Getting access to a loan is helpful for a variety of reasons. Whether for student loans, mortgages a car payment, borrowing money in the form of a loan can come in handy.
When looking to get a loan, banks and companies will look at your credit score as one of the factors in determining your eligibility for the loan. Typically, the better your credit score, the greater your trustworthiness in being able to pay off the loan, which is something banks and companies will want to know.
But what if you’ve had a bad credit experience, or have yet to start building your credit? Good thing is, a credit score isn’t the only factor at play. So if you have poor credit or no credit at all, don’t count yourself out of that loan. While if you have poor credit, it’s also a good idea to do what you can to boost your number. But, if you need a loan right away, there are options that are possible for you, too.
To help you find the loan options that can work for you, here are five poor credit loan options you can check out if you have limited or no credit.
This loan option has additional steps required to help you prove your creditworthiness, even if you have a low score.
Whether you want a loan for debt consolidation or an emergency home improvement, a secured loan plan from OneMain Financial can get you back on track with your credit history. As a secured loan, you’ll be required to have an additional step of providing collateral such as a vehicle or jewelry. In determining your eligibility and type of loan you can get, OneMain looks a factors such as financial and credit history, the purpose for your loan, your income and expenses and if you’ve ever filed for bankruptcy.
Rates and Fees
While your actual rate for your loan will depend on your unique situation and how much you want to borrow, OneMain Financial offers loan options for amounts ranging from $1,500 – $30,000. The APR for that loan also has a range of 16.05% – 35.99%, depending on your situation and history. You can also choose a loan term length of 24, 36, 48 or 60 months, based on your needs. Your rates are determined by information such as credit history, expenses, income, debts and collateral. Be aware that as someone with poor or no credit, your rates may be higher than a borrower with a higher credit score.
Get on your way to a better credit score with a loan option specifically designed to help you spend, save and build your positive credit score.
When it comes to getting approved for a loan, there’s much more to the picture than just your credit score. With a loan program from Upstart, your education and valuable experiences also are factored in to determining your eligibility. This loan option offers lower rates compared to other credit card rates that can have you paying high interest. In determining eligibility, Upstart takes into account additional factors such as your education, area of study and job history, since there’s more to you than just your credit score. Their application and payment process is quick and easy, too, which can help you get back on track in making on-time payments that help improve your credit history.
Rates and Fees
Loan amounts range from $1,000 to $50,000 with either 3 or 5 year terms. Your APR for your loan ranges from 7.54% to 35.99%. And, if you want to be proactive and pay toward your loan early, there’s no prepayment penalty, either.
Build your credit and prosper with your finances with this loan option for poor or no credit.
In this customizable loan option, you’ll be able to work out the payment method that best fits where you’re at and where you want to be. This peer-to-peer loan method is funded by other investors, rather than Prosper itself. You’ll make monthly payments that you can plan for so you know what to expect. If you pay early, there’s no prepayment penalties, either.
Rates and Fees
Choose from a 3 or 5 year loan at a rate you can manage. You’ll have to account for an origination fee on your loan. Be aware of when your payments are due to avoid late fees. Interest rates range from 6.95% to 35.99% APR.
Grow your creditworthiness with this loan option with this installment loan option.
This installment loan allows you to set a fixed balance to pay off. You can’t increase the balance later on for this type of loan. You’ll be able to choose the payment play that works best for where you’re at in life and what your financial goals are. Whether for a debt consolidation plan, a necessary home improvement or for emergencies, you’ll be able to find a personal loan that works for you and meets your needs. Applying for a loan is also a quick and easy process so you can get the money you need, when you need it. Remember for a secured loan, you’ll be required to submit collateral such as a car or boat. The amount you can borrow will depend on approval. You’ll be able to choose a loan length from 24 to 60 months.
Rates and Fees
Loans from Avant allow loan amounts ranging from about $2,000 to $35,000 with interest rates from 9.95% to 35.99%. Additional fees you’ll have to keep in mind include an administrative fee, an unsuccessful payment fee and a late fee. If you choose to pay early there’s no prepayment fee.
This loan option is a great way to consolidate your debt and get on your way to building your strong credit score.
Choose from a variety of loans you may be eligible for, including debt consolidation and home improvement loans. Some loans may be secured, which means you’ll need to provide collateral as part of the process. With Marcus by Goldman Sachs, you’ll also have the opportunity to build your savings in their variety of investment opportunities. Debt consolidation through Marcus allows you to have just one recurring payment so you can better manage repaying those debts.
Rates and Fees
Interest rates tend to swing between 6.99% and 24.99% depending on your credit and current market rates. With this loan option, you’ll be free of additional fees like signup fees, prepayment fees or late fees. With fewer fees, you can put your money toward where it counts in rebuilding your credit.
Build Credit While You Spend
Don’t let bad credit prevent you from getting on your way to making that important purchase. With these loan options specifically designed for accounts with poor or no credit, you can spend while building your credit score. Find which option works for you and get on your way to better financial and credit health.