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Personal loans help you pay for a variety of expenses. You can use them to consolidate debt or cover emergencies. You can find them at banks, credit unions and online lenders.
Look for a lender with flexible qualification requirements. Compare rates, fees and loan terms. Also consider a lender’s customer service options and other financial tools and apps.
1. Quicken Loans
Quicken Loans is a well-known lender that has an extensive array of mortgage and personal loans. It offers both the standard 15-year and 30-year fixed mortgages, as well as adjustable-rate mortgages. The company also offers FHA mortgages and VA mortgages. Its website is easy to navigate and provides a wealth of information about mortgages and loan options.
Borrowers may pre-qualify for a loan online to see what rates and terms are available. This does not impact their credit score, though a hard inquiry will be made when the borrower applies for a loan. Getting pre-qualified can help the borrower narrow down the options, which is especially helpful for those with bad credit.
Once a borrower submits an application, they’ll be matched with a Home Loan Expert. They’ll review their credit history and credit score, as well as income and debt-to-income ratio (DTI). The company will then approve the borrower if they meet eligibility guidelines.
Quicken Loans also offers a financial services comparison tool that allows borrowers to compare mortgage loans, credit cards and banking products. The site is free to use and features a variety of lenders, including Capital One, Citibank, SoFi, Chase and Rocket Mortgage.
Borrowers can apply for a mortgage with finchoice loan application online application Quicken Loans by phone, through its online portal or at a branch location. The company’s website also lists its contact details, including the address and hours of operation for each location.
2. Credit Karma
Credit Karma is a free, online service that offers consumers credit scores and reports from TransUnion and Equifax. It also provides a variety of other financial services, including personal loans. Credit Karma’s scoring models factor in a variety of data to accurately reflect a consumer’s creditworthiness. Its product portfolio continues to grow through acquisitions and strategic partnerships.
It’s important to compare loan options before applying. Look for fees, minimum requirements, interest rates and terms. Some lenders charge origination, late payment and prepayment penalties. You can find these and other important details in a lender’s loan disclosure statement.
A personal loan is a type of debt financing that allows borrowers to borrow up to $50,000 with fixed monthly installments for one to seven years. Most personal loans are unsecured, meaning they are not backed by collateral like a car or home. Lenders typically use credit-based scoring to determine whether a borrower qualifies for a personal loan.
Some lenders offer higher maximum loan amounts for borrowers with bad credit. However, they may require a higher minimum credit score. Alternatively, a borrower can try to qualify with a cosigner or coborrower who has good credit and agrees to repay the debt if necessary. Consumers with bad credit should shop around to compare lenders and find the best personal loan for them.
3. SoFi
Generally, personal loans with bad credit have higher interest rates than those for people with good credit. For those with poor scores, it might be worth exploring a debt refinance, which can lower the rate and make repayment easier. But before you do that, be sure to check out your options with a lender such as SoFi, which ranked as the best personal loan for debt refinance in 2024.
This online lender is known for its competitive rates, wide range of loan amounts and flexible terms. The lender also doesn’t require any required fees and offers same-day funding for eligible borrowers. To apply, answer a few questions about the amount you want to borrow and what you will use the funds for. You’ll then need to submit an identity verification by providing a government-issued ID, bank statements, income documents and utility bills.
The lender does a soft credit pull to pre-qualify applicants, which won’t affect your score. If you choose to continue with the application, SoFi will perform a hard pull to approve your personal loan request and provide the terms.
To get started, visit the SoFi website and complete an online application. The lender will ask you to provide basic identification information and contact details, and you’ll then answer prompts about your credit and what you will use the funds for. Once approved, most borrowers receive their funds the same day.
4. Ink Credit
When you have bad credit, it can be difficult to find a lender willing to offer a personal loan. However, there are lenders that specialize in providing loans for borrowers with less-than-ideal credit scores. These lenders typically offer more lenient credit score requirements, competitive interest rates, flexible loan terms and a wide range of loan amounts.
Many personal loan lenders for bad credit require a minimum credit score, but they also provide other criteria to help you qualify. For example, they may consider your income and employment status and look at your debt-to-income ratio. Lenders that provide this information allow you to compare loans to find the best one for your financial situation.
In addition, some online lenders have more flexible eligibility requirements. For example, some online lenders don’t check your credit and instead rely on other information, such as your bank account transaction history or your employment status. Lenders such as Oportun and Upstart are examples of this type of lender.
Before you apply for a personal loan, you should research the lender’s terms and conditions. Make sure you compare the maximum loan amount, interest rate and fees. You should also consider whether you need a co-signer or collateral. Getting prequalified for a personal loan is also a good way to learn about your borrowing options. This process only requires a soft credit inquiry and doesn’t impact your score.