At some point in time, we might be in a financial bottleneck and try to seek a way out. Getting a loan might be the best possible option. But what if you have a poor credit score? Do you believe you might not get any good loan offers with your credit score? Wrong, below are platforms that offer emergency loans even when your credit score is poor.
One Main Financial
This platform offers all types of personal loans, and they are one of the best options when you are seeking secured or unsecured loans. If your credit score is below the perfect credit range, it is either you decrease the loan amount, or you opt for a secured loan. This means you will have to offer a tangible asset as collateral. In the event you default the terms of the loan, the lender can auction the asset and recover his money. The normal loan amount for people with bad credits ranges from $1,500 to $10,000. But this platform allows you to borrow up to $20,000.They are not an ideal platform for those seeking long term loans.
Avant places its focus on borrowers with average credit scores; people in this category have a credit score of between 600 and 700. If you happen to be seeking for loans for bad credit, Avant will be one of the best platforms for you to seek emergency loans. They usually release the loan within a business day of a successful loan application. Avant has customer support, which is available all through the week, which means you can always reach out whenever you want to.The range of loans you obtain on this platform is between $2,000 to $35,000. Also, the loan repayment period can extend up to 60 months, and the interest rate varies from 1.5% to 4.75%. Learn more!
Bad Credit Loans
When your credit score is really, really poor, you have very limited options. This platform acts as a middleman and connects borrowers looking for loans for bad credit to a community of willing lenders. During your application, you will receive different offers from a large network of lenders. Feel free to pick the loan offer that is most suitable for you. After that, you can submit your application. You must bear in mind that these are not long term loans, and you may also not receive many offers. Always ensure you pick deals that fit your needs. The loan amount ranges from $500 to $5,000, with a repayment period of up to 36 months.
This option for those with a poor credit score but not outrightly terrible. Peerform is a peer-to-peer lending platform where borrowers are paired with lenders willing to lend a certain amount. This concept takes regular banks out of the equation. You should note that the platform can decline your application if your credit score is below 600, and you can get loan amounts ranging from $4,000 to $25,000. The interest rate is between 1% to 5%.
This platform looks beyond your credit score and occasionally accept applications with scores as low as 550. NetCredit offers transparency and user-friendliness for its customers. They also allow borrowers to return their loan the day after it is released in a scenario whereby, they change their mind. Loan amounts range from $1,000 to $10,000.
They permit multiple lenders to assess your business after you fill your application. When you complete your application, the platform searches its database and matches you with a lender that best suits your needs or financial situation. Always ensure the terms and agreements are suitable for you as well. Loan amounts extend up to $35,000.
If disaster strikes and emergency loans are what you need to get back on your feet, you can make use of any of these platforms if you have a bad credit score. More details in site: https://www.investopedia.com/best-personal-loans-for-bad-credit-4774349