Having a poor credit score usually disqualifies you from getting a regular loan from a traditional bank. If you can’t get a loan from the bank, you can go online to get a loan instead. With an online bad credit loan, you can build up your credit score if you keep up with the monthly repayment. The following are a few online lenders that specialize in offering loans for people with poor credit scores.
OneMain is a recognized online lender with A+ BBB rating for bad credit borrowers with credit score below 600. They generally approve loan amount in between $1,500 – $10,000 and the APR interest rate is from 25% – 36%. Secured loan is most popular among customers but they also offer unsecured loans. OneMain maintains more than 1,800 branches nationwide including Florida.
Avant is a P2P platform that specializes in offering personal loans for borrowers with a credit score in between 580 – 700. It’s consistent good performance has helped them to earn an A+ rating from the Better Business Bureau (BBB). Unlike other online lenders, the loans are not funded by individual investors. The interest rate is fixed and borrowers can apply loan amount anywhere in between $1,000 – $35,000. The origination fee charges vary across borrowers and can be in between 0.95% – 4.75%. Customers can choose from a repayment period from 2 – 5 years. You can apply first by providing basic information such as name, address, income, and SSN to check the estimated interest rate. Funds can be deposited into your account within a business day after approval. Funds from Avant loans can be used for debt consolidation, home improvement, and emergency.
PersonalLoans.com is not an actual lender but a referral site for borrowers with poor credit scores that are seeking for loans. At PersonalLoans.com, you can find a lot of bad credit loans with competitive APR interest rates, low fees, and generous lending terms. There are many lenders at PersonalLoans.com that offer loan amount of up to $35,000.
BadCreditLoans.com is a network that offers access to a large selection of bad credit lenders. They have a few criteria for applicants including 18 years old, phone number, email, a resident of USA, holds a job for at least 90 days, have a valid checking account in good standing, and earn at least $1,000 per month. The average APR of a loan at BadCreditLoans.com starts from 230% and above.
In conclusion, even if you have wrecked your credit score, it does not mean that there is no more way out of your difficult financial situations. As mentioned above, there are still many bad credit lenders that are willing to approve the loan amount you need at an affordable interest rate.