bad credit personal loans

Frequently Asked Questions

FAQs about personal loans and loans for people with bad credit.

How does a personal loan work?

A personal loan is a loan for a lump sum of money, typically paid back on an installment basis, which is payment over a set number of monthly scheduled payments.

Payments are for a set amount over the term of your loan.

How long does it take to be approved and get a personal loan?

You can complete an application online, by phone, or in one of our branches. The application is relatively quick, and once submitted you can be approved in about an hour.

The process of signing a loan takes less than 15 minutes once you have your approval and have gathered all the documents you’ll need to close your loan.

Can I get a personal loan with a low credit score?

Although we do see your credit score when we process your application, we don’t typically base our credit decisions off of your credit score. Our company engages in a process called manual underwriting, where an individual will review the entries in your credit file line by line to reach a credit decision. We often approve people with credit scores as low as 515, although because it’s a manual process, we can’t always approve everyone with that score.

How much money can I borrow from Mark Credit?

Our loans vary from $250-$5000.

In certain situations we can consider larger amounts, typically when you might have a vehicle or real estate to offer as collateral.

Please check with your branch for more information if you would like to discuss borrowing against a paid for vehicle or a piece of real estate.

What documents will I need to close my personal loan?

To close your loan, you will need a valid state ID or driver’s license, a proof of your address, and your most recent check stub. We may ask for other information depending on your unique situation.

How do I apply for a personal loan?
You can apply with us by calling your local branch, filling out an online application, or visiting one of our locations to apply in person.
Can I get a personal loan online?
Although you can apply and be approved online, you will still have to visit one of our branches to sign your loan documents in person.
How will I receive my funds?
You will receive a check at the branch after you sign your loan documents.
How hard is it to be approved for a personal loan from Mark Credit?
Our company can overlook some delinquent items in your credit report in trying to get you approved for a loan.

We can’t overlook everything however, and certain things like charged-off accounts from other loan companies and open or prior bankruptcies can cause you to be turned down.

What’s the difference between a payday loan and a personal loan?

A payday loan is generally a loan for a small amount of money due back in one payment on the date of your next payday, while a personal loan is for a larger amount of money due back in multiple monthly payments.

The interest rate on a personal loan is lower than a payday loan as well.

Are loan companies regulated by the government?
Loan companies are regulated at the state and federal level. Regulations specify the rates we can charge, the type and nature of the disclosures you receive from us, and how we can collect on debts owed to us.
When do I need to begin paying back my personal loan?
The first payment will be due on your loan within 30-45 days of the date you signed your loan documents.
What payment methods do you accept?

Online or over the phone, we accept ACH and debit cards; at the branch, we accept cash, money orders, personal checks, cashier’s checks, ACH, and debit cards.

Is there a fee to make payments over the phone or online?
We do not charge a fee to make payments of any type.
Can I pay off my personal loan early?
Yes, you can pay your loan off at any time with no penalty.
What if I can’t pay my scheduled loan payment?

If for any reason you are not able to make a scheduled loan payment you should contact your branch.

In many cases they may be able to offer you an interest payment instead of your normal loan payment, which will be a lower amount.

Please contact your branch to see if you’re eligible to use this option.

Will I receive a rebate for paying off my loan early?

Because our loans are precomputed, you will generally only receive an interest rebate within the first half of your contract if you payoff early.

What this means is that on a 12 month contract, you should receive a rebate if you payoff your entire balance within 6 months, with a larger rebate due in month 1 going to a small rebate due by month 6.

This is only a rule of thumb however, and you can contact your branch to get an exact payoff amount and to discuss how much you might save by paying off your balance now as compared to carrying it to maturity.

Do you report my credit information to the credit bureau?

Yes, we report all credit transactions monthly to Equifax Inc., the consumer credit reporting agency we contract with.

Late payments, missed payments, or other defaults on your account will be reflected in your credit report.

What is a personal loan?

A personal loan is a loan than can be used for any purpose. It is sometimes unsecured and sometimes secured by movable property, which can be things like furniture, electronics, or other household goods.

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