how to get personal loan with bad credit

how to get personal loan with bad credit

How to get personal loan with bad credit

How to Get a Loan With Bad Credit

If you need some cash for a personal reason–such as medical bills or debt consolidation–you may be considering a Personal Loan. And they’re a good idea, since there are no restrictions on how you can use the money (unlike a car or mortgage). Although interest rates are higher than that of a Home Equity Loan or Home Equity Line of Credit, Personal Loans are available to anyone–even those who don’t own their home.

Many people will tell you that in these tough times, banks and lending institutions have made it nearly impossible for individuals to get personal loans. That’s not true at all. While it’s true qualifications are stricter now, getting a loan can be tough or easy – depending on how well-prepared you are. But here’s the catch: you will need to prove you’re worth every cent you borrow. Here are some tips to help you out.

Choose Your Options Wisely

You can choose from two options in bad credit personal loans. First, you can opt for unsecured personal loans. Typically, you will have to pay higher interest rates because of the higher risks assumed by the creditor although you need not present any personal and/or real property as collateral.

Remember this is an emergency personal loan to fullfill an immediate and urgent requirement, for the lender it is a high risk unsecured loan so the charges will be in proportion to the level of risk and the amount of cash offered will be limited. If you need a longer term loan or more money you should be looking at alternative ways of borrowing.

Can you afford the interest?

This is a very important question that is often overlooked when people are considering which loan to apply for and how to use it. Spending the bank’s money seems so much easier than spending your own but the truth is you have to pay it back and not just what you have spent but interest on that money as well. Calculate on much money you have been approved for and if you can afford to pay the monthly interest but not only this, can you afford to pay the loan back as well?

Depending on your credit rating, you may be able to get personal loans on an unsecured basis. This means that you don’t have to put up any collateral, like your savings account, car or home in order to get the loan. Keep in mind that unsecured loans will typically carry a higher interest rate. If you cannot qualify for an unsecured loan, you can apply for a secured loan. This means you will have to pledge personal property as collateral. If you cannot qualify for an unsecured loan you may want to see if you can get a co-signor.

It is best if you get personal loans from online lenders for major emergencies only. If you need to get your car repaired so you can get to work, or get a major home repair done quickly, then consider an online personal advances. Remember, the interest rates and loan fees will likely be higher so use them carefully.

Personal Loans For People With Bad Credit Or No Credit

Bad credit or no credit makes it tough – but not impossible – to get a loan. Credit unions, home equity and peer-to-peer loans or even debt consolidation with no loan could improve your credit rating and increase your future options.

Personal Loans For People With Bad Credit Or No Credit

You may have seen it on a sign somewhere or possibly on your TV or computer screen: “No credit, no problem!” Don’t believe it. The truth is, when you need to get a personal loan and you have no credit or bad credit, there definitely is a problem. It’s not an insurmountable one, but it is a problem nonetheless.

Having poor credit makes you a high-risk customer to major banks, credit unions and other major lending institutions. Those lenders have strict standards, and they rely on credit scores when picking their borrowers and calculating loan terms. Unless lenders are assured that their loans will be repaid, they simply won’t make the loan. In addition, heightened regulations and tighter internal controls by lenders in the wake of the Great Recession make today’s lending climate a tough one for borrowers.

So when your credit is bad, you may feel like you’re at the mercy of payday lenders and other sources of financial help, sources that will only loan you money if you agree to repay it at high, or “subprime,” interest rates. These loans are fool’s gold. They often you leave more in debt than you should be. In fact, payday loans are illegal in 13 states because of their predatory terms.

To understand how your credit affects your personal loan options, the best place to start is to understand your credit score. Free credit scores are now available at several online sites.

The National Foundation for Credit Counseling says that 60% of Americans haven’t checked their score in more than a year.

Some common signs of a bad credit score include:

  • You are paying higher interest rates than you see advertised
  • You have stopped trying to pay down debt and are satisfied making minimum payments on high interest credit cards
  • You have a history of late payments for housing, utilities or other monthly bills
  • Your checking account is overdrawn on a regular basis
  • You have problems getting a lease for housing
  • Cell phone companies won’t give you a contract

All of these have a negative effect on your credit score, making it more difficult to get a loan. Don’t get sucked into a situation that sounds too good to be true. If you have bad credit and need a loan there are options available but it will take a little time and research to find the one best suited to you.

