In this article, we will disclose where and how to get loans with bad credit. Sometimes, you are may be in some financial crisis and you need to get a loan. But before you take any loan, consider having all the necessary information about getting a loan with bad credit.
We have collected some data on how to get a loan with bad credit by comparing different lenders and their rates. These lenders are selected based on APRs, loan amount, and rates.
If you want to have complete details, stay with us till the end!
What is a bad credit loan?
We will share about what is the best way to get loans with bad credit score. When an individual is in a financial crisis, they may need to take a loan. But it may be difficult to take a loan if you have a bad credit score. If a person goes to apply for a loan, first of all, lenders will check your background credit history before approving a loan. Because lenders do not want to take any risk of losing their money. A bad credit score means that a person who has bad credit history like who mostly pays his bills lately.
When you have a bad credit score, you may take a loan from a bad lender who has a high-interest rate compared to other lenders. The loan taken with a bad credit history may be secured or not.
All the lenders have different interest rates and terms and conditions. Do most people have a query Can you get a loan with a credit score below 500? yes, you can get a loan easily even if you have a bad credit history.
A comparison of lenders with different interest rates is as follows:
| LENDER | BEST FOR | MIN. CREDIT SCORE | EST. APR | MIN LOAN AMOUNT | MAX. LOAN AMOUNT |
| Upstart | Limited credit history | No minimum credit score requirement | 5.40%-35.99% | $1,000 | $50,000 |
| One-Main Financial | Secured loans | Not specified | 18.00%-35.99% | $1,500 | $20,000 |
| TD Bank | Low-rate caps | Not specified | 6.99%-18.99% | $2,000 | $50,000 |
| Avant | A range of repayment options | 580* | 9.95%-35.99% | $2,000 | $35,000 |
| Lending Point | Small loans | 600 | 7.99%-35.99% | $2,000 | $36,500 |
| Upgrade | Fast funding | Not specified | 5.94%-35.97% (with autopay) | $1,000 | $50,000 |
| Lending Club | Online experience | 600 | 6.34%-35.89% | $1,000 | $40,000 |
- Upstart:
Upstart is the best reliable and trustworthy name that offers fair loans. APR upstart loan ranges from 5.40 % to 35.99%. They offer you a loan amount from $1k to $ 50k. You can choose according to your need and at the time of taking a loan, you have to choose the recompense terms. How much time do you need to repay the loan, three to five years are usually ideal to pay any loan.
Pros:
- They do not have set any minimum credit history for approving a loan.
- They provide you with direct payment without adding any third party to the deal.
Cons:
- They offer a high APR with 35.99%.
- The creditor has to repay the loan within three to five years of time duration.
- One main financial:
This is another one of the best loan providers. They offer both secured and unsecured loans to creditors. But before they approve your loan, they need the security of something like a motorbike. One main financial provides you with loans ranging from $1500 to $ 20k. APR loans range from 18 %to 35.99%.
Pros:
- They provide you with the most secure options.
- They have more than 1500 sub-offices. You can visit physically their office if you need a loan.
Cons:
- They have the highest potential APRs of 18%.
- Their inception fee is not static.
- TD bank:
TD bank offers you an unsecured loan that ranges from $2k to $ 50k. They have set their interest rate. You will get the loan within one business day.
Pros:
- The best option they offer you is it you can change your repayment date.
- They offer you a pliant loan.
Cons:
- They do not offer you any discount.
- You cannot use the loan for an educational purpose which is a bad thing.
- Avant:
Avant offers you unsecured loans that range from $ 2k to $ 35k. Their APR range from 9.5% to 35.99%.
Pros:
- They do not charge any prepayment before loan approval.
- They will approve your loan if you have a bad credit history.
Cons:
- Their APR rate is high.
- They do not involve any third party to approve a loan.
- Lending Point:
Lending point is considered the biggest site as it operates in the 48 states and also in Washington D.C. They offer you an unsecured loan with a bad credit score. The loan approval ranges from $2 k to $ 36,500. Their APR ranges from 7.99% to 35.99%. You have to repay the loan within 24 to 60 months’ time duration.
Pros:
- It is available in 48 states.
- They consider many things before approving your loan.
Cons:
- The highest loan amount is $36,500.
- They have high APRs of 7.99%.
- Upgrade:
Upgrade offers you an unsecured payment loan. APRs range from 5.94% to 35.97%. They offer you a loan ranging from $1k to $ 50k. The repayment time duration is 24 to 84 months.
Pros:
- You can get two loans at one time.
- They offer you loans from low to the highest amount of $50k.
Cons:
- They charge $10 in installments if you repay after the due date.
- High APRs compared to other unsecured sites.
- Lending Club:
Lending Club is the only site that approves your loan when everyone disqualifies your application for the loan. Because of your bad credit history, even at that time, they approve your loan.
Pros:
- They offer low amount of loan.
- They give you extra 15 days to repay your amount.
Cons:
- They do not give you any discount on repaying the amount.
- They have limited terms and conditions.
What’s the easiest loan to get with bad credit?
The easiest loans with bad credit are:
- Payday loan
- A car title loan
- Pawnshop loans
- Personal installment loans
What loans can a person with bad credit get?
There are three types of loans you can easily get with a bad credit score is Secured, co-signed, and joint loans.
Final thought:
It was a brief discussion on how to get loans with bad credit score. Have a look at all these lenders’ information before you take a loan. If you like this information, let us know in the comment box below.
