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Personal loans are an excellent way to borrow money. However, they contribute to less than 1% of the total consumer debt in the United States. Credit cards typically have higher interest rates and are more accessible, often leading to more debt.
Even if you don’t have the best credit score, a loan may be able to help you borrow money without costing you more money.
Continue reading to discover some of the best loans for people with fair credit scores!
1. Bad Credit Loans
One of the best loans for people with fair credit, or below, is Bad Credit Loans.
Bad Credit Loans is an ideal company for helping people with poor credit scores. Finding a loan can be difficult if you don’t have a decent score, this company, however, has many connections to help you.
You can apply online and gain access to willing lenders for your situation. Depending on your financial situation you will work with a representative to create the best plan for your needs. Unfortunately, if your credit score is too low, you may be rejected by this lender.
Typically most people can receive a loan, even if it’s only for $1,000. You can apply online for free and take a look at all of the available offers to you. Take some time to evaluate each one and compare interest rates.
2. OneMain Financial
Have you ever received a letter in the mail from OneMain Financial?
This company is known for helping those with large amounts of credit card debt and personal loan payments. You can get secured and unsecured loans through the company and decreased amounts with better credit scores.
OneMain Financial can help you decrease payment amounts each month and consolidate all of your payments. A below-average credit score can typically get you a loan that is up to $10,000. Be sure to pay attention to APR and term lengths, you will have various options.
There are more than 1,000 branches in the United States, making their customer service easy to work with. You can also apply for your loan online. This company is best for anyone with a credit score below 600.
If you have a lower credit score, OneMain Financial may still consider your application with income details. You can get a free pay stub template to help you get your loan.
3. Avant
Are you looking for an unsecured loan with an average credit score?
Avant is an excellent company to borrow from if you have a somewhat decent credit score. Getting access to money quickly will be no problem if your score falls between 600 and 700 points.
You can get your money within 24 hours of applying to the loan. The best part about borrowing from this company is that they have a customer support team available every day of the week.
These are typically larger loans and can go up to $35,000. Your APR and term length will depend on your selections and approval. Although this company can improve financial situations, don’t overlook the administration fee attached.
With Avant, you can also control your finances through a mobile app for quicker service!
4. Personal Loans
If you are tired of applying to all of these different loans, this company is the best choice to go with.
Personal Loans is a company that can allow you to see multiple lenders that are looking for your business. With only one application, you can gain access to loan details in one consolidated place.
This company will review your application and quickly match you with the best lender. The APRs through Personal Loans will impress you with competitive rates and higher borrowing limits.
Just be sure to overlook every detail before making a selection on this site. Minor details can lead to major setbacks.
5. Peerform
Sometimes going through a loan company isn’t possible.
Whether it be a low credit score or poor financial history, there are other ways to receive financial help. Peerform is an online loan company that can match you up with a private lender.
Private lenders can help you in times of need and you don’t have to worry about bank regulations. Typically, this can cost less money. You must research your lender and look over your agreement to avoid any future disputes.
If your credit score is below 600, however, you will be declined during your application process. Be sure to plan if you intend on using Peerform, as funds could take up to 2 weeks to go into your account. This is not the recommended source to borrow from if you need quick money.
Something else to watch out for when using this site is the origination fee that is attached to each loan.
6. NetCredit
If your credit score is just below 600 and you are sick of getting applications denied, NetCredit could help you.
This company will lend loans to people with credit scores of around 550 points. The website is easy to navigate and doesn’t hide important details. Another advantage of this company is that they allow loan returns on the day after your funding, in case you change your mind!
Loans For People With Fair Credit Can Offer an Excellent Future
Being broke isn’t easy and finding loans for people with fair credit scores can be even more difficult.
Utilizing this guide can help you discover all of your available options when you need them. Even if you don’t have the best credit score, there are still plenty of options to choose from. If you are looking for a loan, it is important not to rush the process.
Taking your time to compare offers and read fine details can help prevent you from falling into even more debt. With the right steps, you can be one step closer to an excellent future that is financially stable.
Be sure to check out our blog for more articles about personal finances and how you can improve your money habits!