Credit unions are similar to commercial banks in terms of their services, but they are owned by their members rather than by profit-seeking shareholders. Credit unions are nonprofit institutions, meaning they pass their earnings along to their members in the form of lower fees and borrowing costs and better customer service.

A credit union – especially one affiliated with your employer or one that is community-based – may be willing to look beyond a poor credit history and make a judgment about whether it will loan you money based on your character and your promise to repay, regardless of if you have bad credit or not. Think of them in the way you would a small community bank from years ago.

Although the recent recession forced a number of smaller credit unions around the country to merge with larger ones, almost all credit unions are actively looking for borrowers. If you can afford terms that match your credit history, you are likely to find a credit union somewhere willing to work with you.

If you are thinking of asking a credit union for a personal loan, look for one with which you have something in common. For example, if you are a veteran of the armed forces, you might want to approach the Navy Federal Credit Union. If you are a teacher, there are credit unions created by and for members of that profession.

By joining a credit union, you could position yourself for much more favorable loan terms, regardless of your credit score.

The Navy Federal Credit Union caps its personal-loan annual percentage rate (APR) for members at 18% — and that holds true even if your credit score is 600 or less.

In the same credit situation, a bad-credit borrower might receive a 36% APR from another lender.

Let’s say you have a three-year, $10,000 loan. Here is the total repayment:

The chance to save more than $3,000 makes it worth looking into enrolling in a credit union.

In Shakespeare’s “Hamlet,” the character Polonius admonishes his son Laertes to be “neither a borrower, nor a lender.” While this advice is prudent when dealing with strangers, it might be even more judicious if you’re thinking about borrowing from family members or friends. Not repaying a loan to a relative or close associate can poison relationships in ways that go far beyond a bad credit report.

Nevertheless, sometimes those closest to you are your best sources of funds and a family loan can benefit everyone involved. You should always treat any loan from someone you know just as if it were an important business transaction between you and a stranger. That means it should be formalized with clear documentation and legally recorded. To avoid future problems, create a written contract that includes the loan terms and interest rate, and what will happen if you cannot repay the debt.

If borrowing from a friend or relative is not possible, you can still approach someone with good credit who trusts your capacity to repay the loan and you can ask him or her to be a co-signer on a personal loan from a traditional lender. With a qualified co-signer, the lender will set the loan terms based on the credit score of the person with good credit, who will then be equally responsible for repayment. All payment information will be recorded on both yours and your co-signer’s credit reports, so if you default on the loan, or you’re late with payments, you will severely damage your co-signer’s credit score. However, if you make timely payments, your own score will improve, making it easier to obtain future loans without a co-signer.

If you have equity in your home, you can apply for a home equity loan or home equity line of credit (HELOC). Home equity is the difference between the amount your home can be sold for and your mortgage. Your home is used as collateral, and home equity loans can be obtained regardless of your credit score. The interest rate is usually low, because the loan is secured by the home. Also, the interest you pay on a home equity loan is usually tax-deductible.

Unlike a home equity loan, which is a lump sum of cash, a HELOC acts like any other credit account. You can access money when you need to, up to the loan’s credit limit, and you must pay it back according to a predetermined schedule. In both cases, it is important to remember that tapping your home equity puts your property in jeopardy if you don’t repay the debt. But if you are disciplined and have a reliable source of income, it is an inexpensive way to borrow from a reputable lender if you have bad credit.

One of the benefits of a home equity loan or HELOC is the extended loan term (15 or 30 years). The long term will substantially lower your payment, though you will pay more in interest over that time period.

Peer-to-peer lending, also known as person-to-person lending, is a relatively new loan form, having only been around since 2005. It’s an online platform that allows you to borrow directly from another individual rather than from an institution. Potential borrowers can post a loan listing on various peer-to-peer websites, indicating the amount wanted and what it’s for. Investors review the loan listings and choose the ones they wish to fund.

Your credit score is still a factor, but since an individual investor has much greater leeway in how it is to be weighed these loans are often more readily available for people with bad credit. Lending standards are significantly more lenient and interest rates are usually lower than those offered by traditional lenders. In addition, peer-to-peer websites help evaluate risk for the lender, while verifying the lender’s credentials for the borrower.

How to Get a Personal Loan with Bad Credit

Historic. That’s the word a recent Forbes article used to describe the rise of online lending. What’s the reason for this exponential growth? We offer five suggestions as to why borrowers have begun to embrace the online loan.When you have bad credit and no money, everything is an emergency. From a flat tire to a surprise medical procedure, even small struggles can turn into major crises when you can’t afford them.

