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Is it possible to obtain an unsecured loan with a 550 credit rating?

Is it possible to obtain an unsecured loan with a 550 credit rating?

A 550 credit rating sounds much better than 500, however it’s nevertheless a credit score that is bad. (It’s 30 points far from “fair” and 120 points far from “good.”) You may be eligible for an unsecured loan with a 550 credit rating but once again, your rate of interest is likely to be high.

Here’s an illustration in one principal Financial, which works together those who have bad credit ratings.

The repayment schedule would be as follows if your loan amount was $1,500 at 35% interest

  • On a loan that is two-year $88 every month ($2,112 total)
  • On a three loan, $68 per month ($2,448 total year)
  • On a loan that is four-year $58 every month ($2,784 total)
  • For a loan that is five-year $53 every month ($3,180 total)

This means, you’d pay anywhere from $612 to $1,680 in interest on that initial $1,500 credit loan that is bad.

“i might take to every thing underneath the sunlight before i did so a loan that is online” claims Linda Jacob of credit of Diverses Moines.

A professional economic planner and accredited economic therapist, Jacob has seen interest levels of 1,800% or more on alleged “tribal” loans, provided through online loan providers connected to Native American tribes. Continue reading “Is it possible to obtain an unsecured loan with a 550 credit rating?”