What is the Best Bad Credit Loan Company for You?

Even if you have a less than perfect credit score, it doesn’t have to mean that you aren’t eligible for a loan. Many financial institutions offer their service on the market, strictly catering to bad credit customers. However, not all of them provide suitable conditions. In addition, you can read more about the best bad credit loan companies available.

Upstart

This lender is perfect for a bad credit score since they require a minimum of 600. Compared to other lenders, they approve 27% more loans. Even if you don’t have an extensive credit history, you will get approved. You are required to have a social security number, and an origination fee will be taken off your amount. The company offers three and five-year terms for paying off the loan. But, you have the freedom to choose a custom payment date and sync it with your payday. However, have in mind that their service is limited and not available in certain countries.

OneMain Financial

If you want to get a secured loan, this company allows you to put collateral. Despite your less than perfect credit score, the physical possession guarantees that you will repay the loan. Therefore, this can bring you better conditions. If you wish to get a loan, you will need to visit their establishment.

Lending Point

With having no early payoff penalty, this elder is perfect if you wish to knock down debt faster. They will review crucial information such as DTI, current debt, employment status, income, and job history. The origination fees range from zero to six percent, and you can get accepted for a minimum score of 585. Also, you are required to have a minimum of $25,000 yearly salary.

Avant

This financial institution offers flexible payment options and doesn’t charge prepayment penalties. They have excellent customer support, in case you have any questions or problems. The approval process is fast, and you can receive the funds the next business day.

LendingTree

LendingTree isn’t a lender but rather a network that gathers reputable lenders for you to choose from. Here, you can compare between different offers and get the loan that best suits your needs. In addition, they offer educational materials and aces to debt relief programs.

Upgrade

This lender requires a minimum credit score of 620, but even lower scores can be approved if you have a cosigner. The company will assess vital information about their current financial situation, such as DTI and cash flow. However, they have no specific requirements when it comes to yearly income. The bad credit loans come with a fixed rate, and applying for a loan doesn’t hurt your current score. In addition, they offer loans for consolidation and refinancing.

Wells Fargo

If you’re already their customer, you can apply for a loan online; if you’re not, you will be required to head to their physical location to get the paperwork done. They don’t charge origination fees or early payment penalties, which are huge advantages. Moreover, if you pt for the autopay feature, you get a 0,25% discount. They don’t have minimum requirements regarding credit scores.

Lending Club

If you are interested in P2P lending, this is a reliable and trustworthy marketplace to join. It has operated since 2007, with more than three million customers that have obtained loans. The terms extend from three to five years, and they charge an origination fee of up to six percent. The loans are available for fair credit score, with the possibility to add co-applicants as well. However, have in mind that the service isn’t available for the US territories and in Iowa. The borrower won’t get approved if the money is intended for investments, postsecondary education, or suspicious activities.

How to choose the best lender for you?

With so many lenders available, you might feel overwhelmed with the choices. When assessing each company, make sure to keep an eye on the maximum rate displayed. Individuals with a poor credit score will likely be approved for the interest rate on top of the scale.

When deciding between different lenders, it is essential to check the fees as well. Lenders will include additional fees such as origination, prepayment penalties, and late payment fees. Also, check if your preferred lender offers good customer support services.

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