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Personal Loans for Bad Credit
3 years ago 4 comments

Personal Loans for Bad Credit Candidates


Just because your credit is less than perfect doesn’t mean you can’t obtain a personal loan. It can be a little more difficult, but they are out there, and if you are willing to go through the process, you just might be pleasantly surprised when you are approved.

What is Considered Bad Credit?

The first thing your potential lender is going to look at is your credit score. Credit scores can range from 300 to 850. Any credit score of 630 or less is considered bad. Even so, there are other factors that also play a part in deciding whether or not a person’s credit is bad, or better said, that they are too big a risk to lend money to. This can include your income, debt level, and available credit.

Personal Loans for Bad Credit Borrowers

There are ways to obtain personal loans for bad credit. In fact, some companies specialize in helping borrowers with bad and good credit scores, like


There’s no reason to not speak with your bank about a loan. Granted, your credit score may not be high enough to get a loan there, but you do have one advantage. You already have a relationship with them. Go ahead and ask. They might work with you. If not, then consider some of these options:

Credit Unions

First off, credit unions tend to be more forgiving of bad credit than regular banks. Of course, you will have to pay a higher interest rate than someone with better credit, but you can still obtain the loan you need.

You will find that credit unions’ terms tend to be a little more flexible than banks, and even though the interest rates will be higher, they will still be lower than some other options.

Secured Personal Loans

If your credit score is so low that you simply cannot get an unsecured personal loan, there is an option of secured personal loans. You will need some sort of collateral for this type of personal loan. This is most likely going to be in the form of a certificate of deposit account or a car. You will want to check with your lender to determine what types of collateral can be used.


Another option to obtain personal loans for bad credit is a co-signer. If you know someone, such as a family member or friend, that has really good credit, they might be willing to co-sign your loan. With a co-signer, a lending institution will be more likely to approve you for the loan as they take into consideration the credit rating of the co-signer.

Just keep in mind that if you do not make your payments, your co-signer will be legally responsible for them, so you want to ensure you can make your payments in a timely fashion for the term of the loan, or you might lose a friend if they are forced to pay.

If you are looking for personal loans for bad credit, take heart. You do have options. With a little work on your part, you should be able to find a lender that will work with you.

This information was brought to you by BetterLoanChoice

Are you looking for a loan? BetterLoanChoice is an online source to connect people looking for personal loans with a lender. Our form is quick and easy. If you’re looking for a personal loan (no matter good credit loan or bad credit loan), click here to get started now!


  1. Andrew Francis

    Ok, my current credit score is 640.
    My entire indebtedness is $ 17,000. Which include loans and credit cards.I estimate my combined interest rate is approximately 28%. I have two income sources 1. Part-time employment as a college instructor and 2.
    my social security income.Together they total $3000, each month. My current monthly debt payments is approximately $1100.
    I am current on all my obligations. It could be beneficial to combine my debts in the form of a consolidation loan with a much smaller monthly payment and possibly a lower interest rate. I look forward to a early response regarding this.
    Andrew Francis

    1. Kevin Lateko Post author

      Hi Cynthia —

      We’d be happy to help you. Just fill out our simple form and we’ll be able to determine which of our lenders might be able to help you depending on your individual circumstances.

      You can get started right here:

      Thank you for visiting

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