A bad credit loan is an unsecured personal loan offered when you have a credit score between 300 and 600.

If you've had:

  • Late payments on loans or credit cards
  • Credit cards or loans sent to collections
  • Carrying credit card balances at the maximum amount
  • Bankruptcy

All of the above will contribute to a lower credit score. When borrowers request a loan with a credit score between 300 and 600, it is considered a bad credit loan.  

Bad Credit Unsecured Personal Loans

It can be difficult to get an unsecured personal loan in Washington state if you have bad credit. Traditional lending institutions like banks, credit unions and most online lenders will not look at loans when your credit score is below 590.

Can you get an unsecured personal loan with fair to bad credit?  The answer is yes!.  While traditional lenders may not be interested, there are several online lenders who would be willing to lend you the money.

Compare Bad Credit Lenders in Washington

Bad Credit Loans will accept any credit score to apply. If your credit score is below 550, we recommend that you only apply for $1,000.

Bad Credit Installment Loan

Compare Fair Credit Lenders in Washington

Cashusa focuses on loans ranging from $500 to $10,000 and any credit score can apply

Unsecured Personal Loan with 620+ Credit Score

Auto Refinance

If you have equity in your vehicle, refinancing your vehicle may be an option.

Auto refinancing provides the lender security to approve your loan even when have have a bad credit credit score. LendingTree has any auto refinance providers to choose from with only one application. They also offer new car purchase, used car purchase, and lease buy out.

Why Would You want a Co-signer?

You may have recently graduated from university or college and never had the opportunity to establish your credit or you have not had time to build work history to apply for a loan. Many people hit a rough spot with life's emergencies, poor spending habits, medical bills, business failures, and damage their credit.

What to Consider Before Asking Someone to Co-sign

1. Are you earning enough to support this new payment?

2. Is your current job and salary stable enough to take money from a friend or family member?

3. A simple rule to follow is your debt to income ratio is 35-40% or less. Your debt to income ratio is all of your monthly payments divided by your gross monthly income. If your debt to income is above 50%, do not borrow the money. The repayment risk is too high for you and your friend or family member.

4. Will you be consolidating debt when you take this loan? If you are, calculate your new payment with all fo the debt consolidated and lock up your credit cards at home.

5. You want to be sure that you will be able to live and afford this new monthly payment.

6. Planning a major life change like moving out? Consider your new expenses along with this new monthly loan payment. The last thing anyone wants is to damage a close relationship over money.

The Risks of Co-Signing a Loan

If you are considering co-signing for someone, we recommend that you and the borrower prepare yourself for the downside of co-signing a loan. We call them the borrower because when you arrive in court, that is how the judge will refer to them, not your friend or family member.

1. We suggest that you budget this new loan into your monthly expenses for the term of the loan. If the borrower defaults, this becomes your loan. You can pay it off early without penalty, but remember, it's now your loan.

2. If you are planning any future purchases that require credit, the co-signed loan amount will be sitting on your credit history. It will increase your credit risk and may drive up the interest rate offered on any new financing you may apply for.

3. Consider how the loan default will affect your relationship. If you are doing this for one of your children to improve their credit score, that is a great benefit to them as long as they are responsible with repayment.

4. If you are co-signing for a friend that has a poor credit history, we would suggest giving them the money from your personal bank account interest-free then add the interest on at the end of the loan with a few more payments. If your friend is strapped for cash, try to keep the payments low so they can repay the loan and take something for collateral to secure the loan. Security can be anything that the borrower values a lot. Make sure to take possession of the asset.

If you can afford the cash as a gift, then no problem. If you cannot, the issues that come up from co-signing through a lender are not worth the hassle unless you are sure this person is responsible enough to repay the loan.

5. If the borrower fails to pay, it's your loan. You can sue your friend or family member to pay you back, but they did not have money in the first place and you are assured you will never speak to each other again in the same way.  You can get a judgment and go through the hassle of going into the court system but for what? It's a hassle for you that you do not want or need.   

6. If you are considering co-signing for a mortgage, we suggest going to your attorney to discuss all of the look term ramifications. 

Student Loan Refinancing

Refinancing student loan debt is a good option to lower your monthly expenses. 90% of student loans are co-signed and most student loan refinancing providers will release the co-signer after the first year. This is an excellent option for the student and their parents. Cleaning up multiple student loans can take the pressure off finances and help you get back on your feet. Best student loan options:

Credit Score Rebuilding

If you are living with bad credit today, you'll understand just how crippling it is when you are unable to borrow, have a credit card or any other form of credit. We all dream of purchasing a home, condo or apartment at some point in our lives. Maybe buy a car, getting married, planning a trip and all the other great American dreams. When your credit is tarnished, options become very limited.  

With the lending laws that are in place today in NY, you cannot live a full life with bad credit. The government officials that implemented the usury laws honestly are doing their residents a huge favor. Just imagine how much you would have borrowed if someone would have given you the money? 

Free Credit Score Rebuilding Help

By the time most of us are in a position to understand budgeting and making our payments on time, we've already ruined our credit score. The state of New York is telling you to figure out how to manage your money.

America Loan Service is developing a new credit rebuilding program. The credit rebuilding offer is free today as we continue to develop the product.  We are looking for a few hundred people to come to join Novita. We will be talking with you one on one, looking for your feedback to understand what you need. If you are serious about getting your credit back on track, we are here to help.  

Home Equity Loan or Home Equity Line of Credit

If you are trying to consolidate debt and your credit score is blemished, it is nearly impossible to find money without security to consolidate debt. The point of debt consolidation is to lower the overall interest rate of your debt, and that is almost impossible with bad credit. Getting a secured loan is another option when you are searching for capital. A home equity loan, a home equity line of credit or mortgage refinancing are all great options for capital. Taking capital out of your home can be a lifesaver if you are earning enough income to carry the cost. Here are a few options for obtaining a secured loan. The HELOC will allow you to pay interest only for a while to help you catch up. The credit line can stay in place even after the loan is paid off.

Secured Credit Card

A secured credit card is a great way to develop new habits and improve your credit score. This card is perfect for someone trying to establish credit for the first time or trying to repair credit. This card will feel more like a debit card than a credit card, but it helps your credit score. You deposit an amount of money on the secured card and then use it as a credit card. When the cash runs out, you deposit more cash. There are lots of options for secured credit cards. If you are interested in rebuilding your credit and need a secured credit card, stop by a local Credit Union in New York, set up an account and start improving your credit.

Debt Settlement or Debt Relief

If you are really in a difficult situation and are unable to get help, debt settlement or debt relief may be an option. If you have time and can repair your credit before applying for a loan, this will save you a lot of money.  

Loan Options For Small Business Owners with Bad Credit

Small business loans can be a great option if you have bad credit. Many of the small business loan providers will look at your business income as well as your credit score. Here are a few options for getting a line of credit or financing some of your equipment to get the funding you require.

0% Interest Balance Transfer Credit Card

If your credit score is considered fair, apply for a 0% balance transfer credit card. This balance transfer could help you with lowering your monthly payments and improve your credit score while you lower your debt.

Most credit card companies offer 0% interest balance transfer credit cards. If your credit score is above 620 and you have a full-time job and zero collections, a 0% interest balance transfer credit card may be a good option for you.