Loan Ridge is a lender that offers a variety of unsecured loan products, including bad credit loans, debt consolidation loans, debt-settlement loans, and more. If you’re looking through your personal loan options, you may have come across lenders like Loan Ridge or other lenders like CreditNinja. Here, you’ll learn about your personal loan options, funding alternatives, and what you can do to make sure you find the best deal.
Finding the Right Personal Loan
Before getting any type of loan, including personal loans from Loan Ridge, it’s important to prepare your finances a bit. That way, you can find the best deal and make sure your new loan will fit into your existing budget. Below are a few tips to help you:
Check Your Credit History
First, check your credit history and current credit score. Your credit score will give you an idea of the types of lenders and loan products you will most likely get approved with. Usually, the higher your credit score, the more options you’ll have. Below is a quick breakdown of credit ranges and their rating according to most credit scoring models.
| Credit Score Range | Rating |
| 300 – 579 | Poor |
| 580 – 669 | Fair |
| 670 – 739 | Good |
| 740 – 799 | Very Good |
| 800 – 850 | Exceptional |
Calculate Your Debt and Other Expenses
Next, calculate your current debts and monthly expenses. Is your income able to cover all your financial obligations and leave room for an additional loan payment? If not, you may want to hold off on applying for a loan. But, if you think you can afford regular monthly payments on an additional personal loan, it’s time to research your options.
Research Other Lenders
Check out different lenders, their benefits, and what types of financial products and services they offer. You may even want to look at some online reviews to see what kind of experience other borrowers had.
Submit an Application
Once you’ve found a lender you want to work with, submit an application. However, try not to apply to too many lenders. In fact, you should probably try to apply to just one direct lender at a time. That’s because every time you apply for a loan or other financial product, the lender will most likely request a hard credit check. Every time a hard credit check goes through your profile, you may see your overall credit score drop around five points. While this isn’t a significant drop, you’ll still want to limit the number of applications you submit to protect your credit history.
Loans Like Loan Ridge: What You Need to Know
Loan Ridge is a lender that offers multiple financial products, including the following:
- Bad credit loans
- Online loans
- Credit card consolidation loans
- Express loans
- Micro loans
- Small loans
- Quick loans
- Installment loans
- Debt consolidation loans
- Instant approval loans
- No credit loans
- Personal loans
- Cash loans
- Debt-settlement loans
- Long-term loans
- Unsecured loans
Many of these loans fall under the category of quick cash loans. It’s important to remember that most quick cash loans are meant to be short-term. So, unless you think you can pay off your balance in a few months or less, you may want to consider other financial options. This is because, depending on your credit score, interest rates can make quick cash loans an expensive option for certain borrowers.
What Do I Need to Get a Loan From Loan Ridge?
Loan Ridge will ask for the following information when borrowers fill out a loan application:
- Name, address, date of birth, and other information that allows the direct lender to confirm your identity.
- Driver’s license and other identifying documents. A loan agent will inform you of any additional documents necessary for final approval.
Where Can I Access an Unsecured Loan from Loan Ridge?
In order to receive final approval for a loan with Loan Ridge, you must be a permanent resident of Missouri, Texas, or Utah. Unfortunately, if you do not live in one of those U.S. states, you may have to borrow money elsewhere.
What Are My Loan Alternatives?
There are more financing options out there besides what Loan Ridge has to offer. Check out some other loan products to consider below.
Payday Loans
Payday loans are a type of short-term loan designed to give consumers access to money while they are in between paychecks. Given this design, payday lenders usually expect full repayment within about two weeks or less. Borrowers who fail to repay their payday loans within this time frame risk getting stuck with extremely high interest rates that can make their balance even harder to pay off.
Secured Loans
Secured loans are a type of funding that requires collateral. Collateral is a piece of property (like real estate or a vehicle) that borrowers can use to secure their loan. When lenders have collateral to back up a loan, they are usually more willing to extend funding to borrowers who have less-than-perfect credit or are dealing with other financial setbacks.
Car Title Loans
Car title loans are a type of secured loan that uses the borrower’s vehicle title as collateral. Similar to payday loans, title loans also usually come with short terms and high interest rates. According to a study done by the Consumer Financial Protection Bureau, 89.7% of the people who took out an auto title loan as of June 2019 still owed money 12 months later!1 So, you’ll want to make sure you can repay your full loan balance within a few weeks to avoid putting your finances and vehicle at risk.
Savings Account or Funds From Your Bank Account
You may also consider going with a non-loan alternative and using funds from your savings account. If you have the available funds, using money from your savings account instead of taking out a loan can help you avoid going into debt or having to deal with yet another monthly payment.
