550 Credit Score Loan Options | Personal
What are the loan options with a 550 credit score. Where can I turn if I need a loan but have a 550 credit score? Applying for loans have become a necessary experience for most of us. Let’s face it. At some point in our lives, we may find ourselves in financial distress, or we may need to take out a personal loan for other reasons.
Personal loans can be used for anything. They do need to have a specific purpose. As such, people with credit card debts can reduce the interest rate through balance transfer. However, like any other loan, your approval for a personal loan from any lender depends upon your credit score. If you have bad credit, like a 550 credit score, it is unlikely that traditional lenders will approve your loan. But if you have an impressive credit score, it shows that you are a reliable, responsible and trustworthy, so you will be able to repay your loan on time without any problems.
Is a 550 Credit Score Bad or Good?
According to the Fair Isaac Corporation (FICO) score range, one of the most trusted and popular credit score ranges, a 550 credit score is considered “Very Poor”. So what are my loan options if I have a 550 credit score?
300 – 579: If you fall under this category, your score is considered “very poor”. 17 percent of Americans are under this category. If you apply for credit, you will most likely have to pay a deposit or a fee.
Where Can I Get Loans With a “Very Poor” 550 Credit Score?
Although most lenders prefer applicants with good scores, there are some who offer loans even for applicants who fall in the “very poor” category. This means that even if you have a 550 credit score or lower, you can still be approved for a personal loan.
While approval even with bad credit is good news, always remember to make payments on time which may improve your credit score. Make sure you work hard to get your score back up so that the whole process of not just getting loans, but a ton of other requirements like renting apartments will be much easier for you next time.
Get a 500.00 dollar loan
That said, here are some of the most credible and trusted lenders available for people with credit scores of 550 and below.
All of us here at WireLend pride ourselves on helping hard working Americans get approved for personal loans. We have a network of lenders that specialize in loans to people that may not have great credit. If your credit score is 550 and you need a loan, we may be able to match you with a lender. Complete the short application and you could receive a loan offer in minutes. The loan offer you may receive is usually an unsecured installment loan. You will have multiple months to repay the loan. Each payments is the same size and consists of principal and interest.
One of the newer loan sites but also proven to be able to get people approved with poor credit scores like 550 or lower. The name of the site is 1200Loan but they are able to get people approved for more and less than $1200 depending on the criteria. Learn More
Disclaimer: Not guarantees are made that you will qualify for a loan or for how much. Must be 18 to apply. WireLend and 1200Loan.com are not a lenders.