You might need an individual loan for several reasons вЂ” possibly to manage unanticipated medical expenses, to combine high-interest credit debt, or to just simply take that well-deserved holiday.
Bad credit unsecured loans represent an underserved market, for the reason that many banking institutions and credit unions have an abundance of available company without dipping into that particular higher-risk pool. Numerous unsecured loans through conventional banking institutions are unsecured, and thus the lender accepts you money without collateral that you are a low risk to default on the loan and is willing to loan. You generally need a credit score of 680 or above to qualify for a personal loan unless you are willing to accept a secured loan backed by some form of collateral such as a savings account, CD, or equity in your home. (The 630 to 640 range is generally considered the boundary defining poor credit, where lending criteria becomes increasingly strict.)