Income-Based Loans

What Are Income-Based Loans?

Just as the name suggests, income-based loans are cash loans that simply depend on your income. They are designed to help people with a poor credit history or those with no credit at all. To qualify for a loan based on income, the amount of money you earn should be enough to help you cover the loan payments.

Apart from getting a loan even with bad credit, income-based loans also give you the unique benefit of getting the money approved quickly. Once considered eligible for a loan, lenders will verify your details within a short period before extending you the financial support you need.

How Does Income-Based Loan Work?

You might be curious to know how loans based on employment work. Generally, lenders will consider other factors when approving your loan. Unlike traditional lenders, online lenders will confirm whether you are salaried and how much money you can use to repay your loan. So, your poor credit scores won’t affect your ability to get a loan.

To verify that you are capable of repaying your loan, lenders will perform soft credit checks on your account. The advantage gained here is that such checks have no negative effect on your credit scores. Therefore, you shouldn’t be worried about credit checks since this is a legal process that lenders must follow.

Where Can I Get an Income-Based Loan?

The common practice to ask for a loan is by working with direct lenders or loan brokers. Here’s a close look at both options.

Direct Lender

You can choose to deal with a direct lender and get your loan based on income. While you can try out various lenders, the issue here is that you will waste a lot of time before finding your preferred lender. This can be frustrating especially when you are in urgent need of money.

Online Broker

Alternatively, you can turn to a loan broker to get your loans. This way, you don’t have to go through the tedious process of securing an income-based loan.

For instance, as an online broker, USbadcreditloans can help you streamline the process through one simple submission form. We connect you with reputable online lenders who are prepared to extend their lending services. This makes it easy for you to get the money you want urgently.

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Can I Get My Income-Based Loan with No Credit Check?

Legally speaking, it’s impossible to get a loan with no credit check. Lenders will want to be confident that you can repay your loan before making decisions.

Therefore, a credit check is a must. This is done to verify your financial information and determine your repayment ability. The soft credit check done by our lenders won’t affect your credit rating in any way. This should be the least of your worries.

Can I Get My Income-Based Loan with Bad Credit?

Well, that’s what USbadcreditloans strives to offer. Our online brokerage services are tailored to your needs in every way. We will help you find trustworthy lenders over the internet.

Our lenders will consider other financial factors when approving your loan. Consequently, bad credit won’t prevent you from getting your loan approved.

How to Use Income-Based Loan to Improve My Credit?

Like any other loan, using the money wisely will make a massive difference in your credit rating. If you can raise your rating, you stand a better chance of qualifying for a higher amount once you repay your loan. The following are a few pointers that will help you enhance your credit health.

Repay Your Loan on Time

The best way to impress your lenders is by repaying your loan on time. By doing this more often, lenders will be confident in you. They will want to extend other lending services to you for as long as you need them. Consider this a safety net because you will always have somewhere to turn to when in need of urgent financial assistance.

Get a Different Type of Credit

Your credit mix is composed of other factors, including mortgages, credit cards, and installment loans. So, consider adding a new type of credit to your financial profile.