Hello. What are the best personal loan options for folks with no credit history (20yrs cash only) &/or low credit score with income under $18000?
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I'm not sure I'd even consider it. Most of them will be high interest with big monthly payments. However, most of the sites like Credit Karma, Wallet Nerd, etc will give you matches, based on that criteria.
Hey @Denise L Wagoner! @JeremyM is right — you're looking at high interest rates in this situation. Usually you have to build credit a little bit at a time, so you're not going to get approved for a huge amount.
Is your goal to build credit here, or do you need a loan because you need cash? If you're trying to build credit, you may be able to get a credit builder loan through a smaller bank account or credit union. Basically you'd get a loan but the bank holds onto your money while you make payments. You build credit and you get the money at the end of the "loan." So if you got a one-year, $1,200 loan, you might pay $100 a month for 12 months and then get the $1,200 at the end. A secured credit card, where you pay a deposit and then use it as your line of credit, could also be an option.
If you need cash and it's an emergency, obviously, the situation becomes a lot tougher. I'd beg you not to consider any payday loan or anything similar (you may also see them advertised as cash advance loans, short-term loans, small-dollar loans or no credit check loans). The interest rates are often more than 300%. That makes them VERY hard to dig out of. I'd suggest doing anything to avoid them, whether that means sleeping on a friend's couch, getting groceries at a food pantry, etc. If you need emergency assistance, a good starting place is the 211 hotline (call 211, just like you would 911), which can connect you with local resources.
Denise, The people above me are correct. If you're just wanting to improve your credit score try getting a Walmart, Target, Kohls credit card or grocery store credit card or your local bank credit card or your local credit union. Make your monthly payments on time, never be late and never miss a payment. Sign up for the online payment process, I don't recommend the auto payment process, I use the one time pay process monthly for all of my bills. It is easier to keep track of your money. If you're just wanting/trying to save money for emergency use, trying saving ten dollars a week or a month. Yes it is very hard to do, think positive.
Avoid the Small Loan companies.
I am not a financial Guy. Good Luck.
For smaller loans I would recommend Cashnetusa. I have dealt with them for several years and I have never looked back.