A computer is a must in this modern world where people are usually busy working online. Due to their demand, computers are getting quite expensive, and laptops are even more expensive. Good battery life and a performance laptop cost you more than $750.
On the other hand, a good desktop computer with top-notch specs can cost you above $1000 and if you want a gaming PC, double this price.
Your credit history reflects your credit score; a credit score below 500 is bad or poor. The bad credit shows that you haven’t consistently made your monthly payments. Many lenders hesitate to offer loans to people with bad credit, while some offer them with high-interest rates. To avoid these complications, we share the best companies for computer financing with bad credit.
Our Top 5 Lenders For Computer Financing With Bad Credit:
Before we review these brands, we took an extra step to share their names and unique traits so you can quickly decide on one. An average person cannot afford this kind of money, so they rely on getting a loan, which gets complicated if you have bad credit mobile home loans. Once you have decided, you can quickly jump to the review section and learn more about your desired company.
- MoneyMutual – Overall Best Computer Financing With Bad Credit, Editor’s Pick
- Bad Credit Loans – Prime Lender For Emergency Loans
- RadCred – Most Recommended Lender With No Credit Check Loans Available
- Personal Loans – Highly Rated Personal Loans On Lower APR
- CashUSA – Most Popular Company For Permanent US Residents
#1. MoneyMutual – Overall Best Computer Financing With Bad Credit, Editor’s Pick
MoneyMutual has been around for over a decade, offering customers quick short-term loans at reasonable terms. This company has a huge lender network that is always ready to help people looking for small loans.
Unlike traditional banks, this company and its lender are not hesitant to provide you with a loan even if you have the worst credit score. If you want a quick $400 loan, this platform can provide that in less than 24 hours. In most cases, you’ll receive the funds within the same day.
While you can get a loan of up to $5000 from MoneyMutual, how you’ll repay decides how much you get. If you have a good income above $1500, the company can offer you a loan of $5000. However, if you don’t have solid proof for repayment, the lender might not provide you with the desired loan.
You can easily filter out the lenders based on your requirement; this gives you a better chance of finding the most suitable lender. However, you must check the lender thoroughly before deciding, as the company won’t be responsible once you choose a lender. Each lender’s details and ratings are available, read them and carefully read the terms and conditions of each lender.
MoneyMutual has served over two million customers in the past decade, and its popularity has increased. Thanks to inflation, people need small loans more, which is why these online platforms are getting more famous than usual. Their credit application is easy to fill, the entire process is done online, and you also get the money quickly.
On the other hand, the online form is free to fill out, and you can fill it out more than once to check the lender rates. It won’t take more than a few minutes to fill out the form.
Easy to Navigate Website: Most newbies applying for a loan online are not comfortable since they don’t know what to do. A straightforward website with information about loans and their process would be helpful.
Moreover, a simple interface would help many people as they don’t have to navigate a lot to find. MoneyMutual has the loan-getting option right in the front and all the details in their dedicated section. Some people are not interested in checking the details, so they will leave the website if there are too many complications.
Security: Since you are sharing your sensitive data on the website, MoneyMutual has top-notch security to ensure that no hacker would infiltrate and steal your data. They have a dedicated team to check for security daily and multiple times to see if there is any data breach.
They are so strict about privacy that the company won’t even share your information with the lender. Once you choose a lender, you’ll have to provide the necessary information again. However, the company will save your data so you can visit it again without filling out the entire form.
Competitive APR: MoneyMutual offers the most reasonable rates for bad credit financing. However, if you find a platform with even lower rates, let the lender know, and they might offer you the same or, if possible, lower rates than that platform or lender. You might need to bring proof, and the lender will thoroughly check the details before accepting your terms.
Easy Terms: The lenders on this platform won’t offer complicated terms to the borrowers. Instead, they allow the borrowers to choose everything so they can make changes so that the loan contract is suitable for both parties. If this is your first time taking an online loan, choose MoneyMutual for the best experience.
- Services provided are free of cost
- Quick bad credit loan
- Small and mid-size loans are available
- Highly reputed and experienced company
- Not available in New York or Connecticut
#2. Bad Credit Loans – Prime Lender For Emergency Loans
Bad Credit Loans is the oldest financing company on our list that has been operating since 1999. This company aims to provide a mediocre loan of up to $10000 to those not having good credit scores.
