Personal Loans for Bad Credit in Tucson, AZ
People living in Tucson, Arizona, may be able to get a bad credit loan to help cover the costs of items like TVs or unexpected expenses, like a new dishwasher. Whether it’s furniture, jewelry, or a new appliance, bad credit loans may help stretch your budget by allowing you to pay for expenses over time, rather than all at once.**
Keep reading to find out:
- How lenders or payment solution providers define bad credit
- Important factors that may affect people in Tucson getting approved
- Tucson’s legal personal loan options in AZ
Before considering a personal loan or payment solution, you may want to consider your basic budget with your current expenses and income. A budget may help determine what may be within your repayment range.
Understanding Bad Credit
Every financial institution has its own set of rules around credit requirements. However generally those with good to excellent credit scores tend to have an easier time getting approved for financing than those with an imperfect credit score. With the recent advances in alternative payment solution providers, there are more options for those with bad credit to access the services and products they may want or need.
Most banks and lenders do not provide details on how they approve borrowers. However, generally, a score of 670 or higher is usually considered good though lenders may also look at other factors.
Arizona-Specific Considerations
The application process for a bad credit loan is pretty straightforward in Tucson, Arizona. Currently, there are few restrictions on personal loans than in other states. However, you may want to make sure to read your agreement before signing for a personal loan.
Personal Loan & Alternative Options in Arizona
Bad credit loans are just one option that may help make substantial purchases more manageable, by paying over time, instead of all at once. Traditional personal loans from banks or credit unions are an option, but they often require good credit.
Payday loans are more commonly offered to people with bad credit scores, but they have strict limitations on the loan amount, and loan terms may be unfavorable. In Arizona, they are currently illegal. Another option is a car title loan. A car title loan uses your vehicle’s title as collateral and is currently legal in Arizona.
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
- A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
- A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.
What Products or Services Can a Bad Credit Loan Get You?
Bad credit loans may help you secure needed essentials like appliances or tires, as well as other items. Before you start shopping, it is important to remember some items may not qualify.**
Some homeowners may choose to apply for a bad credit loan to finance their remodeling projects. These loans may be a good choice when you need new carpet or even a roof. Home repairs may cost up to thousands of dollars for out-of-pocket repairs so a bad credit loan or other payment solution may be an option to pay for it over time, instead of all up front. A bad credit loan, if approved, may help gain access to repairs that just can’t wait.
A bad credit loan may also be an option for your dental bill. Getting much-needed dental work may make you feel like a new person.
Electronics are another possibility for using a bad credit loan, like a computer, laptop or other electronic device. Other items to consider for bad credit loans are TVs and jewelry.
Other categories that a bad credit loan may be able to cover include:
Tucson, AZ Bad Credit Loan FAQs
Q: Can you realistically get a loan in Tucson with bad credit?
A: People living in Tucson may qualify for a bad credit loan even if they have imperfect credit*. The good news is there are more options like alternative payment solutions to get bad credit loans.
Q: What’s considered “bad credit”?
A: Bad credit, sometimes also known as poor credit, is generally considered a score below 579. Some traditional lenders such as banks and credit unions, usually require a higher credit score to approve borrowers, often within the good to excellent credit score range.
Q: How can I apply for a personal loan in Tucson?
A: Applying for a bad credit loan can be a relatively easy process. To apply on our website, begin by entering your zip code** within our network to see what merchants and services are available. Click “Apply” to begin.
While you may or may not be approved, know that your credit score is only one of the factors we consider. You are not automatically denied because of your credit score.
*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.
Sources:
Federal Trade Commission: Consumer.gov – Making a Budget
https://consumer.gov/managing-your-money/making-budget#what-to-know
Bankrate – What you need to know about your credit score
https://www.bankrate.com/credit-cards/advice/what-is-a-credit-score/
Arizona Department of Insurance and Financial Institutions – Consumer Credit Guide
https://difi.az.gov/consumer-credit-guide
California Department of Financial Protection & Innovation – Consumer Financial Education: Other Loans
https://dfpi.ca.gov/consumer-financial-education-other-loans/
US Department of Justice – List of Credit Counseling Agencies Approved Pursuant to 11 U.S.C. § 111
https://www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111