Where to Find High Risk Personal Loans


Personal loans are usually unsecured by property or collateral and rely on your income and credit rating for approval. If you have bad credit, you are a high risk to lenders and will have a more difficult time obtaining a personal loan. There are companies and lenders who specialize in assisting borrowers with poor credit to get a high-risk personal loan.

Finance Companies

Finance companies are usually a good place to start when trying to obtain a high-risk personal loan. Companies such as American General Finance or CitiFinancial will lend up to $9,999, unsecured, to someone with fair credit. If your credit is too poor, you can try a local finance company instead. These types of companies typically lend up to $1,000 to people with bad credit, as long as you have verifiable income. The payments are a set amount for a predetermined number of months and usually carry an interest rate as high as 60 percent. Most finance companies report to credit bureaus, so timely payments can rebuild your credit.

Installment Loans

You can try obtaining an installment loan from a lender like CashCall or ThinkCash. Your credit is usually considered, but isn't the main factor. Income and job stability are very important to these lenders. The interest rates can be almost 100 percent of the loan. Payments are usually made monthly, for a set amount and number of payments. These lenders will typically require you to have a checking or savings account from which they can automatically draft payments on the due dates. There is usually no fee for early repayment, and you will significantly reduce the interest paid if you can settle the loan early. These lenders might or might not report timely payments to the credit bureaus, so you should ask before assuming the loan will repair your credit.

Payday Loans

Payday loans are usually easy for almost anyone to obtain and can even be processed completely online, with nothing to fax for most borrowers. The lenders don't check credit, and the loan is repaid in one installment, usually on the following payday. Payday loans have very high interest rates, up to 1,000 percent annually, and should be an option of last resort. If you must take out a payday loan, you should only borrow the minimum you need that you can afford to repay the next payday. You don't want to fall into the payday loan trap, where you continuously renew the loan for the cost of the interest and never pay down the principal. Payday loan lenders don't report on-time payments to credit bureaus.

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