If you're struggling with bad credit, you'll be happy to know there are now bad credit loans. No doubt, having a bad credit history can be financially challenging, especially when traditional funding sources aren’t available. Luckily, there now comes a range of personal loans for you.
In the U.S., especially, many banks and lenders are now offering personal loans for people with poor credit history. From bailing them out of financial emergencies to consolidating high-interest debts, bad credit loans serve as relief options for those with low credit scores.
Here, we have listed down the best personal loans that you can apply to even when your credit scores lower than most banks would like. Read on to see their features and how you can apply. Here they are:
Best Bad Credit Loans 2020
Avant Unsecured Loan
First on our list is Avant’s unsecured loans, which are best for people with low credit scores who want to consolidate debt or need immediate funds.
Specifically, the loans cover people with credit scores as low as 580 and come with flexible repayment options. Loan amounts vary from $2,000-$35,000, with loan lengths that range from 24 to 60 months.
Under Avant’s unsecured loans, borrowers can expect for a favourable 9.95% to 35.99% APR. An administration fee of up to 4.75 percent also applies.
To apply, you must be over 18 years of age, have a valid identification card, and have met the lender’s minimum credit score requirement.
On Avant’s site, click “Products,” and select “Unsecured Loans.” You will be directed to the site’s Personal Loans page. Click the button that says “Check Your Loan options.” Fill in the provided form and submit. The site’s online calculator will provide you with a chart that shows your individualized options, along with the fixed monthly payment and interest rates that apply for different loan lengths.
Choose your preferred payment option and follow the instructions.
Lendingpoint Personal Loans
Next is Lendingpoint personal loans, which are designed to suit people dealing with average to bad credit.
Specifically, the lender accepts people with customers with credit scores between 585 to 850. Loan amounts can range from $2,000 - $25,000 and come with a minimum of 9.99% to a maximum of 35.99% APR.
What distinguishes Lending Point from other loan providers is the fact it comes with no prepayment fee, meaning even if a borrower is to be quoted with a high APR, he/she can still cut costs on interest by paying off the loan early, with no additional fees involved.
To be eligible, you need to be at least 18 years of age, have a valid ID, have a Social Security number, and hold a verifiable personal bank account under your name. You can visit Lending Point's official site, click on the “Apply” button, and complete the given form.
You will then be provided with a few offers based on the information you have presented.
Upstart Personal Loans
Lastly is Upstart’s personal loans, which is a fair bet for people dealing with less-than-perfect credit scores.
Working as a direct-to-consumer lending platform, Upstart welcomes borrowers with credit scores as low as 620. Depending on their standing, loan customers can borrow $5,000 to $30,000 loan amount, with 6.18% to 35.99% APR. Repayments can be made within three to five years.
To apply, simply visit Upstart’s site. From its home page, click on the “Pay off credit cards” button and select what condition applies to you. Once done, click “Check Your Rate.” You’ll be asked to provide a few personal details. Submit and wait for a rate quote.
Upstart will do a soft credit check and provide you the instructions.
The Bottom Line
Believe it or not, having a bad credit isn’t the end. Thanks to bad credit loans, you can still avail favourable relief options to meet your financial needs. Feel free to check out these loans provided above.
