How to get a personal loan with bad credit

A personal loan is a quick way to pay your bills when you are drowning in debt. While you may have to pay higher interest rates, you can still apply for it.

Get a personal loan with bad credit

It’s difficult, not impossible, to get a loan with a bad credit score. If you follow the below instructions, the chances are higher that your loan will be approved.

Check your credit

You can get free credit scores through NerdWallet and improve your credit score rating to become eligible for a personal loan.

Look for lenders

Every lender has different requirements to lend money. Check which ones are offering loans with interest rates that you can afford.

Pre-qualify for loan

Pre-qualification tells you what to expect regarding interest rates, loan amount and repayment time. It doesn’t affect your ratings and helps you explore different options.

Apply for Secured and co-signed loans

Secured and co-signed loans can assist you in getting a loan with a bad credit score. While it does ask for a payback surety, you will get a loan for sure.

Gather necessary documents

Gather all the important documents like Pay stubs, W-2s, financial statements and social security numbers before applying for a personal loan.