If you need to borrow money and have bad credit, you may be wondering where to turn. Here are three options that can help. And, after you get your loan, remember you can sometimes raise your credit score by paying on time, which will improve your loan options in the future.
Ask a close friend or family member, as long as you know you can pay them back promptly. Document your loan terms and sign an agreement. Personal proof: I borrowed $2,000 from my mom over two years. She gave me a lower rate than the bank and made a little money herself.
Try peer-to-peer (P2P) lending. P2P lenders match you with non-traditional lenders, not banks. They look beyond your low credit score to see your overall financial history, your occupation, and other factors to get a better view of your potential. Some P2P lending platforms help you borrow from friends, making the process more official and trackable.
Check with a local credit union. Unlike for-profit banks, credit unions are smaller, nonprofit organizations that can offer you lower fees and more personal service.? Type “credit union” into Google to find one near you.
Want regular access to a low-rate loan with no need to reapply?
If frequent borrowing is making it hard for you to save and causing you stress, Try Credit Builder Plus Membership. You can apply for this lending option right from your phone with no hard credit check. It’s possible to qualify for a loan up to $1000!
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MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.