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Bad Credit Loan: Terms and Conditions

A bad credit loan is a financial product designed for people with a credit score of 580. FICO scores range from 300 to 850, and generally, creditors are regarded as having bad credit if their scores are 579 or lower.

Many lenders refuse to lend to people with low credit scores, but at Peoples Bank of Commerce, we believe that financial help should not be earned; it should be given to those who need it.

What is a Bad Credit Loan Suitable For:

  • Debt consolidation;
  • Credit card refinancing;
  • Home improvement;
  • Wedding;
  • Moving expenses;
  • Medical expenses;
  • Major expenses;
  • Emergency costs;
  • Other necessary expenses.

Interest Rates

Rates range from 7.99% to 35.99%.

Bad credit loans from Peoples Bank of Commerce range from $1,000 to $13,000. Bad credit loan repayment terms can be 24, 36, 48, or 60 months.

No collateral required

No matter how low your credit score is, we will not require collateral. Your property must remain yours without the risk of being lost. We believe that our clients are as interested in repayment as we are.

Origination fee

We charged from 0% to 10% of the target amount.

No early payoff penalties

You can pay off your loan the way you want. And we won’t charge you any fees for paying more than your monthly payment requires.

What Is Required to Get a Bad Credit Loan?

Before submitting a loan application, please collect the following data. Both in-person and online loan applications are welcomed by us. If you have an account, you can apply for a bad credit loan over the phone.

Personal contact information

  • Individual Tax Identification Number (ITIN) or Social Security Number;
  • Citizenship status;
  • Email;
  • Phone Number;
  • Address.

Employment and income information

  • Employment Status;
  • Business phone;
  • Company name;
  • Average monthly income and the source(s) of that income, including any sources you want the lender to take into account;
  • Amount of the monthly rent or mortgage payment.

Extra paperwork (requested as necessary)

  • Recent W2s, tax returns, or pay stubs;
  • Utility bills (to verify address);
  • A duplicate of your Social Security card or driver’s license;
  • Details for paying down current accounts;
  • IRS Form 4506C;
  • Authorization of applicant employment and income.

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