A person with a bad credit score will have limited options when it comes to matters of financing.
Many banks and finance companies strictly require borrowers to have at least an average credit score to get approved. For people with below average rating, getting approved for financing can prove to be a big challenge.
Nevertheless, its not impossible for people with bad credit to obtain financing. It is reassuring to know that there are lending companies that are more forgiving about credit scores.
Although some lenders may judge a person’s credit worthiness based on credit rating alone, lenders that offer bad credit personal loans are willing to extend financial assistance to people with bad credit.
Secured and Unsecured Bad Credit Personal Loans
Bad credit personal loans can be secured or unsecured. The difference between a secured and unsecured bad credit loan depends on the requirement. A secured personal loan for bad credit involves the submission of collateral. A borrower can use his/her home or other valuable property to guarantee loan repayment. This means the lender can use the collateral submitted to recoup some or all of their loss should the loan go bad.
Meanwhile, unsecured bad credit loans do not involve any form of security. Lenders that offer unsecured bad credit loan may impose higher rate of interest to make up for the absence of collateral. Since 2008 these loans and lines of credit have become harder and harder to obtain. The best source of these I’ve found to be credit unions who are willing to take a chance on one of their members.
Should you take out a bad credit personal loan?
If you really need a loan at this point in time, a bad credit personal loan is a viable option. However, borrowers need to be extra careful in deciding which lender to turn to. Take note that not all bad credit loan offers in the market are legitimate. In your search for financing, if it sounds too good to be true, for example a leander willing to do an unsecured bad credit personal loan for a borrower with a 570 credit score at an interest rate of 8%. It just doesn’t happen!
What You Need To Apply For A Bad Credit Loan
Although you are looking for a bad credit personal loan, you should still check your personal credit report prior to submitting your loan application. Although approval is not based on your credit history, the interest rate of your loan will largely depend on your credit score.
It is not unusual for errors to occur so you should not assume that your credit report is accurate unless you check it first. Remember, even a single error in one of your accounts can pull down your credit score. If you can improve your score by correcting errors, you can win a better deal from your chosen lender.
hello
i am looking to get a loan so i can pay all my bills and i was wondering if you can help me. the amount i need would be arund 10,000.00
thanks donna clark
Hi Donna,
You can choose from our list of loans from our lenders here https://www.badcreditresources.com/bad-credit-personal-loans.html .
Hope that helps!
Thanks!
HI, I WOULD LIKE TO NO HOW I CAN GET A LOAN BETWEEN 5000 & 10 000 I WANT TO PAY MY DEBTS, I HAVE 2,000 IN DEBTS & I JUST STARTED A COURSE IN REAL ESTATE, THEY WILL HELP ME BUY MY FIRST HOUSE & PASSED IT TO AN OTHER BUYER & ALL MAKE $3000 MINIMUM, THEY WILL HELP ME FOR MY FIRST 5 HOUSES & THEY WILL CONTINUE HELPING ME IF I WANT THEIR HELP, THAT SCHOOL IS: DEAN GRAZIOSI ACADEMY, I LEARN & I DO IT AT THE SAME TIME, I REALLY NEED THAT LOAN, I AM HANDICAP & I WANT TO SUCCED, I AM PREPARED TO SIGN A CONTRACT THAT WILL SAY THAT THE LOAN I HAVE, I WILL LEAVE THE MONEY IN MY BANK ACCOUNT, I WILL ONLY TAKE $2,100 TO PAY 3 MONTHS RENT, I DONT WANT TO LOOSE MY APPARTMENT & THE REST OF THE MONEY WILL STAY IN THE BANK, PLEASE I NEED HELP, MY PHONE: 1-819-503-3597
Hi,
You can checkout the available loans from our lenders at this link https://www.badcreditresources.com/bad-credit-personal-loans.html
hope that helps!
Good luck!
I would like to know how could I get a loan. I need to pay some bills that I have got behind on this month. I would need to get like 5,000 to 10,000 to catch up on my bills and others things.
Hi Sharon,
You can checkout the available loans from our lenders at this link https://www.badcreditresources.com/bad-credit-personal-loans.html
hope that helps!
Good luck!
I have fallen behind on some bills, I just applied to have some of my bills consolidated and I am on a payment plan for them. However, we just moved and I would like to buy furniture and possibly a car. I have tried to apply online and they just keep sending me around in circles. I would like to borrow $5000 and pay a monthly fee to pay it off..can you help?
Hi Aliya,
You can checkout the available loans from our lenders at this link https://www.badcreditresources.com/bad-credit-personal-loans.html
hope that helps!
Good luck!
Do you know of any lenders that are not payday loan companies or shell companies for payday loan companies? Would you know of any actual financial institutions that specialize in these types of loans?
Hi Mike,
You can browse to our site https://www.badcreditresources.com we have various types of loans.
I hope that helps!
Good luck!
I need a car loan for 3200;ASAP. Can anyone help. I am at the end of my rope. I know the vehicle and it’s history. It’s a dependable vehicle that will get me to my job. Where I live alternate transportation is not an option. HELP!!
