Let’s get right to it. You need a loan and we can help you get an offer, even if you have poor credit. We give you access to an extensive network of lenders that are used to working with less than perfect credit scores. Just fill out a little basic information and one may be able to make you an offer. In any case, it is free to find out.
About Low Credit Scores
So, what is a low credit score and how can you get financing if you have one?
A low credit score is generally regarded as a score of under 620. On the surface, a bad score but it has potential. If your score is sitting at close to 620, you can usually find someone willing to make you a loan offer. The interest and fees will of course be higher but they may be agreeable to you, depending on what you need the loan for.
Getting An Offer
When looking for low credit score loans, you will generally be working with a lender in the sub prime market. This is how you get a loan with bad credit. These are lenders that specialize in making a loan offer to those with less than perfect credit. At Loan Monkey, we give you access to many of these types of lenders and one might just make you an offer. We ourselves are not lenders, we just give you free access to a lending network
Here is how it all works.
First, you will complete the loan quote form at the top of this page. It only asks for minimal information so you are not going to be wasting the entire day trying to get this thing done.
Once you finish the form, agree to some basic terms of service and submit it to the loan network. It will then go from lender to lender until one is found that would like to make you an offer. They will then send you the details of this offer or you will be directed to their website where they can present their offer.
Now comes an important moment. You will have the time to review the loan offer and decide if it suits your needs. If you like all of the terms, and you should read them all, you can agree to the loan.
Once you accept a loan, your lender will work on getting you your money ASAP and this can happen as soon as the next business day.
That is it, it is as easy as that to get a low credit loan offer.
Making Your Loan Decision
Deciding whether or not to take out a loan is a big decision. Even small loans for bad credit can have a huge impact on your life. There is no obligation to get a quote, but once you sign your loan paperwork, it is a done deal.
Because of this, you need to be very careful before you commit. Read all of the details of the loan and determine if it suits your financial needs and if the cost of the credit is worthwhile. The cost of credit is how much the loan will cost you with all fees and interest included. With low credit, you can count on these fees and interest being higher but that does not mean you have to accept a loan.
Besides considering the terms, also consider whether you have any other options, perhaps even free ones. Obviously, you would always take a free loan over one with high interest caused by low credit.
Do you, for example, have friends or family that can make you a loan offer. Maybe you could even borrow money from work or put off the expense until you have time to save the money. Consider all angles before you take out your loan.
Know Your Credit
By now, you probably really know how a low credit score can affect you. It can make it very difficult to finance the things you need and can cost you a lot of money in interest and fees.
Credit also has other hidden costs. It can raise your auto insurance rates and can even keep you from getting a job in some cases.
Once you have taken care of your present money issue, you really need to give some thought to improving that credit. Don’t worry, there are no secret tricks to it. It is actually quite easy to turn poor credit into good credit. You just need to work on a few things. Here are the two biggest factors that you need to work on. Combined, they make up two thirds of your score.
On Time Payments
This makes up 35 percent of your credit score, so you need to get those bills paid on time. Unfortunately, late payments will keep affecting you for some time to come. On the bright side, in as little as six months, you can start seeing the benefits of paying your bills on time.
Do whatever it takes to get those bills paid by their due date. Use automatic payments, email reminders, text reminders, a string on your finger, whatever it takes. You will never have a good credit score unless you get those bills paid when they are supposed to be.
Low Credit Card Use
You are looking for a loan right now with poor credit so chances are good that if you have credit cards, they are all charged up.
You need to get your balances down to 30 percent or less of what is available if you want the best score. This means that with a 6000 dollar credit limit, you should have a balance of under 1800 dollars.
Luckily, this is not an all or nothing thing though. You will see improvements to your score as you pay those balances down. Get under 90 percent and you will see movement. Get under 80 percent and your score will improve anymore. Keep going and see that score continually rise.