Guide for Bad Credit Personal Loan
Most banks do not entertain Bad Credit Personal Loan. Hence for this purpose if you have a bad credit and require a personal loan you will need to refer to other places. This article will guide you on how you can attain Bad Credit Personal Loan is easy steps. There are many online lenders which have flexible rules for people with bad credit and they can still give you a personal loan. It must be remembered that a credit score below 630 comes under bad credit. Hence check your credit score first before considering to apply for a Bad Credit Personal Loan. To know your personal credit score you can go to the following link https://www.nerdwallet.com/blog/finance/credit-score-simulator/.
Where you can look for Bad Credit Personal Loan
Here is a convenient list of the name of online lenders and what they specialize in, to whom you can apply for a Bad Credit Personal Loan:
- One Main
- Lending Club
- Nerd Wallet
- Lending Point
- Mariner Finance
- OneMain Financial
From this list Lending club, Avant, Lending Point and iLoan are good if you are looking for a personal loan for debt consolidation. Whereas Mariner Finance and OneMain Financial is good for secured and co-signed loans. Their service is also very friendly.
When and how to apply for Bad Credit Personal Loan
If you have a credit score below 360 then you can apply for these loans your estimated APR however for such scores would be 19.84%. If you need to pay for a specific event, renovations, education etc. and need sudden cash then you should apply for a personal loan. For Bad Credit Personal Loan you can either choose for a secured loan or an unsecured loan.
In a secured loan the interest rate would be relatively less and you will have to offer your house or any other valuable as collateral. These sort of loans have fixed rates and fixed repayment terms and can help you manage your budget. Whereas unsecured loans have high interest rates and in them you do not have to offer any collateral. However these loans depend on your credit score and your ability to repay in time.
To apply for these loans you can check the links below.