Whether you need to beat the Chandler, AZ, heat with a new air conditioner or need to replace a TV, a bad credit loan may be an option to consider. Bad credit loans may provide the means needed to cover critical expenses.
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Personal loans and other payment solutions may be a lifesaver for unexpected emergencies, but making a sound financial decision is also important to keep in mind. Let’s take a quick look at important details about personal loans in Arizona.
Some banks offer personal loans, and those that do, usually require a good credit score (670 or above). However, that score may be even higher, depending on the bank. Numerous factors can impact your credit score such as past-due accounts, high credit utilization, and excessive inquiries. Depending upon the payment solution provider, it can be a challenge even for people with excellent credit scores to get loan approval.
The Department of Insurance and Financial Institutions oversees credit lending in Arizona. Unlike some states, Arizona does not have a cap on interest rates for most loans, so it’s important to pay close attention to how much a loan will cost. The state of Arizona does impose maximums on certain small loans and title loans. Also good to know- if a lender does not state an interest rate in the loan documents, they can only charge 10%.
People with bad credit have several loan options. There are payday loans that give a paycheck advance. Payday loans, however, quickly rack up interest if you aren’t careful.
Another option may be credit cards. Many retailers offer credit cards, but these require good credit. If you have bad credit or no credit*, consider alternative payment solution providers that may be able to help with access to purchasing big-ticket items.
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
Bad credit loans are available for various products and services. Whether you need new tires to get you safely to work or an engagement ring for that someone special, alternative payment solution providers may be able to help.
A bad credit loan may help aid in furnishing your new place or help you get the sofa you’ve always wanted. Items like TVs, computers, and gaming consoles may be especially useful during summer, considering the Chandler, AZ heat.
A bad credit loan can help you stay on track if one of your appliances like fridge breaks down. You may be able to access a new stove, or washer and dryer.
*Approval is possible without a credit score, but credit history may be checked.
**Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.