American Loans

A guide to American finance.

How to Pay a Loan Quickly and Easily?

Nowadays, borrowing money from lenders has become easy. While traditional credit agencies observe stringent measures for an applicant to qualify for loans, other investors are willing to invest in people with low income and bad credit. Extending loans to this type of borrowers can be risky, but there are instances when it is this group of borrowers that pay regularly. For them, being a diligent payer can allow them to get approved for another credit.

Although bad credit borrowers seem to be less capable of meeting their dues, they do their best to pay their installments regularly. How can this be possible? Here are some ways to pay off your debts in a more manageable and faster way despite your low-income.

Pay every 15 days instead of the usual 30 day-cycle

Paying every two weeks instead of once a month can result in a smaller sum to pay. If you need to pay $200 a month, you would have to give your lender only $100 every 15 days. Doing this would result in a lower interest rate because you are paying more frequently than you should.

Avoid payments with extra centavos

If your amount due for 15 days is $127, round it off to $150. That means you are paying an extra of $23 every 15th and 30th of the month, which totals $46. That means that you pay an extra $552 a year. If your loan is payable in 5 years, you could have shortened your repayment period by around 15 months. Instead of paying for 60 months, you will be debt-free after 45 months or less.

Earn extra and use the amount to pay your loan

Nowadays, there are many ways to earn more than your regular income. If you have baking skills, make baking your hobby. If you can make two or three cakes and sell them each weekend, you can make extra payments to shorten the repayment period further.

By being hardworking and committed to making extra money, you might be free from your loan in just three years instead of five.

Use the amounts you save when buying discounted items

When you go to the mall. No one would know you paid less for your elegant bag or your expensive purse. If you could have both at a 50 percent discount, make sure to use the money you saved in making extra payments for your loan. If you do this every two months, you would be free from your debt soon.

Refinance your loan

If your lender allows refinancing a loan, you can make this work to your advantage. When you have paid around 50% of the investment, refinance the remaining half, making your new debt smaller and enjoying reduced interest. Stay consistent in finding ways to make more payments every month. Using this method, you could have shrunk your repayment period by a year or more. A few sacrifices can result in making you debt-free sooner than you expected.

Shop for loans that do not charge fees

Opt for loans that are 100% free of charges. Some lenders would ask you for an application fee and a processing fee, and these can add to your debt. No matter that the financial institution charges you only $10 – $20 would mean an addition to what you owe the lending company. Your mortgage could balloon when you have to pay interest on these amounts as well.

Apply online

Going to the bank to process your no credit check payday loan can cost you gas or fare money. Why not apply online to get rid of the extra expenses? Keep what you save and use it to top up your next payment.

Benefits of Paying Off a Loan Quickly

Your extra payments can reduce the number of years that you must pay your loan. Instead of having to pay for five years or 60 months, you might make it in four years or 48 months only. Since the lender charges for 60 months of interest, paying off your debt in just 48 months saves you 12 months’ worth of interest as well.

Having a loan to pay regularly can be stressful. By settling your loan early, you get rid of stress and worries. Instead of working during weekends, you can now relax, spend time with your loved ones, or even laze around and relax.

Being debt-free can boost your morale and self-confidence. Besides, you now present an excellent image to your lenders, and you can expect them to give you a loan again when you need it. You have nurtured your credit history and increased your credit rating. You can now get financing for the things that you want to have but may cost more because you are now eligible for a car or house loan and a credit card with high limit


How to Get a Bad Credit Loan?

Most lending companies would not approve your loan application if you have a bad credit history or none at all. There are times when no matter how you want, some emergencies would prevent you from paying your debts regularly. You could have lost a job and reached the maximum limit of your credit card. Or you may have no credit history at all. However, such a situation does not mean that you could never borrow from any lending company anymore. You could still apply for a bad credit loan, which is a personal loan extended to people like you. Even with a bad credit, you can still borrow to pay for your old debts, car repair, or medical bills.  

Before applying for a bad credit loan, check the speed of the release of funds. It is essential for you to know when you can get your loan proceeds. For your emergency needs, look for a bad credit loan with same-day release. Check the fees and interest rates. Getting cash quickly might be a primary concern, but high costs can make it difficult for you to pay it back.

Check the repayment terms, payment schedule, and penalties for delayed or advance payments. Knowing this can help you prepare for your payments when it is due.  

Here are some ways to get a bad credit loan in the USA.

Apply to credit unions 

Some credit unions would extend emergency loans for borrowers with bad credit record or one with none at all. You can become a member by buying a share for $5 to $25. After registering to the credit union, you could borrow money at a low interest rate.  

Borrowers can apply for a loan up to $2,000. Because credit unions are non-profit organizations, they charge minimal interest rates and flexible terms.

Emergency loans with no credit check

There are emergency loans that you can avail with a credit rating. Similar to payday loans or auto title loans, they carry high interest rates. Even lenders that claim to charge the lowest interest rates still charge higher than any banks or financial institutions that require good credit. Before taking a loan from these entities, do your best to find a cheaper alternative.

In case a dire and immediate need you can try applying to these lenders for bad credit.

Upgrade Personal Loans

Upgrade provides people with bad credits a personal loan from $1,000 to $50,000.Clients with high credit scores would have low interest rates and attractive payment terms. Bad credit loans are also available for people that cannot borrow from traditional lending institutions because of their bad credit.

Avant Bad Credit Loans

Avant is another lending company that welcomes borrowers with bad credits. Based in Chicago, this lender targets middle class families that do not have credit score to qualify for a bank loan. Payment terms are flexible and despite low credit scores, it does not require applicants to have a co-signer. You can apply for a refinance once you have paid all you’re your dues.


Prosper is a peer-to-peer community that offers loans even to clients with bad credit. Several members of the community invest their money to provide loans to those that other finance and credit agencies reject. They are happy to help those I need and earn profit as well.


If you have bad credit or no credit record at all, but have a steady income, CashUsa might give you a loan for your emergency and other needs. You can apply online if you are of legal age or at least 18 years old and above and a citizen or permanent resident of the US. You need a bank account for quick disbursement of the funds. Processing is quick and easy as long as you have all the necessary requirements.


Senior citizens are at the age when they are jobless and have bad or no credits since they rely on their social security pensions. It is difficult for them to qualify for a loan. With MoneyMutual, these old people can now get an emergency loan. Applicants must have a monthly income of $800 dollars, which is less than their monthly pension of $1471.00.Once they qualify, the lending company will deposit the funds to their accounts in one or two business days.


CreditLoan is another bad credit loan provider that connects senior citizens with lenders that do not require a high credit score. The loan amount ranges from $2500 to $5000. The clients must have a bank account where the lender can deposit the funds. CreditLoan has a network of lenders that invest in loans and set the interest rate and repayment terms. Senior citizens that receive social security monthly benefits are the priority.

 If you are in USA, bad credit cannot hamper you from taking a loan to finance your emergency needs. Even senior citizens can borrow from several lenders that provide bad credit loans.