More than half of Americans have poor credit scores. Whether your low credit score is because of poor financial decisions or because of bad luck, you may find yourself in need of a loan. Well, you’re in luck because there are lenders offering loans specifically for people with bad credit.
Bad Credit Loan Options
A bad credit loan is similar to a personal loan. The biggest difference, however, is the interest. With a bad credit loan, you’ll notice interest rates are a bit higher than your average personal loan. Why? This increase is to protect the lender. It is unfortunate, but a lot of people with poor credit have a history of nonpayment or late payments.
Right now, your options for a bad credit loan are incredibly varied. The financial industry is in a good place to offer such loans these days. Here are a few ways to secure loans, even if you have bad credit:
- Credit Unions – Getting a loan at a credit union is a fantastic option if looking for a loan with a maximum interest rate of 18%.
- Co-Signer – If you can find a co-signer (someone with a high credit score), you’ll have no trouble securing a loan.
- Home Equity – If you can tap into your home equity, your credit score won’t be a factor.
- Online Lenders – The rise of online lending companies, like Wise Loan, make finding a bad credit loan easier than ever. Most offer flexible terms and payment options, too.
When you need a bad credit loan with a reasonable interest rate, fast application process, and quick cash deposit, trust in Wise Loan to have your back. You can speak with an agent or begin the application process now by calling 800-516-7840!
The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.