Alternative Lending as a Solution for Borrowers with Bad Credit

Online Lenders Offer Safe Alternatives to Banks


Los Angeles, CA -- (ReleaseWire) -- 10/13/2014 --Contrary to what many financial experts and traditional lenders may say, bad credit does not have to hinder borrowers from accessing viable financial solutions. With such a wide range of credit standings among the borrowing population in the United States, traditional lenders like banks and credit unions are no longer the only reliable financial resource for those who need a safe loan quickly. ezDinero.com cash loans online and Netcredit.com are examples of such services.

Currently, many borrowers face a number of hurdles when it comes to securing a loan that is affordable; for instance, many traditional lenders require borrowers to undergo credit checks, have terms that lack flexibility, and maintain traditional business hours even though many borrowers encounter financial emergencies outside the 9 to 5 workday.

While lack of credit history or a low credit score may prevent some borrowers from accessing traditional loans, there are emerging financial options that allow borrowers from a variety of backgrounds to secure a safe loan with no credit check whatsoever. With the introduction of personal loans online, it is now possible for borrowers with any credit background to get the cash they need with fair and manageable terms any time, day or night.

Traditional Loans versus Loans with no Credit Checks

With so many factors that can affect a credit score (like late payments, closing old credit cards, too many credit pulls in one year, or using too high a percentage of one’s credit limit) applying for a traditional loan can be implausible for many borrowers. Indeed, it can be difficult for even financially diligent borrowers to keep up a good enough credit score to secure a traditional loan.

Recently, though, bad credit loans online have become available to borrowers who do not have the time or credit history to secure a loan with traditional lenders like banks and credit unions. Unlike traditional lenders, online bad credit loans can get borrowers the money they need in as little as a few hours’ time.

Online lenders provide a modern new form of credit that has revolutionized the loan industry by giving any borrower, regardless of his or her credit history, firm loan options equal to what they might find with many banks and credit unions. Well-known emerging online lenders like ezDinero.com, and NetCredit, among others, offer not just loan options, but a more streamlined lending process than traditional financial institutions:

ezDinero.com: ezDinero.com is the premier online lending service in the U.S. and Mexico. It provides a free service that connects borrowers to the best lenders and loans for their needs. The site features a one-minute loan application, free quote and free no-obligation consultation with a senior loan expert. ezDinero provides a staff of bilingual English-Spanish loan experts, fixed rates and plans, as well as the option to refinance if a borrower’s financial situation changes.

NetCredit: This site allows borrowers who have bad credit or no credit to establish a credit history. Payment activity is reported to two major credit bureaus, so as long as the borrower pays on time and in full, he or she can use this type of loan to get money quickly and build up a strong credit history.

Such organizations have begun filling a gap in the market by providing borrowers with spectrum of diverse loan types instead of presenting them with just a few limited (and limiting) options. This means that borrowers have the power to choose the loan that best fits their current financial circumstances instead of being pressured into a deal that is not right for their needs and budget. Additionally, borrowers with less-than-favorable credit histories can use some of these loan options to begin bolstering and rebuilding their credit scores.

Traditional Terms and Online Loan Terms

One of the most revolutionary aspect of online lenders is they allow borrowers to have more control over their terms. Finding the right loan takes a listening ear on the part of the loan officers and collaboration between both the borrower and the lender to work out terms that are fair and feasible.

When borrowers work together with loan experts, it is much easier to provide solutions that are manageable.

Online lenders present options where traditional lenders have fallen short. In some cases, hidden within pages of fine print are difficult-to-understand terms and stipulations that often get overlooked by borrowers who simply need a solution quickly. While they may ultimately get their loan, they are also signing up for terms that may not be fair or manageable.

In the case of the aforementioned online lenders – as well as many other emerging companies – the mission is to be both fair and transparent. When representatives are clear with borrowers up front about the details of a loan’s terms, this allows borrowers to be more informed and, in turn, plan their budget accordingly instead of being surprised by stipulations they did not realize were there or did not fully understand.

With a large selection of affordable loans available for borrowers with bad credit, no credit, and even bankruptcy and foreclosure on file, online lenders provide a high-tech, revolutionary solution to short-term financial issues.

Non-Traditional Hours for a Spectrum of Borrowers

Since borrowers are not required to step into an office or fill out paperwork for pre-approval with many online lenders, they can apply any time using an online form provided by the lender or organization. A system such as this is especially advantageous to those who have schedule that do not allow them to apply for a loan during normal business hours (due to work or other conflicts), or who do not have the time to compare loans on their own. A number of online companies provide the borrower access to a number of different options in one place, so the borrower can compare and contrast the different loans he or she is eligible for, and make a decision from there.

Alternative Loans as a Financial Solution

Bad credit may eliminate traditional loan options for certain borrowers, however alternative lending solutions that are both fair and affordable are available for those with bad credit who need cash quickly to handle an emergency expense. To find out if bad credit loans online are the right solution for you, you can contact the experts at ezDinero.com for more information.