If your credit score is below 580, you may not be able to apply at major lenders including Chase. All personal loan lenders must take a look at your credit report before approving or disapproving your loan request. Does this mean a person with bad credit has no access to quick funds?
Luckily, lenders also consider a variety of other factors before arriving at a credit decision. One way to meet your immediate financial needs for sure is to apply for a secured personal loan. Not many lenders would look at your score if you can put something of value as collateral.
Your chances to get a personal loan from Chase can be improved if you maintain a long-term relation with the bank. For example, you might have a savings or checking account that is several years old. If you have a deposit account, then you might find it easy to obtain a secured personal loan.
What are the steps to obtain a bad credit unsecured personal loan?
The things get completed when you are below the average credit or do not have suitable collateral for a secured loan. An unsecured personal loan may be difficult to obtain, but there exist certain options for people with good and bad credit. Here are some of the practical steps to explore these options.
- Obtain a copy of your annual credit report. Examine it carefully to ensure all details are correct. If there is an error, you must contact the reporting agency before you apply at a lender.
- Check your FICO score to know if you are actually in the bad credit zone.
- Approach the bank or credit union that you have accounts with. Ask them for a favor, describing them your financial difficulties and how you plan to repay the loan amount.
- Try a secured personal loan first. It is an easier option with more chances of approval than an unsecured personal loan.
- You might also use the overdraft facility provided by Chase and several other banks. Use this option only when you don’t need to borrow too much and can quickly pay off.
- If Chase Bank doesn’t accept your request for a bad credit unsecured personal loan, you can go shopping and try a variety of lenders out there.
- Visit a peer-to-peer lender online. Some suggestions include Peerform, LendingClub and Prosper.
- Check the websites of online lenders. You are strongly advised to check the credentials of such lenders to avoid scams.
- It might be enticing to respond to the lucrative offers of a payday loan provider. However, it will be a safer idea to visit LendUp instead of a predatory lender.
- Some bad credit lenders do not look at your credit report. All they need is a regular source of income. Again, be warned of scams.