The founder of this company realized that a typical American always requires an emergency loan of $500-$1000; thus, he created a platform to help them instantly. The best part is that you can get an emergency loan in less than six hours if the amount is up to $1500.
Besides getting a loan for your computer, this company provides other loans like debt consolidation, vacation, rent, or auto-repair. For best results and advice, it is better to let your lender know the reason for your loan.
Sometimes, these lenders have contacts to help their customers get premium products at lower rates. Who knows that some lenders might know a computer store from where you can grab a PC at cheaper prices.
Bad Credit Loans charge 5.99% to 35.99% APR, but it varies based on the lender. You can talk to your lender about lowering the APR if you believe it is hard to repay. Since these lenders are interested in helping clients, you might find favorable terms.
But remember, small bad credit loans come with higher interest rates, so if you want to reduce APR, take a bigger loan of above $1500. That way, you can get a top-notch PC and don’t have to worry about higher rates.
The entire loan process is available on the website. You can follow the steps to fill out the form and send your request for processing. It will only take a minute, and you’ll see the lender’s list right in front of you.
Reliable Lenders: This company has a huge reputation among financial institutions and its clients, so it only keeps responsible and reliable lenders. While the company might not interfere in the dealings, they check lenders’ reviews frequently.
If a borrower complains about a lender and provides proof, the company takes strict action against the lender and compensates the borrower accordingly. If you are afraid of getting online loans because of scams and fraud, choose this portal to work with the most responsible lenders.
Transparent Company: Bad Credit Loans has nothing to hide; the company is generous enough to share its way of working on the website. They don’t charge the borrower a dime and don’t have hidden fees. The online form is free to fill out, and you can do it multiple times without worrying about getting charged.
However, the company uses your data and shares it with marketing companies to send you non-loan products promotion. They mention it on their website and even share a way to stop the company from sharing your information.
Updates About Scams: The website is filled with lots of content about how you can spot and avoid a scam. Even among the lenders, there are chances of scams, so you must read those details before starting a contract with the lender.
The best part is that they explained each kind of scam in detail and updated that content with more ideas. If you are among those who are afraid of scams, read the content, and you’ll get more tips and tricks to save yourself from scams.
Get Multiple Loans: Bad Credit Loans offers more than one loan on a single online form. While filling out the form, you can mention multiple loans, and they’ll redirect you to a lender offering multiple loans simultaneously.
- The website contains helpful information
- Good range of payments
- Around-the-clock customer assistance
- Offering e-consent
- Small loan amount compared to other lenders
#3. RadCred – Most Recommended Lender With No Credit Check Loans Available
If you want a loan on a scheduled date, RedCred has lenders that can hold your funds and provide them when you need them. However, you might need to inform them about the loan at least three days before.
RadCred started its operations in 2011 and became famous as a short term no credit check loan provider in 2016. At the end of 2020, this company was named among the top loan providers in the USA.
The best part about this company is ensuring you find a lender. After the processing, you’ll see the lender list that keeps updating until you find a suitable one. They even have precise filters to sort out the best lenders for you.
This saves the time of filling out the form again to check for a different lender list. You’ll see the top-rated lenders first and if you don’t like them, refresh the page to see the next batch.
Another good thing about RadCred is that the lenders are bound to share their information. Once you open a lender page, you’ll see the maximum and minimum loan they offer and the charges you have to pay.
If any lender asks for more charges than mentioned or charges you secretly, you can let the company know, and they’ll take action against them. But judging from the customer reviews of Radcred, there have been zero complaints about the lenders scamming the borrowers.
While this platform makes sure that you get a loan, there are times when you can’t find one. This usually happens on holidays like Christmas or Thanksgiving, so be sure to either schedule your loan or grab it weeks before the holidays. You can talk to the lender to schedule a payment with your bank; let the bank know so they won’t hold the funds.
Up to $35000 Loan Available: While you won’t need this much to build a PC unless you want to compete with the most expensive PCs in the world, it is good to know that RadCred offers such a high amount for loans.
You can easily get this money within 48 hours if you want to cover huge expenses in a short time. The best part is that the lenders charge very low APR on such amounts as people rarely take such a huge loan from them. You have 72 months to repay this loan by default, but you can ask the lender to alter this repayment period as per your requirements.
Take a Loan With Your Partner: If you are building a gaming room or workspace with your partner, there is no need for you both to take a different loan. RadCred offers partner loans where you can grab a considerably bigger loan by showing two income statements to the lender.
