Table of Contents
Introduction
UnityLoans offers an amazing opportunity to get in touch with high-approval bad-credit lenders with little challenge. As one of the most trusted online loan providers in 2022, the company continues to provide bad credit loans to prospective loanees.
Over the years, UnityLoan has become a people’s favorite. Offering no credit check loans online to individuals with some of the lowest credit scores has been a particular highlight for the loan broker.
It also helps exponentially to see an extensive list of partner lenders competing with each other to the benefit of loanees. Other factors that make UnityLoan the go-to bad credit loan provider include its unique proposition of eliminating the need for cosigners to get loans.
While it seems all rosy most times, UnityLoans has one of the highest rates based on the severity of a loanee’s credit profile. This is something to keep in mind for most loanees.
What is a Bad Credit Loan?
A bad credit loan is an essential part of modern-day economics as these loans serve as a lifeline to those who have deficit credit profiles and need to access credit facilities. The challenge oftentimes lies in landing these loans. While a large number of loan brokers promise high-approval rates for bad credit loans on paper, the reality is often far from this.
Thankfully, UnityLoans boasts of high-approval lenders with considerable interest rates.
UnityLoan also emphasizes the need to meet eligibility criteria for the loans with bad credit that loanees seek. As it turns out, meeting the eligibility requirements is a surefire way to get multiple quotes from partner lenders thereby giving you the power to pick the most favorable quote from several lenders.
Some of the general eligibility requirements include:
- Loanees must be at least 18 years old.
- Loanees must hold a valid government-issued ID.
- Loanees must be citizens or permanent residents of the U.S.
- Loanees must have verifiable proof of income with proof of payments.
- All loanees are expected to have a functional bank account.
A step-by-step guide to applying for bad credit loans from UnityLoans
Applying for loans with bad credit can be a pain, especially since most brokers may claim to offer these loans on their websites only to disappoint prospective loanees when the terms are presented.
UnityLoans makes this process a rather seamless one. All loanees are required to meet all eligibility requirements and have a verifiable source of income.
To apply for bad credit loans, here’s what’s required.
- Fill out a form: To apply for a bad credit loan from UnityLoan, loanees are expected to fill out an application with the required information. Some of the required details include biodata and details about the current financial position of the loanee.
- Get quotations: Right after filling out applications, loanees will receive at least a quote from partner lenders based on their respective in-house requirements. In the case of multiple quotes, loanees are advised to carefully study the quotes and pick the one that best fits their needs.
- Sign off: After selecting the best quote based on the terms, loanees may now accept or reject quotations based on their preferences. After the terms are accepted, the loan disbursements will be done immediately.
It’s important to note that certain fees such as application and other processing fees will be removed from the disbursed amount.
Qualification Requirements for Bad Credit Loan?
If you have a verifiable income source and meet all eligibility requirements, then the answer is yes!
While most traditional financial institutions like banks stick to the status quo, many brokers and elements of the new financial age offer loans with bad credit. Plus, loanees can access these loans within 24 hours of a hassle-free application process.
How We Chose the Best Bad Credit Loans
4.1 Approval ratings:
UnityLoans offers one of the highest approval ratings among bad credit loan providers in the U.S. As a result, UnityLoans boasts of huge followership even in states where the service is yet unavailable.
The challenge often lies in interest rates which could be said to be slightly more than most competitors. However, UnityLoans offers certain features that more than make up for this.
4.2 Speed of loan disbursements:
With UnityLoans, bad credit loan disbursements are made within 24 hours of application. This isn’t always the case especially when applicants have failed to meet all eligibility requirements, or worse still, failed to prove beyond reasonable doubt that they have an income source.
4.3 No need for cosigners:
Most bad credit loan providers often request cosigners from loanees for such loans as a risk mitigation measure. UnityLoans does not require a cosigner for a bad credit loan.
Conclusion
UnityLoans remains one of the best bad credit loan providers in the U.S despite a slightly more expensive APR, and in some cases interest rates. These do not apply to all loanees as these parameters are often based on a loanee’s capacity to pay back borrowed loans at any given time.
This simply implies that loanees must ensure that they have adequate evidence of steady income to attract quotes from more partner lenders. UnityLoans gives precedence to individuals who have a steady income source and can prove it.
Need a Bad credit loan with high approval ratings? Get in touch with UnityLoans today!