About one-third of Americans have a credit score at or lower than 600. If you fall into this category, you can have a hard time getting loans.
Luckily, you don’t have to always use a cosigner to get the funds you need. You can look at some of the best loans for poor credit.
Keep reading to learn about companies where you can get a loan without a good credit score.
LendingPoint offers some of the best loans for poor credit. You can get up to $25,000, and you can use this loan to consolidate other debt. These loans have relatively low interest rates, which can help you pay off other loans.
LendingPoint offers loans with terms ranging from 24 to 48 months. Interest rates vary from 9.99 percent to 35.99 percent. The origination fee is zero to six percent, and you can deduct that from the loan total.
After making six monthly payments, you can qualify for refinancing, which can get you a lower interest rate. LendingPoint considers your income and your debt-to-income ratio.
As long as you make at least $25,000 a year and your low credit score is at least 585, you can get a loan. Loans are available to everyone except for West Virginia residents.
If you have somewhat poor credit, you can get a loan from Avant. They offer loans to people will credit scores as low as 580. The loan has a fixed-rate payment, so the amount won’t change from month to month.
Interest rates vary from 9.95 percent to 35.99 percent. You can get a loan for $2,000 to $35,000, and the term length can be 24 to 60 months.
Avant offers flexible payment methods, so you can pay with a debit or credit card or an automatic withdrawal. However, each method has a different fee, so you should consider that when deciding which is best.
Customers can receive loans as soon as the same day, and the money will go into your bank account. Your bank’s processing policies can determine when you get the funds.
Quick Loans America
Quick Loans America also offers some of the best loans for bad credit. You can get a personal loan or a business loan, or you can get a car loan.
The application is safe and secure, and you can apply from your home. Quick Loans America will give you a quick decision regarding your application. If you get approved, you can get the money the next business day.
Personal loans can be up to $5,000, and business loans can be up to $500,000. If you have to get a car, you can work with a car dealer, and Quick Loans America will get you the money you need.
The different loan types mean you can get as much cash as you need, and you can fund your personal life or a growing business. Your credit score doesn’t matter, so you can get a loan with bad credit even if you can’t get loans elsewhere.
Another option to consider when you have poor credit is Upgrade. The company offers unsecured loans, so you don’t need to use your car or house as collateral.
You can use a loan from Upgrade to help raise your low credit score, and the company focuses more on your creditworthiness. They consider everything from your credit history to cash flow.
If you have poor credit, you can also work with a cosigner to get a loan here. That can be a good option if you don’t have much income. You can use the loan to improve your financial standing.
Interest rates range from 7.99 percent to 35.97 percent, and the loan amounts can be $1,000 to $35,000. Your loan term can be 36 or 60 months, but it’s not available to people in West Virginia, Maryland, Vermont or Iowa.
OneMain Financial offers secured and unsecured loans, so you can use collateral or not. The company considers a variety of factors besides your credit score when giving out loans.
They look at your income, assets and financial history. If they don’t offer you an unsecured loan, you can provide an asset as collateral to get a loan with bad credit.
You can use your asset to prove to OneMain Financial that you will pay back the loan. And they can collect the asset if you don’t pay your loan.
Loan amounts range from $1,500 to $20,000, and interest rates are 18 percent to 35.99 percent. Your loan term can be 24, 36, 48 or 60 months, and you’ll have to pay an origination fee for the loan.
If you have a low credit score, you can also look at a loan from Upstart. They use artificial intelligence (AI) to provide credit. The system also helps reduce risk, which can lead to higher approval rates.
Upstart uses variables outside your credit score to determine if they should approve your loan. They use daily updates in regards to loan payments, so the system is always changing.
You can get a variety of loans from a personal loan to help with debt consolidation. Interest rates are 8.69 percent to 35.99 percent, and you can get $1,000 to $50,000.
Most applicants can get their loan the day after Upstart approves the loan. You can pay off part or all of your loan at any time, and you won’t incur any fees.
If you can’t find a lender that will give you a loan with poor credit, you can check out LendingTree. It’s not a lender, but you can use it to search for loans.
You can provide information on the type of loan you need. LendingTree will give you a list of options that they think will suit you.
They let you compare different loans, and you can get different loans. You can get money for a mortgage, an auto loan or a personal loan.
LendingTree also helps you find credit cards for people with poor credit. If you want to shop around for loans, LendingTree is a great place to check out.
The Best Loans for Poor Credit
If you need some extra money for a car or another big purchase, you may need a loan. But if you don’t have a great credit score, you may not be able to get the money.
Luckily, you can find some of the best loans for poor credit. You can apply and use other financial factors to get an approval.
Are you ready to get a loan with a low credit score? Apply for a loan from Quick Loans America.