The best part is that if one of you has a good credit score, you have more chances of getting a bigger loan at much lower interest rates. The rest is up to you and your partner how you want to split up the loan.
Excellent Customer Service: RadCred has one of the best customer assistance you can ask for. Their representatives are always ready for help, even on the weekends. However, they won’t share details about the lenders but willingly suggest you the best lender based on your loan requirements.
Protects Users’ Data: RadCred is strict about its security and client’s data. They don’t share it with marketing agencies despite offering their services for free. Even their lenders have to consent from the borrower to utilize their data for anything.
- Has competitive interest rates
- The loan application process is simple and convenient
- It eliminates the extra hassle of getting a conventional loan
- Multipurpose loan available
- It is not easy to grab a bigger loan
#4. Personal Loans – Highly Rated Personal Loans On Lower APR
Personal Loans started its business almost a decade ago, intending to provide easy personal loans to all its customers. If you want a huge personal loan within 36 hours, this platform has the best lenders for this. These lenders won’t ask for the reason you want such a huge amount, won’t put complicated terms for the loan and will provide it to you.
This platform works like all other platforms where you connect with potential lenders, and they provide you with a loan. However, the APR system works differently here since the company is more interested in offering easy loans to ordinary people.
Instead of keeping the APR fixed on each installment, this company reduces the APR with each on-time installment. Thus, paying on time not only helps you get a boost in your credit score but also helps you pay lower interest. Though you need to check with the lender first, some lenders have complications following this rule, so they might make up for the interest by adding extra charges.
While getting a loan from this platform is easy, you should inform your bank if you take more than $10000. Otherwise, they might hold up the money until you visit your bank. This company has a team of experienced advisors ready to offer advice on how you can manage and repay your loan. There are no charges for taking the advice, and you can contact their customer support anytime. However, you need to create an account on their website and engage with a lender at least once to get in touch with their advisors.
On the other hand, lenders are also engaged in helping customers to return their loans easily. They offer reasonable terms and even extend the repayment period, so you don’t worry about your credit score.
Auto Deduction: While some people might not like this option, those who are mostly late on repayment can find this option very convenient. You provide the lender with your bank account and allow him to deduct the monthly installment. Moreover, inform your bank about this, so they allow the lender to take a deduction with or without your approval.
You can set the deduction limit so the lender won’t cut more than the installment. You will receive a notification before the due date and a confirmation message from your bank to authorize the payment. Once authorized, you never need to worry about late monthly installments again.
Additional Days: If you fail to pay the installment on time, the company has the policy to provide 15 grace days before they report your performance to the credit bureaus. If you still can’t make the payment, you should inform the lender and repay two installments with some fees to avoid lowering your credit score. However, if you won’t pay these installments before the next due date, it will reflect in your credit report, significantly lowering your credit score.
Lenders Extended Network: This is one nifty feature offered by Personal Loans to help you get your desired loan. If the company can’t find the desired lender for you, they’ll ask the lenders to check in their network to see if they can find someone for you.
While this is a convenient option, the company or lender won’t be responsible if you get scammed. Moreover, company policies won’t work in that extended network, so those people might charge you way more than normal.
APR Calculator Available: If you want to know the total amount you’ll pay at the end of the loan, there is a calculator available on the website.
- Obligation-free rates offered
- Straightforward and flexible repayment terms
- No early payoff fees
- Make it easy to consolidate debt
- Some lenders require bi-monthly repayments
#5. CashUSA – Most Popular Company For Permanent US Residents
CashUSA is the best computer financing platform for all USA residents. They made policies to facilitate average Americans to get a quick loan without facing complications. Their APR is lower than other brands offering bad credit loans, but they have high charges on late payments.
You can get a loan without mentioning its reason, and you can get a loan for any purpose, whether to finance a PC or to build a gaming room. However, this brand has the longest processing time as it has the highest number of active users daily.
On average, this company charges APR ranging from 5.99% to 35.99%. This seems a lot, but since we are talking about bad credit loans here, this amount is normal. Some other companies charge up to 400% while offering a short-term bad credit loan.
Moreover, CashUSA APR is not fixed; you can bargain with the lender to reduce it, and if you pay your first installment on time, they might listen to you.
Unlike other companies, CashUSA has a simple yet bit lengthy online form. They want to know you better, so they ask for more information. Since they offer services for free, they might share your data with marketing agencies for product promotion services.
