To put it simply, Chase doesn’t offer bad credit personal loans. It is unlikely you find a big bank financing people with poor credit.
Does it mean no borrowing options if you are struggling with your credit?
As the adage goes “Necessity is the mother of all invention”, so is the case with the dynamics of supply and demand. If there is adequate demand in the market, there will inevitably be people or companies coming up to serve the needs of people.
While credit union has always been there to serve people with small financing needs at the local level, a whole new industry of peer-to-peer lending has evolved from a simple idea of people to people assistance. Besides, several specialized companies have grown to cater to the needs of people with bad credit.
Before we get to the list of some popular provider of bad credit loan, we will delve a little to know more about the term.
5 Alternative Lenders of Chase Personal Finance
Here are the 5 most popular lenders that offer personal loan for your emergency need with less-than-perfect credit.
An online lender, Upstart can look for a credit score of at least 620, which is quite high as per the standards of a borrower struggling with credit. However, what set it apart are quick approval and a relatively low APR and personal loan rates, which can be as low as 6%. Also, if you have never had a loan and lack credit history, you can qualify to apply for an Upstart loan. Your annual income must be more than $10000.
Probably the largest online lending market place in the country, LendingTree offers a selection of loan offers from a variety of lenders. You can log in to its website and go through its list of lenders based on your profile to find the best match. It is based in Charlotte and offers free credit score as well to its consumers.
It can be a good option for people with fair credit, that is as low as 585. However, the downside includes the amount of money you can borrow, which is just $25,000 and a relatively high APR and rate, which is no less than 11%. One good thing with this lender is that you can apply here without any risk to your credit rating.
People often ask about the legitimacy of Badcreditloans.com, but you should rest assure as it has been in existence since 1998 and have helped many borrowers since. If your credit score is really low, you can apply here for a fair chance of approval. The rate can vary between 6% and 36%, but the process is very fast. Unfortunately, the maximum loan amount is set at $5,000 and the term cannot be more than 5 years.
An online personal loan lender like Upstart, it offers a little more APR and rate, but can approve a borrower with a credit score as low as 600. The loan amount can range between $1,000 and $50,000. Also, it can allow a debt-to-income ratio (DTI) as high as 60%.
What are the requirements to apply for a bad credit personal loan?
Bad credit personal finance is a small loan which, if you are able to get, is provided instantly. The main benefits of this loan are easy online processing, quick online confirmation, and approval in minutes.
The approval process is completed in a very less time and the borrower can see the status within minutes of application.
You must have the following to apply for a bad credit personal finance at an institution.
- Currently working (or receiving regular income)
- Income of at least $1000 per month
- At least 18 years of age or older
- United State Citizenship
- Have a saving or checking account with direct deposit
Such loans are types of unsecured loan rates that are usually dependent on the credit history of customer, income and history of financial setback.
What if my application is rejected?
Note that not all applicants with bad credit are approved at any of the lenders mentioned above. As the approval is based on a number of factors, your application may be rejected even if you fulfill all the loan requirements set by the institution.
You have basically two options in case of rejection.
- Keep searching foranother Lender: Where there is a demand, there is a supplier. The world doesn’t come to an end when you are rejected by one or all of the lenders. Keep looking for the one that can really offer you financial assistance.
- Improve your Credit: With improved credit, you will not only increase the likelihood of getting your application approved, but also be able to secure a better interest rate.
One last word…
You must take extreme caution lest you fall prey to the high interest rate charged by the so-called bad credit lenders.