There are several options where you can apply for a small personal loan with a credit score under 500. These include:
- Online lenders: There are various online lenders that specialize in providing loans to individuals with poor credit. Some popular options include Avant, OneMain Financial, and BadCreditLoans.com. You can visit their websites and complete the loan application process online.
- Credit unions: Credit unions are not-for-profit financial institutions that often offer better rates and terms than traditional banks. Some credit unions have specific loan products tailored for individuals with low credit scores. It is advisable to check with local credit unions to see if they offer personal loans for borrowers with credit under 500.
- Peer-to-peer lending platforms: Peer-to-peer lending platforms connect borrowers directly with investors. They often have more flexible lending criteria and may be willing to lend to individuals with poor credit. Some popular peer-to-peer lending platforms include Prosper and LendingClub.
- Family and friends: If your credit score is low, you might consider borrowing from friends or family members who may be willing to lend you the money.
It's important to note that interest rates and terms for loans with low credit scores will typically be higher than those for individuals with good credit. Additionally, you may need to provide additional documentation or collateral to secure the loan.