Don’t panic. There’s an easy solution for your short-term debt problems – a personal loan. You just need to know how to get one.

We’ll show you how to boost your chances to qualify for an unsecured personal loan when you have bad credit. The process is relatively simple, albeit with caveats. When you’re ready to start the process for obtaining a loan, head over to our loan request form.

Bad Credit Means Fewer Options

Before we show you how to get a loan, you should know what types of loans are out there. We help people try to find lenders that offer three different types of loans: Bank Personal, Peer to Peer, and Personal Installment. (We recommend that you try to get the best loan possible, but don’t apply for too many loans. You'll get a credit check every time you apply. Too many credit checks will lower your overall credit score.)

  • Bank Personal – These are loans you get from your local bank. They often have lower interest rates than other types of loans, but they can be a little harder to get if you don’t have a great credit history. When banks look at your credit history, they also look at your debt history, or how long you’ve been paying off debts. That means it’s inherently harder for young people to get approved for these types of loans because they typically don’t have a lot of experience with debt (e.g. mortgage, car payment, credit card bills).
  • Peer to Peer (P2P) – This is a newer type of loan. With a P2P loan the money comes directly from a company or a business, but never from a bank. It’s usually done online. They can have even lower interest than bank loans, but they require you to have a good credit history. It’s possible to qualify for a P2P loan with bad credit, but it’s unlikely.
  • Personal Installment – This is the loan for people with bad credit or a limited credit history. You’ll likely pay higher interest and fees compared to what you would pay with a traditional bank loan. But, if you pay the loan off on time, you’ll improve your credit history and be more likely to get a less expensive loan next time.

There are other types of personal loans, but we don’t recommend all of them. If you need more than $1,000, then don’t sign up for a cash advance. Most states limit the amount you can apply for with a cash advance anyway. Technically, you could combine several cash advances to reach your loan target amount, but the interest would be overwhelming. We recommend that you stick to the three types of loans listed above.

Note: You also should stay away from secured loans. These are loans that require you to offer collateral, such as your house (home equity loan) or car (auto title loan). If you can’t pay off the loan, you lose whatever you offered against it. It’s better to avoid that risk and instead apply for an unsecured loan.

If you have bad credit, a lender might be more willing to offer you a loan if you have a co-signer. What's a co-signer? It's someone who agrees to pay off your loan for you if you are unable to pay the loan off yourself. This person will need to have excellent credit to make up for your bad credit.

When I purchased my first car, the dealership had a great deal going on: a 1.9-percent interest rate if I financed the car through the company's loan department.

I'd saved up enough to pay in cash, but I wanted to have it financed to boost my credit history.

(Remember, your credit history gets better the more times you prove you can pay off a significant amount of debt, but that's only true if you take the time to pay off the debt. So, if you buy a new car, you should get a loan and make regular payments for at least two-and-a-half years, so it counts as a good credit experience. If you do this, your credit history will get you a lower interest rate when you apply for a mortgage.)

I didn't have any negative marks in my credit history, and my score was pretty high. But I still wasn't qualified for the loan.

They told me that I didn't have enough experience.

The only way I could get the 1.9-percent interest rate was if I had a co-signer. Well, my wife's parents happened to be visiting that weekend, and they had come to the car dealership with me. I didn't want to ask my father-in-law to co-sign, though. I wanted to buy the vehicle on my own.

Still, it made sense to have the car financed. He was willing to co-sign, even though he'd had a bad experience co-signing in the past when he had to pay for the item he'd co-signed, and so we pulled the trigger and got the car financed at the 1.9-percent interest rate.

Chances are if you try hard enough you'll be able to find a co-signer, too.

Lenders are a stubborn bunch. You can trust them to try everything in their power to get you qualified for a loan. You just have to be willing to work with them. Here are some tips for when you're dealing with a lender:

  • Give them the information they need. We only work with reputable lenders, so you can feel safe giving them your information. We understand that it can be difficult to hand out sensitive information, like your Social Security number.
  • Be honest with them. Don't try to hide any big financial mistakes. Remember, they want to sign you up for a loan. They will help you through the process, but they need to have accurate information to do so.
  • Go ahead and offer suggestions. If you want to negotiate your rates or suggest adding a co-signer to the loan, then go ahead and do it. They'll let you know what's possible and not possible.

