If you have bad credit, it can be extremely stressful for you. Many lenders grant loans after they take a look at your credit and loans are a financial emergency. This means that you do not have a lot of other options when you are thinking of applying for a loan. If you are one of those people who need money but have bad credit, you might think that there is nothing else you can do. Fortunately that is not true.
Relax, it’s not the end of the world
Fortunately, if you have bad personal credit there are a lot of feasible options still open for you. The first of those options you will come across are payday loans which can be quite tricky. The upside to these is that there is no credit check but there is still risk involved. It is also more expensive than traditional bank loans and has a high interest rate most of the times. There is a vast variety of instant payday loans available online. You might think that it is impossible to go any other way if you have bad personal credit but there are still more options available for you!
Take another deep breath
Your options indeed become very limited if you have bad credit ratings but that does not mean that there aren’t any options at all. Numerous lenders are willing to grant loans to those who have bad credit ratings as well. And those lenders my friends are your vast options.
Some of the best personal loans for bad credit are Avant, LendingClub, LendingPoint, OneMain Financial, and your local credit union. While others fall into the best because of some specific categories, Avant is the best overall. The amount you can receive is up to $35,000 which can be a great kick start if you meet the criteria. They welcome bad personal credit as well which most lenders refuse to. The minimum interest rate you will find here is 9.95%. The interest rate is quite steep but is low as compared to instant paydays. The maximum loan amount is also low but there are no repayment penalties. This makes it a feasible option to consider.
How much credit is bad credit
Your options are pretty much restricted if your person credit falls below 600. But there are still some chances. 500 and below is bad credit but there are still some other finance options left. Below that, you will find yourself stuck in a pickle because a lot of lenders will be unwilling to accept you as a highly credible borrower. Here is where you can consider the aforementioned options. Even for the below 600 ballpark, they should consider these options and make comparisons to reach the right decision.
Instant payday loans online
This too is an option but with its risks involved. You should draw comparisons before concluding according to your circumstances.