How to get loans with bad credit history

Many people have a habit of making late payments of the bills or defaulting on loans. This results in a bad credit history. If you have a bad credit history, chances are that your loan application may get rejected or you may be charged a very high-interest rate. But this is not the end. There are plenty of other options from where you can get quick cash loans even with your poor credit ratings.

How to get loans with bad credit history

Credit unions

You can borrow money from any credit union which is affiliated with your employer or belongs to your community. They will not care about your credit score as long as you are a faithful member of the union. You may even get a favorable interest rate on good terms and conditions.

Online personal loans

If you are not a part of such credit unions, there are a number of online money lenders who will approve an instant loan for you despite a bad credit score. Here are a few companies who provide quick cash loans without any credit history check.

Online personal loans

This online service works as a channel between borrowers and its lenders. They send the loan request on your behalf to a number of direct lenders and in return provide you a fast loan on bad credit score with the best possible terms and conditions. Usually, the loan gets approved within 1-2 business days. Despite poor credit rating, you will get a personal cash loan from some of the lenders they work with.

Here, they provide three kinds of loans. You can apply for a loan up to $1000 Under Payday loans, up to $5000 can be borrowed in installment loans and in the personal loan you can take up to $100,000. The interest rates and other charges of loans vary as per the state rules and regulations from where you belong. The maximum loan amount and interest rates are dependent on the government’s regulations. There are no charges to apply through this website.

Opploans is one of the most popular options for people with a bad credit score needing a loan. You can get fast approval on your loan without any credit checks. They carry a soft credit inquiry which focuses on your ability to pay back the loan and not on your credit history. With this, they come up with a special repayment plan which suits your needs. It offers 99-199% APR for loans up to the period of 36 months. There are no pre-payment fees and other hidden charges.

One Main Financial offers you a variety of loans as per your need. To be eligible for the loan, credit score is one of the criteria, however, they don’t only focus on your credit score and there is no minimum score needed. There are some other scales which can make you eligible for their loan, so there are high chances for you to get a personal cash loan from here. They offer personal loans of $1500 to $30,000. The interest rate varies from 16% to 35% based on the length of loan period which is 24 months to 60 months.

Secured loans

These loans are taken against any of your valuable assets like house, car or jewelry. The amount of loan is thus secured by the asset. In case the borrower is not able to pay off the loans the lender can sell off the asset to recover the loan amount. In such cases, the credit score of the borrower is not affected.

Additionally, you can also try to convince your bank about your capability to pay back your loan and ask them to reconsider your application for the loan. If you know somebody having a good credit score, you can also ask them to co-sign your loan document. This can help you get a better interest rate or reconsideration of your rejected loan application. Meanwhile, with timely payments, you can try to improve your credit rating so that in future you don’t have to face such situation. A good credit history will always help in your hard times.