Personal Loans With A Bad Credit History!

Being in a very shaky financial position can really make life difficult, especially if you need money in a hurry. When you have a bad credit history it may seem that your purchasing power is basically doomed. However, we have generated different types of personal loans that are tailor-made for people in that situation. At 12M Loans, we work for the borrower, not the lender.

Lending with 12M Loans is not dependent on your credit score. Gone are the days when you would not even bother applying for a personal loan if your credit score was below 600. We are more inclined to look at the financial position of the borrower rather than simply pigeon-hole a person as being somebody to whom it’s too risky to lend.

If you have a steady job with a regular income you can get a loan! In your past history, you might have struck a few of life’s problems and were late with payments or even defaulted on a loan. We give our clients the ability to be able to borrow money in the case of need.

What Is A Bad Credit Loan?

This is a personal loan provided by certain lenders to people who have a poor credit history or no credit history. One of the aspects of a bad credit loan is the higher interest rate charged compared to a loan offered to a person with good credit. Banks, credit unions and online companies such as 12M Loans offer these types of loans.

What Is A Low Credit Score?

Your credit rating is also called your FICO score and it may fluctuate depending on how well you manage your payments of bills and loan repayments. A credit score below 620 points considered as sub-prime, poor or bad. Below is a table showing your FICO Score ranges and the credit rating applied.

Credit Score Rating
720 – 850 Excellent Credit
680 – 719 Good Credit
630 – 679 Fair Credit
550 – 629 Subprime / Bad Credit
300 – 549 Poor / Bad Credit

The Hard Truth About Bad Credit Loans

12M Loans offers bad credit loans from many online lenders. You just have to be aware that their terms and conditions quite often vary.
How “bad” is bad credit anyway? There are lenders offering loans with no credit checks (soft credit check) and that means regardless of the level of debt, past or present, you can still be approved for a loan. Also, some lending agencies may ask for extra paperwork, like bank statement, employment information or income details. All this will be assessed as well as your current financial position and standing.

Can You Get The Loan With Bad Credit?

Always remember that just because you had a bad credit history it doesn’t automatically mean you will get approval for the bad credit loan. The fact of the matter is, no institution will lend you money if they can see that you have no hope of ever repaying it. The worse your credit is, then the more proof you will have to supply showing the lender you are really not as bad as your poor credit rating is showing!

It’s true to say that everyone CAN get a loan with bad credit, but it’s also true to say that not everyone DOES.
Important Tip! If you are considering taking out a bad credit loan, then you should do a self-assessment regarding your capacity to pay the loan back, rather than allowing a lending company to do it for you.

Online Lending With 12M Loans – A Great Alternative!

Online services, like 12M Loans, have made it so much easier by allowing borrowers to apply online. The application forms require basic information, there is no need to fax paperwork, and you get an answer, approval or otherwise, in a very short period of time. Your credit can be bad or non-existent, we may find you the lender, based on the information you have provided!

Go For Unsecured Personal Loans For Bad Credit

There are two kinds of loans available for people looking at loan options and who have bad credit. One is unsecured and the other is secured. An unsecured loan means the borrower doesn’t need to supply the collateral, like a car, before the loan can be approved. If you are already in financial trouble it can be both discouraging and almost impossible to come up with loan collateral. 12M Loans offers unsecured personal loans for people with bad credit!

Secured loans require collateral and are less popular these days.

Types of Loans Available For Bad Credit Borrowers

The table below shows the rating of the types of loans you can get with bad credit.

Type of a Loan Average APR Risk Level
Payday Loans 300% – 500% Very High
Title Loans 200% – 400% Very High
Installment Loans 99% – 200% Average
Bad Credit Personal Loans 25% – 36% Low

Who is the Bad Credit Lender?

Banks are not the avenue an individual would approach for this type of loan. In most cases an unsecured personal loan would be done through a private lender. Private lenders charge more in fees, and the APR is higher than with traditional lenders. But they do provide money for emergencies and also give the borrower the opportunity to rebuild their personal credit score. Technology has enabled this process of getting a loan quickly to be a very simple exercise.
Important Tip! Be upfront with the lender regarding the application. The more they know about you, the more likely your loan will be approved.

Repay the Loan On Time!

The lender reports payments to the major credit bureaus. Transactions are recorded by these bureaus and timely repayments will help the borrower’s credit score.
Important Tip! Don’t leave scheduled repayments up to your memory. Set up an automatic payment with your bank. Make sure you always have the funds available.

