Can I Get A Loan With A 500 Credit Score?
May 10, 2021 | June Mckaig
In times like these, many people find themselves asking, "can I get a loan with a 500 credit score?" That's because it's tough to keep your credit rating high. But applying for traditional bank loans and getting approved is virtually impossible without at least a 600. Yet, people with a 500 credit rating still have some hope, and it doesn't necessarily matter how much they make at work.
Truth be told, here are a few different options for borrowers with less than perfect credit. However, each option has its pros and cons, so it's important to know exactly what you're doing. After all, your credit score is at 500 for a reason, and it's probably not going to increase if you make poor financial decisions today.
Getting A Loan With A 500 Credit Score
The average consumer has a credit score of about 710, according to recent studies. But contrary to popular belief, you can get a loan even if your credit score is below that. It may not be through a traditional brick-and-mortar bank, though. Instead, here are some other options.
1. Ask Your Friends And Family To Borrow Some Cash
If you are asking yourself ‘can I get a loan with a 500 credit score?’ this is one option you have. This option may not be ideal for everybody, especially those who feel uncomfortable asking their loved ones for money. However, it's a quick and easy way to get the cash you need for emergencies. Plus, you can work out the payment arrangements in a way that suits everybody. Try to keep the borrowing to a minimum, and be prepared with an organized repayment plan too.
2. Start A Side Gig With A Sweet Payment Advance
Side gigs can get you money faster than going to work and waiting on a paycheck. Also, some passive streams of revenue can serve as personal loans to yourself. Meanwhile, certain jobs provide a small advance or sign-on bonus when you begin. So, look for opportunities like that and try to take advantage. Match the side gig with your skills and interests to make it fun and lucrative. If you’d rather not ask if can I get a loan with a 500 credit score, this could be an alternative.
3. Get A Payday Loan
This is one option you have if you are asking ‘can I get a loan with a 500 credit score?’. Did you know that you don’t have to wait till your next paycheck comes in to handle emergencies? It is true! Payday loans can help you make ends meet despite your payment schedule at work, thereby making it easier to protect and increase your credit score. Use payday loans to take care of the debts that keep holding you back each month.
4. Trade Your Car Title For Title Loans
If you own your car and have the title in your name, you can get a title loan for as much as $15,000 in Carolina. It doesn't matter how poor of a credit score you have - 500, 600, 700, or better. The terms aren't based on your credit rating, and you even get to keep possession of your car as long as the loan remains in good standing. Clean up your vehicle before asking for a title loan because that may help you get more money.
Can I Get A Loan With A 500 Credit Score And A Low Income?
Despite all the options, some people still ask, "Can I get a loan with a 500 credit score and a low income?" That's an excellent question. While we don't necessarily require a high income to approve applicants, it's still important for you to show proof of your ability to repay what you borrowed.
Keep in mind that not being able to produce proof of income will not disqualify you from getting title loans. So, talk to the loan representative in charge of your file for more information.
How Can I Get A Loan With A 500 Credit Score?
Getting a title loan with a 500 credit score is easier than you think. It's actually designed to be that way, so you know something is wrong if it's hard. Here are the only three steps you should ever have to take:
- Apply online or over the phone. Go to our website to fill out a short intake form on the website, or call and answer some questions over the phone. You can also ask any questions and learn all about our required items;
- Gather the required items. Make sure to bring the lien-free title of your vehicle, the vehicle itself for a quick appraisal, and your driver's license or a government-issued photo ID. You will need these items when you meet with the loan representative;
- Meet with the loan representative by either searching for ‘title loans near me’ or at a location of your choosing. They will inspect your items and vehicle to determine if you qualify and for how much. Once you get approved, you can sign the loan agreement and get the cash.
You're not out of options just because your credit score isn't perfect. You're so much more than your credit rating, so try to find options that help you prove it. If you are wondering ‘can I get a loan with a 500 credit score?’ then you should look into one of these options – like title loans in South Carolina.