Best loans for bad credit
We made a list of the best loans for bad credit. Learn how they work and choose one that helps you cover your needs and accomplish your goals. Check it out!
Bad credit loans: lenders comparison
Unfortunately, having bad credit affects hardly your finances and makes it harder to access the best loans. Applying for good financial products and services might be challenging, as well as getting approved for great options.
Fortunately, some companies are willing to offer products and services for people with less-than-perfect credit.
However, you must know that if you have a score between 350 and 579 (based on FICO), applying for a loan requires a co-signer.
On the other hand, people with scores ranging from 580 to 600 may find good lenders on their way.
Furthermore, it is crucial to understand that interest rates, amounts, terms, and conditions will vary depending on your creditworthiness and the requirements you meet in the application process.
Some of those good lenders are listed below. Keep reading to learn how they work.
8 great options to choose from to get a loan with bad credit
It is not easy to rebuild a damaged credit score. Sometimes life surprises us with some financial emergency that requires a loan.
Don’t worry. The following list will tell you more about 8 direct lenders or lenders networks that will consider you regardless of your credit score.
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Upgrade offers loan amounts that range from $1,000 to $50,000. With a loan from this lender, you can pay off credit cards, improve your home, consolidate debt, pay for large purchases, start a business, and more.
Also, it provides prequalification for free with no impact on your credit.
The APR ranges from 7.46% – 35.97%. based on creditworthiness.
In addition, the minimum credit score recommended for applying for a loan is 560.
2. Universal Credit
Universal Credit offers loan amounts ranging from $1,000 to $50,000 and interest rates ranging from 11.69% to 35.93%.
Although the APR could vary and be high, the lender considers applicants with fair credit.
So, Universal Credit might be worth considering if you need a personal loan.
On the other hand, LendingPoint offers more flexible terms and amounts with fast decisions.
And you can check your rate with no impact on your credit.
LendingPoint provides unsecured personal loans for consumers with fair or good credit.
The loan amounts range from $2,000 to $36,500, and you can get the funds you need right the next day upon approval.
Also, the interest rates range from 7.99% to 35.99%. So, for a lender that considers less-than-perfect credit scores the interest rates are reasonable.
However, we recommend you check your possibilities first since the lender offers prequalification.
In addition, the terms range from 24 to 72 months.
Upstart is one more lender that considers less-than-perfect credit scores. It offers personal loans, consolidation options, car loan refinance options, loans for small businesses, and other resources.
Furthermore, it allows you to check your rates within minutes and has no impact on your credit score.
Also, there are no prepayment penalty fees.
According to the official website, the rates are 43% lower as compared to a credit score-only model regarding personal loans.
The loan amounts range from $1,000 to $50,000, and rates range from 5.60% to 35.99%.
5. Navy Federal Credit Union
Usually, credit unions offer good deals for people with bad credit. The Navy Federal Credit Union gathers all in one place.
Besides the loans, it provides checking & savings accounts, credit cards, and other services.
Regarding loans, the Navy offers auto loans, mortgages, student loans, home equity loans, and personal loans.
The amounts, terms, and conditions vary widely, but when it comes to personal loans, you must define the purpose of accessing the rates.
For example, if you want a home improvement loan, the amounts range from $25,000 minimum with terms ranging from 61 to 84 months (APRs: 15.29-18.00%) to $30,000 minimum with terms ranging from 85 to 180 months (APRs: 15.29-18.00%).
Furthermore, the customer service is considered good, and you can access it 24/7.
Check out how to apply for a Navy Federal More Rewards American Express® credit card and get unlimited rewards with no annual fee!
Avant offers loans for different purposes, including personal, emergency, and debt consolidation.
The amounts range from $2,000 to $35,000. And checking your rates and conditions won’t affect your credit.
Avant also considers less-than-perfect credit scores. But note that your creditworthiness will impact the terms and rates offered.
7. Rocket Loans
Another great lender to consider is Rocket Loans. The personal loan amounts offered by this lender range from $2,000 to $45,000, with terms varying from 36 to 60 months.
There are no prepayment penalty fees or hidden fees.
And you can get the money your need in one to three business days.
Also, a personal loan can be used to consolidate debt, improve a home, pay for medical expenses, auto expenses, or even for small businesses.
It is worth taking a look at Rocket if you have less-than-perfect credit.
Last but not least, LendingClub offers personal loans of up to $40,000. Also, it provides an amazing platform where you can apply within minutes and check your rates, payment options, terms, and conditions before signing up.
It is important to mention that LendingClub is not a lender but a lending marketplace. We have selected it because the platform can help you choose the best lender for you considering your creditworthiness and budget.
So, considering LendingClub might be worth it in case you don’t find a lender that fits your needs and goals.
Credit Essentials: what you need to know about credit scores and loans
As you can see, your creditworthiness affects your ability to apply for any type of loan.
Even though some lenders consider less-than-perfect credit scores in the application process, it is essential to learn how your credit impacts a decision.
Also, learning how to work on your credit to get better financial products and services is crucial.
So, take a look at our next post to learn everything you need about credit scores and loans.
About the author / Aline Augusto
Reviewed by / Aline Barbosa
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