Where To Get A Personal Loan If You Have Bad Credit.
Learn all about where to get a personal loan if you have bad credit.
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Video Timeline: Where To Get A Personal Loan If You Have Bad Credit. #badcreditloans
00:00 - Intro
00:38 - Trade-off between low cost and likely approval
01:21 - Will a credit union approve me for a personal loan?
02:50 - Will banks give personal loans to people with bad credit?
03:40 - Which companies will offer personal loans to people with bad credit?
04:31 - What's a storefront lender?
05:37 - Should you take a personal loan from a non-prime lender?
06:36 - Should I avoid payday loans?
08:27 - What is a tribal lender?
09:26 - The importance of shopping around for a personal loan
09:49 - How The Yukon Project can find the best personal loan
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Where to get a personal loan if you have bad credit
If you have a bad, a poor, or a less-than-perfect credit score, you might find it hard to find a personal loan. People with credit scores below 630 can struggle to find the loans that they need. This is the space where it can depend entirely on the company’s algorithm. Where should you turn? What’s the best loan you can get?
That’s the question I want to answer for you today. We’ve spent years in the lending industry and we currently track dozens of lenders. I am going to use that experience to lay out where you should look if you need a personal loan and have bad credit.
I am going to show you the spectrum of lenders that might offer you a personal loan. On the far left side, we will talk about the lenders who will give you the best APRs. But, they are also going to be the least likely to approve you. As we travel across the spectrum, the options will get more expensive but easier to get. If you have bad credit, there’s two ways to use this information. You can either start from left to right until you find someone who will approve you. Or you can start from right and go to left until you find the best deal you can get.
The point is that this should be the full spectrum of options for personal loans if you have bad or damaged credit. Let’s get at it.
The best option you could get is from a credit union. Credit unions are member-owned financial cooperatives that provide a range of banking services, including savings accounts, loans, and financial counseling. Unlike traditional banks, they operate on a not-for-profit basis, aiming to serve their members rather than maximize profits. This structure often allows credit unions to offer lower fees, better interest rates, and personalized service.
Because of that, credit unions can offer some of the lowest interest rates for personal loans. They can also approve people who banks might not. But because they are focused on their members, if you have damaged credit and don’t have already have a relationship with them, you are very unlikely to get a loan from a credit union. If you receive your direct deposit into a credit union account, they are much more likely to extend you credit. That being said, I have spoken with credit union executives who think the only reason that payday lenders exist is because people don’t know credit unions exist. They were surprised when I told them that people are regularly denied for credit from their credit union. So, if you have an existing relation with a credit union, you should definitely start with them. They are going to be the best option for you. Some of the national credit unions that offer personal loans include Navy Federal Credit Union and Penfed Credit Union.
Banks are the next best option for you. Banks are for-profit organizations, so they are about making money. But their rates tend to be lower because they are very closely regulated.
