A credit score below 550 significantly reduces your chances of obtaining a loan from conventional banks as they use your score to determine whether or not to approve your loan.
But even with a credit score that low, there are loan companies from which you can get a personal loan. The best of them are iPaydayLoans, WeLoans, Fast Title Loans, PersonalLoans, and BadCreditLoans.
Where to Get a Personal Loan With a Credit Score Under 550?
iPaydayLoans
iPaydayLoans connects a borrower with its panel of trustworthy lenders who offer loans without performing hard credit checks, which will not damage your credit score. The company ensures that you can apply for loans with no collateral and get funding as early as 2 business days.
WeLoans
WeLoans provides a simple way for people in difficult financial situations to borrow money. It works with a wide network of lenders, so you can have greater chances of getting offers with favorable terms.
Fast Title Loans
With Fast Title Loans, you can enjoy speedy decisions, simple submission, and quick funding. The company takes bank-level encryption technology to keep your personal information confidential.
PersonalLoans
PersonalLoans has an excellent reputation for helping bad credit borrowers get loans. Your requests will be sent to different lenders who will customize your offers. There are no hidden fees or upfront costs. Their services are completely free.
BadCreditLoans
The personal loan lending process on the BadCreditLoans website is simple and can be finished within several minutes. The APR can be as low as 5.99% depending on your income and other factors.
Even though with these lending platforms you can get access to personal loans with bad credit, it is good to note that your credit score can affect the interest rate and loan term. So in order to get the best deal, you can take some measures to improve your credit score.