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Bad Credit Loan Options

Daniel Joelson

Daniel Joelson

Total Posts: 325

Published Date: December 9, 2021

Daniel Joelson has been in consumer finance since 1994, he is one of the leaders in car title loans. With great knowledge and years of experience, he is able to help people different financial problems. Being an expert in car title loans, he is able to write extensively about them.

Categories: Car Title Loans California Blog

A bad credit score (300-629 on the FICO scale) doesn’t automatically disqualify you from getting a personal loan.

Some online lenders cater specifically to people with bad credit. These loan companies take into account your credit scores and credit history when deciding whether to lend you money, but they have looser requirements than banks and they may consider factors beyond your credit score.

However, interest rates at online lenders can be high if you have bad credit, with annual percentage rates typically above 20%.

bad credit loans

How to get a bad credit loan?

Check your credit report: Before you apply for a personal loan, check your credit report, and address any errors that could be impacting your score. Bumping your credit several points can not only boost your chances of qualifying but also get you a lower interest rate.

NerdWallet offers free access to your TransUnion credit report. You can also get a free report from each of the three big credit bureaus (the other two are Experian and Equifax) from

NerdWallet offers free access to your TransUnion credit report. You can also get a free report from each of the three big credit bureaus (the other two are Experian and Equifax) from

Visit a credit union: Personal loans from reputable online lenders are fast and convenient, but you may get a lower rate and more personalized service from a credit union. The maximum APR offered at federal credit unions is 18%.

Pre-qualify online: If you can’t get a loan through your local credit union, compare offers from multiple online lenders before signing any loan agreement. The easiest way to compare actual rates is to pre-qualify.

You can also use a personal loan calculator to see what rates may be available to you, based on your credit and the loan you want. Learn more at

bad credit loan

Applying for Bad Credit Loans?

Submit an application: Applying for a loan can take anywhere from one business day to a week, and the process triggers a hard credit inquiry. That can temporarily hurt your credit score, but it should rebound over time as you make timely payments on the personal loan.

Update your budget: Follow a budget that divides your income into needs, wants, savings, and debt.

Set up autopay: Setting up automatic payments ensures you’ll make them on time. Over time, this will help improve your credit score. Some lenders offer discounts to customers who set up autopay.

Keep in touch with the lender: If you lose your job or encounter a surprise expense. Or if you think you may fall behind on payments. Contact the lender right away to work toward a solution. Some lenders offer hardship programs or will temporarily defer your payments. Others waive late fees until you get back on your feet.

Bad Credit Loan Disclaimer

Annual Percentage Rates (APR), loan terms, and monthly payments are estimated based on an analysis of information. Usually provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers’ credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.

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Trading Financial Credit, LLC may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. Trading Financial Credit, LLC does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License : 603-8192. Arizona: Loans made pursuant to Arizona Department of Financial Institutions.

New Mexico: Loans made pursuant to New Mexico Regulation and Licensing Department Financial Institutions Division Small Loan Company License. Small Loan License 02069

*Credit approval is subject to Trading Financial Credit, LLC credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

*Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.