Credit Problems? No Problem: 2019 Best Personal Loans for Bad Credit

Credit Problems? No Problem: 2019 Best Personal Loans for Bad Credit
Personal loan. Calculator, dollar bills and pen.

Are you drowning in debt? Consolidating your existing debt is a good reason to consider a personal loan. You might be thinking twice about applying for a personal loan if you've bad credit.

Yet, that shouldn't stop you from getting your finances in order. Believe it or not, some lenders want to help consumers with bad credit to get on the right track. Don't know what lenders you should consider?

We've got you covered. We'll tell you all about the best personal loans for bad credit. Read on for your guide to secure that funding you need even when your credit is a bit colorful.

The Best Lending Options When Your Credit Is Less Than Perfect

Lenders consider any credit score under 650 as bad credit. You may think that boosting your credit by following credit repair tips is the only way to secure a personal loan.

While bad credit may slow down your process to achieve financial freedom. You can get your financial affairs in order if you consider the right lenders.

Cash loans can offer fast money when you want to avoid credit checks or lack of credit experience. Yet, bad credit loans may offer better rates and terms.

Don't know what lenders you should consider? Here are 6 companies that can offer the right funding at the best rates no matter how colorful your credit score is.

1. Avant

You may consider this lender if your score is on the higher end of the bad credit range. This company offers quick funding options for consumers with a credit score ranging between 600 to 700. The APR interest rates offered by Avant range between a 9.95 to 35.99 percent.

If you apply for their unsecured loans, you may be eligible for funding between 2,000 to 35,000 dollars. Their loan repayment terms may extend from 24 to 60 months. Your rates, terms, and loan amount eligibility will depend on your credit, income, among other considered factors.

2. Lending Club

Getting a cosigner on your loan can help you lower your interest rate. If you know someone willing to be your cosigner, you should consider applying for a loan with the Lending Club. This lender accepts cosigners on your loan to offer lower interest rates.

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This company doesn't follow a one size fits all when it comes to approving your loan. They consider factors such as your cash flow, financial behavior, loan purpose, income, among other factors. Yet, this lender may only approve your loan if your credit score is over 600.

Also, they only approve applicants with at least 3 years of credit history. The Lending Club offers competitive interest rates that range between 6.95 to 35.89 APR.

You may be eligible for loan terms of 3 or 5 years. Depending on your credit and finances, this lender may approve loans amounts from 1,000 to 40,000 dollars.

3. OneMain Financial

If you want to deal with a representative face to face, you should consider applying for your loan with OneMain Financial. This company has over 1,600 branches over the United States.

This lender offers secured and unsecured loans for customers with less than perfect credit. You should consider this lender if your credit score is over 600.

Their loan interest rates range between 16.05 to 35.99 APR. You may be eligible for a loan amount between 1,500 to 10,000 dollars. OneMain Financial's typical loan terms range between 2 to 5 years depending on your loan amount and eligibility.

4. Lending Point

This lender isn't like any other option because they want to help customers who want to rebuild their credit. They cater customers with credit scores over 580.

Lending Point offers bad credit loans that range between 2,000 to 25,000 dollars depending on your credit and finances. Their typical loan terms range from 2 to 4 years. If approved, you may be eligible for interest rates between 15.49 to 35.99 percent.

Keep in mind that this lender may help you even if they don't approve your loan. Lending Point offers credit building loans to help you improve your credit and finances.

5. NetCredit

Is your credit score under 600? If so, NetCredit may be the best lender for you. This company doesn't have a minimum FICO score for loan approval.

Their loan amounts range between 1,000 to 10,000 dollars. Yet, these amounts may vary depending on your state. Typical loan terms for this lender range between 6 months to 5 years.

Since NetCredit doesn't require a minimum FICO score, their bad credit loans may be more expensive than other options. Their APR interest rates range between 34 to 155 percent.

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6. BadCreditLoans.Com

If your credit score is in the poor credit range, you have very few funding options available. BadCreditLoans.com puts you in front of a network of lenders who want to help consumers with poor credit.

This company works differently from other options. You must enter your information to receive loan offers. Typical loan terms range from 3 to 60 months.

You may request loans between 500 to 5,000 dollars. The interest rates offered can range from 5.99 to 35.99 percent.

The only con about BadCreditLoans.com is that you may not receive any offers from their lending network. It will depend on your finances, income and other personal information.

The Bottom Line about Personal Loans for Bad Credit

Bad credit shouldn't stop you from achieving your financial goals. While getting a loan won't fix your financial habits, it's a start if you put it to good use. You may consider taking a loan to consolidate your debt or lowering your credit card charges.

Finding the best personal loans for bad credit starts with doing your research. It's recommended that you learn as much as you can about your credit before applying. Also, you should keep all your debt current to improve your chances of approval.

Lenders that offer loans for those with bad credit understand that you need help to get your financial affairs in order. While these lenders will consider other factors besides your credit score, they'll take a hard look at your recent payment history and capacity.

Consolidating your debt by using a personal loan is one of the easiest ways to save in interest and other financing fees. Want to learn more ways to save money? Read our article for more great money saving tips.

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