90 Day Unsecured Signature Loans for People with Poor Credit

What is a Signature Loan?

A signature loan or unsecured loan allows you to borrow money with no collateral needed. It can be used to finance any expense you wanted and all that is required is you must sign for the loan, and legally agree to pay back the money borrowed. You can consider unsecured signature loans as a cheaper option compared to payday loans or credit lines, however it is not as easy to apply for unsecured loans from banks and credit unions. Instead of collateral, lenders will check your credit score and monthly income to ensure you will not have any problems paying back the loan.

How To Qualify for a Signature Loan?

In the past, only borrowers with good credit history are offered unsecured bank loans. As more and more consumers become afflicted with poor credit problems, due to persistent unemployment and the poor economy, even credit unions start giving signature loans for people with bad credit.

Banks offer bad credit signature loans for borrowers with no collateral to secure a loan – meaning all it takes is your signature on a loan contract that states you have a legally binding obligation to pay back the loan cum interest within 90 days or a fixed period of time.

If you have a high credit score, you can find lenders that give $15,000 signature loans with no collateral. However, you may stand a chance of borrowing more money if you have a stable and high income job.

For individuals with poor credit, most lenders will limit your maximum loan amount to $4000 or less for a 90 day loan. This is because you may have a bad history of no paying back your loans or even filed for bankruptcy to discharge your debts. In such cases, banks and credit unions will not want to offer you high risk unsecured loans in case they cannot recover back the money you borrowed. If you apply for a smaller signature loan up to $2000, it will be easier to get accepted.

Signature loans are usually structured to be paid back in less than 5 years, depending on how much you borrowed. It is not a good idea to drag your payment schedule for as long as possible because the interest rates on unsecured personal loans are very high since no collateral is placed as loan security.

You should find out your own credit score before applying for a loan. For FICO scores under 620, you will need to consider unsecured lenders for poor credit.

Best Place For Bad Credit Signature Loans

The best place to get 90 days bad credit signature loans are from credit unions and banks such as Wells Fargo. These banks offer cheaper rates but are slightly more stringent in their credit checks. If you have really very bad credit, online lenders or private lenders are more willing to give no credit check loans at the cost of increased APR. However, they also allow instant approval and you can get the loan money in your checking account in 1 hour. So, for those that need to borrow cash in 1 hour, there are no better options currently. Just watch out for online loan sharks.

More lenders are now allowing co-signers on personal signature loans. Your loan guarantor acts as a form of security for the lenders because they can go after him/her in the event you default on payments. Be careful not to ruin your relationships by asking a friend or family member to be your loan co-signer!

Good luck getting a cheap unsecured personal loan with bad credit!

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