Secured Loans with Bad Credit

Did you know that as of 2017, there are only 20 percent of Americans who had a credit score range of 300 to 850? That means that only a few percent of the population has a good standing in terms of their credit.

That being said, only these people are the ones capable of applying for loans without hassle – and the other 80 percent? They’re stuck in finding ways how they can get financing either for their business or for their personal use.

People with bad credit usually fall on the bad side – with them not being able to secure the funding they need. But because of this fact, a lot of lenders adjusted; a lot of financial institutions tried making ways on how they can allow even people with bad credit get loans.

Secured Loans with Bad Credit-SoFlo Funding - Lines of Credit and Business Loans-Get the best business funding available for your business, start up or investment. 0% APR credit lines and credit line available. Unsecured lines of credit up to 200K. Quick approval and funding.

Here at SoFlo Funding, we love educating you on the funding process, whether you are a startup or an established business. So below are two of our preferred funding partners that we highly recommend. Fundwise Capital and David Allen Capital have provided the top funding solutions for thousands of entrepreneurs nationwide. You can read about them by clicking either of the two buttons below

What is 24+44?

How Can People With Bad Credit Apply for Loans?

There are funding and lending companies who give these people a chance. Their options differ and it usually involves bringing a credit partner it; but there’s actually a better way than that.

For most companies, offering secured loans is their best way how they’ll be able to allow people with bad credit get and apply for secured loans. A secured loan is a type of loan where there’s a collateral involved – an asset or a property that will be between the lender and the borrower.

It’s a type of security for when the buyer fails to abide by the terms and the agreements, the lender can acquire and take the collateral in place.

So in technicality, banks and other financing and lending companies offer secured loans with bad credit clients. The amount that they’ll usually loan will be against the collateral – the amount will somewhat be close to what the value of the security is.

Would it Guarantee an Approval?

If you think that a secured loan guarantees approval, think again. Even if there’s a collateral, it’s still not a guarantee that the borrower will be approved of the loan. The collateral can increase the chances of approval, yes, but the lender would still have to do certain background checks.

So to finally answer the question, no, a secured loan to a person with bad credit is still not a guarantee. In the world of funding and financing, background checks and assessments are always the activity – a loan is never approved without the appropriate evaluation of the borrower.

Do you find it challenging to land an approval when you apply for a loan? Are you growing tired of constantly being rejected even if you’re applying for a secured loan? Don’t worry, we here at SoFlo Funding can help you.

At SoFlo Funding, you can land the loan you’ve been looking forward to even if you have a bad credit. Your bad credit can jeopardize your journey in being approved for a loan but with SoFlo Funding, we don’t judge. It’s not the only thing we look at.

For a secured loan for people with poor or bad credit, the things we’ll look at and evaluate includes:

  • History with previous and other lenders
  • Credit score and history
  • The collateral that will be put in place
  • Capability of repaying

We look at the credit score yes but at the same time, we’ll also check how you were with previous loans and your experience with other lenders. From there, we evaluate and check a borrower’s likeliness to pay the loan back.

What You Get With SoFlo Funding

Comparing what we offer from what other lenders and what other institutions do, our clients can enjoy a lot of perks for working with us. This includes:

Higher Loan Amounts

We can get funding for secured loans of up to $500K – it will still depend on what the collateral of your loan will be. Nevertheless, we’ll never give you shorter of what you’re expecting.

Ease of Doing Transactions

You’ will definitely love your experience in applying for our loans just like how our clients did. From the easy and the seamless application process, until the time you get your funds – you’ll barely feel the need to lift a finger!

Best Interest Rates

For a secured loan, our programs and our terms usually allow a 0% interest rate on the first year or so. But for secured loans with bad credit, it’s still better than what other companies offer. You can check with our funding managers and funding advisors on what the interest rates will be!

SoFlo Funding is a company who is dedicated in helping the multitude of people who are not able to secure loans because of the bad credit they have. We believe that not all bad or poor credit is something that people chose – we always look at the bigger picture!

Enjoy the best secured loans with bad credit with us here at SoFlo Funding and get the loan you need instantly!

What is 24+44?

Here at SoFlo Funding, we love educating you on the funding process, whether you are a startup or an established business. So below are two of our preferred funding partners that we highly recommend. Fundwise Capital and David Allen Capital have provided the top funding solutions for thousands of entrepreneurs nationwide. You can read about them by clicking either of the two buttons below

Below are some of the loan products that you will get from our company: