Most lenders consider anything under 630 to be a bad credit score. However, that does not have to stop you from getting a loan. Many lenders do not care that your credit history is not flawless because they are willing to look at other factors. Even though online lenders are more flexible than banks, they will still look at your credit history and score.
You should go to your local credit union if you are trying to get a personal loan with a bad credit score. Credit unions ofter have lower interest rates and flexible loan terms. The average credit union has an interest rate of 18 percent.
You will pay more for a loan if you have a bad credit score. However, even though online …show more content…
A good credit score will help you qualify for a loan with better interest rates.
Lenders That Give Loans To People Who Have Low Credit Scores
There are a few online lenders who give loans to people who have bad credit. They also offer flexible terms. The minimum annual percentage rates can vary among lenders. However, you can expect to pay more regardless of the lender that you choose.
Onemain does not have a minimum credit score requirement. However, most borrowers have a credit score that is between 600 and 650. You can apply online or at one of the local branches. Loans are usually approved the same day. You can receive the loan within three days.
Mariner Finance and Pioneer Credit Company, which is its affiliate, is geared towards people with bad credit who need the money for their everyday purchases. There are branches in 20 states. You will have to visit the branch to apply for a loan.
Lending Point requires a minimum credit score of 600. It also charges an origination fee. There are only 14 states that have a Lending Point branch.
Avant is geared towards people with bad credit who want to consolidate their debt. This company also gives people tools that will help them pay off their