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Your credit score often determines how easy or not it will be for you to get financing. However, if you‘ve had issues in the past that caused you to miss payments or default on debts and other financial obligations, expect that this can have a huge impact on your credit rating.

Back in the day, lenders are not going to take too kindly to that fact and will often disapprove loan applications of borrowers with really bad credit score. These days, there are lenders that will be happy to give a chance to bad credit borrowers. However, the kind of financing they offer comes with a price and that is often in the form of very high interest rates. 

Bad Credit Lenders

These are lenders who, instead of just focusing on a borrower’s credit score, are keen on finding out whether they have the means to pay a loan back or not. They tend to look into various other aspects of the borrower’s financial and personal circumstances to decide whether to grant a loan or not.

Bad credit lenders are direct lenders that can offer loans with quick processing time. Since their requirements are considerably more lenient compared to traditional banks, they make for the perfect destination for borrowers who are in need of cash fast.

Are Bad Credit Loans Good?

Bad credit loans are good provided that you will pay them on time. Taking advantage of these financing tools can be useful especially if you’re well aware that your credit score is just not going to make the cut if you’re to refer to traditional lenders. You can even use this as an opportunity to rebuild your credit score. All you have to do is manage the loan right, get your payments sent on time. This will certainly show up positively on your credit file and will be an indication to future lenders that you are trustworthy enough if you ever decide to take out another loan.

Where Can I Find a Boat Loan?

The common misconception is that one can only avail of a loan from a bank. There are different types of loan providers in the market. You should choose a loan provider based on your needs and qualifications. The following are your options when you want to obtain a loan.


Banks offer a variety of loan products from personal loans, home loans, car loans and more. When applying for a loan from a bank, you will be required to have a good credit, aside from the basic loan requirements, in order to pass their criteria. It will also help if you are an account holder of the said bank.

Credit Unions

Credit unions are non-profit organizations that issue loans to members. These entities usually have less stringent requirements compared to banks. A member can borrow money from a credit union despite having bad credit.

Loan Sharks

Loan sharks are individuals or companies offering loans illegally. Because they are not regulated by the government, the loans they offer have very high interest rates and fees. It is best to avoid loan sharks since they operate illegally thus they can resort to threats and blackmail to get their money back from you.

Online Lenders

Online lenders are direct lenders who are authorized to offer consumer loan products. Unlike banks and other traditional loan providers, their interest rates are much lower since they have less operational expenses. Online lenders boast of fast and convenient loan application processing which means you are likely to receive the money that you need much faster.

Lump Sum Payment for a Boat Loan

Yes. You can pay a lump sum off your loan. It is a common strategy that some borrowers employ so they can repay their loans earlier than the due date.
When you pay for the lump sum of your loan, you are paying for the remaining balance of your loan. You can do it anytime during the course of your repayment schedule. For example, you can have a 3-month loan repayment scheme and decide to pay the lump sum at the end of the first or second month. Of course, you'd have to continue paying your loan on the agreed dates until you're ready to pay in lump sum.
Paying a lump sum off your loan can help you avoid higher interest rates. In these cases, the faster you pay off your loan, the lower your interest and the lower the total cost of your loan. Some lenders even offer discounts for early repayments.
However, paying off your loan early may not always be a good thing. Some types of loans (such as mortgages or student loans) lose their tax benefits if paid early. There are also lenders who, instead of giving discounts, impose penalties on borrowers who pay their loans early.
Another disadvantage of paying in lump sum is that unless you are financially stable, you are going to lose money which you could have otherwise stretched out for personal expenses. Before you decide to pay off a loan in lump sum, you should have enough money to cover for your needs.

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