Your best bet for a fast personal loan with a 513 credit score would be a personal installment loan, payday loan, car title loan, pawnshop loan, or perhaps another secured financial product. Whether or not you are eligible for any one of these loans could depend on your credit score, income, bank account status, and overall borrowing history.
Getting fast cash with a low credit score is not an easy task. It will take a lot of focused effort, research, and thorough planning. Many lenders prefer to work with borrowers who have good credit since there’s less of a risk of these borrowers defaulting on their loan. Defaulting simply means that you couldn’t repay the loan and fulfill the loan agreement, so the lender sells your debt to a collection agency.
But there is good news. There are simple ways that you can improve your credit score over time. Some of the biggest factors affecting your score are on-time payments/payment history, credit card usage, overall debt load, how long you’ve utilized credit, and the mix of different credit that you use. This means by focusing on making payments on time, lowering your credit card usage, and paying down your outstanding debts, you may start to see your score increase.
In the meantime, you may be wondering how to get a quick cash loan right now. If you don’t have time to wait due to a financial emergency, there are options for you. As we mentioned, many borrowers in this situation turn to personal installment loans and payday loans. Just make sure that you thoroughly research the lender you have in mind, and that you fully understand the terms, rates, and conditions of the loan.
Taking out a loan that you’re not financially prepared for could actually make your situation worse. If you can’t make payments on time, or at all, you’ll probably start to see your credit score drop even further. So ask lots of questions, read the contract fully, and be prepared to make on-time payments. Follow these tips and you will be able to avoid predatory lenders.