If you have a credit score of 560, you may be wondering what kind of loan options are available to you. While it may be difficult to get approved for a loan with such a low score, there are still some lenders that specialize in providing loans to people with poor credit.
OppLoans and Integra Credit are two companies that offer Personal Loans for a 560 Credit Score. These lenders understand that not everyone has perfect credit and they take into account other factors when making their decision.
They look at your income, employment history, and other financial information to determine if you qualify for a loan.
Let’s check these two option in Details.
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OppLoans is an online lender that specializes in providing personal loans to borrowers with bad credit. Here are the pros and cons of their services, who they’re best suited for, and a summary of our review:
- Offers loan amounts ranging from $500 to $4,000, with repayment terms of up to 36 months
- Provides access to funds quickly and easily, without requiring a credit check or long application process
- Competitive interest rates compared to other lenders in the industry
- TrustPilot score of 4.7 out of 5 with more than 2,000 reviews and a 4.9 out of 5 stars on Google with almost 10,000 reviews
- Has a Consumer Financial Protection Bureau rating of 60 out of 312 companies in total rating and got an average review score of 4.3 based on 24 reviews
- Interest rates can range from 59% to 160%, which is still quite high compared to traditional loans
- The loan amounts offered by OppLoans are relatively small when compared with other lenders in the industry
Who is it best suited for:
Borrowers who need quick access to cash but don’t have access to traditional financing options due to their poor credit score
Overall, while OppLoans may not be suitable for everyone due to their high interest rates and limited loan amounts, they are still an excellent option for those who need quick access to cash but don’t have access to traditional financing options due to their poor credit score.
For these individuals, OppLoans can provide much needed relief during financial emergencies or when unexpected expenses arise.
2. Integra Credit
Integra Credit is a Chicago-based online consumer lending company that provides fast, flexible, and convenient financial solutions to customers with less-than-perfect credit.
Here are the pros and cons of their services, who they’re best suited for:
- Quick and secure application process
- Flexible repayment terms
- Fast approval decision
- Offers personal loans ranging from $500 to $3,000
- Helps people with bad credit access funds
- High interest rates (99% to 300%)
- Requires an active checking account in order to qualify for a loan
Who Is Best Suited For Integra Credit?
Integra Credit is best suited for people who need money quickly and don’t have access to traditional banking services or other forms of financing.
Integra Credit is a reliable lender that offers fast and convenient financial solutions for people with bad credit. Its quick application process and flexible repayment terms make it an ideal choice for those who need money quickly but don’t have access to traditional banking services or other forms of financing.
However, borrowers should be aware of the high interest rates before applying for a loan.
Is there any Alternative?
Another option is to apply for a secured loan from Upstart or 24/7 Lending Group. With these types of loans, you will need to provide collateral such as your car or home in order to secure the loan. This can help reduce the risk for the lender and make it easier for you to get approved.
You may also want to consider applying for an unsecured loan from Oportun or CashUSA.com if your credit score is too low for other types of loans.
These lenders typically offer lower interest rates than traditional banks and can help you build up your credit score over time by reporting payments on time each month.
No matter which type of loan you choose, make sure to do your research before signing any contracts or agreements.
Compare interest rates, fees, repayment terms, and other features of different lenders so that you can find the best deal possible.
- Shivani is a personal finance expert who covers topics from credit cards to travel rewards. She's featured in Prestige Magazine and passionate about helping readers make responsible financial decisions. Based in New Delhi, she travels as a digital nomad, sharing her knowledge worldwide.