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Poor Credit Loans
Having a poor credit score can limit your options for loans, but that doesn’t mean you’re left without any options at all. There are things you can do to help get yourself the loan you need without going to a big bank.
Low credit scores don’t cancel out all of your loan options, so check out these tips for how to get the best poor credit loans available to those with low credit scores.
Look for Personal Loans for Poor Credit
Some establishments, even banks, offer personal loans for limited amounts of cash. These are great if you want to consolidate your debt by paying off the balance of a few credit cards at once.
Personal loans might be either secured or unsecured, so make sure you know what you’re getting yourself into before you sign up. Shop around for the best interest rates, as some companies are willing to offer lower rates than others to higher risk customers.
Consider Peer to Peer Lending
A borrowing trend that’s been on the rise over recent years, peer to peer lending involves you requesting a loan on a designated peer to peer site and having an investor loan you the amount. These loans can offer you low interest rates while giving investors a good return on their investment.
Keep in mind that your credit score will show up to investors, so if your score is too low you might run into some trouble finding an investor.
Join a Credit Union
If you have the option in your area, you might consider joining a credit union of some sort for the loan benefits they offer. It’s easier to get a loan from a credit union that you are a member of than it is to get one from a bank.
On top of that, interest rates are generally more manageable, even for those with a low credit rating. Because credit unions are non-profit organizations, poor credit loans are generally easier to get and the handle than they would be from banks.
Find a Co-signer
If you can’t get a loan any other way, you might ask someone close to you to be your co-signer on a loan from an establishment such as a bank. While this is a fairly certain way to get loans for people with poor credit, it is ESSENTIAL that you pay the loan back on time in proper installments or else you will be negatively affecting your co-signers credit as well as your own.
Even though you can get poor credit loans this way, it’s better to leave it as a last resort instead of choosing this method as a first option to try.
Even if your credit score is bad, there are options for poor credit loans for you. You can get an online personal loan for poor credit, try out peer to peer lending, join a credit union, or even look for a co-signer. All of these methods are available for people with poor credit. If you need a loan but your credit is poor, check out one of these options and see if they could work for you.