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Personal Loan for score in 500's

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Established Member

Personal Loan for score in 500's

Hello,

 

Has anyone ever been approved for a personal loan of $3k, with a credit score of 520-540?

 

If so, do you mind sharing the name of the bank, or any recommendations on banks that would approval for a loan request of $3k with that score..

 

TiA

Starting score Jul 2018 - Eq 578 / TU 571 / Ex 578
Current July 2019 - Eq 621 / TU 620 / Ex 619
Goal 700
Message 1 of 8
7 REPLIES 7
Frequent Contributor

Re: Personal Loan for score in 500's

i just closed/paid in full a cashcall 5k loan and 2.6k risecredit loan.

 

Id do neither and avoid both if possible lol. paid 3k to cashcall over 5months and zero went to principal, and then paid 5300 payoff to close it out. again it was a 5k loan lol 

 

the rise i paid 2 payments of 260-270, they bill bi-weekly aka take from ur paychecks, none went to my principal and payoff was 274x.xx

 

be careful lol

Gardening 25JAN16 - 25JUL16

Message 2 of 8
New Contributor

Re: Personal Loan for score in 500's

If it's at all possible, I would work on getting those scores up a bit higher before trying to get a loan. Any place that will lend to you with those scores is going to seriously gouge you with interest and fees up the wazoo. 

 

My scores are similar to yours, and I also looked into loans hoping I could get enough to just pay off the collections and charge-offs on my report to help move my score up. All the research I did, however, just ended in shady loan places with insane interest rates and fees that would probably end up killing me finanically. 

 

is there any way you can wait it out a bit until your scores improve? 

Starting FICO 8 Scores 1/31/2019: 539 EX | 550 EQ | 558 TU
Started Rebuild (again): 1/2019
Goal #1 FICO 8 Scores: 680+ Across the Board w/ All Collections Paid
Current Open Credit: OpenSky Secured $250 | Ann Taylor Card $250 | SelfLender Installment Loan $1,000
Message 3 of 8
Established Contributor

Re: Personal Loan for score in 500's

Well who ever going to approve you will kill you on the rate. So let me make myself clear if you take 3k what they will do is calculated how your payment has to be so they can get 2x what you own then example
You take 3k they will get you at 27 to 29% and a small payment so when you pay off you will ended up pay temperature 6k like one main financial
Amex ED (2000) Amex BCE (2000) Amex macys (5000) Amex Gold , VENTURE (5000) MC PLATINUM (600) CAP QUICKSILVERONE (1250) CAP QUICKSILVER (4500) CAP QUICKSILVER (3500) PENFED AMEX (5000) PENFED CASH REWARDS (25,000) PENDFED REWARDS VISA SIGNATURE (20,000) UPROMISE (1000) NFL (4000) OVERSTOCK (2800) HSN (3200) DISCOVER IT(8500) AMAZON PRIME (10000) MARVEL(7000) BOF VISA(2000) BEST BUY VISA CITI (9000) BLISPAY (9000)Amex Magnet (10,000) Uber (3100)

WELCOME TO 100K CLUB . LAST APP 08/29/18 Credit Score 8 TU 720 EQ 705 EX 724

Starting Score: 640
Current Score: 720
Goal Score: 850


Take the myFICO Fitness Challenge

CARD I want .
Chase Freedom and US cash +

Now back to the garden until 2020
Message 4 of 8
Established Contributor

Re: Personal Loan for score in 500's

I don't know your situation but try to get that money from your job, family members friends or you 41k
Amex ED (2000) Amex BCE (2000) Amex macys (5000) Amex Gold , VENTURE (5000) MC PLATINUM (600) CAP QUICKSILVERONE (1250) CAP QUICKSILVER (4500) CAP QUICKSILVER (3500) PENFED AMEX (5000) PENFED CASH REWARDS (25,000) PENDFED REWARDS VISA SIGNATURE (20,000) UPROMISE (1000) NFL (4000) OVERSTOCK (2800) HSN (3200) DISCOVER IT(8500) AMAZON PRIME (10000) MARVEL(7000) BOF VISA(2000) BEST BUY VISA CITI (9000) BLISPAY (9000)Amex Magnet (10,000) Uber (3100)

WELCOME TO 100K CLUB . LAST APP 08/29/18 Credit Score 8 TU 720 EQ 705 EX 724

Starting Score: 640
Current Score: 720
Goal Score: 850


Take the myFICO Fitness Challenge

CARD I want .
Chase Freedom and US cash +

Now back to the garden until 2020
Message 5 of 8
Established Member

Re: Personal Loan for score in 500's


@ORllyNao wrote:

If it's at all possible, I would work on getting those scores up a bit higher before trying to get a loan. Any place that will lend to you with those scores is going to seriously gouge you with interest and fees up the wazoo. 

 

My scores are similar to yours, and I also looked into loans hoping I could get enough to just pay off the collections and charge-offs on my report to help move my score up. All the research I did, however, just ended in shady loan places with insane interest rates and fees that would probably end up killing me finanically. 

 

is there any way you can wait it out a bit until your scores improve? 


I can definitely wait it out. My plan was to do the same thing you wanted to do, get enough of a loan to pay off collections, and charge-offs. I should stop rushing, and being so obessed with my credit score, and just take it one day at a time, and do what I can. I know for sure if I were to get a loan at this point, I'd pay a lot more than what my loan actually is from one of those BS lenders.

 

Thanks for the advice Smiley Wink

Starting score Jul 2018 - Eq 578 / TU 571 / Ex 578
Current July 2019 - Eq 621 / TU 620 / Ex 619
Goal 700
Message 6 of 8
New Contributor

Re: Personal Loan for score in 500's

Hah, I hear you. It's hard not to obsess over getting scores up! I do it all the time!

 

Good luck! 

Starting FICO 8 Scores 1/31/2019: 539 EX | 550 EQ | 558 TU
Started Rebuild (again): 1/2019
Goal #1 FICO 8 Scores: 680+ Across the Board w/ All Collections Paid
Current Open Credit: OpenSky Secured $250 | Ann Taylor Card $250 | SelfLender Installment Loan $1,000
Message 7 of 8
Valued Member

Re: Personal Loan for score in 500's

Hey that is totally understandable. My scores don't even qualify me for secured cards....and every day I check and obsess and rack my mind thinking about how to get them up faster. It will happen slowly but it's much better than putting yourself in overwhelming debt. My car loan is at 20% and I'm looking forward to the day I can refinance.
6/20/15 500EQ 492TU 497EX
8/26/15 525EQ 545TU 535EX

Working with:Denver Community Credit Union $500, First National Bank Omaha $350, Fingerhut $200, Toyota Financial Auto Loan since 8/2015

On a long road to credit report recovery....Goal: I want an AMEX.
Message 8 of 8
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