6 Ways To Get A Loan Without Good Credit

About 16% of Americans have very poor credit, and many more have below-average credit. A low credit score limits your borrowing options, making it difficult to buy a car or a home, finance a car or get a loan for school. 

Here are six options for getting a loan without good credit.

Title Loans

Title loans near me are one option for getting a loan without good credit. To get a title loan, you use your car as collateral. The lender gives you a loan based on the value of your car, and you keep driving your car while making monthly payments.

Payday Loans

A payday loan is a short-term loan with a high-interest rate based on a borrower’s income and credit score. Its principal is based on the borrower’s next paycheck. To qualify for a payday loan, you must show income proof and have an active checking account.

Pawn Shop Loans

A pawn shop loan is a type of collateral loan in which the lender uses the borrower’s personal property as collateral for the loan. The item is stored at the pawn shop until the loan is repaid, at which point the borrower can retrieve the property.

Lending Club

Lending Club is one of many online peer-to-peer lending platforms that connects borrowers with investors willing to fund their loans. To qualify for a loan from Lending Club, you must have a fair credit score and a steady income.

Credit Cards For Bad Credit

If you don’t need the money immediately, you could consider a credit card for bad credit. These cards can help you rebuild your credit score by reporting your payments to the credit bureaus.

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