Even if you have a credit score below 600, you can still get approved for an on online loan for debt consolidation. The interest rate may be higher compared to the loans approved for people with good/excellent credit score. The following are the three online lenders that approve loans for people with credit scores below 600.
Avant offers personal loans for people who possess a credit score of at least 580 and higher. There is no minimum income requirement but most of its borrowers have a minimum gross income of over $40,000. With Avant, you can borrow a loan amount in between $2,000 – $35,000. Avant normally takes 2 days to fund the loan.
The typical APR for Avant personal loans is 9.95% – 35.99% and it takes 2 – 5 years to fund the loan. Avant personal loans have several fees including origination fee (4.75%) late fee ($25), and $15 unsuccessful payment fee. The late fee applies when you fail to follow up on the payment following the 10 days grace period.
Personalloans.com gives you access to a network of lender that will approve people with low credit score. At Personalloans.com, you can find a lender that offers a loan amount in between $1,000 – $35,000. The loan amount that you get approved depends on your credit rating and your state regulations. The loans they offer are unsecured so you don’t have to prepare any collateral.
The loan can be repaid within 6 – 72 months. You are not forced to accept the loan if the lender approve your application. They approve the loan fast and you can expect to receive a decision in just a few minutes. To get approved for a loan at Personalloans.com, you simply need to provide your ID for identity proof, have a stable job with regular income and a checking account in good standing.
LoanMoz offers personal loans of up to $10,000 for people with credit score as low as 550. The minimum amount that you can borrow is $1,000. LoanMoz has a low credit score requirement of 500 and you only need to have an annual income of $20,000 to qualify. The loan amount that you can get approved depends on several factors including income, state and credit score.
The loan duration for LoanMoz loans ranges from 6 months – 5 years. They can approve the application in as fast as 2 minutes and release the funds in 1 – 2 days. If you change your mind, make sure you deny the loan offer in 24 hours. Loans may have relatively high-interest rate with interest starting from 35% and reach up to 267%. This means that you pay back about $2 – $11 interest for every one hundred dollars that you borrow.