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Can I Get a Personal Loan with a Credit Score of 500 or Less in California?

Living with bad credit is stressful because it is much harder to get a loan. However, it is still possible to get a loan with bad credit. Even though most direct loan providers will not take a chance on you if you have bad credit, there are still some companies that will give you the help that you need.

It Is Easy To Feel Discouraged

There are lots of people out there who have poor credit scores, or mediocre credit reports with bad marks on them. In fact, one out of every ten Americans is considered to have a poor credit score.

It is also said that almost a quarter of Americans have at least one account with a debt collection agency. This is another serious problem that can hurt your credit score.

Your credit score is your record of how reliable you are when it comes to using and repaying the credit debts that you owe.

One of the advantages that come with having a good credit score is that it is easier to get approved for loans with great interest rates. Unfortunately, this often means it is hard for people with bad credit scores to get approved for these loans.

If your credit score is not good, there is no need to panic, though. There are things you can consider and financial topics that you need to read about to fully understand your financial situation.

What Is Considered Bad Credit?

There are three major credit reporting agencies, and they each have their own system to generate your credit score. That means you will likely have three different credit scores, depending on your checking agencies.

FICO has the best scoring systems that lenders can use if they want to check your credit score. Typically, your FICO credit score will range somewhere between 300 and 850. This is how they define their credit system:

  • Poor credit is below 579
  • Fair credit is between 580 and 669
  • Good credit is between 670 and 739
  • Very good credit is between 740 and 799
  • Exceptionally good credit is any score over 800

According to FICO, the average credit score in America is just over 700, meaning that the average American has solidly good credit. This is a problem for anyone whose credit score falls much below 700, though. People with fair and poor credit often struggle to get some loans approved.

There are many different reasons why someone might have a bad credit score.

Sometimes it is because they have consistently missed utility bill payments. Sometimes it is because they have maxed out their credit card. Other times it is because of derogatory marks that appear on their credit statements, such as if they have filed for bankruptcy or a foreclosure on their home.

Five main factors shape your credit score:

  • Payment history (most important factor)
  • Credit usage (second most important factor)
  • Length of your credit history (moderately important)
  • Having a mix of different credit types (important)
  • Recent credit history (slightly important)

Your Credit Score Is Like Your Academic Record

One way to think about your credit score is to compare it to your grade point average when you were in school. Your credit report is like your report card, giving a detailed history of your debts. This includes how much you owe, your history of paying them off, and to who you owe money.

Your credit score is a specific part of your credit report, and it is a way to summarize the entire report. This number is a quick tool that future money lenders can use to see how well you manage your debt.

Now, it is important to remember that future lenders will probably look at your credit score and the entire credit report.

This is why the term “credit” collectively refers to both the score and the report. Future lenders will look at your credit score to get an overview of your debt situation, and then they will look for more details in the rest of the credit report.

Can You Get a Loan If You Have Bad Credit?

This depends on the lender that you are applying for a loan from. Some lenders will look at a 500 credit score and reject the application.

Some institutions have different cutoffs that they consider to be bad credit than other companies. They also might consider other factors, such as your Debt to Income Ratio.

You do not need to worry though, even if you have bad credit. Simple Fast Loans are willing to work with customers with poor credit history who are searching for personal loans in California

Simple Fast Loans

Simple Fast Loans is a financial service company that provides online loans, and they are recognized across the country.

With Simple Fast Loans, their focus is on delivering excellent customer service. This is why they make the loan application process as simple as possible for you. They know what you need and are ready to help you get on your feet.

Simple Fast Loans Advantages

There are a lot of advantages that come with applying for help with a loan from Simple Fast Loans. These advantages include:

  • You can get approved for a loan between $200 and $3,000
  • The application process is simple
  • You can get approved for your loan quickly
  • Payment is convenient

Personal Loans

When you need fast cash you do not want to have to go through the long process of applying for traditional loans, and if you have bad credit, you will probably get rejected from traditional loans anyways. This is why you should consider the option of applying for a personal loan from Simple Fast Loans.

When applying for a personal loan from Simple Fast Loans, you can get approved for anywhere from $200 to $3,000, depending on your income level and ability to repay the loan.

You do have to go through a brief credit check when you apply for a personal loan, but bad credit will not necessarily keep you from getting your loan. Simple Fast Loans is ready to help you out when other direct lenders will not.

There are just a few things that you need to bring with you when you are applying for a personal loan:

  • A valid government-issued photo ID
  • An active checking account in your name, where you deposit most of your money
  • A valid phone number that Simple Fast Loans can use to contact you
  • A valid social security number to help prove your identity and check your credit
  • You must be at least eighteen years old or older. Minors are not allowed to apply for personal loans.

How To Get a Personal Loan

You can start the process of applying for your personal loan by filling out the easy online inquiry form. This collects your basic information and gives you a decision on your loan in just a few minutes.

This form will collect basic information from your driver’s license, and you will also need to have your routing number and your checking account number ready while you are filling out the form.

Another great thing about applying for personal loans with Simple Fast Loans is that you can complete the entire process online. You never have to visit a physical store location because all of their loans are processed entirely online.

Frequently Asked Questions

What Does It Mean to be Pre-Approved, Pre-Selected, or Pre-Qualified?

This means you are approved for a loan based on the information in your credit report. Your eligibility can change if the information on your credit report changes. It is possible to lose your pre-approval status if you no longer meet the criteria to qualify for a loan.

How Fast Can You Get a Loan?

You will usually get the money for your loan the very same day as long as everything is signed before 2:00 PM Eastern Standard Time. If you sign off on your application after 2:00 PM you will typically get your emergency money the next business day.

Getting your loan funded almost instantly with your bank card is also possible. To do this you should submit your application normally and then contact Simple Fast Loans to learn if you are eligible for instant funding.

How Do You E-Sign A Loan Application?

After you have finished setting up your loan agreement, you will have an online loan package to sign. You can do this on the Simple Fast Loans website directly or have a link to the e-signature process sent to your email.

This link will then take you to the document and walk you through the various spots on the document that you must sign. After this, your loan package is sent to Simple Fast Loans, and the application process is completed.

Once you have signed the application, you must wait for your money to appear. It will take a bit to process your application, but then you will get a text message informing you that your loan application has been received. Then you will get another one when it has been funded.

How Do You Pay Off the Loan?

Typically, loans are set up with automated payments, so you do not have to worry about remembering to pay. However, you also have the option to make additional payments or pay off your account entirely if you would like. Unlike some direct loan providers, Simple Fast Loans does not penalize you for making early payments on your loan.

Payments are typically made online, but you can also call Simple Fast Loans and have your payment processed over the phone if you would like.

Final Thoughts

Living with bad credit is challenging for several reasons. One of these reasons is that it is harder to get a loan if your credit is poor. There is no need to stress out because companies like Simple Fast Loans can give you loans even with bad credit.

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