Have bad credit and need a personal loan?

If you need money for an emergency and unexpected expense, don’t assume that your bad credit history will automatically prevent you from getting a safe, reliable personal loan from a licensed Payday lender. You may still be able to get approved for the personal loan you need. At LendUp, we may be able to approve you for a personal loan, even if you have bad credit or no credit. Our mission is to provide a better path to financial health in a number of ways for our customers. LendUp offers free online financial education courses because we want everyone to have access to a brighter financial future.

Understanding bad credit vs. good credit

Some behaviors, like late payments and defaults, may impact your credit score more than others. To better understand bad credit, it's useful to understand how different factors are weighed when a credit score is calculated. According to MyFICO.com the five primary categories that go into a credit score calculation, generally prioritized as:

  • Payment history - 35 percent

  • Amounts owed - 30 percent

  • Length of credit history - 15 percent

  • Credit mix - 10 percent

  • New credit - 10 percent

Credit scores also depend on a number of other factors, and each credit bureau approaches your credit score with slight differences. However, it's clear that your payment history typically impacts your credit score more than the length of your credit history. As you can see, approximately two-thirds of the score is based on how much is owed and how timely payments are. So, if you owe a lot relative to your available credit, this could contribute to a lower credit score. Or, if numerous payments have occurred 30, 60 or 90 days late, this too can lower your credit score.

These are simply guidelines. Keep in mind that each lender defines good credit and bad credit differently.

Late payments and bad credit

Although the average FICO score of 695 indicates that many people succeed in paying their bills on time, it's not uncommon for some consumers to struggle on occasion. According to the most recent FICO data, 18.2 percent of the population had at least one serious delinquency (a payment at least 90 days late) during the previous two years. If you have had payment problems, you are not alone; almost one in five people has.

Although late payments are often associated with problem credit, some lenders make a real effort to look at individual circumstances. Some lenders might ask why exactly a prospective borrower fell behind in the past and if their circumstances have changed. For example, a recent pay increase or lower expenses may be positives, even if someone has credit issues.

Online personal loans from LendUp

So, if this all sounds interesting, you may have some other questions.

How much money can I apply for at LendUp?

Due to differing state regulations, the answer to this question varies. However, we strive to get our customers the money they need for emergencies and other special instances while keeping the amounts within their means.

How soon can I receive the funds if I'm approved?

LendUp Loans fund fast — as long as your application is submitted before before 5 p.m. PT (weekdays), you’ll typically have money in your bank account by the next business day. See FAQ for more details.

How likely is it that I'll be approved?

There is no way to predict the likelihood of approval, but LendUp only performs a “soft credit check”. That means your credit won’t be affected by applying.

Applying for a personal loan

Applying for a LendUp Loan is quick, simple and straightforward; apply from your smartphone or computer in just five minutes. Get an instant decision 24/7. The process is the same whether you have bad credit, good credit or you're somewhere in between. You must:

  • Be a resident in one of the states where we’re licensed

  • Be at least 18 years old

  • Have a recurring income source

  • Have a checking account that can accept electronic transfers

  • Not be active military or a military dependent

When you apply for a LendUp Loan, please have the following information available:

  • Current contact information

  • Active phone number

  • Active email account

  • Bank account information

We'll also ask for your employment details or the source of any recurring income. We specialize in short-term loans, and good credit is not required. Apply today!

Disclaimer: LendUp is not providing financial, legal or tax advice. If you need or want such advice, please consult a qualified advisor.

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