Easy Qualifying Loans for People With Bad Credit

Bad credit negatively affects your ability to obtain a credit card, home loan, car loan or personal loan. It can be difficult to get a loan with bad credit, though some loans are easier to qualify for and have more relaxed requirements.

Types

The types of loans available for those with lower credit scores include installment loans, personal loans, payday loans, car title loans and mortgages.

Rates

Someone with bad credit will pay a much higher interest rate than someone with good credit.

Mortgages

Mortgage loans are usually available for someone with a credit score of at least 620. Someone with poor credit can buy a home but should expect to put up to 20 percent down to obtain the loan.

Short-Term Loans

Payday loans and car title loans are short term and have easy qualifying terms. But both types of loans come with extremely high interest rates that make it better to avoid these types of loans, if possible.

Installment Loans

Installment and personal loans are available through finance companies. The lenders usually require a better credit score but will work with past bad credit.

Advance Fee

Beware of any advance fee lenders that require you to pay a deposit upfront before your loan is disbursed.

References

• Creditloan.com
• Credit Champion
• Lazer Loans

Resources

• CitiFinancial
• ThinkCash
• Elastic Loans