Warnings About Personal Loans Bad Credit

Warning! Look out for rogue lenders who are waiting for people to apply for personal bad credit loans. Here are some things to look out for:
  • A lender performs no credit check at all;
  • Refusing to negotiate the loan amount;
  • Pushing credit insurance onto the borrower;
  • Not disclosing the terms and conditions clearly to the borrower;
  • Hidden fees in the loan amount;
  • Refinancing loans unnecessarily resulting in additional loan fees;
  • Early payment penalties;
A simple method is to get quotes about interest rates, fees, and penalties, all of which should be a major part of loan shopping.

What’s the Cost of A Bad Credit Loan?

Don’t lose your focus. Getting your money through a bad credit personal loan and not seeing the overall cost is a recipe for disaster. Do your calculations – how long to pay it off and what is the last payment and when.

Don’t be misled. A loan for bad credit is going to cost you more due to the higher interest rate and fees. If you make the repayments on time every time you can do wonders for your credit score. In the end, your future loans will be at interest rates far less than what you pay for a bad credit loan.
Important Tip! Just because you have bad credit doesn’t mean you can’t do a bit of negotiating. The interest rate and loan fees can be discussed with the lender if you think they are too high and you will have difficulty repaying. Remember, the lender wants you to take the loan as much as you need the money!

Ask Questions

The only silly question is the one you never asked. Always ask questions and make sure your loan details are in writing. 12M Loans protects you from predatory lenders, who might want to fast talk you into signing with them.

If you think they are being evasive or not answering your questions, send us a note! We will investigate the issue and find you another lender. There are many lenders out there willing to give you a chance to prove you are credible and to whom you will pay back that money.

Only Borrow the Amount you Need!

Lenders of personal bad credit loans may offer you more than you ask for. The temptation will be there. You have been struggling, right? Don’t take the extra to pay other bills or take a vacation or whatever other fun you might have in mind. Set an amount and stick to it.
Important Tip! List the things you need to urgently pay. Add up the amounts. Using an online calculator, work out your monthly payments based on the total you arrived at. Can afford it? Borrow that amount. Can’t afford it? Cross off the least urgent payment.

Applying for a Bad Credit Loan

12M Loans won’t be asking you to jump through hoops to get this type of loan. The requirements are actually quite basic and simple.


  • Be 18 or over and no older than 65;
  • Have an income that can be verified;
  • Have an active cell phone;
  • Have an active bank account;
  • Have a valid USA ID or permanent residence;

Purpose of the money

  • Buy or repair a car;
  • Take a vacation;
  • Home renovations;
  • Debt consolidation;
  • Medical bills;

Get A Good Deal For Loans For Bad Credit From 12M Loans!


12M Loans will negotiate a lower than average interest rate, so you are able to get the loan unsecured because of your steady income and employment history.


You were able to attend to the emergency or whatever reason for which you borrowed and your repayments are well inside your budget.


Consolidate your loans and credit card payments, into one loan with a lower total monthly payment. You are on the way to rebuilding your credit score.

Working Towards Financial Health

Spend less than you earn

This is really the foundation of financial health. You will always be in debt if your expenses are greater than your income.

Timely payment of bills

This is about your cash flow and making sure that you do not incur additional costs with late payments and hurt your credit score. Less stress as well.

Have an emergency fund

You need to save a little each payday so that you can build a reasonable emergency fund. It’s that saving for a ‘rainy day’ syndrome. It works.

Avoid high debt

Mortgage and student funds are good debts because a home will increase in value and an education will help increase your income. Credit card debt is bad debt as you are paying for items well after you have used them.

Look for a proper lender for your next loan

When looking for a loan, use services like 12M Loans, or try to find the right direct lender. Legit online services and lenders care about their clients and reputation. They disclose all terms before giving a loan, perform a soft credit check and do not follow predatory lending practices.

Why 12M Loans Is A Better Option For Bad Credit Personal Loans?

Here at 12M Loans, you will have a provider who cares and wants you to succeed. Consider us the bridge between your lender and you so that you can get the personal bad credit loan when you really need it.

We provide a hassle-free application process and the information you have to provide is minimal. We understand the issue of bad credit can be a sensitive one, but it shouldn’t prevent you from being able to borrow money.

We have been around for years and understand why your credit may be a little off track. Our services are designed to help you get the money you seek in spite of what your credit looks like right now.

Financial Implications
Residents of some states may not be eligible for long-term personal loans. 12M Loans does not make any credit decisions and does not guarantee any loan approval. Participating lenders may perform soft credit checks typically through alternative providers to determine creditworthiness and your ability to repay the loan. A personal loan is a low-interest long-term financial product. Late or missing payments, as well as non-payment, may result in extra fees or collection activities! Each direct lender has their own terms and conditions. Loan extension may not be available; please check lender’s renewal policy first.