A bad credit score does not always mean the inability to pay off debts. When you fail to repay your loans on time, your lenders report you as a bad creditor. However, there come times when difficulties make it hard for anyone to meet their promised deadlines. Not so many lenders are understanding, and you will find that most loan offers in the market only target clients with excellent credit history.
Fortunately, some other lenders have options for people who have been listed with poor credit performance. With your bad credit record, you can still secure a personal loan to fix your emergencies or grow your investment. One thing to note, however, is that lower credit scores mean high-interest rates on loans. If you have no time to submit your application to multiple lenders, consider Personal Money Network’s bad credit loans online.
Some of the online loans for bad credit options you can go for are:
1. Peerform
Peerform is an online loan service that runs on a peer-to-peer system. Instead of filling application forms at a local or online bank, you submit your loan request and get the service from a lender on the platform. Anyone in need of an emergency loan can apply through Peerform. The advantage of peer-to-peer lending is that individuals can understand situations others are passing through better than financial institutions.
Peerform focuses on allowing access to credit for people with poor credit records. Therefore, it is worth noting that you can expect somehow high-interest rates (between 5.99% and 29.99%). On the flip side, your loan is more likely to be approved faster. With Peerform, you can borrow between $4,000 and $25,000.
2. Money Mutual
For some people, raising a small amount of money in an emergency can be tricky. You do not need a $4,000 loan to know that you are in dire need. Money mutual is a platform that allows people with a credit need that does not exceed $2,500.
On the platform, you can access many lenders regardless of your credit score. Lender decisions take a few minutes, and if you qualify for a loan, you can receive it in your bank in 24 hours. However, the duration may be longer if it is a weekend or a public holiday.
3. OneMain Financial
With headquarters in Indiana, OneMain Financial is an institution with offices across the US, trading as OneMain Holdings, Inc. The firm offers loans to interested parties with a review and approval on the same day. One thing about this firm is that you do not need any credit history before you can apply.
Without a credit record, however, you understand that the risks are high. Therefore, the interest rates charged for personal loans are pretty high – ranging between 17.59% and 35.99%. But, as a customer, you will not incur any loan initiation fee like some lenders do charge. Loan amounts are between $1,500 and $25,000 and are payable in between one and five years.
4. Earnest
Earnest is a financial service provider by One American Bank. Their lending services target students and parents to relieve their financial strain for educational needs. There are also personal loans for p[eople who need financial support for their needs. Earnest has varying prequalification criteria based on the type of loan you need.
On Earnest, loan terms begin from 24 to 84 months. Loans can vary between $1,000 and $100,000, and their interest rates are as low as $4.99%. You can use their platform and search for available loan offers, and matching takes less than 60 seconds.
5. Avant
For people looking for ways to rebuild their credit history and those who want to start from scratch, Avant is the solution you need. Personal loans vary between $2,000 and $35,000, and once approved, you receive it as soon as the next business day. Avant is known as the lender who considers people with the minimum credit score – starting at 580.
For people who want access to credit cards and build their credit score, Avan offers solutions with an instant limit allocation of between $300 and $1,000. The application process takes a few minutes. In case you need help, you can talk with a credit card specialist and read through their financial guides to manage your assets and debts for a good credit standing.
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6. BadCreditLoans.com
It comes a time when everyone can reject your loan application because of bad listings. When your credit history is at its extreme worst, you can expect little assistance from lenders. That is where BadCreditLoans.com comes in. On this platform, you can secure a loan without worrying about your credit performance.
The platform connects lenders and borrowers, and you can easily access a loan from your home’s comfort. The online application portal is open for Americans, and it is 100% freely accessible from any place you live in. The lending process connects the investors and clients, making the process feasible. The maximum amount you can borrow is $10,000.
7. Fundbox
Do you need funding to revive your diminishing business? The problem with most lenders is that you cannot get a loan with bad credit. However, businesses that need financial injection can qualify for a loan even with a poor credit history from the borrower. That is where Fundbox comes into play, where you can borrow up to $100,000.
Fundbox offers access to loans through the First Electronic Bank. It targets only businesses, and your investment has to pass the Fundbox requirements to access the loan. The system is automated, and you connect your bank or accounting system to get your legibility results immediately. Hundreds of thousands of small businesses use Fundbox, and it has an average rating of 4.7 on Trustpilot.
To Sum Up
Securing a loan is not easy. Things are especially tight now that the pandemic has put most businesses on their edges and many people have lost jobs. People have run into bad credit because they could not service their loans on time. If you have been wondering if you can access a credit facility with a poor credit score, now you have the answer. Take a bold step and try a few options and see what works for you.
