vegas Finance, we’re dedicated to supporting our Las Vegas community in building credit and achieving financial success. We work hard to lend in situations where other loan companies cannot, but without resorting to payday advance loan tactics. Our low-interest installment loans are meant to offer quick cash when you need it most while offering flexible repayment terms.

Apply online, or call (702) 889-9888 to get approved for a personal installment loan today!