bad credit score

How to Get a Loan With a Bad Credit Score


About 61% of Americans today are living check to check. 

It’s a sobering statistic, but one worth examining. Falling behind on a single check can put your finances into shambles. 

This is even more harrowing if you have a poor credit score and aren’t sure how to get a loan that can help you out. There are some options that you can explore. 

Here are some loan options that you can check out that will help you, even with a bad credit score. 

Look Into Bad Credit Loans

First, you need to know what constitutes a quality credit score. A Fair score starts at 630 or so. If your score is below this mark, you are likely going to get hit with higher interest rates and terms that are friendlier to the lender. 

Look into loans that are specifically created for people whose credit isn’t good. These loans will have higher interest rates and will typically have lower amounts that you can borrow. 

You can bite the bullet and take one of these loans and make sure that you pay it back in a timely fashion. This will help you get your credit score back on track. 

Consider Any Collateral That You Have

You are also in a better position to get a loan with bad credit if you have something of value that you can put up for collateral. There are loans that will let you put up your car title as collateral and a guarantee that you will pay the loan back. 

If you default on the loan, the lender can keep your car title. Make sure that you know the value of your vehicle so you know how much equity you have to offer. This can help you cut the line on some loans that you otherwise would not have been qualified for. 

Take a PayDay Loan

There are also payday loans that you can look into that will help you get money to hold you until the next time you get paid. 

Looking into short-term loans can help you get some cash that will tide you over with any problem that you are dealing with. These loans are generally for two weeks to a month, and in small amounts. 

Some states even have a cap on how big these loans can be. They are generally $500 or less, and ideal for someone dealing with a financial emergency. These loans typically have high interest rates for the short turnaround time or a fee of about $50 or so. 

In order to get one of these loans, you will need to furnish copies of your ID, banking information for an account that they can withdraw money from on the payday, and proof of income. 

Most of these are also no credit check loans, making them ideal for people whose score is low. These loans are quick and easy to get acceptance for, and you will usually get your money that day or within 24 hours. 

You can take out a payday or short-term installment loan either in-person at a branch or online. 

Get a Co-Signer

If your credit score is bad, you can reach out to a co-signer that can act as a guarantor for the loan. This is a great idea if you have someone in your life who trusts you and who also has a good credit score. 

Many lenders will require this if you have bad credit or a score that is on the bubble. Be sure that you are on top of the loan because if you happen to default on it, they can go after your co-signer to get the money. 

You don’t want to ruin a personal relationship with someone who went out of their way to help you out, so only take out a loan that you know you can reasonably pay back. 

Shop Around and Get Pre-qualified

Get pre-screened and qualified for a loan before submitting an application if you have bad credit. Pre-qualification will let you know if the lender accepts applicants with low credit scores. This will save you the time and trouble before you submit an official application. 

It’s also important because every time you do a hard credit inquiry, it will knock your credit score down a few more points. Applying and getting rejected for a bunch of loans in a short period of time will raise several red flags on your credit report and make it difficult for you to get approved anytime soon. 

Explore Peer-to-Peer (P2P) Loan Options

If you’re looking for loans with a bad credit score, consider going the peer-to-peer (P2P) loan route. These loans are by regular people and investors, rather than the bank.

They will generally involve less red tape and you are more likely to get someone that is willing to work with you. These loans also have more flexible and reasonable terms and less of a barrier to entry to get approved for it.

Don’t Let a Bad Credit Score Stop You

Don’t let a bad credit score get in the way of getting the money that you need. With a bit of ingenuity and willingness to dig, you’ll have no problem getting access to some high-quality lending options. 

Now that you know a little bit more about getting loans with a bad score, reach out to us for more information. 

Send us a message on our contact form, or call us at 1-866-214-0079.

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