So if i’m in the low 500s and i need a personal loan from upgrade. then i would definitely i would take this strategy first. so again you can secure that loan all right. so that’s very important now. back to talking about upgrade personal loans. In terms of their requirements and everything, they also do what is called a hardship loans for bad credit.
You should read this first How To Upgrade Personal Loans For Bad Credit No Credit Check in 2022 before reading this article.
Hardship Loans for Bad Credit Means
Now with that hardship what that means, say that you lose your job or you have a medical situation and stuff that you can’t pay your loan anymore.
They have an actual hardship program which again that may not impact your credit in a negative way. so definitely for those of you that may already have the upgrade personal loan, you definitely want to try to see if it’s possible if you having any type of hardship. just see if you can possibly get into their program.
Minimum Credit score to get Hardship Loans for Bad Credit
All right, now understanding that their credit score is from a 560 and up right. but here’s the thing about it the average credit score for approval is 678. now you understand why i would probably do this here, to try add some of these trade lines to boost up the credit score first. before trying to go in for that loan. like i said, their minimum credit score is 560.
Now in terms of, can you get a loan from there with a 560? yes, but you have a very low DTI. now speaking of the debt to income ratio, this is something that’s very important. they will accept up to 25-75 debt to income ratio not counting mortgage or rent.
They will accept up to 75. so that’s very good for a lending type of company. and unfortunately, the reality is when you have challenging credit the interest rate may be a little high. however if that’s going to put you in a better financial position to help you pay some bills andget some things done, then it is what it is right now.
Here’s the thing about it there. their limits go anywhere from a thousand up to fifty thousand. like i said, the income threshold. and here’s a hint that i want you all to understand. and hopefully you catch on to the hint the average person that gets approved hardship loans for bad credit .
For higher limit loans would upgrade average income for that. so i’m talking about at least 10 000 plus average income is about 78 000. that’s your hint. okay i’m giving you a hint, so now you understand what it is that you make, may need in order to qualify for 10 000 or more. now here’s what they want? no, they want proof of income.
Proof of income
That proof of income can come from taxes, bank statements, something of that nature to show proof. so if you are independent contractor with challenging credit, they’re wanting to see this type of information. also , because some lenders and stuff they only report to two this company. they actually report to three credit bureaus.
Now here’s the interesting thing about it on your credit file, you have to have at least two accounts. so if you have brand new credit or you just starting to build your credit again. it will benefit you to add your rent on there. because it’s going to help you sign up for experian boost. add an authorized user or use grow credit. so that you can get some type of trade lines, one of the things i always tell people is i would join a credit union.
The reason that i would join a credit union because they have more flexibility. so that you may have a low fico score, however your internal score with the credit union may be high enough to still get you that 10 25 000 credit card that you may need. to help you pay some bills or whatever.
Best Hardship Loans for Bad Credit Lenders
So that’s my thing i would actually join a credit union first. now if not qualify for the upgrade loan. there are some lenders that you can reach out to. so one of those lenders is one made now. some people said well. they wanted a title loan well here’s the thing about that loan on your car or lean on your car.
The reason they want that if you’re going for the higher dollar amounts again, if you’re trying to get 10 000 plus then of course they want something more more of a secure type of loan. so that’s the reason. now with one man one main financial. the average income again another hit hint to get approved for that higher dollar amount would be about five thousand.
To help you understand how to get approved for these loans, another lender lending point and these companies. they offer soft pools. all these companies office are pool, so you don’t have to worry about that. hard inquiry now with lending point their average income is 80 000. does that mean you have to make 80 000 to get a loan from them? no, but that’s just the average so that you know that they okay if i want higher dollar amounts. this is where i need to be know their lowest credit score is a 580 credit score. okay the lowest credit score is a 580 credit score and the average with them is a 673 credit score.
Now you’re starting to understand in terms of what what’s more important. what’s that dollar averages and stuff in order for you to get the higher dollar limits. you have to be up in this range 80.000 673 credit score.
Universal Credit Company for Hardship Loans for Bad Credit
Okay are you trying to get the higher dollar limits now. you have another company called universal credit. now here’s the thing about universal credit. you must to have at least two accounts on your credit file. they will accept a 560 credit score as well. all right, so their debt to income ratio is 75 and that’s including the mortgage with upgrade.
They that excludes mortgage payments and rent appointments this year 75. includes the mortgage and the rent payments. That’s the difference between those two. and then of course number four you have up for tune all right now. opportune again they’re not in every state.
So, by them not being in every state i hope that you all can see the board. so that’s the reason i’m standing to the side, but by opportunity not being in every state again for those states they serve. it they go anywhere from 300 up to ten thousand on the personal loan. now here’s the thing about it, you can have new credit with no accounts on the file and be approved with opportune all right, so which is which is pretty cool.
They only report to two credit bureaus. so that’s one of the things you have to keep in mind. and you have to be making at least here’s the thing with opportunity if you have an income. you can show proof of income that you’re making at least 500 a month. they can probably help you get a loan, okay and again like i said they’re not in every state. so this is houston with three-way funding. hope you find the best company with easy approve hardship loans for bad credit .