Where to Apply for a High Risk Loan
Most high risk lenders are private companies who do not fall under the of traditional lending institutions. We encourage you to read the terms and conditions with any loan offer and make sure you understand what you are signing up for. Most lenders will complete a soft pull on your credit score and if your credit score is below their established credit risk, the lender will not proceed with the loan application.
High Risk Bad Credit Loan Options
$1000 is the amount that most high risk loan lenders as willing to offer unsecured if your credit score is below 580.
Bad credit Loan options ranging from $500 to $5,000 and any credit score can apply.
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.
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 credit. 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.
Auto refinance can be a great way to get capital out of an asset and use this money for debt consolidation. This provider can refinance your vehicle and get your capital back to work.
Free Credit Score Repair
The Novita credit rebuilding program sends reminders to make all payments on time.
Research your Credit Score and Credit History
It is a good idea to check your credit score and credit history before applying for a loan. Look through the items and make sure you agree with everything listed 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 tries to help consumers repair errors on their credit report.
Bad Credit Auto Financing
If you are searching for an auto loan up to $45,000, 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!
High Risk Payday Loan Debt Consolidation: $500 to $5,000
Consolidating payday loans with 400% to 1500% interest rates is very difficult to accomplish. OppLoans offer an installment loan which provides equal payments over a set period of time to get rid of payday loans that never seem to go away.
Payday Alternative Loans (PAL's)
The Credit Union works alongside the US Federal Government have developed a program called Payday Alternative Loans (PAL's) to help people stuck in revolving payday loans.
Loan amounts $200 to $1,000.
Must be a credit union member for one month
Loan terms range from 1 to 6 months
There may be a fee for setting up the application of $20.00
Contact this link to get some help.
Co-Signing or Joint Signing
We have listed a lender that specialized in co-signing with funds up to $40,000. If you are looking at a co-signer, we have a link that talks about the pros and cons of co-signing.
Student Loan Refinancing
We have listed the best student loan refinancing providers in the USA that will work with co-signing. Most students have not had the time to establish their credit score. This is considered no credit history vs. calling it bad credit. The results are the same for the person applying, the lenders will not consider offering you a loan.
A reverse mortgage is another way to access the capital for debt consolidation from your home or property. This product is best suited for retired people that want to start taking equity from their property. Before you take this step, LendingTree will provide you information on the steps.
Reverse Mortgage Options
Secured Credit Cards
- No Credit History or Minimum Credit Score Required for Approval
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
- Nationwide Program though not yet available in NY, IA, AR, or WI
Unsecured Credit Cards
Get the security and convenience of a full-featured, unsecured VISA® Credit Card – accepted at millions of merchant and ATM locations nationwide and online.
- Checking Account Required
- Reporting monthly to all three major credit reporting agencies
- Perfect credit not required for approval; First Access may approve you when others won’t
- Easy and secure online application
- If approved, pay a Program Fee and you can access the $300 credit limit (subject to available credit)
- The First Access Visa Card is issued by The Bank of Missouri pursuant to a license from Visa U.S.A. Inc.
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.
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.
Case Study on a High Risk Personal Loan
Alisha completed that application on America Loan Service searching for a $16,000 high risk loan with a credit score of 506. Alisha had fallen behind on her payments when she was in a bad car accident and could not work. Alisha was living on credit during her recovery time and is now able to get back to work selling real estate.
She contacted America loan service wondering what choices she may have with a bad credit score and we provided the options listed on this page for her consideration.
Alisha is a realtor and works with banks, credit unions and mortgage brokers daily. Alisha understands the cost of home equity loans and home equity credit lines and the banks position on high risk loans but has never been in this positon herself. She also knows the lender's position on providing a high risk loan with a credit score in the 500's. Alisha owns a home and has some equity that she could access. She needs a lender that will look beyond her current credit score and see that she is now back on track working and earning enough to cover her monthly expenses.
Alisha wanted to keep the monthly loan amount as low as possible and pay off her high interest debt. It is placing her in a negative position every month.
