Getting good loans with bad credit may seem like an impossible task when it feels as if every company views you as your credit number. Having bad credit may make it difficult to find a good personal loan, but it is not impossible.

Bad Credit Loans
While not a loan provider, Bad Credit Loans attempts to connect browsers with poor credit to a network of willing lenders and investors. It’s a process which you can apply for online as long as you have all of the appropriate information. Some of the lenders can offer loans with no credit check. There is no guarantee that you will receive offers from the site and offers that you do get may require ridiculously high annual percentage rates.

This organization has a minimum credit requirement of 620, but will consider other factors if the person has a strong financial and educational history. Upstart caters to those with a college education and will consider your profession, your current income, and your degree when deciding to loan to you.

Peerform is known as the go-to lender for those with a poor credit history. The company is a marketplace lender meaning that they connect people to investors who lend money. The minimum credit score requirement for perform is 600 and the borrowers are assigned grades when they apply depending on their current credit score and their annual income. The grade that the person receives will help to determine their interest rate. The grades also help investors to decide whether or not to fund a borrower’s loan.

This company allows borrowers with a short credit history to receive lower interest rates as long as they have a cosigner. A cosigner is a person who is financial responsible and will sign official documentation alongside the lender. Choosing a cosigner with a dependable credit score will help bring up the reliability of your account to pay back the borrowed money. Lenders should try to reduce the risk for their co-signers by giving them early warnings about missed loans or loans they feel unable to pay.

Credit Union Loans
It’s far easier to get a loan from a credit union than from a bank. Credit unions are nonprofit cooperatives that allow for the mutual sharing of credit at a low-interest rate. Credit unions are operated by current members and offer similar services as a bank would. It’s common for those seeking loans from a credit union to be connected to the union in some way; whether that be by profession or location.

Family/Friend Loans
Asking a friend or family member for support may be one of the hardest loans to ask for even if it doesn’t require a good credit score. These types of loans can put your relationship at risk if you cannot properly pay back the amount. Make sure that if you take the path of the family/friend loan that you can communicate and make clear decisions with the lender what is going to be paid back and when.

Having bad credit won’t stop you from obtaining personal loans, but it’ll certainly make it harder. Make sure to research all of your options, obtain a cosigner, and plan out how you can pay back future payments.