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7 ways to get a personal loan with bad credit

7 ways to get a personal loan with bad credit

If you have delayed paying your loans or are debt-ridden, your credit score is likely lower than you think. Credit scores generally range from 300 to 850, with anything under 580 considered ‘bad.’ This can be because of short credit history, massive debt to your income, or a combination of all. Bad credit can lead to a disadvantage in winning the lender’s trust. Here are seven ways to get a personal loan with bad credit:

Check your credit score and credit reports
Before applying for a loan, look carefully at your credit score and reports. With this, you will be able to identify any negative marks on your record and correct errors or old debt before applying for a new loan.

Ensure that you can repay the loan
If you have bad credit, don’t take a loan you can’t repay. This will worsen your score. Instead, use a personal loan calculator as you shop for loans to estimate monthly payments and review your budget before finalizing one you can afford.

Compare bad credit loans
While a bad credit score may not get you the best interest rates, it does not mean that you need to settle for the worst. Having cordial terms with your community bank can help you get better agreement terms.

Get prequalified
Use a soft-credit inquiry to get a pre-approved loan from your lender. Talk to potential lenders and evaluate several options without hard credit inquiries, which can temporarily lower your credit score.

Look into secured loans
Secured loans are backed by collateral or assets such as a house or a car and generally have better interest rates than unsecured loans. However, this may be your best option if you have collateral to back your loan.

Gather financial documents
Gather your financial documents, as the lender may need some or all of them to complete your application. These documents include personal contact information, including your social security number, driver’s license, or any other form of personal identification; personal loan information; W-2 forms from the last two years; federal tax returns from the last two years, two most recent bank statements from all accounts, recent pay stubs, and utility bills or mortgage statements to verify your address. The lender may request additional documents, so be prepared to provide them quickly.

Look for a lender without credit score requirements
Some lenders don’t have credit score requirements. However, these generally are lenders specializing in high-risk loans and may charge a very high-interest rate to cover the risk.

Some popular lousy credit personal loan options include bank agreements, cash advances on your credit cards, home equity loans or home equity lines of credit (HELOC), installment loans, payday loans, peer-to-peer loans, secured loans, and student loans.

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