Even if you have a low credit score, you may still qualify for a personal loan – but “if you’re in this situation, you should be prepared to pay a higher interest rate and potentially other fees such as an origination fee, late fees or early payoff penalties,” says Kaitlin Walsh-Epstein, senior vice president of growth and marketing at Laurel Road. Here’s what you need to know if your credit score isn’t stellar and you’re considering a personal loan.
What is a personal loan, and what should those with credit issues use one for?
A personal loan is a loan issued by an online lender, bank, or credit union, usually in a lump sum amount ranging from about $1,000 to $100,000 that you often repay at regular intervals, such as each month, over anywhere from one to seven years. Læs mere Getting a personal loan if you have bad credit: Should you do it, and how do you do it?