Loans (US)

TOP Lending for Bad Credit

Getting a loan when you have a bad credit can be a challenging task. Keep reading and find out the best options to get a loan with a low credit score.

A guide to borrowing money by lending even for those with Bad Credit! 

Learn more about it. Source: Pexels.
Learn more about it. Source: Pexels.

Do you need a loan but have a bad credit score? Well, that may look like a challenge. But in this article, we will show you some useful tips and options when it comes to Lending for Bad Credit.

The good news is that it is not an impossible task to borrow money when you have a bad credit score and a lot of lenders are willing to borrow money even to a bad credit score person.

In this article, we are going to review the best and safest ways to obtain access to money and present some lender options to borrow some money and empower you to face your financial issues.

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How to apply for Experian BOOST™ Credit Score?

Raise your credit score using Experian BOOST™ Credit Score and Monitoring! Learn how to apply for it.

Is it possible to get a loan with bad credit?

We all know sometimes things happen that can deeply affect our lives, especially regarding financial situation.

When facing a financial issue that leads to needing money fast, the first thing that comes to mind is to make a loan contract.

A money loan is all we need to have more options in order to figure out a financial situation and get a chance to breathe.

But at the same time, you will often have bad credit when facing situations when you can’t pay your bills on time due to lack of money. 

According to Experian, credit scores can range from 300 to 850. If you are under 650 in the score, you will be considered high risk, meaning you have a bad credit score.

When trying to obtain a loan, there is no doubt that the first aspect checked by the lenders is your credit score when analyzing an application for a money loan.

However, that is not the only aspect checked by them, as they also check your income, your debts, credit history, and other financial factors.

People with this score will likely get only short-term loans with high fees or not even get their loan request application approved.

Can you get a loan with a 500 credit score?

Learn more about lending For Bad Credit. Source: Canva.
Learn more about lending For Bad Credit. Source: Canva.

First of all, we must say a 500 credit score is indeed considered a bad credit score.

According to Experian, a credit under 670 is considered a bad credit score by lenders companies.

Some lenders choose not to work with bad credit people. Otherwise, there are also lenders that offer loans even to a 500 credit score.

Here we got some tips for you to get a loan request application approved. Even if you have a bad credit score:

  • Pay all your debts: Companies will also check if you have debts in the market. If you have no debts, good to you! More chances to get approved;
  • On-time payment of bills: Especially the credit card, is important to pay your bills on time to get credit worthiness and a money loan;
  • Use your credit only when needed: If you always use your credit, your worthiness will decrease. Save your credit and make try not to make new credits application.

These tips will surely get you started to have a better chance of getting approved. However, we must say that you must focus on improving your score in the long run.

Try to make your application as complete as possible.

Some of these companies work entirely online and the operations are made entirely digitally. And the response is available in only a few hours.

However, more traditional banks can require a personal interview in order to approve your loan request.

If that’s the case, you will want to take all kinds of documents that can help you prove you have financial stability.

One last tip: pay your new loan contract in time. This will help you improve your credit score.

Who will let me borrow money with bad credit?

Check out the best lenders in Lending for Bad Credit. Source: Pexels.
Check out the best lenders in Lending for Bad Credit. Source: Pexels.

Many banks can borrow money even with bad credit, even your current bank.

Even so, we gathered a few well-known lenders willing to borrow money with bad credit. Here are the most known ones:

  • BadCreditLoans: This lender offers loan up to $10,000 and you can apply in only a few minutes by filling the request application.
  • Upgrade: It does recquire a 580 minimum score but it does not requires credit history and the loan amounts vary to $1,000 to $50,000.
  • Upstart: Loan amounts vary from $1,000 to $50,000 and there is no minimum credit score requirement.
  • Avant: You can get loans from $2,000 to $35,000 if you have a 580+ score.
  • OneMainFinancial: This lender does not requires minimum score for applications and  you can get $1,500 to $20,000.
  • LendingClub: Great option for those with bad credit. Loans amounts vary from $5,000 to $40,000.
  • PersonalLoans: minimum credit score requirement of 600, and the loan request might be up to $35,000.
  • LendingPoint: requires 585 minimum score and the loan amounts offered range from $2,000 to $36,500.

Those are a few examples of lenders willing to borrow for bad credit. There are a lot more others you can find with some research.

However, the point is that there are definitely a lot of lenders for bad credit.

Another one of them is Universal Credit. Check out how to apply for Universal Credit loans below.

How to apply for Universal Credit personal loans?

Do you need a loan to pay off debt, make home upgrades, or pay for other expenses? Read more to know how to apply for a Universal Credit loan!

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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