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Do you live in Missouri, and financial challenges weigh you down because of a bad credit score? Jora Credit is here to assist. We understand life’s unexpected hurdles can sometimes negatively impact your credit score. But that doesn’t mean you should be denied the financial support you need. At Jora Credit, we specialize in providing bad credit loans in Missouri tailored to meet your specific needs.
What Are Bad-Credit Loans?
When you have bad credit, you might have a hard time qualifying for different types of personal loans in Missouri. Many traditional lenders require you to have good credit — 670 or higher on the FICO scale — before they approve a loan.
However, having bad credit does not automatically disqualify you from financing. Many alternative lenders, including fast loan direct lenders, emergency loan direct lenders, and other direct cash lenders, offer no-credit-check loans or bad-credit loans in Missouri.
These bad-credit loans are geared toward borrowers with either bad credit or limited credit history. In some cases, you could still qualify for a loan even if you have a negative items on your credit report, like bankruptcy or accounts in collections.
Some lenders offering these loans will not check your credit score when deciding whether to approve your loan application. Others, like Jora, will check your credit score. However, they’ll also consider other factors — like income — when making their final lending decision.
Bad-credit loans are especially helpful if you’re facing a financial emergency and do not have time to work on your credit score. Many direct lender bad-credit loans come with a streamlined application process and fast credit decision and funding times. With certain lenders, such as bad-credit installment loan direct lenders like Jora, you could even receive the money the same day you apply.*
You can use the money from a bad-credit loan for things like medical expenses, utility bills, car repairs, small home improvements, or emergencies.
Any type of loan, including bad-credit loans, can affect your credit score, which is calculated based on the following:
- Credit mix (10%)
- New credit (10%)
- Length of credit history (15%)
- Total amount owed or credit utilization (30%)
- Payment history (35%)
When you take out a loan, you add to your credit utilization. This can cause your credit score to drop since you now have additional debt. If the lender checks your credit when you apply for the loan, this could also cause a temporary ding on your credit.
Some bad-credit loans could help your credit score, though, depending on your current credit mix. And if you make on-time payments, you could also start building or repairing your credit over time.
However, not all lenders will report your payment activity to the credit bureaus. If you’re trying to improve your credit, make sure to choose one that does.
Several types of bad-credit loans exist in Missouri, including payday, title, installment, and personal bad-credit loans. These loans are usually easy to get, but they each come with their own eligibility requirements, loan limits, fees, and repayment terms.
Here are some of the main types of loans for bad credit in Missouri and what you need to qualify.
Payday Loans
Payday loans rarely require a credit check. This makes them convenient and accessible to bad-credit borrowers.
You can apply for payday loans online or in person. To get one, you’ll typically need:
- Photo ID verifying your address and age (e.g., driver’s license or state ID)
- Proof of income
- Bank account
In Missouri, payday loans come with a repayment term of 14 to 31 days. They have a maximum loan amount of $500, making them suitable for minor, one-time emergencies.
Most lenders will approve your loan and disburse the funds the same day you apply. Once you have the money, you can use it as needed.
When you get the loan, you might need to write a postdated check that includes the principal and any lender fees. Or you may need to authorize an electronic debit. Unless you repay the loan early, the lender will cash the check or withdraw the funds when the loan comes due.
Title Loans
Title loans are another type of short-term loan that doesn't include a credit check. However, unlike payday loans or other bad-credit loans, you’ll need to put up your car as collateral for funds. Failure to repay the loan on time could result in losing your vehicle.
Most title loans in Missouri have a short repayment term of around 15 to 30 days. Loan amounts are generally include about 25% to 50% of your vehicle's current market value. Typical requirements for title loans
- Vehicle title
- Identity verification
- Photo ID
- 18+ years old
- Auto insurance
- Spare car keys
You might be able to apply for title loans online, but you’ll typically need to complete the application process in person.
Cash Advance
In Missouri, cash advance loans are another type of payday loan. A similar option is a payroll cash advance, which lets you borrow money from your upcoming paycheck.
You’ll typically need to work full-time and have a good rapport with your current employer to qualify. You might only be able to borrow a few hundred dollars or a small percentage of your paycheck. The exact requirements depend on your workplace’s policy.
Payroll cash advances rarely come with fees, but be aware that your next paycheck will be smaller based on how much you borrow.
Installment Loans
Installment loans typically come with longer repayment terms than other bad-credit loans in Missouri. This gives you more time to repay what you borrow. They may also come in larger amounts — anywhere from a few hundred to thousands of dollars.
With an installment loan, you’ll typically get the full amount upfront. You’ll then have to pay it back in regular installments — usually once or twice a month. You can use the funds for nearly any reason.
Requirements vary by lender, but typically include:
- Proof of income
- Proof of identity and age
- Proof of residency
- Current address, phone number, and email
- Social Security number
- Checking account
- Credit check (in some cases)
Some direct lenders, like Jora, offer installment loans for bad-credit borrowers. This means you could still qualify with poor credit.
If you want to apply for a bad-credit loan with Jora, here’s how to do
- Review the requirements. You’ll typically need proof of income and identity verification. Jora will check your credit when you apply for a loan, but you could still qualify with bad credit.
- Calculate the cost. Before applying for online installment loans in Missouri, make sure you can comfortably afford the monthly payments.
- Fill out the application. Jora’s online application is quick and easy. It only takes a few minutes.
- Wait to hear back. Most borrowers know if they are approved in just a few minutes.
- Receive the funds. If you’re approved and accept the loan before 10:30 a.m. CST, you could get the money the same day you apply.*
- Use the funds and start making payments. You can use the money as you see fit. Refer to the loan agreement to see when your first payment is due.