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Tuesday, June 15th
Upstart knows there's more to you than your credit score. If you have a bad credit record - or no credit history at all - this lender looks beyond that to your education, work history and earning potential to see your complete financial picture. Most approved loans are funded within a day, and thousands of customers rave about how easy the entire process is. When it comes to bad credit loans, Upwork provides the funding that real people need.
Avant prioritizes lending to middle-income customers and has made over $6 billion in loans since 2012. Thousands of customers say that this lender is fast, fair and reliable when it comes to bad credit loans. However, charges were brought against Avant by the FTC in 2019, including issues with not crediting customer accounts for repayments and overcharging them multiple times. We think Avant has great things to offer, but we'll need to see them continue to rebuild their reputation if they want to move up in the rankings.
With so much economic turmoil, there's never been a time where bad credit loans have been more in demand. No matter what caused your credit score to be below 600 - the typical threshold for a "bad" credit rating - you're far from alone.
Out of approximately 230 million Americans who qualify for a credit score, almost 70 million have poor credit. Some of the most common reasons for low credit scores are expected financial hardships (like job loss or medical expenses), not using credit responsibly, or simply being unaware of the factors that contribute to having a healthy credit history.
Unfortunately, getting a loan when you have bad credit can be a paradox: in order to qualify for the best loans, you need a good credit history. But, to establish a good credit history, you often need to have demonstrated that you are responsible with credit - by making on-time payments, not overutilizing the credit you've been extended, and so on. On the other hand, without a loan to pay off debts and handle current financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.
Does this sound familiar? If so, take a deep breath and recognize that there's hope - because there are providers out there who offer loans to people with bad credit. And no, you won't have to sign away your life to qualify, though you should be aware that the terms will probably not be as favorable as those offered to people with high credit scores. That's only fair, as the lenders are taking on more risk when they give money to people with a less-than-sterling track record.
How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. After all, you want to be sure that any loan you accept is going to help you get back on your feet financially, with terms you can actually meet. Here are several criteria that can help you choose the right lending partner for your situation:
TopConsumerReviews.com has reviewed and ranked the best bad credit loan providers available today. We hope this information helps you to quickly get the money you need, with terms that are fair and affordable, so that you can get back on your feet financially!
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