LOANS AVAILABLE FOR PEOPLE WITH BAD CREDIT SCORE
Loans for people with bad credit in the US are available through various lenders.
Having a bad or poor credit is a score of 350 to 579 as defined by FICO . If you have such credit points, hardly will you be able to qualify for a personal loan unless you apply with a co-signer. However, a good credit score ranges from at least 670 credit points. Finding a lender who can lend you below the actual credit point can be a little bit cumbersome. Lets look at lenders who are willing to offer personal loans to individuals below the credit score limit.
Upgrade.
min. credit score :600
AnnuallyRepayment Rate : 8.49%-40%
Loan Period of term :2-7 years
Loan amount : $1,000-$50,000
Best Egg
min. credit score : 600
AnnuallyRepayment Rate : 8.99%-35.99%
Loan Period of terms : 3-5 years
Loan amount : $2,000-$50,000
Avant
min. credit score :550
AnnuallyRepayment Rate : 9.95%-35.99%
Loan Period of term : 1-5 years
Loan amount : $2,000- $35,000
Upstart
min. credit score : No requirement
AnnuallyRepayment Rate : 4.6%- 35.99%
Loan Period of term :3-5 years
Loan amount : $1,000-$50,000
Lendingpoint
min. credit score : 600
AnnuallyRepayment Rate : 7.99%-35.99%
Loan Period of terms : 2-6 years
Loan amount : $2,000-$36,500
Prosper
min. credit score : 640
AnnuallyRepayment Rate : 6.99%-35.99%
Loan Period of terms : 2-5 years
Loan amount : $2,000-$50,000
Universal credit
min. credit score :580
AnnuallyRepayment Rate : 11.69%-35.99%
Loan Period of term : not disclosed
Loan amount : $1,000-$50,000
Lending Club
min. credit score : 600
AnnuallyRepayment Rate : 9.5%- 36%
Loan Period of terms : not disclosed
Loan amount :$1,000-$40,000
It is also important to note that taking out any form of loan, especially with a bad credit score, can further harm your credit rating if the loan isn’t paid off on time. Therefore, it’s best to consider other options like budgeting and saving rather than relying on loans to solve financial problems.
Loans for people with bad credit in the US are available, but they come with higher interest rates and stricter terms. It is important to be aware of the risks involved and only borrow if necessary and from trusted sources. It is also important to work on improving your credit score to access better loan options in the future
