You know it’s coming, but it terrifies you nevertheless. You’re checking because you need money, and you’ll never have enough overtime to get what you need. A loan is your only option. You open up your credit score report, and those three numbers are staring right back at you. And there’s nothing you can do about it. This is the scenario that many people find themselves when they have bad credit. If you’re one of these people, you’ve no doubt felt that same terror, desperate to find a way to make some money to settle your debts, wondering how on Earth you’ll ever be able to get a good personal loan with a 600 credit score.
It would be a tough situation for anyone to be in.
When you have a low credit score, many lenders will turn you down, if they take the time to listen to you at all. To them, you’re just a number that screams, “Risky investment.” They’ll perceive you as nothing more than an irresponsible person, who probably got themselves into this situation. Never mind that you may be trying to get a loan just to improve your circumstances.
In other words – they won’t help you, and they don’t care.
This is a common situation that many hardworking, responsible people find themselves in. Bad credit scores can be the result of a myriad of reasons. While it’s true that in some cases those with bad credit brought it on themselves, for others, it’s just the result of being dealt a bad hand.
Have you ever been faced with an emergency medical expense, that left you choosing between paying your mortgage payment or your hospital bills? Or had your car wrecked and been left needing to buy a new one? We’ve all been in situations like these and they don’t end equally well for everyone. In these cases, there isn’t a thing that these poor people can do, despite their best intentions. They’re left with a bad credit score, and dwindling prospects to get the help they need to get back on track.
Don’t despair, though. There are still some options you can explore. In the following paragraphs, we’ll explore some of those options. We’ll also weigh the pros and cons of each so that you can make the right decision for you and your family.
Improve Your Credit Score
It may seem obvious, but if you’re struggling to find loans for a 600 credit score, then you may want to consider raising your credit score. While this option will lead to much better options for you in the future, it won’t do much to solve your immediate problems.
If you do choose to pursue this option, then the first thing you need to do is pull your credit report from each of the three credit bureaus, and check each of them carefully. Look for any discrepancies that could be causing your score to drop unfairly. Once you’ve done so, submit your claim, along with any supporting documents, to each of the bureaus.
If you don’t find anything wrong with your report, then the best thing you can do is pay all of your bills on time, and keep your credit utilization at 30% or less. Past that, there’s no fast and easy way to raise your credit score. It takes time and careful monitoring. The data that’s dropping your score can stay on your report for anywhere from 7 to 10 years. If you need money quickly, this option won’t work well for you.
Take Out a Payday Loan
Let me be clear: I am in no way, shape, or form recommending this option. It’s only on this list because I want to warn you in advance; it will pop up sooner or later as you look for lending options that will work with your 600 credit score.
A payday loan is targeted specifically at people seeking a loan with very poor scores. They often offer quick approval processes, with the money being available almost immediately. They often won’t even check your credit score either. That’s how these lenders lure in desperate people but the reality is anything except ideal.
Payday loans always charge exuberant interest rates, averaging four times more than the amount you’re wanting to borrow. They also have very restricted repayment timelines, often due by the time your next paycheck comes in, hence the name.
This results in a scheme in which you take out the loan and can’t possibly repay it in time. The lender extends your repayment time but tacks on even more interest. You’re now stuck in a situation where you’re constantly draining your funds just to pay the interest. At this rate, you’ll never get out of debt, and your credit will only continue to deteriorate.
No matter how desperate your circumstances may seem, do not take out a payday loan. No amount of easy money is worth the heartache and hardship that will follow after.
Find a Credible Lender who Will Work With You
Finding a good lender who is willing to extend money to you despite your credit score can be challenging. It involves reaching out to dozens, if not hundreds, of lenders to see if they’ll accept your current circumstances. Even among the ones who will, they often demand high-interest rates and shorter repayment timelines. This is particularly true for people with credit scores below 550. It can take weeks to reach out to them all and they may still turn you down.
But this is also the only way you can ensure that you are getting a lender who will give you the loan you need but won’t rob you blind to do it.
The team at Loans Now has already done the hard work for you. We’ve established a wide network of great lenders who will give you fair terms based on your 600 credit score. Because our business is centered around unsecured personal loans for people with low credit, we understand the challenges you’re facing, and we’re here to help.
Once you’ve provided us with some basic information, we compile a list of great loans that you can pursue. We’ll also answer all of your questions, and provide some sound advice about what we think will work best in your situation. Taking out one of these poor credit score loans will also allow you to increase your credit limit and improve your score for the future. The best part? It’s 100% free to you.
Don’t let your 600 credit score be the reason you don’t get the money you need to improve your life. Contact Loans Now and let us start helping you today!