Do you have a bad credit score, but still want to get a fair loan? Well, it might be a bit harder for you, but everything is possible. There is several loans for bad credit that don’t require an excellent credit score. They usually have a bit higher interest rate or something else to compensate it for.
House of banks offers several types of loans based on a customer’s demand. Bad credit loans are one of them.
Basically we want to make sure, that you will find exactly what you need.
Personal loans for bad credit
From covering your daily expenses to paying for something big, personal loans are a great way to do so. We can choose from a variety of products, but we have to choose carefully. Personal loans for bad credit are loans for people, who somehow managed to lower their credit score.
Personal loans typically do not require any collateral , because they are mostly unsecured personal loans. They are also structured as instalment loans, which means that you have to repay the amount you borrowed, plus interest and number of payments.
Therefore, if your credit score is lower than 630, you might have some difficulties when taking loan. Credit score below 630, is usually considered as a bad credit (average American score is 682).
Even though, you have a bad credit score, we still have an option for you.
Where can I find a loan for bad credit?
There is several places and institutions to search for personal loans such as…
- Online lenders
- National banks and community banks
- Credit Unions
Online lenders are getting more and more attention and it’s starting to be one of the most favorite ways to find a personal loan for bad credit.
Banks tend to have pretty strict requirements regarding credit score.
Credit Unions typically want to help people with bad credit to get a loan and they often offer special programs for them.
Unsecured personal loans bad credit
Search engines such as Google or Bing have also a huge impact when looking for loans for bad credit. It matters what you type into the search, therefore, you will get results based on your keyword you used. If you are looking for a specific loan, for instance, unsecured personal loans bad credit, then type it into search engine and you should get better, narrowed down results.
As we mentioned before, personal loans are typically unsecured and especially when it comes to loans for bad credit.
Should I take out personal loan if I have bad credit?
Well, it’s not up to us to answer this question. You have to know if you are capable of repaying the loan. However, personal loan can definitely boost your financial situation and even help you in the future. Some financial advisors recommend to get a credit card with a personal loan, to increase the credit score.
What to Do If my Loan Application Is Rejected?
If your loan application got rejected, here are two options for you:
- Look for other alternatives – If the bank has denied you, try credit unions or online lenders. You always have more than one option when taking a loan. Use our portal to find and compare different types of loans, so even if you don’t get accepted for one, you can still get accepted for another one.
- Improve your credit score – your credit score will go up if you pay at least the minimum on your monthly bills (on time) and pay down your debt. You can also increase your credit score with credit cards. We also recommend you to check your credit report for possible errors. If you get rid of errors in your credit report, credit score should go up.
You are almost there! Just click on the button to see our offers for bad credit loans.