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How to get a $7000 loan with bad credit

Need $7000 now and your account is empty? Read on and learn what options are on the table even if your credit score leaves much to be desired.

Money trouble can suddenly burst into life; usually, they do when you least expect the money trouble. You got into a crash, your home was damaged, you lack some money for a wedding, etc. Whatever the reason might be, there is always a possibility of applying for a $7000 loan even if your credit score is not perfect. Read the article to learn about the lenders, the possible borrowing options, essential information for the application, and the principal requirements to bad credit owners.

If I need to borrow $7000 dollars, what are the alternatives?

If your credit score is good, which means that your FICO score is 700 or higher, then you will have no problems with receiving $7k from any lender in the neighborhood. Fair credit owners (640-699) will also have plenty of options to choose from. But those having a lower score and especially bad credit owners need to very carefully consider their options. Here are the top possibilities to get a $7000 loan with bad credit.

  • Personal loans. Personal loans may differ depending on whether you offer bank any collateral or not. As a rule, secured personal loans have more affordable rates and better fees while unsecured options might offer less favorable conditions for bad credit owners. However, interest and fees of all personal loans heavily depend on your credit score and history.
  • Cosigned loans. Cosigned loans require a cosigner – a person who guarantees that if you fail to repay the debt, this person will cover your repayments and ensure that the lender gets the money back. In this case, a cosigner works as collateral for personal loans and hence the interest rate and the overall loan conditions will be highly attractive.
  • Union loans. This option is available for the credit union members. Generally, to apply for a $7000 loan with a credit union, you need to be a part of the union for at least six months and pay a particular membership fee. For loyal members, unions offer significantly lower rates and very low fees hence making this possibility a great chance for bad credit owners.
  • Peer-to-peer loans. These loans are available online on peer-to-peer landing platforms. In this case, you request your $7000 loan and several lenders may agree to borrow you a particular sum with a particular interest. Then you only repay your loan to several lenders at a time with lower than above-mentioned rates. Depending on your financial situation, the interest may vary from 5% to 45%. Plus do not forget about the additional fees that might be applicable (for example, for the use of the platform services). Before applying for a peer-to-peer loan online, ensure that your local regulations allow this path since every state and even city may have its particular bad credit loan limitations (bad credit loans in Vermont would have different regulations than bad credit loans in Louisiana).

Where to get $7000 loan with bad credit?

While there are many lenders willing to offer a $7000 loan, not all of them would cooperate with a bad credit owner. So here are the real options to get a $7000 loan with bad credit:

  • Banks can offer personal and cosigned loans hence this is the first idea that should come to your mind to borrow a $7000 loan with bad credit. Not all banks will work with bad credit owners, so ensure that you carefully research your opportunities in the local institutions before applying. Generally, you can expect to pay about 40% in the interest rate in total making it less than 10% on monthly payments. The plausible repayment plans and fairly low process fees are also one more advantage of the banks.
  • Auto dealerships provide auto title loans which are similar to the secured personal loans. Generally, dealers care less about your non-perfect credit score and more about the car title you are using as collateral. There is no unified interest rate you can opt for. Be ready to pay from 20% and up to 260% interest depending on the vehicle and repayment period in most cases. This is a pretty good option for the owners of good cars who are in desperate need of a $7000 loan with bad credit.
  • Online lenders offer bad credit loans as well as peer-to-peer options. The beneficial side of online services is the speed of money delivery. Most often, after you send the application with all the documents, you receive the approval in a day and the money in up to three business days. Depending on your FICO score and lender’s special requirements, you will get about 30%-47% interest plus additional processing fees. The important fact is that you do not even need to leave your home since the whole process is handled online.
  • Credit unions offer credits only for their members. So unless you are a member of some union for at least half a year, and preferably a complete year, you will not be able to apply for one. However, members tend to get very attractive repayment conditions, significantly lower interest rate, and flexible plans.

How to get $7000 loan with bad credit?

There are standard requirements for all borrowers, such as:

  • Being a US citizen or having proof of permanent residency
  • Being over 18
  • Having a steady income source (bank statement of the last six months or a work contract can be a proof
  • Being a resident in the lender’s state
  • Having a checking account (can be optional)

If you meet the requirements above, keep in mind that lenders also have special requirements to their borrowers (being a member of a credit union, having a credit score over a particular number, having a vehicle, etc).

Whenever you are applying for a $7000 loan with bad credit, it is also highly advised to ensure that you do everything possible to improve it before the application process begins. For example, you can pay all your bills, try to get rid of some debt, if any, ensure that your credit score is shown properly with all three credit bureaus.

What bank will give me a $7000 loan with bad credit?

As it has already been mentioned, not all major banks consider applicants with bad credits. And there is no rule of thumb for this question. Whenever you decide to apply for a particular bank, ensure that you meet the minimal requirements of a particular lender to apply for a $7000 loan. If you lack some papers or are not sure whether you will pass, do not hesitate to visit the local branch of this bank and request a professional consultation from one of the employees.

The first places on your list should be SunTrust Bank, PNC Bank, Wells Fargo, Citibank, and U.S. Bank. Keep in mind that each institution has its specificity. For instance, Wells Fargo is perfect for the long-standing clients due to their low rates system, Citibank is perfect if you have a cosigner, PNC approves applications from borrowers with non-steady income. Ensure that you carefully research the options before filling in the papers.

How to prepare for the first time $7000 loan with bad credit?

When applying for a $7000 loan you need to be 100% ready, especially if this is your first application and your credit is lower than you wish. Here are the top tips to help you get approved for $7000 loan with bad credit:

  • Get a credit report. Contact credit bureaus (TransUnion, Experian, Equifax), to request your credit report and credit score. Once you have the numbers, see what you can do to fix it. Remember that the better you know your weak spots, the easier it will be to fight them when applying for a $7000 loan.
  • Repay everything possible. On-time bill payments, credit card repayments, and overall paying for everything in time help to maintain positive credit score and improving it over time. Experts also advise making smaller but more frequent payments since it shows you are using less of your available credit.
  • Don’t use all credit. The perfect ratio between your outstanding balance and total available credit limit should be 30% while about 10% is ideal.
  • Don’t close accounts. Open unused credits have a positive influence on your credit score. So keep the accounts alive by paying small bills from it and avoid closing them.
  • Apply to one place at a time. Every application for a $7000 loan means one more check of your account. And every check subtracts some points from your score. So it is more beneficial to apply to one place at a time and ensure that you carefully pick the lender rather than sending your application with no guarantees to a dozen places.

The final tip. Remember that if you feel that your current financial statement does not allow applying for a $7000 loan, you can always consider getting a $6000 loan to ensure that you do not get into bigger debt over time.

 

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