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Personal Loans for Bad Credit Borrowers
We all know that having a bad credit history may affect our loan applications. In fact, it is more difficult to get approved in a loan. Having a bad credit score could be a problem but don’t worry because it is still possible to get a small personal loan even if you had a bad credit. But, where can an individual with bad credit get a small personal loan? Here are some financial institutions that may provide you the loan you’ll need.
Credit unions, banks, and online lenders are usually the ones who offer personal loans. But, we all know that credit unions and local banks have high standards when it comes to credit score. Personal loans can be used in a wide range of purpose so it will be easier if you will just apply for a small amount because of your bad credit score. The fastest way to get a small personal loan is through online lenders. Payday loans have often higher interest rates and it puts more pressure to pay because it is a short-term loan. But, you can choose another type of loan through online which is called “installment loans”.
Installment loans offer small amount of loan that has an affordable repayments and you can get your funds easily. Also, you don’t have to pay it on a short period of time because it has longer terms than payday loans. These are some of installment loan lenders that accept people with bad credit.
You can try Opploans since this lender is quite popular on the internet. They offer installment loans amounting to $1,000-$5,000 with loan terms of 9 months up to 3 years with interest rate that starts at 99.00% APR. You can also try LifeLoans which offer loan amounts that range from $500 to 40,000 with terms of 2 months to 5 years. They require a minimum credit score of 580 and interest rate that starts at 5.99% APR. You might get your funds on the next business day, it varies. Badcredit.com offers low amounts of installment loans which is good for those who just need extra cash instantly. This is way better than getting a payday loan. Badcredit.com offers loan amounts from $100 to $5,000 which is payable in 3 months to 2 years.
What is the Cheapest Personal Loan?
Many people today needs an extra cash and plans to get a personal loan. Personal loans usually have wide range of purpose. If you’re finding for the cheapest personal loan then it is a good attitude to compare rates of lenders first before you rush your loan application. This could even save you hundreds of money in the long run. To give you an idea here are some of the lenders that offer cheap rates.
LendingClub is one the best known lenders. They offer loans up to maximum amount of 40,000 with terms of 30 to 60 months and interest rate that ranges from 6.95% to 35.89% APR. LendingClub also charges a one-time loan origination fee of 1% to 6% and a processing fee for each monthly payment made by check. You can also try SoFi (Social Finance) that so far offers the lowest rates and has great reviews. They offer loan amounts up to $100,000 with interest rates ranging from 5.99% to 16.99% APR which is lower than LendingClub. The terms are from 24 to 84 months and take note, they don’t charge origination fees.
If you have no credit history and would like to get a personal loan then you can start with “Earnest”. Earnest is best known for personal loans and for younger borrowers that don’t have credit history but of course they will still require you to provide the other requirements. Earnest offers loan up to 75,000 with fixed rates starting at 6.99% APR which is also good for starters.
When finding the cheapest personal loans, you should use loan comparison tool to view multiple loan options to avoid inquiries that may hurt your credit score. Having a good to excellent credit score will make it easier for you to find the cheapest personal loans. Interest rates depend on your credibility sometimes. If the lenders see that you have a good credit score then they could offer you a lower interest rates and the best deals they have.