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Four companies that will lend you money with or without a low credit score

There are many benefits to having a good or excellent credit history. First, a high credit score will help you get approved for financial products, such as personal loans, at a lower interest rate. But now, even if your credit score is less than perfect, you still have a good chance of getting the loan approval you need. Read more about this publication CNBC.

Photo: Shutterstock

Some lenders cater to applicants with a low credit score (below 580) to help them get money for emergency expenses, medical bills, debt consolidation, and other financial needs.

Just keep in mind that if you apply for a loan (or any line of credit) with a lower credit score, you will likely receive higher interest rates because lenders will view you as a "riskier" borrower. Before signing a contract, it is important to compare rates with different lenders and study all offers.

Top lenders for people with a credit score of 580 or below:

  • For people with no credit history: Upstart Personal Loans
  • For debt consolidation: Payoff Personal Loans
  • Flexible Terms: OneMain Financial Personal Loans
  • Secured Loan: Avant Personal Loans

Compare offers to find the best loan

When looking for a personal loan, it can be helpful to compare several different offers to find the best interest rate and payment terms for your needs. Find the best deals with Even Financial's comparison tool. This service is free, secure and does not affect your credit score.

On the subject: Soon, most Americans will automatically increase their credit score: how and why

For people with no credit history: Upstart Personal Loans

  • Annual interest rate: from 3,09% to 35,99%
  • Purpose of the loan: debt consolidation, credit card refinancing, home renovation, wedding, relocation, or medical care
  • Loan amounts: $ 1000 to $ 50 000
  • Term: 36 and 60 months
  • Required credit score: FICO or Vantage 600 score (but applicants who do not have a credit score will be accepted)
  • Loan opening fee: from 0% to 8% of the target amount
  • Early repayment penalty: no
  • Late fee: no more than 5% of the monthly overdue amount or $15

Pros:

  • open to borrowers with a minimum credit history;
  • candidates with insufficient credit history and no credit rating are accepted;
  • no fees for early repayment;
  • 99% of the loan funds are sent the next business day after completing the required documents.

Cons:

  • high penalties for late payment;
  • loan issuance fee from 0% to 8% of the target amount (automatically deducted from the loan before it is delivered to you);
  • $10 fee for requesting paper copies of the loan agreement (free of charge for virtual copies with electronic signature);
  • must have a social security number.

To whom does: Applicants with a credit history must apply with a minimum credit score of 300 (although Upstart accepts applicants without a credit history). Sometimes a potential borrower may have a low credit score because they have extremely limited credit activity. In other cases, a lack of credit history can result in them having no credit score at all. Just keep in mind that if you get approved for a loan with a lower credit score (or no credit score), you may be charged a higher interest rate.

You can apply for loans ranging from $1000 to $50. While there are no prepayment penalties, Upstart charges an opening fee (maximum 000% of the amount you borrow) as well as a late payment fee ($8 or 15% of the overdue balance, whichever is greater).

Loan terms range from 36 to 60 months, which can be attractive to borrowers who feel they may need a longer period of time to repay the entire loan.

For debt consolidation: Payoff Personal Loans

  • Annual interest rate: from 5,99% to 24,99%
  • Purpose of the loan: debt consolidation/refinancing
  • Loan amounts: $ 5000 to $ 40 000
  • Term: from 24 to 60 months
  • Loan opening fee: from 0% to 5%
  • Early repayment penalty: no
  • Late fee: 5% of monthly payment or $15, whichever is greater (with 15-day grace period)

Pros:

  • it is easy to check several offers at once;
  • Loan approval is accompanied by Payoff membership and customer support;
  • no fees for early repayment;
  • no penalties for late payment;
  • fast and simple application;
  • US customer service.

Cons:

  • higher minimum loan amounts ($5000);
  • you need to send a request to see the opening fee and other details.

To suit: The minimum credit score required to apply is 550 - making it a good place to start for those with a bad credit score and concerned about debt consolidation the most. Personal loan repayments can actually only be used for debt consolidation, and qualified borrowers can apply for a minimum of $5000 and a maximum of $40.

When this loan is approved, you will receive the funds as a direct deposit to the checking account you provided on your application. Loan term varies from 24 to 60 months.

By taking a Payoff loan, you get another benefit - access to financial literacy tools.

