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If you’re a consumer with poor credit, you might assume there are no loans available to you. The simple fact is there are some loans available to you, but not all of them are very good. Many subprime loans come with such high interest rates you can’t possibly afford to pay them back without almost doubling what you owe. The interest rates are so high the cost of the loan isn’t even worth it to the borrower. Ascend is a company that offers bad credit loans to specific borrowers on terms that are a little more affordable, and a lot more beneficial. If you meet specific criteria, you might just be ready to apply for this kind of loan. Before you do, it’s time to take a look at an Ascend loan and what it has to offer.

What is an Ascend Loan?

Ascend is a lender that does business specifically with borrowers who have bad credit, but only a specific kind of bad credit. You can have a low credit score, numerous late payments, and high debt and borrow from Ascend. That’s too bad for this company. Rather than targeting all bad credit borrowers, this company targets those who have unfortunate circumstances and are working to improve their credit. This company works with consumers who went through a single rough patch with their credit such as a defaulted student loan now in consolidation, a job loss that caused late payments, or any other financial disaster.

Who Can Apply for an Ascend Loan?

To quality for this kind of loan, it’s mandatory you meet minimum requirements.

  • You must own a vehicle outright to use as collateral
  • You must have bad credit
  • You must have one year or more of credit history
  • You must take part in a plan to pay off or down your credit
  • Your debt-to-income ratio must be less than 28%

The other qualification is you must live in one of the eight states in which Ascend does business. These states are:

  • Utah
  • South Carolina
  • Oregon
  • Missouri
  • Illinois
  • Georgia
  • California
  • Alabama

This is a company with no ties to borrowers in any other state, so the loans are not available to you if you don’t reside in one of these eight states.

Using Ascend Loans

You can use your loan to pay off debt, to pay down debt, and to help improve your credit. The rates are high, but they’re not so high the loans are affordable. The idea behind a loan of this magnitude is to help borrowers improve their credit and get a head start on living a more financially secure lifestyle. It’s a great option for anyone looking to build credit, too.

It’s not always easy to get a loan when you haven’t a long credit history, which makes it difficult to build credit. You need credit to build credit, which makes the entire process long and arduous for many consumers. Ascend wants to take some of the stress away from borrowing money to build credit with this offer.

Things to Consider

Ascend interest rates are high. The average borrower’s rate is 33%, which is a lot of money. If you do borrow money from this company, don’t borrow more than you need. Say you goal is to pay off your $5,000 in credit card debt over the course of 3 cards all with 30% interest. It’s less expensive to use this loan, but it’s not wise to borrow more than what you need to pay off your cards. Borrowing more than you need only serves to put you further into debt, which is not your goal.

If you are responsible and looking to rebuild or build your credit, this loan might be right for you. As always, be sure you’re using this money wisely, not taking out more than you can afford, and always try to make more than the minimum monthly payment if you can afford to do that. It’s the best way to build credit, get a head start on the path to financial freedom, and it’s a good way for you to gain control of your finances and your life.