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Explore The Best $1,800 Loan Options
A $1,800 loan can help you cover a wide array of expenses, from home improvement to car repairs and medical bills. If you face an emergency, it’s recommended to turn to online lenders due to their quick approval and funding times.
Online lenders also offer loan options with monthly payments to poor credit borrowers. If you find it difficult to choose the right solution, BadCredify is here to help.
Explore the best $1,800 loans from trusted financial companies and get personalized loan offers in minutes.
Best $1,800 Personal Loans
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid bank account
- Provide income confirmation (the income should be received via direct deposit)
- Origination fees: None
- Late payment fees: None
- Prepayment penalties: None
- Non-sufficient funds fees: May vary by state
- Accepts borrowers with damaged credit
- Same-day funding is possible
- No origination, late, or prepayment fees
- Soft credit checks only
- Convenient loan minimums
- Very high APRs
- Low maximum loan amounts
- Suspected of loan term misrepresentation
- Not available in all states
Bad credit borrowers looking for last-resort financing options
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid email address
- Have a valid personal checking account
- Provide income confirmation
- Origination fees: 1% to 5%, depending on your state
- Cash advance fees: 10%
- Late payment fees: vary by state
- Late payment fees: vary by state
- Next-day funding
- No application fees or prepayment penalties
- Bad credit is accepted
- Flexible repayment terms
- Convenient minimum loan amounts
- Very high APRs
- Low loan maximums
- Origination and late payments fees may be charged
- Not available in all states
Borrowers with bad credit in need of fast cash
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees, prepayment penalties, or other fees may be applicable
- Prequalification for multiple personal loans on one platforms
- Low minimum interest rates
- Fast funding (same-day direct deposit may be available)
- High maximum interest rates
- Extra fees may be applied
- The company’s partners may perform a hard credit check
- Data privacy concerns
Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Live in states the company operates in
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- No fees for loan processing, late payments or prepayment
- Quick access to loan funds
- No prepayment penalties
- No origination and late fees
- Flexible monthly payments
- Reports on-time payments to credit bureaus
- Borrowers with any credit can qualify
- High interest rates
- Small loans amounts
- Hard credit checks are performed
- Not available in all states
Poor credit borrowers who can’t qualify for traditional personal loans.
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama and some other states)
- Give a working email address
- Provide valid bank account details
- Confirm a sufficient monthly income to cover your loan payments
- Origination fees: 1.85% to 9.99%
- Late payment fees: $10
- Non-sufficient funds fees: $10 per payment returned
- No prepayment penalties
- Multiple rate discounts
- Next-day funding
- The due date may be changed
- Direct payments for debt consolidation
- APRs may be high
- Origination fees are charged
- Late fees may be applied
Fair-credit borrowers who need the money quickly
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Borrowers with credit issues who want to avoid predatory lenders.
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees up to 12%
- $15 late fee
- $15 NSF fee
- Quick access to loan funds
- No prepayment penalties
- Flexible monthly payments
- Soft credit check when prequalifying
- Flexible loan amounts
- Origination fees up to 12%
- High maximum annual percentage rate
- Co-signers aren’t allowed
- Hard credit checks for final approval
- Limited repayment loan terms
Poor credit borrowers who can’t qualify for traditional personal loans
How to Choose a Suitable $1,800 Personal Loan?
With so many details to pay attention to, it can be easy to overlook some important factors that will affect your borrowing experience. Here are a few things to consider when choosing a $1,800 personal loan:
- APRs. An APR is an annual cost of your loan that includes both an interest rate and all associated fees. The lower the APR, the less you will pay monthly and in total. Also, check out the fees that may arise under certain conditions, such as late fees or prepayment penalties.
- Repayment period. Repayment flexibility is a good feature as it allows you to adjust your monthly payments to your budget. Just keep in mind that longer repayment terms always result in a higher total interest amount.
- Eligibility requirements. Make sure you understand the lender’s qualification criteria and meet them. This will save your time and prevent you from unreasonable credit score drops.
- Funding times. If you have a strict deadline, be certain a lender can meet it. Although most online lenders offer funding within 1 to 3 business days, some of them may have longer disbursement times.
- Lender’s reputation. Reviews provided by independent financial companies and former customers will help you avoid potential pitfalls and understand whether the lender is worth working with.
Where to Get a $1,800 Loan?
A $1,800 loan is quite a widespread option. Such an amount may be borrowed from banks, credit unions, and online lenders. Banks and CUs typically offer repayment flexibility and reasonable interest rates. Their $1,800 loans may work for good credit borrowers who don’t need money urgently.
Online lenders provide more convenience, as the entire application process can be completed from the comfort of your home. Their loans are also faster and don’t involve paperwork, while eligibility criteria are typically less strict. The downside is their potentially high interest rates and fees. However, some online loan providers offer quite competitive APRs for people with fair credit.
$1,800 Loan Rates & Terms
An average $1,800 loan comes in the form of a direct deposit. You get the whole loan amount on hand and then repay it with interest in equal monthly installments over the agreed-upon period. An interest rate can be anywhere from 5.99% to 35.99% on a personal loan for good credit borrowers. Bad credit options may even come with three-digit APRs.