The minimum loan you can take is $100, and the maximum you can get is $10000. However, if you want a bigger amount, talk to a lender, and they might gather more money but under different terms and conditions.
What is different about this platform is that most lenders want to know about your financial position. They wanted to be sure that you’ll repay the loan, so they asked for your income and provided a loan accordingly. However, only a handful of lenders follow this practice.
Multiple Payment Methods: Typically, you get to send the installments to the lender’s bank account or allow them to deduct them from your account. CashUSA takes this a step further and allows you to choose different methods to pay the installments. You can use your credit/debit card or even take another loan to repay the old one.
On the other hand, the lenders also have different ways to pay you. If you want cash, tell the lender, and he can arrange it for you. If you want to pay the vendor for the computer directly, inform the lender, and they’ll deposit the money directly into their account without extra charges.
Learn More About Loans on the Website: If you want to learn more about different types of loans and how they are beneficial, an education center is available on the website. This will help you understand which type of loan is preferable in which situation, so you won’t opt for the wrong one.
Zero Prepayment Fees: If you have enough money to repay the entire loan at once, you can easily do it with CashUSA. Most of its lenders don’t charge prepayment fees allowing the user to repay the entire loan at any time.
However, you might need to search for a lender that offers such a facility. Some of them might mention this, but for others, you’ll need to ask them. On the other hand, some lenders might only offer prepayment after a certain period, so be sure to check that too.
Other Credit-Related Services: Since this platform shares your data, they also offer you other promotions of other credit-related services. You can turn them off, but there is no default option to avoid these messages.
- Loan repayments are easy and flexible
- No Bad credit restrictions
- Variety of options
- Easy-to-use services
- A lot of information is asked in the application process
How We Made This List Of The Best Lending Companies For Computer Financing?
Since we are talking about bad credit loans, finding websites with lower interest rates was our priority. Some lenders charge hefty APR to borrowers because of their low credit scores. The borrowers need a loan to improve it, and some lenders take advantage of this. Apart from low APR, we also looked for platforms that won’t charge any fees for the loan. APR alone is relatively high; any additional fee will increase the loan amount significantly.
Since people can’t wait to purchase a new gadget, we chose companies that provide funds for computers within 24 hours. Repaying is also a headache; a flexible repayment period would suit the borrower’s needs more. So, all the brands we chose will offer different payback periods to facilitate the borrower.
What We Looked For?
- Reasonable APR: While the APR on bad credit financing will be high, we carefully selected brands that offer lower APR than other brands. Their interest rate lies between 5%-36% based on the amount you took and its payback period. However, the complication with this is that some lenders might not follow this APR range and offer you different rates.
So, we suggest you check for multiple lenders before deciding on one. Moreover, some lenders are specialized in financing computers; they can help you get a laptop or desktop at cheaper prices while charging lower APR.
- Payback Period: Typically, you have 30 days to pay the loan installment, and failing to do so affects your credit score. You might also need to pay extra charges in the next installment. So, we chose companies that provide flexible payback periods to their customers.
That way, you can repay the loan after the due date without ruining your credit score or paying extra charges. These platforms are there to provide you with a loan and also to help you build credit.
- Quick Funding: Traditional loans from the bank might take days to reach you, and their paperwork is also complicated. Our choice of lenders funds the money within 24 hours after processing your loan request.
They can also transfer the money to someone else’s account on your behalf if you directly want to pay the vendor. This saves time skipping the step of you receiving the money first and then sending it.
- No Additional Charges: There are no additional charges on late payments, prepayments, or loan processing. The company won’t charge you anything as they take fees from the lenders. You can check the lender’s details and avoid them to see if they charge anything extra.
Factors To Consider When Choosing a Computer Financing With Bad Credit: Buyer’s Guide
Since many companies are available to offer a short-term loan, it is hard to find the right one. Here are some factors that can help you find the right platform to get a loan for your PC.
Your Loan Amount
Having excessive money is better, but paying interest on that money is not convenient. There is no need to get a bigger loan than your desired amount simply because the lender offers better terms.
Stick to the amount you need and find a lender that offers the best term on that particular amount. It is not easy to repay the loan, sudden expenses can arrive at any time, and you might regret taking a bigger loan.
Reasonable Terms and Conditions
Every lender will offer you terms that are in their favor so they can earn more. Some people don’t know that they can bargain the terms and accept them as it is. When choosing a lender or a company, it is better to check their terms and conditions and compare them with many other lenders.
