Top 5 Best Personal Loans for Bad Credit in 2021
Introduction
Are you worried about your bad credit history affecting your ability to obtain a personal loan? Don’t worry, as there are still options available to you. In this article, we will discuss the top 5 best personal loans for bad credit in 2021.
What are Personal Loans?
Personal loans are a form of borrowing that helps you pay for expenses such as medical bills, car repairs, or home repairs. These loans are usually unsecured, meaning they don’t require collateral, such as a house or car. Personal loans are also known as signature loans, and your credit score is an essential factor in determining whether you qualify for one.
What is Bad Credit?
Bad credit is a credit score that falls below a certain threshold and indicates that you have a history of missed payments or defaults on loans. Lenders may be hesitant to lend you money because they see you as a riskier borrower. With bad credit, it’s essential to find a lender that specializes in lending to borrowers with low credit scores.
Top 5 Best Personal Loans for Bad Credit in 2021
1. OneMain Financial – OneMain Financial offers loans to borrowers with credit scores as low as 600. They provide both unsecured and secured personal loans, including car title loans. However, be wary of their high-interest rates, which can reach up to 35.99%.
2. OppLoans – OppLoans specializes in lending to borrowers with poor credit. They offer a range of loan options, including personal loans and cash advances. Their APR ranges from 99% – 199%, so make sure to understand the terms fully before accepting the loan.
3. Avant – Avant offers personal loans to borrowers with credit scores as low as 580. They provide both secured and unsecured loans, with interest rates ranging from 9.95% – 35.99%.
4. BadCreditLoans.com – BadCreditLoans.com connects borrowers with lenders that are willing to lend to those with bad credit. They offer up to $5,000 in loans, with interest rates ranging from 5.99% – 35.99%.
5. CashUSA.com – CashUSA.com provides personal loans to borrowers with bad credit. Their loan amounts range from $500 – $10,000, with terms ranging from three to 72 months. Interest rates vary based on your credit score and the lender, but they usually range from 5.99% – 35.99%.
Conclusion
Getting a personal loan with bad credit is challenging, but not impossible. By finding a lender that specializes in lending to borrowers with poor credit, you can still obtain the funds you need. Make sure to compare different lenders and understand the terms fully before accepting any loan.
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