When your credit score hits the 500 mark, you’re in real trouble. That means you have bad credit and you have to fix it as soon as possible. A 500 credit score is actually a threshold, below which you may have a hard time getting a low interest loan. Most banks may approve you for a loan but on their terms and conditions, which might be considerably less attractive than if you have a higher score. In other words, banks start to love you very much because they can rip you off and get away with it.
Online lenders are more flexible. Although most lenders will take advantage of your situation, online lenders, due to their number, will start to compete for your business. The result of that competition or auction is much better terms and conditions. You may enjoy a lower interest loan or much more competitive charges for lending services.
When you have a 500 credit score, you should act immediately to improve it. Taking out loans and repaying them on time improves your overall credit score, which leads to a higher credit score. The ideal situation is if your credit score reaches the 700 level.
In order to get a loan with a 500 credit score you need to file an online application form. The form is only two pages long and it takes less than a minute. Your application is submitted to one of the largest network of lenders who start their bidding to offer you the best terms and conditions they can avail. If you don’t like the offer you are presented with you can reject it with no consequences.
You can apply for a loan ranging from $100, through $500, up to $1500 (online loans are regulated by the government, which capped them at 1500 dollars).
Loans for 500 doesn’t charge you a single penny for the services rendered.