5 Best Personal Loans for People with Bad Credit

[JackReacherHonest]

There are many reasons that you may need a loan, but if you have a bad credit borrowing money becomes a herculean task. Although the situation might seem tricky it is not unworkable. So how will you determine whether you are eligible for a loan based on your credit score?

According to the FICO Score credit score of 620 or below 620 is considered a bad credit score. As it may take eons to fix your credit score, lenders who accept borrowers with not-so-good credit scores are the ultima ratio. Fortuitously, there are plenty of options for availing personal loan with bad credit score. Here we have a compiled a list of loans compatible with people with bad credit score or no credit score at all.

1. Installment loan
Unlike a credit card, installment loans do not allow you to increase the balance in the future. Instead, they set a number of installments scheduled to be repaid over a term of few months to few years.

2. Payday loan/Cash advance
Understanding the first things first. Although this loan may walk and talk like an actual loan, in reality, it is not. Notoriously known for the high-interest rates levied, payday loans can be instantly granted without checking your background credit score.

3. Personal loans
Personal loans are a savior when it comes to get out of a short-term financial bind or pay medical expenses. With approximately 50% of Americans possessing bad credit score, personal loans are one of the convenient options.

4. Emergency loans
With processing time as minimal as 10 minutes, you can get emergency loans while sitting on your couch. As the name suggests, these loans are supposed to be paid in a short amount of time.

Need Cash? Get up to $2,500 Personal Loan

[shanerobert]

Hi, Thank you for useful information on personal loans.

[andy_th]

This is very helpful for those struggling with bad credit scores and are looking to fix their financial concerns. Another great option to consider if you have a bad credit is availing of a home equity loan. Home equity loans are often times more manageable, have better interest rates, more flexible, and more likely to be approved. This is because your house is valuable asset and most companies usually overlook your credit score and look at the actual value of your home instead. You can read more about home equity loans and the advantages it has over lines of credit and other bad credit loans here: https://alpinecredits.ca/line-of-credit-bad-credit/