Is it possible to get a loan if you have bad credit? Bad credit personal loans as well as bad credit car loans are out there. Lenders know that with so many Americans who have poor credit or bad credit, there is a market for higher-risk loan products.
Even with low credit scores, you can qualify for loans from some lenders. The terms will be sometimes difficult: high interest, or there will be a prepayment penalty, which means that if you want to pay off your loan early, you pay a fee on top of the remaining principal.
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Determine before you start what you are going to use the loan for. If you're planning to use it for debt consolidation, make sure you have a plan in place to really replace the other debt, and not just add this loan on top of what may be already bad credit. If you are borrowing money for the short term, knowing you are getting an insurance payment for example or a bonus from work, you'll know you can pay off the loan quickly. If you need to borrow money to afford transportation to a new job for example, the cost might be worth it to make more money at a higher paying job.
Think twice though before taking out more cash just to buy holiday gifts, for example, if you already struggle with your current debt and have bad credit. Try to make this a step in the right direction to eliminate debt and rebuild your credit with a loan you can afford and pay back on time.
Before you start applying for loans, find the best lender with the most favorable terms. At the bottom of this page we have a list of lenders who offer a wide variety of loan programs to choose from, regardless of your credit. You'll want to look at the fine print too. Ask about these fees and charges:
- Are you paying an up front application fee or processing fee? Is there a fee to pull your credit?
- What is the interest rate? What is the APR (annual percentage rate)? Are they significantly different?
- Do you have to provide collateral for this loan, or is it unsecured? (How bad your credit is may determine whether the lender needs security or not.)
- How long until I have a decision? How long until you disburse the loan funds?
- If you turn me down, do you have a related company that can do the loan?
Don't just look at the monthly payment, because many hidden fees and charges can be included. Make sure you compare all loan products before you apply with any particular lender - each time you apply for a loan, you will impact your credit score, so keep it to a minimum!
If you get turned down for unsecured credit, you might want to take a month or two and take steps to improve your credit. You can take steps that show results within just couple months.
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