Best Loan Companies for Bad Credit
Do you need to pay off an unexpected bill or simply consolidate your other debt into one low-interest loan? If so, you might be relieved to learn that the best loan companies for bad credit applicants are willing to give people a second chance with fair terms and transparent rates. This might be the perfect solution if you need to pay a dentist, catch up on credit cards, or pay taxes. Whatever the specific reason, if you have bad credit but need to get a loan, you need to know what companies are most likely to help you get that much needed loan.
Not all of these second-chance loan companies are good choices, and some may end up giving you worse problems than you had before with some of them. That's why it's a good idea to do your homework before selecting a poor credit loan company. Consider some good solutions below.
The Best Loan Companies For Bad Credit
Who offers credit to people with poor credit scores? As you might expect, loan amounts are lower and rates are higher for people who don't have great credit. Still, there are a couple of companies that you might want to check out because they offer services that may help you.
Personal Loan Companies For Bad Credit
These are two examples of companies that offer personal loans for people with credit challenges. These are unsecured loans, so you don't need to own a house or other large asset to put up as security. They can help you pay for unexpected expenses like a medical bill, funeral expense, and so on. You can also use them to consolidate multiple smaller loans. There are many different needs that can cause you to need loans, so don't let your reason keep you from finding the money you need.
Look at One Main Financial
One Main Financial: This company offers personal loans up to $15,000. They offer very fast approvals, clear rates, and different options to pay the loan back. They even have hardship assistance for people who have trouble making their OneMain Financial loan payments on time, so they may be very good people for you to work with if you've hit a rough patch. You might even get your money on the same day the loan is approved.
They are one of the top options when it comes to getting loans to people who can't always get the best terms otherwise.
Don't Forget to Check Avant
Avant: Avant has helped 350,000 people out of a financial jam. You can apply online at Avant.com, and your application will not impact your FICO score. If your loan is approved today, you can get your money by tomorrow, so Avant loans can offer speedy help out of a jam, which is a very positive aspect that many borrowers are going to find particularly useful.
They don't always work with people who have the lowest credit scores, but they aren't afraid to occasionally take a chance to help someone out by giving them the loan they really need to take care of whatever financial situation is taking place.
Introducing Springleaf Financial
Specializing in providing personal loans to individuals who have bad credit, they specialize in working with borrowers who have credit scores under 600 and they offer both secured and unsecured loans. An A++ accreditation with the Better Business Bureau shows their 90 years of service has been well spent truly taking care of people.
They offer both secured and unsecured loans to people who have poor or no credit, though they do focus a lot more on secure loans where some type of collateral needs to be provided. Unsecured loans are less common, but they are made available.
Consider Peer to Peer Lending with Peerform
Peerform is a peer to peer (p2p) lending platform that is designed to use p2p lending for people with poor credit scores. This is a more modern and unconventional option to lending that still creates opportunities for individuals with bad credit scores by allowing crowdfunding to take place.
While not every person with bad credit will be able to qualify, this does offer another option and while some p2p websites seem to jump up overnight, Peerform has been around long enough to garner a solid degree of trust with lenders, borrowers, and users alike.
Give a Shot to LendingTree
This company helps connect banks and mortgage companies with borrowers who hope to obtain a loan on the equity of their homes. By shopping the market, LendingTree should be able to offer applicants the most competitive rates and fairest terms, assuming you have a home whose equity you are willing to borrow from.
Secured Lending Companies For Bad Credit
Are you a homeowner? If you do have some equity in your home, you may be able to get a loan with lower rates because the financial institution will have access to collateral to make the loan less risky for borrowers who have credit issues. Also, lenders tend to regard homeowners more favorably even if they have had some credit challenges.
How much can you borrow with a home equity loan? Equity is the difference between the amount that you owe on your home and the market value of your house. Generally, you can borrow up to 80 percent of your home's value. For example, your home might have a market value of $100,000 but you only owe $40,000. In this case, you can look for loans up to $40,000 because that will still leave you with 80 percent equity in your house.
Secured loans tend to be cheaper than unsecured loans. Also, credit bureaus tend to look on them more favorably. The caution here is that you must be able to make timely payments back, or you could risk losing your asset.
Why Consider A Bad Credit Loan?
Some people who have bad credit might not think they need one more loan. The good news is that you have many options when it comes to finding banks and lending companies willing to work with you. This article will set you on the right path as far as finding the best places to get loans with bad credit.
However, this type of second chance loan might be the perfect solution to pay a medical bills, get the car fixed, or catch up on high-interest debt. They might provide the perfect solution to help you get back on your feet!