Unsecured Bad Credit Loan Providers
A bad credit loan definition is referring to a credit score. When a credit score is below 580, this is typically referred to as bad credit. If your searching for a loan with a credit score below 580 without collateral, you are applying for an unsecured bad credit loan.
What you can expect when you apply for a bad credit loan:
- Loan amounts normally do not exceed $5,000
- The term of a bad credit loan is much shorter with the longest around 36 months
- Interest rates will be much higher with some starting over 25%
Best Secured Bad Credit Loan Options
Most lenders are looking to provide money to people with security. The lenders want their money to be protected with your assets for collateral. If you do try to apply for a loan with bad credit, having security can go a long way. Security refers to the equity in your home, refinancing your vehicle or finding a co-signer. The lender will place a lien against your asset to secure the loan. Even when you are using security, it can be difficult getting aa secured loan. Lenders still check your payment history as they do not want to risk having to repossess your assets. If you are planning on using security to secure your loan, you are risking the possibility of losing your assets if you default on the loan payment.
Secured Home Loan Options
Home Equity Loan or Home Equity Line of Credit (HELOC)
A home equity loan or home equity line of credit (HELOC) provides an excellent way to consolidate debt even with bad to fair credit score. The home equity provider we have listed has consolidated over 1,500 companies to give you the greatest chance to qualify for a loan. When you have good credit and the bank looks to provide a home equity loan or HELOC, they will normally finance the property up to 80-90% of the loan to value. The loan to value is the difference between the size of the mortgage and what you will get if you sold the property. With bad or fair credit, the loan to value may drop to as low as 60 to 70% and the interest rates may be higher. This will mean that the amount they are willing to lend will be lower.
Secured Auto Purchase and Refinance
LendingTree offers hundreds of auto lenders that will help you buy the new car or refinance your existing vehicle. This can be a great way to get capital out of an asset. This provider can refinance your vehicle and get your capital back to you.
Bad Credit Auto Financing
If you are searching for an auto loan up to $45,000, look no further. This auto loan provider specializes in auto loans for any credit score. Give them a try today. Auto loans -- Bad Credit? No Credit? No Problem!
Asking your Family or Friends
Once you’ve reviewed the bad credit loan offers, consider offering the same interest to your family members with some form of security.
An unsecured personal loan is a great solution if your credit score and credit history meet the criteria of the lender. We have listed personal loan providers with credit scores starting at 620. This lender group offers loans ranging from $1,000 to $100,000. When banks consider a 620 credit score a high risk, online lenders are happy to receive your loan application.
Co-Signing or Joint Signing
FreedomPlus specializes in co-signing with loans up to $40,000. If you are considering co-signing or asking someone to co-sign, we have provided information that explains the pros and cons of co-signing.
Business Loan Refinancing
We have added a number of business loan providers that will look at a debt consolidation loan with credit scores starting at 500. Some conditions apply including the time in business and gross annual revenues.
Free Credit Score Repair
Novita offers a free service credit score rebuilding program
Research your Credit Score and Credit History
It's always a good idea to check your credit score and credit history before applying for a loan. Look through the report and check and see if you agree with everything on the report. If you disagree with the information on the report, contact the credit bureau and let them know that there is an error.
Lexington Law helps consumers repair errors on their credit report.
Unsecured Payday Loan Debt Consolidation: $500 to $5,000
Consolidating payday loans with 400% to 1500% interest rates will save you money. OppLoans offer an installment loan which provides equal payments over a set period of time to get rid of payday loans.
Reverse Mortgage Options
Debt Relief or Debt Settlement
Another option to consider debt relief or debt settlement. They can help you work with creditors and will explain your options. You can call them at the number below or click this link to go to their site now.
Bad Credit Loan Request looking for $56,000 with a 599 credit score
Fondo and I are looking for $56,000 to repair a house we just purchased. Our construction business has been operating for 9 years and we are now doing about $650,000 in annual sales. My credit score has taken a beating over the last 5 years with the ups and downs, but things are really turning around for us. We are looking for a no collateral loan. My credit score is not good, so hoping we can use the revenue from the company to secure the loan?
Fonda had an Equifax credit score of 499, regarded as a bad credit score
Fonda had a Transunion score of 480, considered to be a bad credit
Using the Experian scale, Fonda has a bad credit rating of 515, that will have altered their loan interest
Fonda originally started by inquiring for this no collateral loan using this information
My name is Fonda from Mountain View, Oklahoma. My credit score is 499 with FICO and my Experian rating is 480. I would consider financing with interest levels between 11.0 to 20%. Is there any online loan lenders that you can recommend with bad credit?
- County: Kiowa
- Home State: Oklahoma
- Current zip code: 73064
- Current income: undisclosed
- Profession: Contractor
- Credit Card Debt: $0 on their UBS Visa Signature® Credit Card
While the articles described are real, the names and some locations have been changed for privacy. We would value your input on our website. Please do not give America Loan Service your last name and try to keep the information in your testimonial quite general. It is the overall topic that everyone relates with and we appreciate your comments. When you send your story, it will be reviewed within 24 hours and you will be notified if they are used.