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Getting A Personal Loan Of $1000 With Bad Credit

16
Jun

With lenders enforcing stricter lending guidelines that ever before, getting a personal loan of $1000 with bad credit is not always a simple task. Can you get an easy loan in today’s market? There are possibilities and if your credit score is not too low, there are some banks that offer loan options to people who have bad credit. To know what is your FICO score, the first thing you can do is to request for a copy of it.

Visit Annualcreditreport.com, this is the government website set up by the big three credit reporting agencies in the United States to provide free information to your credit report. You can find out if you are classified as someone with bad FICO if your score is less than 580. Upwards of 700+ would be considered as good and fair credit would be somewhere between 640+. Mistakes do happen in consumer credit reports so if you discovered any discrepancies in your report, it is important to dispute them as it affects whether you can get a $1000 loan from easy approval lenders and the level of interest rates you be paying.

When you have this information at hand, you can source for cash lenders who can give you a personal loan based on your credit history. If your FICO score is not too bad, two of the best places to get a cheap loan are your local or national banks and credit unions. Discuss your needs with a bank representative who can assist you with the underwriting process for getting a bank loan with bad credit. If you are declined for an unsecured personal loan due to your low fico score, try to inquire if there are alternatives such as getting a short term loan with a cosigner or some collateral instead.

If the company you are working at belongs to a trade credit union, you can also explore this option by signing up as their member as credit unions often provide financing for their members and they are likely more accepting towards applicants who have bad credit.

Another alternative to borrowing $1000 with bad credit is to turn to an installment loan lender. These short deadline cash advance is a quick way to get funds when you have no personal credit left so if you had been unable to get financing elsewhere, you can try online for a 1000 dollar emergency cash advance and pay back with your next paycheck. Mind you, online payday loans are considered high risk high interest, so unless you can afford them, you should avoid these unsecured loans with high APR.

Sometimes, to get a free loan with no interest, you could actually try to approach a close relative or friend who can assist you financially. Although this can be awkward and embarrassing, you never know if they are willing to help you out with your cash flows and if anything, you can offer to include a small interest rate to make it easy for both parties about the situation.

These are some of the options for getting a personal loan of $1000 with bad credit. If you have any good recommendations, feel free to let us know through the comment box.