Hi Kathy,
You can try to go on this page https://www.badcreditresources.com/bad-credit-car-loans.html we have various types of car loans that suites your needs.
Good luck!
i need a loan of 6,000.00 to pay off some bills. thanks
Hi Marlene,
Here are the loans we have from our lenders https://www.badcreditresources.com/bad-credit-personal-loans.html
Hope that helps!
Hi, I need $10,000 asap. How do I find this?
Hi Lana,
You can try to apply from you lenders https://www.badcreditresources.com/bad-credit-personal-loans.html
hope that will help you.
Cheers!
I am looking for a loan to pay off my dept and fix my truck.
Hi Thadesia,
You can choose from our lenders here https://www.badcreditresources.com/bad-credit-car-loans.html and https://www.badcreditresources.com/bad-credit-personal-loans.html.
Good luck!
I am trying to catchup on my bills because my faRTHER RECENTLY PASSED away I am trying to clear out my debt by paying my bills and applying for a loan can you help
Sure we can! we have variety of loans available. check out our site https://www.badcreditresources.com
I need a loan for about 8,000 yo get myself outta debt and fix my car. can you help me?
Should I wait till I improve my credit score so I have a better chance of getting a personal loan at a lower interest rate? Because the interest rates I’ve been quoted so far have been astronomical like in the range of 14 – 18%. Unfortunately, I don’t have any collateral or a possible co-signer either 🙁
Hi Lisa,
We wish we could help. You can get it from our lenders here https://www.badcreditresources.com/debt-consolidation.html
good luck!
I need to try an and obtain a personal loan, I have bad credit and in bankruptcy. Is there anyone that can help
need @ $7000 to pay off some debts and to finish paying off my husbands equipment he purchased for his business.
Hi Amy,
Have you tried debt consolidation loan ? It is really a good option for people who wanted to pay off their debt and recover their credit. Or, you can also take a look at our Personal Loan page and see if you could find the best loan that’s best for you.
did any of these individual get a loan?
yes there are a lot of individuals who got their loans and benefited. You can try it for yourself as well.
Goodluck!
I would like to get a loan of $5,000, to pay of some bills? I dont need all the phone calls on my job or my cell phone or text about what I can get. Than when i do apply I’m offer a small amount..Can you help.
you may want to find a secured lender in your area if the online lenders are offering you a low amount. When I say secured I mean secured by car, equipment home or some sort of collateral. Good luck! Shelly
On average what is the interest rate for unsecured loan going to be? I can handle 20-25% , but 50% interest is a bit much. Wanting to pay off outstanding bills to fix credit.
I’m looking for a loan on 1 out of 3 credit scores is a 560 but I want to pay back in an monthly payments that will also report to the credit so I can build it up I was told that if u have more then 1 loan at a time out it builds up faster is that so will someone please tell me what to do every thing is based on your credit now what is a good company to go with thats not a scam either if u have any suggestion please e-mail me at feliciachitwood@ymail.com
Are these loans crazy high interest or what?
Hi Dougie,
Some of them are, but its all credit based so it really depends on your credit. If you are concerned you can always give them a call or email the lender with more information about your situation. Just don’t email anyone your social security number. If you are at that step fill out the application over a secured site. Even for people with bad credit, Identity theft is on the rise.
Shelly
Hi Brad, the interest rate will depend on your credit. These loans can climb to really high rates IF you are late on payments or keep extending the loan out past its maturity date. Before accepting a loan make sure you have a repayment plan in place that you can easily make.
– Shelly
Hi, I log on to your blogs regularly. Your story-telling style is witty,
keep up the good work!
Thanks Lazaro! We’re glad you like it!
I would like to start my own bakery business. Have done a feasibility study and there is a definite positive response on my product. My husband is working but we need extra money and I believe this endevour will help him retire within the next 18 months. Can anyone help me?
Hi DeeAnne,
If you are trying to get a loan then we can help you get one. As you said you just wanted and extra income since your husband is working. You can take a look at our loan offers https://www.badcreditresources.com/bad-credit-personal-loans.html
Good luck on your business!
Shelly
Hi Dirk,
Thanks for always visiting our site.
Have a great day!
Shelly
My daughter just started college and I need a loan to pay for it,were should i go my credit scored is like 584
I tried loan from credit union but those school loans have to be paid back in 10 months with 1,480 a month
i can’t afford that
Hi Lori,
On our bad credit personal loan page we have 3 lenders that do bad credit loans $1,000 – $20,000. Did you try them? Net Credit does loans up to $10,000, AvantCredit they do loans up to $20,000 and give 1 – 3 years to repay and Rise Credit do do personal loans up to $5,000
Good luck!
I am falling behind on my payments for everything.
I have bad credit, Ive been having a hard time because of my debt I think
I also only got $350 on child tax this month, I usually get $792.91
I am also trying to find work, so until that happens I am currently on (Social Assistance) (Canada Child Tax Credit)
Hi Hannah,
Sorry I missed your post! I hope you are doing better! I really don’t know much about the Canadian system, so I don’t know how to advise you. I do hope things have improved for you though!