Personal Loans

Personal Loans

What’s worse than having no money during an emergency? Not getting a loan because you have a low credit score. At this point, it’s easy to get desperate. You probably think that the only other choice you have left to get the money you need is to succumb to predatory lenders. But have you heard about nonprime personal loans? Nonprime personal loans cater to borrowers with low credit scores but can prove his or her creditworthiness via other compensating factors. Find out if you can qualify.

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Personal Loan Uses

Nonprime personal loans, just like any other traditional personal loan program, does not place limitations as to the purpose of the loan proceeds. This flexibility makes it a popular loan option for many borrowers who need to finance many of their unique personal needs.

Debt Consolidation

Combine your debts into one major loan. This is a wise way to take control of your finances, while also making easy payments and saving on interest.

Important Life Events

Life is all about experience. Do not miss those special moments. With a nonprime personal loan, your credit score is not a hurdle to enjoying the best times of your life.

Medical Emergencies

Don’t let your financial difficulties add anxiety to an already overwhelming situation. Use a nonprime personal loan for your medical emergency needs.

Vacations

It’s never a crime to unwind and get away from time to time. If you are confident of your financial standing and have gotten over the downfall that pulled your FICO down, a nonprime personal loan can help you get that vacation fund.

Mortgage Loan – FAQ’s

What are nonprime personal loans?

Nonprime personal loans are not so different from conventional personal loans. The only difference is that nonprime personal loans cater to borrowers who most conventional loan lenders would identify as risky.

Risky borrowers are those borrowers who have poor credit, usually a score of 660 and below. Still, nonprime lenders just don’t give a loan to anybody who comes knocking on their doors. Per nonprime loan guidelines, lenders are still required to determine a borrowers creditworthiness by looking into his or her overall financial picture.

That means if you don’t fit into their criteria, you will not be approved for the loan. This not only helps lenders protect their investments but also borrowers from getting into too much debt.

How much can I borrow?

The amount of the loan you can borrow depends on your qualifications and the lender’s interest. It varies, but can range from $10,000 to $40,000.

Who can get a nonprime personal loan?

A nonprime personal loan is available to borrowers with a score of 601 to 660. Credit score requirements can vary from lender to lender; you may find some who has a lower limit. But be wary of lender fees and some other charges.

What would make my loan nonprime?

Bad credit, poor level of liquid reserves – that is money you have in your bank account that you can cash-out any time, unconventional employment setups or an unstable employment status, and insufficient income.

Where can I get a nonprime personal loan?

Check out your local credit union if they cater to nonprime borrowers. Credit unions usually have lower interest tops on their borrower’s loans which could help you save on your loan. You may also check out private lenders, P2P lenders, and other financing companies. The most important thing is you shop around and compare fees first before settling into one.

Personal Loan Articles

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