In the case that you find a loan, your lender will offer you a loan agreement. Read over the contract and make sure it includes the price points you expected. Don’t sign it until you have read it thoroughly and agreed with everything in the agreement. You can always call your lender if you have any questions.

How to Save on a Personal Loan

The best way to save on your loan is to pay it off as quickly as you can. The sooner you pay off your loan, the less interest you will pay. First, though, make sure there's no penalty for paying back your loan before the due date. If there’s not, you should pay back your loan as fast as you can.

Your lender will set the fees and interest for your loan. These charges can be affected by state regulations and your credit history. There’s not much you can do about your state laws, but you can bump up your credit score. Improving your credit score will also improve the chances that you’ll get the loan in the first place. A recent Forbes article listed several great tips for improving your credit score.

  • Contact the people in charge of your credit score and dispute any errors. The three major credit bureaus are Equifax, TransUnion, and Experian.
  • Apply for another credit card. As long as you pay your bills on time, having a couple of credit cards can bump up your credit score.
  • If you have more than one credit card, it's smart to spread your debt between the cards. If you max out a credit card, that'll be bad for your credit score. But if you use less than 30-percent of your limit spread across a few credit cards, then you'll likely have a better overall credit score.
  • You should also increase your credit limit on all of your credit cards. (Just don't also increase your spending.) This tip helps you in a couple of different ways. When you have a higher limit, it’s easier to stay below the suggested 30-percent usage level. Also, just having a higher credit limit will improve your credit score.
  • Grab your phone, call your creditors, and negotiate. Remember, they want money and you want a better credit score. Sometimes they'll offer a compromise, like erasing the accounts that went to collection on the condition that you pay the debt off. If you can't get them on the horn, then we suggest writing them a letter. Forbes says that you should request a "good-will adjustment,” which is pretty much a mulligan for credit mistakes.

Beware of credit repair companies that promise to improve your credit rating by getting negative information taken from your credit report. Most of the time the bad stuff can’t be removed unless it’s old. According to the Credit Repair Organizations Act, it is illegal for these companies to make false promises or bill you before completing their services.

It's sad, but not all sites that offer “bad credit personal loans” actually follow through. Here are a few products that won't help you get a personal loan.

  • Avoid refillable debit cards. When you search online for credit solutions for people with bad credit, you're bound to find sites offering refillable debit cards (often branded as credit cards). These will be useless to you. These cards require you to use your money to fill them up. Sometimes they have a monthly fee, upwards of $15. That means you are paying to have a place to keep the money you already have. They might be useful if you need to buy something online and you don't have a credit card. But they won't help you if you require a personal loan.
  • Don't bother with low-limit loans. If you need less than $1,000, then you probably shouldn't be applying for a personal loan. In fact, you should be a little wary if a lender offers you a personal loan for less than $1,000. Also, stretching your debt across several low-limit credit cards can be dangerous. If you forget to pay just one payment, your credit score will sink even lower.
  • Stay away from scam sites. When you fill out our secure form, we will try to help you find a reputable lender. This free service helps you avoid the Internet's many scam sites. All of our lenders are licensed and allowed to lend money to borrowers. You should never enter your information into a site that doesn't guarantee that their lenders are licensed.

Don’t believe the adage, “Beggars can’t be choosers.” You are allowed to search for the best loan for your circumstances. Try to avoid the unsavory ones. The Federal Trade Commission offers tips on how to recognize an advance-fee loan scam.

There are a few basic requirements that you have to meet to be approved for a personal loan with bad credit. They are less strict than you might think. As long as you are at least 18 years old, a U.S. resident with a valid ID and Social Security number can show proof of income and have a bank account; there’s a good chance that you’ll qualify for a personal loan. Of course, we can't guarantee that you will be eligible. We are not a lender, and it's up to the lender to decide how much you'll get or if you'll get anything at all.

You can get a loan with bad credit. But wouldn’t it be nice to have enough credit? You will need to change your spending habits before that happens. Use this loan as an opportunity to improve your credit. You’ll do that if you pay off the loan without missing a payment.

If you are using this loan to treat long-term debt problems, you will need to figure out a different way to address that problem. Taking out more debt is not a good way to get out of debt. We suggest meeting with a debt counselor. They will teach you how to change your spending habits, consolidate your debt, optimize your income, and finally reach financial independence.

You can go from having bad credit to having enough credit.