Flexible Terms: OneMain Financial Personal Loans

  • Annual interest rate: from 18,00% to 35,99%
  • Purpose of the loan: debt consolidation, major expenses, emergency expenses
  • Loan amounts: $ 1500 to $ 20 000
  • Term: 24, 36, 48, 60 months
  • Loan opening fee: flat fee from $25 to $500 or interest from 1% to 10% (depending on your state)
  • Early repayment penalty: no
  • Late fee: up to $30 late payment, or a maximum of 15% (depending on state)

Pros:

  • approves loans to applicants with bad credit history;
  • no fees for early repayment;
  • a reasonable minimum loan ($1500) for small needs;
  • you can pass a preliminary soft credit check;
  • the ability to apply for a secured loan (with collateral) at potentially lower rates;
  • borrowers can choose the due date of the bill each month;
  • Applicants may apply with a co-applicant or, if they are married, may apply for a loan separately from their spouse.

Cons:

  • high commission for opening a loan;
  • high interest rates.

Information about secured loans OneMain Financial

While not required, applicants who do not qualify for an unsecured personal loan with OneMain Financial may be offered a secured loan. A secured loan allows borrowers who want to use the capital from their car, thus potentially qualifying for lower interest rates. Rates, repayment terms and agreements vary by person and state. Learn more at OneMain Financial.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

OneMain Financial consumer loans are offered in 44 states. Loan proceeds cannot be used to cover college, university, or vocational training expenses; for any business or commercial purpose; purchases of securities; or for gambling or illegal purposes.

Who it's for: OneMain Financial generally accepts applicants with a bad credit score (the exact minimum credit score hasn't been disclosed, but for reference, a bad credit score is between 300 and 579).

This lender offers more flexible terms than others. First, many lenders do not allow you to apply with a co-applicant. But with OneMain Financial, you will be able to apply with a co-applicant. In addition, borrowers can take advantage of repayment terms ranging from 24 to 60 months.

Another feature that makes this lender a bit more flexible is the ability to secure the loan with collateral. Personal loans are typically unsecured debt, which means you can borrow money right away without offering anything of value. But in the case of secured loans, the borrower is essentially using another asset as collateral, and if he fails to repay his loan in full, the lender can confiscate that asset from him. In addition, borrowers can actually choose the date of their monthly payments.

The fee for issuing a loan at OneMain Financial is at a higher level: either a flat commission from $25 to $500, or up to 10% of the loan amount, depending on which state you live in.

Secured Loan: Avant Personal Loans

  • Annual interest rate: from 9,95% to 35,99%
  • Purpose of the loan: debt consolidation, major expenses, emergency expenses, home renovations
  • Loan amounts: $ 2000 to $ 35 000
  • Term: from 24 to 60 months
  • Loan opening fee:
  • up to 4,75% Bonus terms and conditions apply
  • Early repayment penalty: no
  • Late fee: up to $25 for late payment after 10-day grace period

Pros:

  • loans to applicants with scores below 600;
  • no fees for early repayment;
  • you can pass a preliminary soft credit check (without a hard request);
  • fast financing (often the next day);
  • Grace period for late payment is 10 days;
  • the opportunity to apply for a secured loan (against your car) with a potentially lower interest rate.

Cons

  • fee for opening a loan;
  • potentially high interest rate (maximum - 35,99% per annum);
  • no direct payments to creditors (for debt consolidation);
  • no co-borrowers.

In 40 states, Avant offers a loan alternative for borrowers who want to use capital from their car to potentially qualify for lower interest rates.

To suit: Avant's minimum credit score for applicants is 550. Like OneMain Financial, Avant also provides borrowers with the option to secure their personal loan with collateral. However, one key difference between the two is that OneMain Financial's interest rates can range from 18,00% to 35,99%, while Avant's can range from 9,95% to 35,99%, giving borrowers the opportunity to potentially secure lower interest rate.

This lender also offers personal loan amounts from $2000 to $35, and you can usually receive your funds the next business day after the loan has been approved.

While there are no prepayment penalties, there is an opening fee of up to 4,75% and a late payment fee of up to $25 after a 10-day grace period.

Read also on ForumDaily:

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Soon, most Americans will automatically increase their credit score: how and why

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Lack of credit history or bad credit rating: which is worse

Miscellanea credit rating Educational program
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