Did you know that a third of Americans were recorded to have either fair or very poor credit in 2019? For this article, we’ll call those two categories “bad credit”.
Do you fall into the bad credit category? Have you had trouble getting a loan when you’ve needed it most because your credit score is too low? Maybe you’re in a bind due to COVID-19 and need a quick loan to get through the year?
If you fall into any of the categories above, then you should keep reading this article to learn about five companies that will give you fast loans with bad credit.
1. Upgrade
With Upgrade, you can get quick loans anywhere from $1,000 to $50,000. The general APR (Anual Percentage Rate) is anywhere from 7.99% to 35.97%. If you’re approved, you’ll get the money in one business day.
Their terms are three to five years and you’ll be charged a fee of 2.9% to 8%. You do need a minimum of a 600 credit score.
2. Upstart
Upstart can provide you with $1,000 to $50,000. If you have a credit score of at least 620 you’ll be eligible. Your interest rate will be anywhere from 7 to 35.99%. You’ll wait for one to three days to be approved and get your money.
Loans range from three to five years and the origination fee is anywhere from 0% to 8%.
3. Personal Loans
PersoanLoans is great for those with a minimum credit score of 580. You can get anywhere from $1,000 to $35,000. It will take one day to receive your money if approved and loan terms range from 90 days to 72 months.
The APR will be 5.99% to 35.99%. Origination fees are 1-5%.
4. One Main Financial
If you choose One Main Financial, you can get a loan of $1,500 all the way up to $30,000. The good news is you can get a loan from them with any credit score.
But, the lowest interest rate you can get is 16.05%. The highest rate is 35.99%. It might be better to read this. It only takes a day to get approved and the length of the term runs from either 24 months to 60 months.
5. Bad Credit Loans
Bad Credit Loans only provides you with $500 to $10,000 with their loan program. But, they don’t have a minimum credit score requirement so you’re virtually guaranteed approval for loans, and their APR runs from 5.99 to 35.99%.
You’ll get the loan in one day and the length of the loan can be anywhere from three to 36 months. With this loan, origination fees may vary depending on your situation. They seem to fluctuate so you’ll need to double-check those.
Fast Loans with Bad Credit
In the United States, bad credit is probably more of a problem than many people realize. As mentioned, a third of the country is in a bad position to get a loan or a loan with a decent APR.
It’s even harder to get fast loans with bad credit. But, these five companies listed above can help you make it through the tough times and hopefully get your finances back into shape by the next day.
Have a look at our other articles for more smart financial tips.