Getting a loan when you have a poor credit score can be a difficult task. In this article you’ll find advice on how to get approved for a loan with poor credit.
Having a poor credit score can make it difficult for you to get a loan, but it is possible. There are some institutions (banks and online lenders) that offer products, including loans, for people with bad credit. You have to look at some key elements that lenders put in the loan information.
First, you need to know who your lender is. It can be a bank, a credit union or an online lender. Then, you have to take a look at the requirements. This section might include the request of information like your credit score or your income, as well as your debt to income ratio. Finally, you need to know the interest rate and the repayment terms of the loan, so you can choose which one is best for you.
If you have little to no credit credit history or bad credit, Upstart Loans can be your go-to lender. Unlike other companies, this online lender looks beyond your credit score and sees your potential as a client. They offer loans from $1,000 up to $50,000 with no minimum credit score required. Also, you will get a 6.45%-35.99% variable APR. Regarding the term of the loan, you can get a term of 3 or 5 years. When it comes to fees, you will have an origination fee from 0% to 8% and a $15 or 5% of unpaid amount for late fees.