Looking out for what loan can i get with a 500 credit score, A bad credit score is easy to get. Just a few mistakes, like taking on too much credit, paying late, or having a loan go to collections, can hurt your score so much that it will be hard for you to get credit. But it’s never too late to start being smart with your money, which will help your credit score, especially if you use one of the best loans or credit cards for people with credit scores between 500 and 550.
Part of rebuilding your credit score is showing that you can handle debt well by paying off what you owe and making all of your payments on time and in full. Obviously, it’s hard to show that you deserve credit if you can’t get credit.
Even if your credit score is between 500 and 550, there are credit and loan sources, like the ones we talk about here, that can help you rebuild it.
What Loan Can i Get With a 500 Credit Score
People with bad credit can get personal loans from the following places. When you need more money than a credit card cash advance can give you, these loans can help. Personal loans can last anywhere from a few weeks to a few years.
Long-term personal loans are paid back in equal amounts over a set number of months. After two to four weeks, you might have to pay back a short-term personal loan all at once.
MoneyMutual is a service that helps you find short-term loans of up to $5,000. When you need money to get you through until your next paycheck, these loans are perfect. If you qualify, the loan money can be put into your bank account as soon as the next business day.
Lenders on the MoneyMutual network require that you have a regular source of income, like a paycheck, Social Security payment, or something else. By showing that you have a steady source of income, you may be able to get cash to cover a short-term shortfall despite problems like a low credit score, debt collection, loan default, or bankruptcy.
MoneyMutual can also help you get a longer-term installment loan for up to six months. With a cash advance, you have to pay it back all at once. With an installment loan, you can pay it back in fixed amounts over time. To get an installment loan, you need to have a checking account and make at least $800 per month.
If you can get it, a bad credit installment loan from MoneyMutual might be better than a cash advance because it gives you more time to pay it back. If you don’t pay back a cash advance on time, you will be charged late fees and other fees that can send you into a spiral of debt.
CashUSA.com works with lenders who can give you personal loans that you can pay back in three to seventy-two months. Personal loans of up to $10,000 are available from the lenders on the CashUSA.com network.
To fill out the online form on the website, you must be at least 18 years old, a U.S. citizen or permanent resident, and the owner of a checking account. Lenders may have additional requirements. If you are offered a loan, the lender will tell you the exact amount, interest rate, and terms of the loan. After getting approved, you can expect to get the loan money in a day or two.
Each payment will be taken out of your checking account by the lender. If you don’t have enough money in your account, you might be able to get an extension. If you need a longer time, you should expect to pay extra fees. Still, an extension keeps you from having a late or missed payment show up on your credit report.
No matter what your credit score is, BillsHappen® can help you find a personal loan of up to $5,000. When you ask for a loan through this service, you will get an answer right away. If you get the loan, it could be in your bank account as soon as the next business day.
The terms and rates will, of course, be set by the lender based on your income and other factors. BillsHappen’s service doesn’t cost anything to use.
Getting a personal loan adds to your credit mix if you already have a credit card. That’s good because 10% of your FICO credit score is based on how you use your credit. Also, making payments on time can help you build up your credit.
If your credit score is between 500 and 550, it will be hard for you to get a credit card. Still, some credit card issuers focus on giving credit cards to people with bad credit. There may not be many extras on these cards, and they may have high interest rates, fees, and low credit limits.
Still, these credit cards give people with bad credit a chance to start making their credit better. Look at the three cards below to see if one of them is right for you.
4. Surge Mastercard®
Check out the Surge Mastercard® if you want a card that is easy to get. With this revolving account, you can buy things online or in person and charge them to your account.
This account tells the three credit bureaus about the payments you make. This is a great chance to improve your credit score by paying your bills on time. Paying your bills on time will look good on your credit report and should help your credit score rise over time. You can double your initial credit limit if you make payments on time for two payments in a row.
5. Aspire® Cash Back Reward Card
The Aspire® Cash Back Reward Card gives you cash back and lets you check to see if you qualify before you apply.
This card doesn’t have a lot of annoying fees, like a program fee or a processing fee, that other subprime credit cards do.
6. Car.Loan.com Auto Loan
Since 1994, Car.Loan.com has helped people with bad credit get auto loans. By letting you fill out a short finance request form, it makes it easier to look for a car loan. Your information will be sent to the right dealer, who will decide if your request is okay.
Car.Loan.com is a large network that works with people who have bad, thin, or no credit. Even if you’ve been turned down for an auto loan before, that’s not a problem. In most places in the U.S., the lending network can suggest local dealers.
You should hear from a lender within a day or less if they are interested in giving you a loan. Car.Loan.com dealers don’t just look at your credit score; they also look at things like how much money you make, where you live, and if you have a valid driver’s license.
On the Car.Loan.com website, you can use a helpful estimator to figure out how much you might be able to borrow based on your credit score, monthly income, and monthly bills. The terms of the loan will depend on the dealer you are sent to.
Through its partner dealers, the myAutoloan.com network can get you up to four car loan offers in just a few minutes. You can get a loan to buy a new or used car or to refinance the one you already own. You can even set up loans for lease buyouts and sales to private parties.
You start by filling out a short form to ask for a loan. myAutoloan.com sends your request to its network of lenders and gives you links to dealers who are interested. It’s fine to have bad credit, and dismissed or cleared bankruptcies are also fine.
To be eligible, you need to make at least $1,800 per month. The least you can borrow or refinance is $8,000. Also, vehicles can’t be more than 10 years old and can’t have more than 125,000 miles on them. The exact terms and requirements will be set by your lender.
You have 30 days to decide which loan offer to take, but you don’t have to choose any of them. Since 2003, the myAutoloan.com network has been putting buyers in touch with dealers. Alaska and Hawaii are not able to use the network.
Your home is likely the most expensive thing you’ll ever buy. Getting a mortgage is a big deal, which doesn’t come as a surprise. It takes a lot of money, a lot of paperwork, a promise to stay together for 30 years, and a long ceremony called “closing.”
If you want to get a mortgage, having bad credit is not a plus. But, as these three sources show, it’s also not a deal-breaker. If your credit score is between 500 and 550, save up a big down payment to make it easier to get a mortgage. If you can put down 20%, you won’t have to buy mortgage insurance, which can save you over $100 a month.
You might not have enough money for a 20% down payment, but if you can come up with 10%, you can get an FHA loan. To get an FHA loan, you only need 3.5% down if your score is 580 or higher, so it’s a good idea to work on your score before applying.