Once you are satisfied that your chosen brand has the best terms, pursue that brand. If you are confused by many brands, we share the best ones, read their reviews, and choose the most suitable ones.
No Prepayment Penalties
This is an essential factor you must check in every brand as it can save a lot of charges. Prepayment allows you to pay the remaining loan in one installment, so you don’t have to pay more interest. Most lenders are not a huge fan of this as they can’t earn more, but this is a very convenient option for a borrower.
ou can talk to the lender to see if they have prepayment charges and how much they charge. If they are reasonable, feel free to pursue that lender. Among the brands we chose, only CashUSA offers this, making it one of the top financing brands in the USA.
Single or Multiple Loans
If you have a stable income and can easily repay the loan, you are better off with a single loan. There is no need to burden yourself with another loan to repay the first one. On the other hand, if you believe you cannot pay the loan on time, it is better to grab another loan and repay the previous one. Doing this might increase your debt, but your credit score will increase, helping you get a bigger loan at a much lower interest rate.
Easy Application and Quick Processing
No one wants to wait days to get a loan, so it is better to choose the platforms offering loans within a short time. Moreover, the application form must be simple and won’t ask for extra information so you can quickly fill it up. The processing time should be less than five minutes to connect you to the best lenders. The companies we mentioned above all offer quick processing time and have a straightforward loan application you can fill in minutes.
FAQs About Computer Financing
Can I get a bad credit loan from Comenity Capital Bank?
Banks usually don’t deal in bad credit loans as they are more prone toward people with more money and better financial conditions. So, the chances of getting a bad credit loan from a bank are zero.
This is why online platforms are more famous for offering such loans. In the past couple of years, short-term loans have become quite famous, and one reason for this is their easy access. You can easily apply for a loan online even if you have the worst credit score without any need to visit the bank.
Do I need a good credit score to get a loan?
If you want a bank loan, you’ll need a good credit score. However, if you want a loan from online platforms like the ones we mentioned above, there is no need to worry about your credit score.
These platforms have been operating for decades to help people grab a bad credit loan at reasonable terms. Yes, they might charge a bit higher APR, but this is a disadvantage of keeping a bad credit score. On the other hand, if you want a credit card with a poor credit score, we recommend Ward’s credit card since it comes with the best perks.
How much loan can I get for computer financing?
The best computer you can get will cost around $1500 unless you want to add unnecessary gimmicks to make it look great. On the other hand, a laptop with great battery timing, even a Macbook, will cost you around $1200. So, on average, you might need a loan for $800 at a minimum and won’t need a loan bigger than $1200 for a good PC. The rest is up to you on the high specs you want; using all the latest parts might cost around $2000.
Do I need an active bank account to get a loan?
Yes, you’ll need an active bank account where you receive the money to repay the loan. Moreover, the lender will deposit the money in that account unless you have other plans.
When giving the lender your information, they’ll ask for a bank account, and some companies might ask you to provide a bank account while filling out the form. Some lenders want automatic payment from your account, so they also want an active bank account. Whether you eat or not, you need an account to get a loan.
How to find a good company for bad credit loans for computers?
We shared the best companies in our list and a buying guide to facilitate your search. Their financing process is easy, and they can easily help you with laptop financing despite a good laptop being pricier than a good desktop. You can purchase the laptop yourself or let the lender pay on your behalf.
Some lenders might ask for a down payment, which could be nearly 20% of the original payment. We recommend you get the loan from the lender and purchase the PC. That’ll allow you to roam the market and check other PCs at a lower price. That way, you’ll get your desired machine and might save some cash for quality peripherals.
Do the online platforms directly provide you with the loan?
Some online platforms provide the loan, while the rest connect you to lenders. The platforms we share will only connect you to potential lenders; they won’t deal directly with borrowing and lending. Once you are connected to a lender, they’ll leave the scene, allowing you and the lender to make your deals. That aside, let’s go ahead and see our criteria to find these platforms.
Conclusion: How To Find the Best Lender For Computer Financing?
Getting a good computer for gaming and work is a dream for most people nowadays, but most don’t have enough funds for that. Some are stuck with bad credit scores, and no bank offers them a loan. So, we share the companies offering the best lenders for computer financing with bad credit. Go through their details and see which one is the most suitable for you. Remember to read each lender’s terms and conditions thoroughly.