Payday Loan 
Title Loan 
Personal Loan 
Business Loan 
Are you one of the many victims of America’s historic levels of income inequality? If so, you might be interested in looking for personal loans for credit a score under 500.
What Are Personal Loans For Credit Score Under 500?
According to Experian, credit scores range from 300 to 850. Higher scores are better scores. A good score is anything 670 or above.
So personal loans for credit scores under 500 are loans designed for the needs of people with a very poor credit score, such as no income verification personal loans. These might be people who haven’t yet established a track record or they might be people with a history of problems.
In the US, a divorce, serious health issue, or job loss can do enormous damage to the credit rating of someone who is otherwise a fine, upstanding citizen with no bad habits. This is true in part because we tie health care to employment or marriage and our health care system is one of the worst in the developed world in terms of cost to the consumer.
Where Can I Find Personal Loans For Credit Score Under 500?
In most cases, such loans are frequently provided by Direct Private Lenders. Since these are small establishments rather than national banks, they can be hard to find.
But the good news is that TheGuaranteedLoans is a loan clearinghouse. We keep track of a variety of loan products, everything from the quick turnaround payday loans to $2500 Installment Loans and even 10 Years Personal Loans.
You fill out a single form and we compare it to the information we have on file to try to match you to a lender with a product that meets your needs. When we find a match, we contact the lender and let them know you are looking for a loan. They get with you to complete the process.
How Much Money Can You Borrow With Bad Credit?
Bad credit personal loans are available for people with less than perfect credit. The average monthly loan amount is $500, but they can go as high as $25,000, depending on your specific credit situation. At branches of some financial institutions, these loans are only available to borrowers with at least “fair” credit, but online offers can be made to those with low or poor credit scores. This makes it easier for you to get the funds you need without having to make any changes to your current financial situation.
Personal Loans For Bad Credit Offer No Collateral
Unlike other kinds of debt like mortgages and car loans, personal loans require no collateral or other outside security in order to take out a loan. Therefore, borrowers have no risk of losing money if they cannot pay back their loans. In addition, these credits offer terms of up to 10 years before your loan goes into default. No one wants to be in debt all of their life, so being able to borrow from someone with bad credit is a great way to start over and live a more secure financial future.
What Are The Average Loan Rates For A Loan With Poor Credit?
The average personal loan interest rate for people with less than perfect credit is significantly lower than the national average. This makes it possible to avoid the high-interest rates charged by banks and other financial institutions. With a bad credit personal loan, you will not have to worry about high monthly payments that cause your budget to become unmanageable over time.
What Are All Of The Types Of Bad Credit Personal Loans?
There are three main types of loans that borrowers with less than perfect credit may qualify for payday, installment, and secured. Each has its own characteristics, so it is important to carefully research your options before making your final decision about which lender you will use.
Two of the most popular types of personal loans for credit scores below 500 are installment and secured. The reasons for these differences can be somewhat confusing, but both types of loans offer borrowers with less than perfect credit the benefits discussed above.
Installment loans: These loans generally require that you make a payment directly to the lender and then pay your bill over time. Payday and other similar payday lending services do not create an ongoing obligation; they make advanced payments necessary before you can take out any money from your account.
Secured loans: Secured credit offers a safe way for borrowers with low or poor credit to borrow money. You can use your vehicle, home, or other valuable property as collateral in order to secure the loan.
What’s The Difference Between Secured Vs. Unsecured Loans?
There are some differences between secured and unsecured loans, but both of them are forms of personal loans for bad credit. For individual consumers, there is no difference in the amount of money that can be borrowed. Unsecured loans are typically offered with less flexibility because of their dependence on collateral. However, some companies may offer both types of loans to help individuals find the best fit for their financial situation. It is important to compare all possible loan terms and options before choosing a particular lender or type of loan.
How Long Does It Take To Receive A Bad Credit Personal Loan?
Like other types of loans, you will have to pay back your loan within a certain time period if you do not meet your obligations. This may be anywhere from 1 to 10 years, depending on the loan terms. Most lenders will offer faster loan approval processes if you are in a hurry to receive your money, but it can still take several business days to complete your application for a loan.
What Kind Of Paperwork Do I Need?
Personal loans for credit scores under 500 usually involve a minimum of paperwork. Of course, you do need to show that you are a legal adult (18+ years old) and a citizen of the US or a legal resident therein. This is usually handled by simply providing a copy of a valid photo ID, such as:
- Driver’s license.
- State-issued ID card.
- Military ID card.
- College ID card.
- Tribal ID Card.
You also need to show what kind of income you have. This is typically done by attaching a copy of a recent pay stub or a recent bank statement. If you bank online, you can probably readily get a PDF copy.
Apply Now For A Personal Loan For Credit Score Under 500 at TheGuaranteedLoans
You probably have most of what you need to apply right now, such as your ID and a phone that can take a photo of it. Let’s go ahead and get started right now.
FAQ
If you are unable to repay your loan, the lender may be able to repossess any collateral. You will need to arrange for an alternative form of securing your loan.
There are several ways that individuals can improve their credit by making timely payments on all debts, including loans and mortgages. One popular technique is debt consolidation, in which a single loan or household debt is paid off completely. Also, there are many reputable online services available where borrowers can obtain free estimates about their credit reports and score ranges.
Yes, we do offer some bad credit loans with guaranteed approval; however, we do not offer loans that require you to use for sure for any specific purpose like to consolidate debt or to improve credit score.
Before you decide to take out a bad credit loan, it is important to consider the purpose. The majority of individuals who use a personal loan for bankruptcy or other financing purposes will want to use the money for daily needs such as food, utilities, and transportation.
Another common way that people may take out a bad credit personal loan is to start over in their careers after an unstable situation such as unemployment, layoff, or medical issues. In these instances, people can use secured loans to buy houses or cars if they do not have the ability to make their regular monthly payments.