{"id":2223,"date":"2019-02-01T01:00:12","date_gmt":"2019-02-01T01:00:12","guid":{"rendered":"https:\/\/itgust.com\/?p=2223"},"modified":"2021-12-12T13:54:37","modified_gmt":"2021-12-12T13:54:37","slug":"400-credit-score-personal-loan","status":"publish","type":"post","link":"https:\/\/itgust.com\/400-credit-score-personal-loan\/","title":{"rendered":"5 Best Ways To Get 400 Credit Score Personal Loan"},"content":{"rendered":"\n

Are you looking for a 400 credit score personal loan? If yes then you know how challenging it can be. Anyone can end up with a low credit score either through poor financial decisions or out of bad luck. A credit score of 400 or just less than 600 is often considered poor credit. With a poor credit score qualifying for a personal loan can be tricky. You ask why? Most lenders take your credit score as an indicator of your credibility. In fact, some lenders won’t even consider your application if you have a credit score under 400.<\/p>\n\n\n\n

However, the good news is that there are plenty of reputable lenders ready to extend you credit even with your poor credit score. But it is important to understand that their interest rates are normally higher. Furthermore, the interest rate will vary depending on your income and credit score which enables you to even qualify for a loan with an interest rate below 6%.<\/p>\n\n\n\n

This is why it is advisable to compare your options and understand the terms of services of your lender before signing up for credit. A key advantage of low credit score personal loan<\/a> is that they give you an opportunity to develop your credit score as you meet your financial needs with the funds. In this article, we provide you with some of the best companies that can provide you with personal loan even if your credit score is 400.<\/p>\n\n\n\n

What It Means To 400 Credit Score<\/h2>\n\n\n\n

When you use a credit account, all the activities in the account are reported to at least one of the main credit bureaus such as TransUnion, Experian, and Equifax. These bureaus can store your credit account details for up to 10 years in their vast consumer credit information database.<\/p>\n\n\n\n

So, if you pay your loan bills, credit cards on time every month and keep your credit cards balances low then your credit score will improve. On the other hand, if you ignore your accounts, make late payments, and revolve around huge debt balances then your credit score drops fast.<\/p>\n\n\n\n

All the credit activity that occurs on your accounts build a credit report that is used to come up with your credit score. A credit score usually falls between 300 and 850. The credit score is used to determine your level of credibility. While a credit score above 600 is considered good, a credit score below 500 is considered poor. This means that you might experience difficulties accessing loan with a 400 credit score.<\/p>\n\n\n\n

Top 5 Ways To Get 400 Credit Score Personal Loan<\/h2>\n\n\n\n

1. Credit Union Loans<\/h3>\n\n\n\n

Credit unions are great alternatives for securing credit score personal loan if you have a low credit score<\/a>. To allow you easily access personal loans, some of the credit unions have designed special programs with more-favorable terms that suit people with poor credit history. This is why it\u2019s much easier to get a personal loan from credit unions. In fact, nearly anyone is eligible in some credit unions since eligibility can be as simple as being a member of a particular profession or residing in a certain location. Furthermore, most credit unions are not profit oriented which means you can expect to get cheaper financial loans and financial services that you\u2019ll hardly find in profit-driven financial institutions. <\/p>\n\n\n\n

Once you apply for a personal loan, credit unions don\u2019t just look on your credit scores when deciding whether to extend to your loan. They consider your credibility and character. What\u2019s interesting is that the interest rate doesn\u2019t exceed 18% regardless of your credit score. Contrary, getting the same amount of loan from banks could attract as high as 36% interest. This means that enrolling in a credit union can enable you to save a substantial amount in the long run. The good thing is that most lenders can give you a loan even if you are still new. So, if you are comfortable with the terms that match with your credit history, then you can readily find a credit union willing to give you the loan.<\/p>\n\n\n\n

Some of the top credit unions available today are for government workers, teachers, or veterans of the armed forces. You might want to ask around which credit unions offer loans in line with your profession considering that it\u2019s easy to get the loans.<\/p>\n\n\n\n

Benefits of Credit Unions<\/strong><\/p>\n\n\n\n