Learn more about applying for a personal loan online with bad credit. When you’re ready to request funding, you can click the “Get Started” button at the bottom of the page.
Your credit score affects many parts of your life including your ability to rent a house or apartment, the cost of your insurance, whether certain employers will hire you, and the affordability of financial products like loans.
The full range of FICO credit scores is between 300 and 850. A bad credit score is anything below 620. These numbers take some factors into account, like your payment history, debts, credit history length, new credit you’ve applied for, and the different types of credit you use.
If you have a lower score, lenders may view you as a greater risk of defaulting on a loan. With a credit score below 620, it can be difficult to qualify for loans, credit, and financial products. The loans that you do qualify for may come with higher interest rates.
The interest rates for lenders and lending partners we work with start at 18.00 percent and go up to 35.99 percent. Those who have a bad credit score will be more likely to receive a higher APR. If you take out a loan, the lender will dictate your specific rate in your loan agreement.
Although it can be difficult to get a loan with a bad credit score, some lenders might work with you. Some of the loan products that may be available to you are:
Although having a bad credit score can be discouraging, it is possible to raise it to the level of fair credit, good credit, or even excellent. It might take a few years, but many people successfully repair their credit. Below are a few things that may help your credit score:
It will take time and effort on your part, but if you put in the work, there is reason to believe that you will be able to improve your credit score.
According to the FCRA (Fair Credit Reporting Act), you are entitled to one free annual credit report from each of the three nationwide credit reporting agencies (Equifax, Experian, and TransUnion).
Requests for your free annual reports can be made at annualcreditreport.com. You can also call 1-877-322-8228 or complete the Annual Credit Report Request Form. Some people request a report from a different agency every few months allowing them to get up to three free reports each year.
You can also check your credit score with a subscription to a monthly credit monitoring services. For a minimal monthly fee (as low as $10 to $15), the service monitors your score at one, two, or all three major credit agencies. There are both pros and cons to using these services.
One of the main advantages is receiving regular updates. Because of this, you can stay on top of your credit activities and be notified of suspicious activity or errors. On the other hand, although these services alert you to fraud or errors, they cannot prevent them. You might not know until it is too late that someone used your name or SSN to open an account.
Before signing up for a credit monitoring service, you should check and make sure the company charges a reasonable rate. As we mentioned, suitable options exist at around $15 a month. If a company is charging two or three times that amount, you might be able to get their services for less elsewhere.
If you are considering taking out a personal loan, you can request a loan through TrustedFunds.net. To find a lender who can get you the funds that you need, use our free loan connection service today. We work with a variety of affiliate lenders who make loans to all types of borrowers, even those with bad credit. Fill in our form today, and we will do our best to connect you with one of our partners.
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