Alisha made an attempt to get a high risk loan for $16,000.00 but was declinedPrinciple of LoanLength of Term (Years)Interest Rate (APR)Monthly Installment PaymentLending Institution
|$16000.00||10||9.5%||$207.04||Santa Monica Bank|
|$16000.00||5||10.7%||$345.49||Farmers and Merchants Bank of Long Beach|
|$16000.00||9||6.8%||$198.48||First Interstate Bank of California|
|$16000.00||3||7.4%||$496.96||Citizens Commercial Trust and Savings Bank of Pasadena|
|$117190.00||5||8.5%||$328.26||Wells Fargo Bank, National Association|
|$16000.00||3||6.3%||$488.93||Citizens State Bank of Santa Paula|
Alisha has a personal loan of $13,000 from First Interstate Bank of California with $2,200 outstanding that she wants to pay off with this new loanStarting Interest Rate (APR)Remaining principleLender nameLender cityLender StateLoan Obtained
|5.6% APR||$2200 outstanding||First Interstate Bank of California||Los Angeles||California|
High risk loan for $16000 - Fullerton, California
Applying for personal loans or credit cards frequently changes borrowers credit scores. Every time their application is turned down, their credit score can be affected. Once approved, people experience alterations to their credit especially if they make their payments on time. Alisha experienced a decline in her credit while she was applying to several banks looking for acceptance of this $16000 high risk loan. Alisha had an initial credit score of 506.
- On the Fico scale, Alisha had a 506 credit rating, a fair credit score
- Alisha had a credit value on the Transunion scale of 487, which is considered bad credit
- When it comes to Experian, Alisha had an initial rating rating of 517, which, unfortunately, is still considered bad credit.
Alisha got a loan from California Pacific Bank despite her bad credit score. This is their contact details
- California Pacific Bank
- Street Address: 1700 West Orangethorp Street
- Branch city: Fullerton
- Branch state: California
- Branch zip code: 92633
- Branch County: Orange
Calculated with the Equifax scale, Alisha has a bad credit rating of 506
Alisha has a Transunion score of 487. This is a bad credit rating. Credit scores like that of Alisha influence the bank's choices
With the Experian scale, Alisha has a bad credit rating of 517, that impacted their loan interest
FICO was changed due to this $16000 high risk loan. Score change: 506 - 502
The Fico rating of Alisha was reduced to 502 from 506 due to this high risk loan. We should remember, all loans can reduce your credit rating even if you are not approved.
I was unable to get a loan with my credit score at 506, 487, and 517. I had $82,000 of equity in my home and the bank would not provide the loan even with the security. I ended up with a personal loan for the $16,000 at 5.97% after a family member co-signing the loan. I did take the advice of America Loan Service and signed up with Novita to get my credit score back on track. Ass soon as I have improved my credit score and I can qualify on my own, I am getting rid of this co-signer.
Alisha began by asking for their high risk loan with this form
I looking for a high risk loan of $16000. Let me know if there are any possibilities of high risk lenders near to me in Fullerton, California.
- County: Orange
- Home State: California
- Current zip code: 92638
- Current income: undisclosed
- Profession: Realtor
- Credit Card Debt: $2000 on their Evans Bank Visa Signature® Card with Maximum Rewards®
Debt Consolidation for Alisha in Fullerton, California
Alisha met U.S. Bank of California 1700 West Orangethorp Street while hunting for debt consolidation advice on a loan for $16,000. The money was needed to pay towards existing debt. They were advised that the bank could not lend them any more money until their credit score was over 650. Alish and her husband have joined Novita a credit rebuilding program offered at America Loan Service
While the situations highlighted are real, the names and some locations have been changed to protect our readers. We would appreciate your comments on our work. Please do not give this website your last name and try to keep the information in your testimonial quite nonspecific. It is the overall topic that everyone relates to and we appreciate your comments. When you send your comments, they will be reviewed within 24 hours and you will be notified if they are published.