We hope this article helps you reach your goal of getting a personal loan. We know that having bad credit can be difficult, but hopefully, these tips will help you get the money you need.

Bad CIBIL Score? How To Get Personal Loan With Bad Credit

Ravi, a professional from Nagpur, could not get a loan because of his bad credit score.

Ravi wanted a loan to fund his personal expenses and was desperately looking for a solution.

Then he found the perfect solution in unsecured personal loans. But his bad credit history was bogging him down. The fear of rejection because of a bad CIBIL score prevented him from applying for a Personal Loan. Ravi’s friend, Aditya, came to his rescue. He told Ravi the different ways to get a personal loan despite a bad credit score. To Ravi’s delight, the information proved a godsend.

Both non-banking financial institutions (NBFCs) and banks give personal loans. Individuals have to take certain steps to avail low CIBIL score personal loans. Here are the details:

Include Your Spouse or a Relative as Co-borrower

You might not have a good credit score but you could use the score of your working spouse. If your spouse has no income, consider any other earning relative. They could be your brother, father, mother, or other relations with a good CIBIL Score. When you have a co-borrower, the lender looks at your combined income. This increase your chances of getting a personal loan. In this case, you can get a personal loan without a CIBIL check.

A guarantor guarantees the repayment of the loan on behalf of the borrower. This assures the lender about repayment and cuts down on default risk. If you have a bad credit score, add an individual with good credit to act as your guarantor. If you get a guarantor’s backing, you can avail a personal loan even with a bad credit rating.

Show off an Increase in Income

A promotion or a job change may increase your income. It also makes it easier to get a personal loan with a bad score. Lenders are concerned about the loan’s repayment. A bad score does not reflect well on your repayment potential. But if your income has improved lately, it can act in your favour. You will need to show some documents to establish your income. These would be bank statements, tax returns, and salary slips, among others. You have to submit these to the lenders before you get the loan.

People with bad credit can avail a personal loan if they pledge their assets as collateral for the loan. By pledging collateral, you nullify the default risk and get the loan.

Also Read : How Much CIBIL Score is Required to Get a Personal Loan

Ravi checked the eligibility criteria to apply online for a personal loan. He decided to pledge his fixed deposits and life insurance policy. He qualified for the loan and submitted the documents required by the lender. Thus, he was able to get a personal loan despite his bad CIBIL Score.

A bad CIBIL score is not the end of the road when you are seeking a personal loan. If you know how to get a personal loan without a CIBIL check, the loan is not hard to come by. So, do not get disheartened by a bad CIBIL score. Your personal loan is just a step away.

How To Get A Personal Loan With Bad Credit – 3 Quick Easy Methods

How to Get a Personal Loan With Bad Credit

Applying for a personal loan is already difficult enough, but poor credit can make the endeavor ten times worse. If your credit score is between 300 and 630, you may need some extra help securing your loan. Here are 3 quick and easy ways on how to get a personal loan with bad credit.

1. Consider a peer-to-peer loan

Have you already attempted to get a loan through most of the banks in your area? If so, you’ve still got options.

One of the easiest ways on how to can get a personal loan with bad credit is by applying for a peer-to-peer (or P2P) loan.

These are relatively new. They popped up around 2005 or so, so the kinks are still being ironed out.

With a P2P loan, you’re not borrowing from a bank, but instead from an individual. You’ll still have to pay them back in full (plus interest), but it can sometimes be easier to appeal to an individual.

While P2P loans are a bit of a risk (primarily for the lender), sometimes you have no other choice. Should you choose the P2P route, do your research and make sure you’re getting a good deal from a reputable site.

These small, independently owned and operated institutions don’t have to answer to shareholders.

Generally speaking, most credit unions have lower fees than their larger counterparts. You’ll end up paying a substantially lower interest rate should your personal loan get approved.

Credit unions are likely your best bet if you’ve got bad credit. And odds are there’s one right around the corner from where you live!

There’s no guarantee that even a credit union will approve your loan. Accordingly, you may need a bit of outside help. But believe it or not, you’re still not out of options.

Find someone you trust and ask if they’ll serve as a cosigner to your loan. With a cosigner, your financial institution will have a guaranteed means of getting their money back.

This is really a win-win, as they’ll be far more likely to approve your loan.

Additionally, this will allow you to build up credit. While your credit score may not be in the best shape at the moment, think of your loan as a stepping stone.

By paying this loan back, you can take steps to improve your credit.

