More than half of Americans have low credit scores according to recent statistics. So we received a lot of questions like: “Where can I get a loan with bad credit? What are the benefits and drawback?”. Today our readers together with Info Credit Free to find out the answer to that question.
In the previous articles, we introduced you to the most detailed and complete information about personal loans such as Online Loans, Instant Loans… If you are interested in this issue, please visit the following article link: Online Loans for bad credit, Instant cash loans or other articles on the same topic.
WHERE CAN I GET A LOAN WITH BAD CREDIT
This our article includes the main four parts which are: “What are the loans with bad credit?”, “Where can I get a loan with bad credit”, “The interest of personal loans with bad credit?” and “The advantages and disadvantages of personal loans with bad credit”.
1. What is the loan with bad credit?
Bad credit loan or loan with bad credit is personal loan available for people who have poor credit score or no credit history. This loans can be used for any purpose and help a person who has experienced bankruptcy, repossessions… to re-establish or establish a good credit history. The lower the score, the worse a borrower’s credit.
In the United States FICO is the most widely used type of credit score. A credit score is a number based on a statistical analysis of a person’s credit files.
FICO SCORE RANGE
Readers should refer to some characteristics of a loan with bad credit below:
- Paying higher interest rates than normal
- You have not tried to pay on time and are not satisfied with payment high-interest rates
- Checking account is overdrawn on a regular basis
- Have problems getting a lease for housing
- Cell phone companies won’t give a contract
People use these personal loans for people with bad credit for any purpose, such as:
- Buying a car
- Taking a holiday
- Doing renovations
- Moving home
- Consolidating debt
- Funding a wedding
- Medical bills
- Vet bills
- School fees
- Legal fees
2. How and where can I get a loan with bad credit
- Be at least 18 years old (19 in Alabama)
- Have a regular source of income
- Have an email address
- Have an active checking account
The 4 Best Personal Loans for Bad Credit
|Lender Name||Borrowing Levels||Loan Terms||Minimum Credit Score||Interest Ranges||Origination Fee||Time to Receive Funds|
|Avant||$2,000 to $35,000||2 years to 5 years||580||9.95% to 35.99%||4.75% of loan amount||Two days|
|Best Egg||$2,000 to $35,000||3 years or 5 years||640||5.99% to 29.99%||0.99% to 5.99% of loan amount||Next day|
|Earnest||$2,000 to $50,000||1 years to 3 years||720||5.25% to 14.24%||None||One week|
|One Main||$1,500 to $25,000||1 years to 5 years||None||17.59% to 35.99%||Varies by state||Same day|
The interest, APR, Fees – Avant Loan
- From 5.25% to 35.99% per annum
- APR: Max 36%/year
- A loan between 1 years and 5 years
Loan description table for Avant
Term of Loan
|Interest Rate (APR)||Expected Monthly Payment|
Address and Call
- Address Avant: 222 N. LaSalle St., Suite 1700 Chicago, Illinois 60601
- Call: 800-712-5407
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Hillary (Team Content) – Info Credit Free