Poor Credit Personal Unsecured Loan

If you have poor credit, a personal unsecured loan may be nearly impossible to come by.  Anyone with a credit score below 619 (their FICO score) is considered to be high risk, and many lenders will not even think twice about turning down their loan application.  However, a poor credit personal unsecured loan may be available through special lenders.

The advantage of a personal loan is that it can be used for any purpose designated, and the purpose does not have to be disclosed up front in order to be approved.  That means there is less paperwork involved than compared to a home or auto loan.  Of course, with poor credit, a personal unsecured loan will have an interest rate higher than those applied to a typical loan, but in order to repair your credit, sometimes it’s worth that little extra.

Qualifying for a poor credit personal unsecured loan is fairly easy.  Anyone with poor credit (below 619) may apply, as long as they are not involved with bankruptcy currently.  Even those who have a history of bankruptcy (more than ten years ago) can qualify.  The point of the loan is that it is unsecured, meaning that you do not have to put up any collateral in order to qualify.  If you are asked to put up collateral (which means that you could lose your house, your car, or whatever other material assets you offer if you default on payments), then you may want to try elsewhere.