The exact interest rate you get depends on the lender, state, and your credit score. The repayment period can be from 6 to 60 months. The longer it is, the more costly your loan will be in the end. The table below demonstrates how your loan terms can affect its cost:
| APR | Repayment Term (months) | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|---|
| 11.2% | 12 | $159.25 | $111.06 | $1,911.06 |
| 21.7% | 12 | $168.21 | $218.52 | $2,018.52 |
| 28.9% | 12 | $174.5 | $294.05 | $2,094.05 |
| 11.2% | 24 | $84.06 | $217.47 | $2,017.47 |
| 21.7% | 24 | $94.11 | $434.74 | $2,234.74 |
| 28.9% | 24 | $99.63 | $591.04 | $2,391.04 |
| 11.2% | 60 | $39.32 | $558.97 | $2,358.97 |
| 21.7% | 60 | $49.41 | $1,164.45 | $2,964.45 |
| 28.9% | 60 | $57.03 | $1,621.55 | $3,421.55 |
If you want to figure out your particular loan cost, use our simple loan calculator. Enter the terms offered to you by a lender and determine how much you will pay in total. This will help you compare loan offers more effectively.
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Expert advice
A high interest rate and long repayment period make your total loan cost almost twice as much as you initially borrowed. Therefore, it’s important to choose a golden mean with both affordable payments and reasonable total cost.
Types of $1,800 Loans
Explore the following types of $1,800 loans to better understand your options.
Unsecured Personal Loans
An unsecured personal loan is the one that can be obtained without collateral. It’s also called a signature loan, meaning that your signature is the only promise to repay the funds. Unsecured loans can be a good option for borrowers with good credit and high incomes. They come with interest rates between 5.99% and 35.99% and can be repaid within up to 60 months.
Installment Loans for $1,800
Installment loans for $1,800 are alternatives to unsecured personal loans but with higher interest rates, shorter terms, and more relaxed eligibility requirements. They allow you to borrow money for up to 24 months and have low or no minimum credit score requirements, making them quite popular with “subprime” borrowers. However, the APRs usually range from 16% to about 100%, making installment loans for bad credit costly.
Secured Loans
As opposed to unsecured options, secured loans require you to provide collateral to access the funds. You can pledge your valuable assets, such as a car, house, or savings account balance. This collateral is used as a repayment guarantee. A lender can repossess it if something goes wrong with your repayment. Despite the risks secured loans carry, they are usually cheaper than unsecured options and provide financing opportunities for bad credit people.
Credit Union Loans
Loans from credit unions may be a great solution if you have a membership in a CU. As CUs are not-for-profit institutions, their loans are typically cheaper than those offered by banks and online lenders. Besides traditional personal loans, credit unions sometimes offer cheaper alternatives to payday loans with flexible repayment terms and higher loan amounts. These options are called payday alternative loans and may suit members with bad and poor credit.
How to Get a $1,800 Loan Online?
Although the application process may vary by lender, there are some steps common for every loan provider. Here’s what you need to get a $1,800 loan online:
- Pre-qualify for a loan. Choose several lenders with acceptable loan terms and the requirements you meet and fill out a simple form on their websites. Most online loan providers only conduct soft credit checks at this stage, so your credit score won’t be impacted.
- Choose a suitable offer. After pre-qualifying, lenders will send you their offers. This way, you will be able to compare terms and pick the one with suitable conditions. Just note that these terms may differ from the final ones offered after a more detailed inquiry.
- Submit final application. Provide the lender with the required documents or their copies to confirm your personal and financial information.
- E-sign your loan contract. If approved, you will get a loan offer via email. Read the terms of your loan agreement carefully to make sure the final terms meet your expectations. If everything suits you, e-sign the documents.
- Receive the funds. The lender will make a direct deposit into your bank account. It may take from one to five business days.
What are $1,800 Loan Eligibility Requirements?
The qualification criteria may vary by lender. Below is the list of some basic requirements for a $1,800 loan:
Keep in mind that some lenders may also have minimum credit score and income requirements. Additionally, they may pay attention to your debt-to-income ratio. It’s recommended to review the specific lender requirements before applying.
Ways to Improve My Chances of Getting a $1,800 Loan with Bad Credit
Getting a $1,800 loan with bad credit may be a challenge. However, there are some ways to boost your reliability:
- Bring a co-signer. A co-signer with strong credit and income can improve your approval chances while being responsible for loan repayment if you default;
- Pay off a high-interest credit card and keep the account open. By doing this, you will decrease your credit utilization, which is a part of your credit history. Another option is to ask for a higher credit limit.
- Maintain a low debt-to-income ratio. Having a DTI of 35% to 43% is preferable.
Why BadCredify
BadCredify is a free service that guides borrowers through a loan process. We help people compare multiple loan offers and choose an option that suits them best. Our experts research lenders with a focus on their interest rates, fees, repayment terms, funding times, application process, and reputation so borrowers can make informed decisions when choosing loan products.
We don’t receive compensation from the companies reviewed, which allows us to remain unbiased and fair-minded. Our service is always here to help people with any credit find the best possible financial solutions to reach their money goals. Get your personalized loan offers in a few clicks by providing your basic information, compare terms, and choose the best possible option available.
FAQ
Will a $1,800 Loan Affect My Credit Score?
If you pre-qualify for a $1,800 loan to find the best offer, your credit score won’t be affected due to soft credit checks. However, when you submit the final application, a lender may perform a hard inquiry, which can lower your FICO rating by a few points.
How Can I Use My $1,800 Loan Funds?
Lenders usually don’t track how you spend money, so it’s up to you. Use the $1,800 loan funds to consolidate debt, cover high-interest credit card debt, repair your car, make a home improvement, or finance a vacation.
Can I Get a Loan for $1,800 with Bad Credit?
Sure, it’s possible. Several lenders work with bad credit borrowers. However, interest rates can be higher than those on traditional options.
How Will I Repay My $1,800 Loan?
The repayment is usually an automatic process. You need to provide a lender with access to your bank account and ensure there’s enough money on its balance on the due date.
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