Whether want to buy a car, a house, or just get a small loan to get ahead on your finances, your first step is checking your credit score. The higher your credit score is, the better interest rates you will get on your loan.
If you check you score and see that it is low, the first suggestion would be to wait a while and try to raise it, but if that isn’t an option and you need a loan right now, there are options available to you. Payday loans may seem tempting, but you should avoid those as they are high-interest and short-term loans that tend to get people deeper into trouble than help them dig out of a financial hole. It will be a little trickier, but it is possible to secure a loan from personal lenders.
Bad Credit Loans: BadCreditLoans.com is an option if your credit score is low or you have a bad credit history. They are not a lender. However, they will put you in contact with lenders who are willing to let work with you to secure a loan. This could work in your favor as you could get several offers and you can pick which one is the best for you. You can apply online, but you should have this list of things handy to finish the application process:
- 18 years old
- Valid phone number
- Valid email address
- Valid checking account
- Proof of citizenship
- Proof of 90 consecutive days of employment
- Have an income of over $1,000 a month after taxes
There is no guarantee you’ll get many offers if any at all, and the ones you do will have a high annual percentage rate. This rate can range anywhere from 230 percent to 2,330 percent. Their website is: https://www.badcreditloans.com
OneMain: OneMain is one of the more reputable lenders who will work with people who have bad credit. Their loans can range from $1,500 to $10,000 and have high annual percentage rates. This company specializes in secured loans, but there are unsecured loan options as well. You can apply online at https://www.onemainfinancial.com, or they have over 1,800 branches all over the United States.
Peerform: Peerform is a more lenient lender who will give loans to anyone with a credit score of 600 and above. They offer loans from $1,000 to an impressive $25,000. One catch with using Peerform is that it can take up to two weeks for the money to be in your checking account, and there is no guarantee you’ll get the full amount you ask for. You can visit their website here: https://www.peeform.com
Avant: Avant is a lending platform for people who have credit scores between 580 and 740. Avant offers loans from $1,500 to $35,000 respectively. They add on an origination fee from 0.95% to 4.75% on every loan. Avant deals with only unsecured loans, so if your credit score is below 580, you probably won’t be able to use them for a loan. You can apply with Avant here: https://www.avant.com/
NetCredit: NetCredit helps people with credit scores ranging from 550 and up get large, long-term, unsecured loans up to $10,000. However, this company has extremely high annual percentage rates that go from 35 percent to 150 percent. That is edging into loan shark territory unless you plan to pay off this loan extremely quick. You can apply online here: https://www.netcredit.com/
PersonalLoans: Personal loans is a lending platform that allows several lenders to solicit you to take a loan with them after you fill out the application. Unlike some of the other options, annual percentage rates are competitive, and they offer both secured and unsecured loans. The highest loan amount is $35,000, but you should read all of the terms carefully as they’re different based on the companies who offer you the loans. You can apply online at: https://personalloans.com/
Conclusion: Getting a loan with bad credit can seem like a daunting task, but if you shop around and read everything carefully, it is more than possible to get your loan. Every day someone with poor credit or no credit at all gets a loan so why not make that next approved loan yours!