Where To Get A Loan If You Have Bad Credit
Is getting a loan tough if you have bad credit?
Over 2,000 programs and adding every day.
Perhaps, but it is not impossible, as we will share several places where you can apply for a loan with less than perfect credit.
What Is Bad Credit?
“Bad credit” is generally defined as having a FICO score below 579. If you could push past that point, you would be in “fair credit” territory, which gives you more options for securing a loan.
Why should you aim to get out of the bad credit bracket? Because such credit can negatively impact your life in several ways, such as:
- Not being able to get a credit card or a loan to buy a house or car.
- Trouble renting an apartment.
- Not passing background checks when applying for specific jobs.
- Paying higher interest rates for loans and credit cards – if you qualify for them in the first place.
- Higher insurance premiums.
- Having to leave deposits just to open a new cell phone or Internet account.
Where To Apply For A Loan With Bad Credit
Possible Finance
We begin with this lending option that can result in quick cash up to $500 and build your credit as you pay back the loan.
Possible Finance specializes in short-term installment loans. If you qualify for the maximum $500 amount, you can have up to two months to pay it back. This is much better than a payday loan, which usually wants its cash back from your next paycheck.
Need another reason to apply for a short-term installment loan from Possible Finance? You can apply without worrying about credit checks, and you can complete the process in a matter of minutes via the Possible Finance app. And while all of those benefits are great, perhaps the biggest is that as you take time to pay back the installment loan, you build your credit as well.
LendingClub
Possible Finance is great if you don’t need a ton of cash and want to bypass a credit check due to your history. However, if you need a lot more cash, give LendingClub a look. This lending option offers loans up to $40,000 with fixed interest, so you won’t get any surprises along the way.
What’s the catch? Your interest rate could be over 30 percent if your credit is lacking, and there may be an origination fee of up to six percent. As with any loans, you will need to pay close attention to the fine print before signing on the dotted line.
OneMain Financial
You may qualify for a personal or auto loan from OneMain Financial for up to $20,000. There are no origination fees, and the interest rates are fixed. There is also no minimum credit score, which is a plus if you are worried about your past financial issues.
OneMain Financial offers same-day funding, so if you need copious cash quickly, they may be right up your alley. Once again, pay attention to the interest rates, as they can get up to 30 percent or more.