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Got a bad credit score but still need a loan? Don’t give up yet.
Securing a personal loan personal loan from a bank, as you may know, is a lot of work. The paper work alone is enough to make you back off. It gets harder when your credit score is nothing near being perfect.
A bad credit score doesn’t necessarily connote bad spending habit or negligence with one’s finances. A lot of things beyond our control can make us incur a pile of debt. Surgery, natural disaster, sudden loss of job etc., are eventualities that can mop up all we have labored for years to save.
What then should you do when in dire need of a loan but with a credit score you aren’t proud of? Give up? Not by a long shot. Thankfully, there are online lenders that offer unsecured loans for people with bad credit score. Do well to check them up to determine which would be best fit for your needs.
Undoubtedly the largest online lender, Sofi has got every form of personal loans in their arsenal: student loans, parent loans, mortgage loans and even life insurance.
What you might find sweet about Sofi is that they let you refinance a consolidated loan
If you are looking to refinance your student loan, it is expected of you to have at least held a job for a period of 90 days.
#2. Lending Club
Whether you are a business or an individual, Lending Club has got something in store for you. Just like Sofi, Lending club also gives borrowers the option of refinancing their consolidated debt, including mortgages and student loan.
It only takes minutes to apply for a loan, and approved loans are issued within few business days.
Prosper would be your best bet when looking for loans repayable within a 3 to 5 years period. But if you prefer to invest and not borrow, Prosper is still the place to go.
So, whether you are looking to finance your education, fund your business or refinance your mortgage, give Prosper a go.
#4. Bad Credit Loans
Should any of the lending houses disappoint you by citing your terrible credit score, turn to Bad Credit Loans for succour. In fact, they specifically cater to borrowers with poor credit history, but are willing to repay back borrowed monies.
Though not a direct lender, Bad Credit has partnered with lenders who offer all types of personal loans including auto loans, mortgage loans, student loans, business loans and a host of others.
Peerform offers borrowers unsecured loans up to $25,000. Enough to pay off student debt, fund our business, take care of your wedding, fund your vacation and pay for medical expenses.
The application process is quite simple: Create an account, select the type of loan you want, and finally submit all necessary document for verification.
If you want to invest and not borrow, Peerform has room for that.
#6. Lending tree
Lending Tree has partnered up with lenders, including individuals and corporate lenders, to provide consumers like you with loan solution. From student loan, mortgage loan to business loan; they have got it all.
And the good part: you don’t need a perfect credit score to qualify for a loan.
So there you have it; 6 lending institutions to turn to for help when in dire need of a loan when your credit score is nowhere perfect.