Loans For Bad Credit 2019

Bad credit doesn’t exclude the chance of getting a loan. You can still receive a loan with bad credit. To get it, you should be more selective. Bad credit loans need more time than the standard ones. One should look for a lender who doesn’t care about a credit score. At the same time, the rates and fees should be transparent.

The Experian research states that 12% of the U.S. population has a FICO Score that is less than 550 in the second quarter of 2019.

When searching for the bad credit personal loan, you should avoid scams that can trap you in a debt cycle. We present an analysis of the three companies that offer the bad credit personal loans. Reach the following list to explore your options!

The Best Loans for People with Poor Credit

Note that every lender considers bad credit in a different way. Some of them will not look at your request if the credit score is lower than a definite number. Others will give you a small sum. Loans for bad credit differ, depending on your personal situation.

Personal Money Service

Brief information

This company aims to connect a borrower and a lender. The service tries its best to find a personal loan for bad credit for every customer and offers a simple and safe application form. The Company can’t dictate the requirements and guarantee 100% approval. Some lenders may want you to show the proof of income. Some may prioritize the employment history. The mechanism of PersonalMoneyService can’t foresee this.

The Company cares about the financial literacy of its customers and has a blog on financial topics. It encourages its customers to make timely payments and borrow responsibly not to get into a bigger trouble.

This company is perfect for you if:

  • Your credit score is not perfect. Personal Money Service understands that it is almost impossible to have a high credit score for many American households. No matter how bad your credit history is, you can apply for loans for people with bad credit and wait for a decision.
  • You do not want to waste your time. The online application process lasts less than 10 minutes.
  • You do not want to share the reason for taking out a loan. The service does not ask why the customer needs a loan.

The features:

  • People with low credit score can get from $100 up to $5000 in case of approval.
  • Loan application form can be filled out 24/7.
  • In case of approval, it's possible to get the cash next day.

Pros and cons:

  • the service is free of charge
  • applying 24/7
  • no guarantee of receiving a loan
  • the service cannot predict the requirements and the loan terms of a lender, who will agree to cooperate.

PersonalMoneyService is free of charge. It does not require a proof of employment and income. The loan amount ranges from $100 up to $5,000.

BadCreditLoans.com

Brief information

BadCreditLoans has been assisting people in finding loans for poor credit since 1998. This service helps a borrower find a lender that will agree to cooperate. The proprietary technology sends the borrower’s request to multiple lenders. The company educates its customers on the latest scams.

The features:

  • Loan amounts start from $500 and may reach $5,000.
  • Repayment term can last from 3 to 36 months.
  • APR starts at 5.99% and can reach 35.99%.
  • If the borrower takes $2000 for 12 months, it will cost $235 a month. If he takes $4000 for 2 years, it will cost $270 a month.
  • The application process is similar to the process of Personal Money Service. First, you should complete a quick application form. After this, the wide range of lenders reviews your request. If approved, you will get bad credit loan online on your bank account.

This company is perfect for you if:

  • you want to deal with an experienced company
  • you are looking for a user-friendly provider.

Pros and cons:

  • The service is free.
  • The extensive track record.
  • Many years of experience in the financial market.
  • The borrower should show the proof of employment and income.
  • From time to time the bad credit personal loans have incredibly high yearly percentage rates.

BadCreditLoans.com is a free service that gives loans from $500 to $5,000. The APR is 5.99% – 35.99%. Proofs of income and employment are required.

PersonalLoans.com

Brief information

PersonalLoans is the third loan-connecting provider. It is an alternative to traditional applications. This service gives people with low credit score a possibility to prove their ability to make repayments and rebuild credit rating while giving them necessary funds. PersonalLoans.com assists in getting the personal loans for bad credit.

The features:

  • The proposed loan amount starts from $500 and reaches $35,000.
  • The APR varies depending on the loan type, income, and other factors.
  • There are three loan types: installment loans, peer-to-peer loans, and bank personal loans.

This company is perfect for you if:

  • you want to get a large amount
  • you want to have a few personal loan options.

Pros and cons:

  • The maximum loan amount is very high in comparison to other services.
  • Flexible terms (from 6 to 72 months).
  • It is hard to qualify if you have a low credit score.
  • Providing income by default.

PersonalLoans.com proposes high maximum loan amount ($35, 000) and flexible terms (6-72 months).

How to Get a Loan with Bad Credit

To get loans with bad credit, you should decide on the loan type first. Each of them has pros and cons, let us take a closer look.

Personal Loans

Earlier we discussed three lenders who help get online loans for bad credit. However, these loans are proposed not only by online lenders but also by the credit unions and brick-and-mortar banks. The loan amount depends on the credit and the loan type (secured or unsecured).

If you look for the best personal loans for people with bad credit, secured loans might be the best option. The loan amount can be higher and the APR can be lower. Yet, you should be completely sure that you are able to make timely repayments. Otherwise, you can deprive of your assets.

You can also get a co-signer with better credit. It will increase your chances of getting a loan with bad credit. In case you cannot afford payments, your co-signer will be equally responsible for them.

Bad Credit Auto Loans

Those loans were designed for buyers with good credit. Thus, there are some reputable buyers, who propose loans for people with bad credit. However, beware of scams. Some lenders can make you believe that your credit is worse than it really is.

Payday Loans

These loans are the most widespread. As a rule, the loan amount is $500 or less. These loans are quite convenient. But they require the incredibly high bad credit loans monthly payments.

Auto Title Loans

These loans give you an opportunity to use your car as a collateral. FTC reports that auto title loans have a triple-digit APR. So, they are not the best option for the personal loans with bad credit.

How to Choose the Best Bad Credit Loans

The question ‘How to get a loan with bad credit?’ is important. But the question ’How to choose best loans for bad credit’ is more essential. You can get many options. However, choose the one that will not make your credit score even lower. To choose a personal loan with bad credit wisely, look for:

  • larger loans and repay them in time
  • reasonable APRs and fees
  • flexible terms
  • extensive reach
  • lenders with the good reputation.

Finding the Best Loan for Bad Credit

Ensure that you checked all the possible options when searching for the poor credit loans. Think what type of loan is the best fit for you, what loan kinds should be avoided and how to avoid scams. Try one of the above loan-connective mechanisms to get one of the best loans for people with poor credit.