If you have bad credit, getting a personal loan can be a challenge. However, there are lenders who are willing to work with you and provide you with the funds you need. Secured personal loans are one option, as they allow borrowers to add collateral to the loan and can help those with poor credit qualify. Interest rates can be high, up to 25% of what you borrow, and if you don't make the payments, the lender can accept the guarantee.
Payday loans and credit cards may also be options, but they tend to have higher interest rates and annual fees. Avant offers an alternative to title loans in 40 states, allowing borrowers to use their car's equity to qualify for lower interest rates. It's important to consider this option in case of unpredictable life events that could cause you to be unable to pay your loan payments. When looking for a loan, it's important to compare rates and charges from multiple lenders to get the best deal.
On Acorn Finance, you can check personal loan offers in 60 seconds or less without affecting your credit rating. Universal credit loans are an option for bad credit borrowers with a high debt-to-income ratio, but rates are high compared to similar lenders. Be careful when taking out this type of loan, as defaulting on it could result in the loss of your collateral. OneMain will consider your entire credit profile, income, and location when determining your loan offer. The time it takes for the money to arrive in your bank account will depend on how you apply and other variables.