Bad Credit Personal Loans in Oklahoma
If you’re thinking about getting a personal loan in Oklahoma with bad credit, it’s helpful to have a basic understanding so you can be prepared before applying for a loan. The good news is that securing a loan (even if bad credit is a concern) has become more attainable in recent years. This article discusses the following bad credit loan options in Oklahoma:
- What kind of loans are available in Oklahoma?
- What products or services can loans for bad credit be used for?
- How can I apply for a bad credit loan in Oklahoma?
Read on to understand how bad credit personal loan options* work in the great state of Oklahoma.
*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.
Bad Credit Personal Loan Options in Oklahoma
Bad credit personal loans can be an option for individuals who may need to borrow money but may not qualify for loans from traditional lenders. These alternative forms of lending may help you gain access to the products you need and want if approved.*
In the past, people with bad credit have had limited options when it comes to financing something they want or need. The good news is, with the advancement of alternative lenders and other financing options, * even with imperfect credit or limited credit, there are more choices now to choose from.
Choices for financing with less-than-perfect credit include personal loans, home loans, auto loans, and payday loans. As you can see, there are many financing options* to choose from. But no matter which type of loan you may choose, be sure to read the agreement terms to determine the best option for your financial needs.
Understanding Oklahoma Loan Types for Bad Credit
In Oklahoma, several loan options* may be available to help consumers with bad credit obtain financing for products and services. Secured and unsecured personal loans, traditional auto loans, home loans, and payday loans may be available for residents with financial needs.
- Bad Credit Personal Loans
- Bad Credit Auto Loans
- Bad Credit Home Loans
- Bad Credit Payday Loans
Bad Credit Personal Loans
Personal loans for borrowers with bad credit tend to work similarly to installment loans financed from a traditional lending institution. After an application is submitted, the lender may decide to approve or not, typically based on a set of eligibility criteria. If approved, funds may be coordinated as agreed upon.
Bad Credit Auto Loans
Getting an auto loan traditionally may be challenging if you’ve had bad credit. Also, there may be costly rates and additional lending fees that might push the total cost of the loan above the value of the vehicle. As an alternative to a traditional loan, used car dealerships may offer in-house financing to help customers get a car they may reasonably afford. While this type of lending comes with its own set of fees and rates, bad credit may not be the only factor in determining borrower eligibility.
In terms of bad credit title loans, to protect its residents, Oklahoma has outlawed title loan lenders and any practices related to car title lending.
Bad Credit Home Loans
Bad credit home loans are mortgage products for people with a credit score of less than 620. These loans typically have lower credit score requirements and may be backed by the government.
Bad Credit Payday Loans
Payday loans are small, short-term loans. These small loans are also commonly called cash advances and provide access to quick cash.
Oklahoma regulates several aspects of payday loans. Currently, the maximum allowable payday loan amount is $1,500, with a monthly interest rate cap to 17%. In addition, loan terms may range from 60 to 365 days which is longer than the typical 15-30 day payday loan that may be found in other states.
While payday loans can be an option for those with bad credit, make a note to read what’s involved, as these loans have unique terms. Payday loans usually need to be paid back within one to two pay periods/paychecks.
What Products or Services Can a Bad Credit Loan Get You?
Bad credit may make it difficult to get a loan from a bank or credit union. It also may be time-consuming to get a loan from traditional institutions. Some of these options may be helpful if you need money sooner rather than later.
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.
You may be able to use a bad credit loan to finance a variety of products or services you need. This may include a wedding, vacations, medical bills, home renovations, or costs for replacing an appliance.
Uses for Bad Credit Loans in OK
Bad credit loans may help Oklahoma residents with less-than-perfect credit scores gain access to necessary products and services without having to pay for it all upfront. Broken refrigerators or air conditioning units in the middle of summer usually must be taken care of sooner rather than later. Unexpected emergencies of varying degrees happen, and financing a purchase may help.
People without good credit or financial history may face some speedbumps when buying items such as furniture or home appliances. If you cannot pay or do not want to pay for these items upfront, choosing to pursue alternative financing options* may help by paying for it over time, not all at once, if approved.
Items that can be financed through bad credit personal loans are kitchen appliances, electronics, furniture, mattresses, and washer/dryer units. Listed below are the average prices of these financed products:
Product Example: Furniture
Average Price**: $400 – $10,000
Product Example: Mattresses
Average Price**: $250 – $3,000
Product Example: TVs
Average Price**: $300 – $3,500
Product Example: Refrigerators
Average Price**: $1,000 – $2,500
Product Example: Washers and Dryers
Average Price**: $300 – $2,000
*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.
**Retail prices may vary based on extras and the type of product you purchase. For example, a TV can have a retail price as low as $300, however, some models may have a retail price upwards of $3,500 or more.
Oklahoma Bad Credit Loans in Summary
Oklahoma has laws in place in order to protect its residents from lending practices like title loans and payday loans. Even so, it may be helpful for borrowers to educate themselves. Fortunately, other financing options* like alternative lenders, may help residents with imperfect credit access the products and services they may need.
Educating yourself on the advantages and disadvantages of each lending option may be helpful in choosing the right style of financing specific to your needs.
Oklahoma Bad Credit Loans FAQs
Q: What Kinds of Loans for Bad Credit Can You Get in Oklahoma?
A: In Oklahoma, personal loans, traditional auto loans, home loans, and payday loans are legal lending options for residents with bad credit.
Q: What’s Considered “Bad Credit”?
A: Borrowers with credit scores of below 580 tend to be the ideal candidates for bad credit loans. Conventional lenders such as banks and credit card companies may not extend credit to borrowers with an imperfect credit history. But the good news is there are other options for financing with bad credit, including using alternative lenders.
Q: Where’s the Best Place to Get a Bad Credit Loan?
A: The best place to get a loan with bad credit depends on your specific situation and financial needs. And, if you have imperfect credit, alternative lenders may help you gain access to loan options.*
Q: What’s the Maximum Amount I Can Get with a Bad Credit Loan?
A: Maximum amounts will vary by lender, and the amount you’re able to borrow may be determined by a variety of factors. To find out how much you might be able to qualify for with us, you can apply online* today.
*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.