Getting a loan with bad credit is hard, but not impossible. There are many places you can go that offer Loans approval guaranteed no matter what your credit score. We’ve compiled a list of some of the best places to do so below in order from least expensive to most expensive.
The National Foundation for Credit Counseling offers unsecured loans starting at $500 and goes up to $25,000 not including closing costs or interest. They have flexible terms and low interest rates, but they also charge an upfront fee of 3% which is put towards their services and other costs associated with the loan such as credit reporting fees or processing fees.
Typically these are closed end loans with a low money amount required, and a high interest rate. They do not require proof of income or job stability, but rather offer a higher interest rate then banks for the same reason. These loans are known for being harder to obtain and most, if not all will require several months of payments on time.
You can go to the local credit union and seek out their unsecured personal loans, or even better look at their secured personal loans for faster approval. Most of these places have flexible terms such as up to 6 months in order to pay back the loan regardless of your current financial situation. Most of these places require a credit score of 580 or higher, as well as income verification. They also use a “credit assessment” to determine how much credit you’re capable of paying back, which more often than not will hurt you because your loan terms are more favorable than others with a lower credit score.
You can apply for a secured personal loan from a bank at anywhere from $500 – $25,000 depending on your income and credit score. They will also help you with filling out the loan application for you, being able to compare multiple banks’ interest rates, and even providing professional advice on your finances.
You can go to a payday loan store, check into one of these places if you have no other options. They usually require little to no proof of income or credit check and have easy terms. These places are not very reputable because it’s a revolving door of customers coming in and out. In addition they charge up to 300% interest on the amount borrowed.
The hardest option to avail yourself of is a title loan through the local car dealership, you can ask friends or family members for help in this regard.