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Apply For A Loan With Bad Credit
Motiveloan looked at fees, interest rates and flexible repayment options for different credit scores to find the best personal loans for borrowers with less-than-ideal credit scores.
Getting a loan when you have bad credit or no credit history can be tough. Like most financial products, borrowers have to submit an application listing their income information and agree to a credit check before getting approved for a loan. Lenders prefer to work with customers who have a proven track record of paying their bills on time and earning enough money to stay on top of their debt while honoring all terms and agreements. You can Apply For A Loan With Bad Credit at Motiveloan, we are the best option providing flexible repayments and affordable lending offers.
A good credit score starts at 670 on the FICO scale (661 for Vantage Score). Anything over 740 is considered very good, and above a 800 FICO score (or 781 Vantage Score) is considered excellent.
If your credit score is less than 670, you may feel like your score is a roadblock to getting access to good financial products. However, there are a few lenders that work with such candidates, helping them to borrow money for emergency expenses including medical bills and auto repairs, refinancing high-interest debt or even consolidating debt payments.
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But proceed with caution: Lenders may charge higher interest rates or tack on origination fees, early payoff penalties and late fees to borrowers they consider to be “riskier.” Therefore, if you have less-than-perfect credit, it is important to do your homework before signing on the dotted line to make sure you’re comfortable with the terms of the loan.
Getting a loan when you have bad credit or no credit history can be tough. Like most financial products, borrowers have to submit an application listing their income information and agree to a credit check before getting approved for a loan. Lenders prefer to work with customers who have a proven track record of paying their bills on time and earning enough money to stay on top of their debt while honoring all terms and agreements.
Best personal loans for bad credit
- Best for people without credit history: Upstart
- Best for flexible terms: OneMain Financial
- Best for secured loan options: Avant
- Best for fast approval: MotiveLoan
What is considered a “bad” credit score?
Here is how lenders classify “fair” and “poor” credit scores:
FICO Score
- Very poor: 300 to 579
- Fair: 580 to 669
- Good: 670 to 739
- Very good: 740 to 799
- Excellent: 800 to 850
Vantage Score
- Very poor: 300 to 499
- Poor: 500 to 600
- Fair: 601 to 660
- Good: 661 to 780
- Excellent: 781 to 850
Scores lower than 670, and certainly scores lower than 600, will most likely disqualify you for the most affordable personal loans. But if you’re in a pinch, it’s not all-out impossible to get a loan with a credit score in the high 500s or low 600s.
Can I pre-qualify without hurting my credit score?
Yes. Do some research before you apply for a personal loan. Read reviews and learn what to consider before agreeing to take on a loan. When you’re ready to apply, follow these steps to make sure you don’t ding your score too much.
- Shop around for the best rate. Avoid hard inquiries by knowing your credit score before you submit a formal application so you know what you might qualify for. Many lenders will allow you to submit a prequalification form. Or consider using a lending platform (such as Upstart or LendingTree) to view multiple offers at once.
- Decide on the best offer. Choose the loan with the best monthly payment and interest rate for your budget. Be sure to look at how much the loan will cost you over the full length of the term and decide if the cost is worth it.
- Submit a formal application. Have your social security number on hand, as well as supporting documents such as bank statements and paystubs.
- Wait for final approval. This could take just a few minutes, an hour or up to 10 days. To facilitate a speedier approval, apply during normal business hours and submit the required documents right away.
- Get your funds. Once your loan is approved, you’ll be asked to input your bank account information so the funds are deposited into your account. You may also be able to request a paper check from your lender, or in the case of a consolidation loan, you may be able to have funds sent right to your creditors.