FAQ: Personal Loans And Other Options
Interest rates for bad credit loans can vary widely based on the lender and the borrower’s creditworthiness. Generally, these rates are higher than those for borrowers with good credit, often ranging from 15% to 35% or more.
The approval process for Loan Ridge and similar lenders can be quite fast, often providing approval decisions within a few hours to one business day. However, the exact timeline can vary based on the completeness of the application and the speed of document verification.
Common fees include origination fees, late payment fees, prepayment penalties, and application fees. It’s crucial to read the loan agreement carefully to understand all potential fees.
It depends on the specific policies of Loan Ridge. Some lenders may be willing to work with borrowers who have a bankruptcy in their past, especially if it is not recent and the borrower has since rebuilt their credit.
Missing a loan payment can result in late fees, increased interest rates, and a negative impact on your credit. It’s important to contact your lender immediately if you anticipate missing a payment to discuss potential solutions.
Yes, alternatives to payday loans include credit union loans, installment loans, and personal loans from reputable online lenders. These alternatives often have more competitive interest rates and more manageable repayment terms.
If you are denied a loan, consider taking steps to improve your credit, such as paying down existing debt, correcting any errors on your credit report, and establishing a consistent payment history. You can also explore other lenders who may have different approval criteria.
To improve your chances of getting approved, ensure your credit report is accurate, reduce existing debts, maintain a stable income, and avoid applying for multiple loans simultaneously, which can impact your credit.
Microloans are small, short-term loans typically offered by non-profit organizations or alternative lenders. They are best suited for individuals who need a small amount of money for a specific purpose and may not meet eligibility criteria for traditional loans due to limited credit history or low income.
Some lenders offer personal loans without a credit check, often referred to as no credit check loans. However, these loans typically come with higher interest rates and less favorable terms. It’s important to read the terms carefully and consider other options if possible.
A secured loan requires collateral (such as a car or home) which the lender can claim if the borrower defaults. An unsecured loan does not require collateral, but typically comes with higher interest rates due to the increased risk to the lender.
To avoid predatory lenders, research potential lenders thoroughly, read reviews, check their accreditation status, and be wary of offers that seem too good to be true. Always read the fine print and understand the terms and conditions before agreeing to a loan.
CreditNinja: How Does It Compare?
Consumers can also access personal loan products with CreditNinja. We’ve been a trusted lender since 2018, and have helped more than 275,000 people, and you could be next!
Are There Benefits of CreditNinja Personal Loans?
Borrowers have been trusting CreditNinja for years because they can enjoy great benefits like:
- Competitive interest rates
- Flexible repayment options
- Bad credit scores are OK
- Highly rated customer service
- Variety of loan amounts available
How Does Getting a Personal Loan With CreditNinja Work?
CreditNinja is proud of our streamlined loan approval process, designed to help borrowers access cash fast. Here’s how it works:
- Fill out the quick application online and receive an approval decision.
- Read over your loan agreement and sign it.
- Receive your approved funds via direct deposit into your checking or bank account.
How To Repay Your Loan Efficiently
Getting a loan is an important financial decision that has the potential to affect your finances in good or bad ways, depending on how you handle your loan repayment. Below are some tips to help make sure you can enjoy the positive aspects of getting a loan.
Make Your Loan Payments On Time
The best thing you can do when repaying your loan is to make each monthly payment on time. That way, you’ll avoid annoying late fees and other negative consequences as well as ensure you pay your loan back on time!
If you have trouble remembering to make your due payments when you borrow money, consider signing up for automatic payments, also called autopay. With autopay, your personal loan payments will be automatically deducted from your checking or bank account on the payment’s due date.
Pay More If You Can
While you are only responsible for making one monthly payment, try to pay more than the minimum amount due if you can. CreditNinja doesn’t penalize borrowers for repaying their loans early, in fact, it’s encouraged! The faster you repay your loan balance the more money you can save on interest rate charges!
Ask For Help If You Need It
If you ever feel like your monthly payments are too much to handle, reach out. It’s always best to work with your lender on possible solutions instead of putting yourself in a situation where you are unable to afford your monthly payment.
Who Are CreditNinja Personal Loans For?
CreditNinja is meant to be a financial solution for bad credit borrowers looking for quick loans when no other options are available. We aim to be a more affordable option over other bad credit loans like payday loans. Check out our easy application and see how much cash you could get approved for today!
References:
- Consumer use of payday, auto title, and pawn loans: Insights from the Making Ends Meet Survey
- https://loanridge.com/
Additional Loan Options
