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While the average personal loan requires a credit score between 610 and 640, peer-to-peer loans may offer loans as low as 600. Funding times are often similar to what personal loan lenders offer.
Lenders that offer personal loans for bad credit borrowers usually limit you to a $50,000 loan amount. The amount may be significantly lower if you have very low credit scores (below 580) or a ...
Upstart, for example, offers unsecured loans up to $50,000 and doesn’t have a credit score requirement. It does have a minimum income requirement of $12,000 though, so that will be considered ...
High interest rates for bad credit: While personal loan interest rates are lower than credit cards on average, personal loans often have high rate caps. Borrowers with bad or fair credit may be ...
Payday loans: These loans are a costly form of debt that cater to borrowers with poor credit. Payday loans typically come with steep fees and interest rates well over 300 percent.
Predatory or misleading loans can be disguised as bad credit loans. If the rate is above 35.99 percent, you'll want to find a lower-interest option. Bad credit loans can come with challenges like ...
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