For the best results, you may want to get both a cosigner AND applying at a credit union. That way, you’re vastly increasing your chances of approval.

Quick tips when getting a loan with bad credit

We want to make sure you stay safe out there, so here are a few things to keep in mind.

Be vigilant: There are plenty of people out there looking to separate you from your money. Make sure you do your research so you don’t fall prey to a scam

Be smart about your borrowing: Don’t borrow more than you can pay.

Start saving: Saving is one of the easiest ways you can secure your financial future. Set aside some money from each paycheck, even if it’s just a few dollars. It’ll add up and your bad credit will be a thing of the past.

With over 30 years of knowledge of the financial world, we want to help you save money. Whether you need help with how to get a personal loan with bad credit, mortgages, or student loans, we can help.

Be sure to keep up with Credit Squared for all your financial knowledge! If you have any questions or comments please leave us a message below.

Nowadays it is so hard to get out of debt once you have dug yourself into that hole. Especially with bad credit, it is tough to be eligible to qualify for a loan.

Unfortunately, it’s also hard because in order to improve bad credit, you need to pay off debt, but how do you do that if you can’t get a loan or another job?

Hopefully these 3 tips can help people. Nice review. Thanks for the helpful advice!

It does make it difficult when you have too much debt and bad credit and you don’t have many options to get yourself out of it.

The only way to do that is to start budgeting your expenses and living within your means.

There are several great articles on this site that can help with improving your credit knowledge. You can start here with this article

If you need another resource to earn more, try getting some overtime at work or look for a new job that pays more. If you have the flexibility you could get a part time job on the weekends.

I know all tough sacrifices, but it will put you in a better place financially much faster.

Once you have improved your credit (give it some time) you will be able to qualify for a personal loan which you can then use to consolidate all of your credit cards at a lower rate.

Use some of the suggestions outlined in this post How to Get a Personal Loan With Bad Credit when you are ready.

Then work to pay down the personal loan and things will begin to improve for you financially over time.

Thanks for the very informative and clear article!

It is so hard once you get into debt to get back out especially when things get out of hand and you do end up with bad credit!

You raised some great ideas! It is hard once you have bad credit to clear your name especially if you are in a better position now. But just getting that go to improve it would be a great start!

Thanks for your post!

Glad you enjoyed the post and found it helpful.

You are correct when you state that it’s difficult to get out of debt once things get out of control. But if one follows some the steps outlined in the post and if they are patient should be able to make good progress.

Getting a personal loan with bad credit may seem difficult at first, but with a little budgeting and planning it can be done.

Consider finding a peer to peer loan. Contact credit unions, they tend to have more lenient credit standards, or find a cosigner on a personal loan.

Consolidate all your debt if you can, then execute your budgeting and spending plan and you will be well on the road to becoming debt free.

This is great advice! Especially for those of us who are younger and have yet to experience the financial world at its finest. These are tips we can all take notes on for sure. I know I will while going forward in my life,

These are things that need to be taught in school.

H Melissa – I agree, these are things that need to be taught in school. It would help avoid many future financial mistakes made by younger folks.

In the meantime many people have gotten too deep into debt and need to find a way out.

I wrote this post in the hope that it would help guide others to a better financial future. Using some of these tips like peer to peer loans or finding a family member that will cosign on a loan, could be the key to breaking the debt cycle.

In end it’s all about managing spending and living within your means. One can get a personal loan with bad credit, but if one can’t control spending then they will always be stuck in the same debt trap

Thanks for commenting.

I have to admit. The information you’ve provided is pretty helpful. There are many sites out there that talk about credit improvement and finances just to get you to buy or purchase something. However, you have information regarding credit (how to improve it or where to get a loan with bad credit, mortgage financing (difference between pre-qualification vs pre-approval), auto financing, and even banking.

I’m currently in the process of trying to get a loan to repair my vehicle but have had some credit “hiccups” in the past. Out of the 3 methods of how to get a loan with poor credit, I never thought about the P2P (peer to peer) option. If you have any site recommendations for P2P, please let me know.

Thanks again for the info! It was very thorough!

Thanks for the positive comments. If you have hiccups in your credit history a Peer to Peer loan may be the answer. There are a couple of websites that specialize in them and can be found performing a simple search on your favorite search engine.

Here is one where you can do debt consolidation, home improvement a well as major expenses.

Sofi is another well respected site.

A word of caution. When considering a P2P loan, make sure you do your research and work with a reputable site.

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