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What Is a Bad Credit Personal Loan?

What Is a Bad Credit Personal Loan?

Once you review multiple loan options from Upgrade, you can choose the offer best for your financial goals and income. Upgrade will clearly lay out all of your loan terms to ensure that you understand them before signing your loan agreement. Generally, Upgrade requires a single, fixed monthly payment and charges fixed rates throughout your loan term.

After accepting a loan offer, you can expect to receive your loan proceeds within a few days. Upgrade suggests using these loan funds to refinance credit cards, consolidate debt, fund home improvement projects, or pay for major purchases. Unlike many lenders, Upgrade also encourages borrowers to use loan funds for business expenses.

Because Upgrade is an actual lender rather than a platform that connects you to personal loan lenders, its eligibility terms are a bit more rigid. If you’d like to borrow a personal loan through Upgrade, you’ll need to:

  • Have a minimum credit score of 580
  • Have a maximum debt-to-income ratio of 45% (excluding your mortgage)
  • Have a minimum monthly cash flow of $800

These requirements are on top of meeting basic demographic criteria, such as being 18 or older and having proof of U.S. citizenship. Meeting all the company’s loan requirements should set you up for guaranteed approval.

Overall, Upgrade is a generous personal loan lender that provides personal loans for people with a minimum credit score of 580.

#5. Avant: Best for Easy Approval

Avant is an online lender that facilitates loans through a third-party bank, WebBank. This company launched in 2012 and typically provides loans for people with moderate incomes and fair to good credit. Still, its generous eligibility requirements make it suitable for people with lower credit scores as well.

You can borrow loan amounts ranging from $2,000 to $35,000 through Avant. Avant’s APR is on the high end of the spectrum, ranging from 9.95% to %, and its repayment terms range from two to five years. These terms vary by state, but you can check your state’s specific terms on the Avant website.

If you’re interested in requesting a loan through Avant, you can start by checking your loan options on the company’s website. Checking your eligibility is completely free and will not affect your credit score.

After filling out the online eligibility form, Avant will send you an email with your loan offer. You can review all of the loan terms in this email, then redeem your offer by clicking the link in the message.

Avant makes it easy to make monthly payments on your loan. If desired, you can set up autopay, allowing Avant to withdraw your payments automatically each month. This feature ensures that you never miss a loan payment and lower your credit score further.

Eligibility

  • Have a minimum credit score of 580
  • Have a minimum annual income of $20,000 (which can include alimony, child support, and income from other people within your household)

You can use an Avant loan to cover most types of expenses. However, you cannot take out an Avant loan to refinance a different Avant loan.

When you apply for a loan, the lender will review your financial history to determine your eligibility for the loan. One of the most significant pieces of evidence lenders consider is your credit payday loans in Parma OH score.

Your credit score indicates your financial responsibility with past loans, credit cards, and other economic opportunities. When you have a low credit score, lenders typically assume you may fail to make monthly payments on time or repay the loan altogether, leading them not to want to risk lending money to you.

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