Getting the extra money you need in a financial bind may seem difficult when you don’t have great credit. But luckily, there are many personal loan options available for borrowers with poor credit. These loans come with less strict credit score requirements, easy applications, and quick funding. Here’s how you can get personal loans for poor credit online and start covering expenses today.
Find lenders offering loans for poor-credit borrowers
Each lender will have its own unique borrowing requirements. Lenders that offer personal loans for poor credit consider other additional factors like income, employment history, and current debts when making an approval decision. Search online for lenders offering loans with terms you can afford for borrowers with lower credit scores so that you’ll have a better chance of being approved.
Compare loan options
Compare loans for borrowers with poor credit to find the right option for your needs. Here are some loans that may be available to you:
A cash advance is a short-term personal loan for a smaller amount of money, like a few hundred dollars. You’ll repay this loan when you get your next paycheck, typically in two to four weeks. Many lenders offer cash advances designed for borrowers with poor credit, so you won’t need a good credit score to get approved.
A title loan is a short-term secured loan that lets you use your vehicle title as collateral in exchange for the funds you need. To qualify for this type of loan, you’ll need to own your car outright. The amount of money you can receive depends on your car’s appraised value. If approved for a title loan, you can keep driving your car while you make loan repayments.
An installment loan is a short-term loan that you can repay in fixed monthly payments, or installments. The repayment period for this type of loan can span from a few months to a few years. Many installment loans have lower interest rates than other loan options.
Compare interest rates and fees
Pay close attention to the interest rates and fees associated with loans for borrowers with poor credit. Since having poor credit can make you seem riskier to lenders, many will charge a higher interest rate. But by comparing interest rates and fees offered by different lenders, you may find a loan with terms that work for your needs and budget.
The bottom line
Getting a personal loan with poor credit is possible, but it’s smart to do your research and take precautions so that you choose a good option. Compare lenders, loan options, interest rates, and fees to determine which personal loan is right for you. Once you make your decision and get approved for a loan, you can start covering expenses in no time.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.