A bad credit score doesn’t have to stand in your way of getting a personal loan to cover an emergency or consolidate debts. There are lenders who offer bad credit loans, although the terms, interest rates and fees can vary.
Borrowers with poor credit (a FICO score of 629 or lower) might need to put in a little more effort to qualify for a bad credit loan, but doing so may help you get accepted and may result in a lower interest rate.
How to get a Personal Loan with Bad Credit
1. Compare lenders
It’s important to compare multiple lenders when shopping for a bad credit loan.
Each lender has different borrower requirements and rates, so it’s important to find one that’s affordable and offers the features that work for you.
My USA Finance offers features like fast funding and credit-building tools so that borrowers can manage their finances easily.
2. Check your credit
4. Add a co-signer
If you have a family member or friend with good credit, they may be willing to co-sign your loan application.
A co-signer is entirely responsible for paying back a loan and the other borrower.
5. Gather all financial documents
You must have the necessary financial documents to apply for a bad credit personal loan. Gather the following financial documents and information:
Personal contact information – social security number, full name, and address
Driver’s license – or another form of personal identification
Personal loan information – why you need the loan
Tax information – W-2 forms and federal tax return for the last two years
Bank statements – two most recent bank statements for all bank accounts
Utility bills or mortgage statement – to verify your address
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