Bad Credit Personal Loans in Orlando, FL

People living in Orlando, FL, may be able to get access to what they need with a bad credit personal loan. A personal loan may be used to make larger purchases, with the added benefit of paying over time instead of all at once, which may be ideal for items like tires, furniture, and appliances.

In this article we’ll go over:

• What to know about bad credit
• Important details about getting a bad credit loan in Orlando
• Personal loan options available in Orlando, FL

A bad credit personal loan may be an option to pay for larger items over time, but it’s also important to consider how much you can afford.

 

Understanding Bad Credit

Many traditional financing institutions such as credit unions or banks may use income and credit scores to help make approval decisions. Sometimes they may use other tools as well.

However, if you have bad credit, securing a loan from traditional financing institutions may not be a wise idea since they usually look for a good to excellent credit score. However, the good news is if you have an imperfect credit score or have had events like bankruptcy affect your credit in the past, payment solutions providers may be able to help you access products and services you want or need.

 

Florida-Specific Considerations

Getting a bad credit loan in Florida may not be as difficult as you think, thanks to the rise of alternative payment solution providers. Also, few rules and regulations in Florida mean more options may be available to borrowers.

While there are few regulations, there are still several requirements that lenders or alternative payment solution providers must meet. Like all states, Florida is regulated by the FTC.

In addition to being regulated by the FTC, lenders or payment solution providers must also register with the Florida Office of Financial Services. The state does not set any maximums for a bad credit loan. However, the state of Florida does impose a $500 maximum loan amount on payday loans and allows only one payday loan at a time. Of course, it’s a good idea to do your due diligence by reading through disclosures and loan agreements before signing an agreement.

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 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?

A bad credit loan may be used to purchase a variety of items. However, check with the merchant first for what items may qualify for financing.** Additionally, loans may be subject to approval; not everyone will be approved, but having bad credit doesn’t automatically mean you’ll be denied.

If approved, a bad credit loan may be used to purchase popular items such as electronics, like a computer. A recent study indicates that a large percentage of Americans do not own a computer, due to affordability. A bad credit loan may be able to help. Also, a bad credit loan may be an option for purchasing other electronics such as a new TV or laptop.

Another way a bad credit loan may help is with home improvements. The Orlando housing market is still growing so now may be the perfect time for improvements, like installing new appliances or washers and dryers to ensure your property maintains its value.

Other items that may qualify for bad credit loans include:

• Tires and wheels
• Lawnmowers
• Furniture

Orlando, FL Bad Credit Loan FAQs

Q: Can you realistically get a loan in Orlando with bad credit?

A: It is possible to get a personal loan in Orlando, even if you have bad credit. You should consider your financial situation before taking on a loan, but the good news is that payment solution providers may be a good option if you have bad credit or no credit score.* You can complete most applications online. Enter your zip code to start the application.**

 

Q: What’s considered “bad credit”?

A: Bad credit is considered a score of 579 or below or below. However, some loan providers may have stricter requirements or look at specific factors, such as your income or repayment history. With an alternative payment solution provider, you may not be approved, but just because you have low or no credit does not mean you will be denied.

 

Q: Are there other payment solutions that might work with bad credit?

A: Besides a personal loan, people with bad credit may want to consider other options like cash advance payday loans or car title loans. Be sure to research before deciding upon your loan, as each option comes with unique pros and cons.

*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:

Florida Office of Financial Regulations – Payday Lenders
https://flofr.gov/sitePages/PaydayLenders.htm

Experian – 7 Things Lenders Look at Besides Your Credit Score
https://www.experian.com/blogs/ask-experian/7-things-lenders-look-at-besides-your-credit-score/

Pew Research Center – Digital divide persists even as Americans with lower incomes make gains in tech adoption
https://www.pewresearch.org/short-reads/2021/06/22/digital-divide-persists-even-as-americans-with-lower-incomes-make-gains-in-tech-adoption/

The World Property Journal – Greater Orlando Area Home Prices Reach Record High in April
https://www.worldpropertyjournal.com/real-estate-news/united-states/orlando-real-estate-news/real-estate-news-orlando-home-price-data-april-2024-orra-housing-reports-orlando-home-sales-data-april-2024-rose-kemp-orlando-regional-realtors-associ-14123.php

Bankrate – What you need to know about your credit score
https://www.bankrate.com/credit-cards/advice/what-is-a-credit-score/#what-is-a-good-credit-score