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Tips to Get a Personal Loan with Bad Credit

There are several banks and financial institutions with plenty of financial options available these days. All of them plan and work to serve each client with the best loan offer. However, there is a significant section of people who are bothered about their credit score and keep on wondering about the level of credit score they need to qualify for these services. Very few are aware that a lot of online companies lend money to bad credit score holders. These companies ensure personal loans for bad credit, irrespective of the credit score.

Reasons for bad credit score

A credit score is based on an individual’s past debt and credit history. There are quite a few factors that affect a person’s CIBIL score such as their repayment history, amounts owed to lenders, number of years of debt servicing, amount of loans taken in the recent past, and credit mix.

A person can have a bad credit score when there is a failure to repay dues on time, when loan applications are repeatedly rejected, and when a person has no previous record of having taken a loan, which reflects poorly in terms of credibility.

With the developments in technology and continually evolving merging of finance and technology, credit scores hovering just above the danger zone do not close all doors for personal loans. However, finding a suitable loan becomes utterly tough when your FICO credit score is below 580. Any score below 580 is considered to be a bad credit score, and it would be extremely challenging for you to qualify for a personal loan if your score happens to be below the safe limit.

Strategies to build a better credit score or get a personal loan with a poor credit score

Credit rebuilding

If a person has a credit rating near 580, then it is advisable that he takes time and builds his credit score. It will always be worth the wait because despite being below average in terms of credit rating, the chances of approval will be much higher and there will be access to a wide range of lenders.

Getting quotes from bad credit lenders

If it is difficult for the borrower to survive the credit building process, it is a smart move to reach out to lenders that offer bad credit loans. For such lenders, a credit score of 580 or below might not be an obstacle. There is a need to acquire a pre-approval to know if an applicant can get a personal loan with bad credit score. Some such trusted lenders are Avant with credit score 580, OneMain with no minimum credit rating, BadCreditLoans.com, and some peer-to-peer networks such as LendingClub.

Get a co-signer with excellent credit rating

If a borrower has a significantly low credit score to get a personal loan, it would be a smart move to find a co-signer who has a good credit score. A co-signer is someone who acts as a guarantor and signs to repay the fund in case the borrower fails to repay. There are lenders such as Earnest and Citizens Bank that accept co-signers for personal loans.

Borrowing from a family member or friend

Borrowing money from friends and family is usually not subject to credit score. Even if someone has a credit score below 580, they can always request people from the family or friends to lend them informal bad credit loans. However, it is still advisable that you clear up all ambiguity regarding the terms of the loan and keep up with them to protect the relationship.

Get a secured loan

To have an unsecured loan with a credit score below 580 is most expectedly impossible. Borrowers can, however, try for secured loans against their assets. Banks and credit unions provide a variety of options in a secured loan.

Request the lender to reconsider

Despite your loan application being rejected, one can always request for reconsideration. This request should, however, have sufficient supporting reasons. It should have enough data and proof to convince the lender that the person is a responsible borrower. Your high monthly income or no failure in rent or other bills can help you in doing the same. This can be a long shot but can be worth trying.

Be conscious of predatory loan

In desperate situations, a person should always be mindful of predatory lending for bad credit loans. To meet the cash needs, it frequently happens that people fall prey to payday loans, car title loans, or advance-fee loans.

So, getting a personal loan with a credit score below 580 might be difficult, but bad credit loans are not impossible. There are all the above solutions that you can try, but building your credit score is always the best one.

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