Have you been struggling to get a decent offer with a rocky credit score in the market? If you have a bad credit score, it is pretty challenging to get reliable lenders to extend credits.
The best way to get any loans would be by maintaining a good credit score. But let’s accept the truth here. It isn’t possible for you to immediately increase the credit score to procure a loan for your personal uses.
Here comes the role of companies that can help you get guaranteed loans for bad credit. It is possible as there are few genuine lenders available in the market that provide personal loans to people with a bad credit score.
Before going into these companies’ details, let’s look at the bad credit score concept.
What Is Meant By A Bad Credit Score?
According to the FICO credit score model, every user gets a score ranging from 300 to 850, signifying the possibility of getting a loan based on credit history.
So, the lower you score on this scale, the riskier you appear to the money lenders in the market. And that makes it quite harder for you to avail of the loan from reliable lenders.
You can get appropriate lenders in the market who can get you loans instantly. But are they reliable for the future? That is the biggest question you need to ask or research before applying for loans from such lenders.
A FICO score under 580 is considered subprime, which is the term used by the lenders for users with bad credit scores. Some lenders might be picky, but some of the reliable ones still lend their funds to consumers with such low scores.
But here is the catch for you. They might be willing to risk it all for you but at the cost of high-interest rates and even frequently colossal fees. And since you have a poor credit score, you practically cannot choose to get lower interest rates for your loan.
The first one on the list that works closely with a network of lenders is MoneyMutual. It is ideal for getting loans for your business from this platform.
It offers you access to both personal and short-term loans, ranging from $250 to $2,500. And the greatest advantage of using this platform is that you get the funds within 24 hours only.
There are various payment terms involved with this platform, and the user can choose the appropriate ones depending on their requirements.
All you have to do is browse the website, research a little about the loans, and fill up the online form that takes only 5 minutes.
So, the next one for your reference on this list of money lenders is CashUSA.com. You can get loans ranging from $00 to $10,000 from this platform, even with a bad score. And the company accepts all the credit cards as well.
You can get the loan approved within a few minutes, and the funds can be transferred immediately to your bank account. The interest rates tend to vary depending on several factors, one of which is your credit score.
The general rate applied on the company’s loans tends to range between 5.99% – 35.99%. The loan term is generally from three to 72 months.
But you must be a US citizen and above 18 years to apply for the loan. Also, you need to provide some important documents like bank account details, income data, email addresses and many more for the loan approval.
#3. OneMain Financial
OneMain Financial is the brick-and-mortar financial institution that provides loans to bad credit score holders. And if you aren’t much interested in getting online loans, this one is ideal for you.
You need to visit the office to apply for the loan. You can complete the process using both offline and online methods.
OneMainFinancial offers no minimum credit score requirement, which is an excellent choice for borrowers with low credit scores. The entire approval process is quite steady and takes as little as ten minutes.
You get amounts from $1,500 and $20,000 and the repayment terms from two to 5 years.
If you happen to struggle with a low credit score, this one is made only for you. It provides a genuine platform to procure loans for the graduates and people with good earning potential.
It mainly focuses on certain attributes like education and job history to conclude the borrower’s loan terms.
Upstart is the typical lending company where your loan amounts can run between $1,000 and $50,000.
The repayment term ranges from three to five years. Remember that this is the platform where the repayment options are constructed depending on your educational and other reliable backgrounds.
The last and final one on this list is LendingPoint. It is a decent choice for good income but a low credit score. The lender here is more concerned with the debt to income ratio than your credit score.
However, the minimum credit score to get a loan from this company is 585. You can get loans up to $25,000, and the money is only available after the completion of the online application.
And the repayment term is from two to four years. Also, you might have to pay a loan origination fee of six percent.
These are some of the lenders that can get you instant funds even with a bad credit score. But it is always advisable to increase your credit scores with time.
Why? That is because, no matter how reliable these money lenders are, they become loan sharks after a considerable amount of time. And with time, you go on paying them high interest rates.
That is why try increasing the credit score as and when possible. And to do so, make sure to get appropriate help from friends and family members as well.
So, have you ever applied for a loan with a bad credit score? If not, you can surely try these lenders and fulfill your requirement.