A Guide to Qualifying for Bad Loans


If you’re worried that you might not qualify for a loan, whether it’s because of bad credit or a lack of credit history, don’t worry, you’re not alone.

If you have accumulated some debt with store cards and credit cards etc., it may be too easy to just pay the minimum amount each month, so that you have more cash to go on with your life.

Before you know it, you may run into issues along the way and sometimes find yourself unable to make minimum payments. Over time, this can lower your credit score and affect your ability to apply for loans.

This in turn will affect your ability to pay for big ticket items, such as a mortgage deposit or buying a car with finance. It can even affect your ability to find a job, as many employers view a potential employee’s credit rating as a sign of their reliability and sense of responsibility.

But there is hope. Improving your credit score when you have bad credit can be done and it happens every day.

Most lenders consider credit scores below about 580 to be “bad credit,” but there are lenders who will consider lending to those with such credit scores. For example, CreditNinja offers bad credit loans.

And as a result of getting a bad credit loan then you will have the opportunity to work on and improve your credit score which will make you more likely to be offered loans in the future. .

The key to qualifying for bad loans

If your credit score is around 580, you can still qualify for a bad credit loan. And the key to qualifying is being able to prove that you can make the monthly payments.

And it’s as easy as printing your bank statements to prove sufficient income. This is how your ability to repay a loan is determined.

This is something that every lender will ask for and is not negotiable. The only way it can differ between lenders is how far bank statements should go.

Granted, this may not be enough for some lenders, and they may look at your credit history as well, especially if you are asking for a large amount or want to pay it back in a short period of time.

You will also need to show proof of identity. You may also be asked to provide other documents such as payslips from your employer (s).

Provide bank statements to qualify for a bad loan

Before applying for a bad credit loan, you should try to put your finances in order as best as you can. It can mean looking for better deals from utility companies and doing all you can to live within your means.

Your bank statements will be scrutinized, and ideally you will not be overdrawn. However, if you have agreed to an overdraft with your bank, you should make sure that you have not reached (or exceeded) your overdraft limit.

You may also be asked what you want the loan for. If you state that you want to use the loan to pay off previously accumulated debts, it will work in your favor as it is a sign that you are taking control of the situation and that you are on the right track. Paying for luxury items may be viewed less favorably.

Before applying for a bad credit loan, take a look at your total monthly income and expenses and determine how much you can comfortably afford to repay each month.

Remember, you need to make sure that the loan you are applying for is one that you can easily afford to repay. If you don’t, you risk everything going south very quickly and instead of improving your credit score, you could end up knocking it down.


Different lenders have different requirements for citizens applying for bad credit loans, but they will all ask for proof of income, and they will usually ask for it in the form of bank statements. The power to make a difference is in your hands.


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