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Top 4 Poor Credit Loan Providers

If you are looking for availing of a loan, you need to keep in mind that your credit score plays a crucial role in your ability to get a loan. When you apply for a loan, the lender will take a look at the credit score before making a decision, and your credit score will reflect whether you are capable of making the repayment on time.

A lot of loan applications are rejected because of a poor credit score and a bad credit history.

However, even with a bad credit history, it is possible to qualify for a loan. In the case a loan application is approved against a low score, it will carry a high annual percentage rate (APR), which may make it difficult for you to repay the loan amount. So, it is important that you compare the different poor credit loan options and go for the one that best fits your requirements.

Here is a list of the top four financing companies that offer loans to individuals with a poor credit history.

LendingPoint
This online lender, based out of Georgia, offers poor credit loans to borrowers whose credit score ranges between 600 and 680. Moreover, it has favorable options for repayment of the loan.

Avant
This online credit lender is a reliable name in the industry and it meets the needs of the borrowers who have a credit score as low as 580. However, for borrowers, it has a minimum salary requirement of $40,000 per annum.

OppLoans
Borrowers who are suffering from a subprime financial condition where they have extremely poor credit histories should opt for OppLoans as they are the only lender in the industry who may process a loan for an individual with deficient credit scores. However, to cover for their risk, they charge a relatively higher rate of interest as compared to the other lenders.

Stilt Inc.
Based in San Francisco, Stilt Inc., is perfect for those people who are yet to build a credit score. This FinTech company looks at various factors beyond the credit score to decide whether they want to sanction loans to individuals.

If you are in need of a loan and have a poor credit score, you may submit a loan application online to one of the lenders mentioned above. However, it is best to understand their terms of lending before you file your application and avail of a loan.

Disclaimer:

The information available on this website is a compilation of research, available data, expert advice, and statistics. However, the information in the articles may vary depending on what specific individuals or financial institutions will have to offer. The information on the website may not remain relevant due to changing financial scenarios; and so, we would like to inform readers that we are not accountable for varying opinions or inaccuracies. The ideas and suggestions covered on the website are solely those of the website teams, and it is recommended that advice from a financial professional be considered before making any decisions.

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