It is not that easy to get a $3500 bad credit loan, since this amount is larger than what many payday loan lenders are willing to give. Nevertheless, you can still give it a try here for a free quote and see what the lenders have to say. That is why most people do not know what are the remaining borrowing options available. Do note that a big personal loan can do heavy financial damage in terms of credit score and debts, so be serious about borrowing money.
Credit Score Needed For A $3500 Installment Loan
To get cheaper fees, you need to have a better credit score. Try looking at your latest credit report and see if errors can be corrected. This can help you save money and even increase the chances of getting approved for a 6 month unsecured loan. You can do so at these three biggest bureaus – Equifax, Experian, and Transunion, although you can skip generating the actual FICO score. It does not matter because most lenders use a different scoring system that is not available to the public. If you have the time, always check the above places before you approach lenders for a large installment loan.
Due to the sum involved, you need to watch out for the interest rate. Many loan companies will only show you the monthly payments required if you take up the loan offer. In a way, this make it easy to decide whether you can afford the loan, after deducting for expenses and other obligations from your monthly paycheck. However, the effective APR on $3500 loans with poor credit can be as high as 450%.
A high APR coupled with a long payment period can be the deadliest combo that will knock you off your feet financially. When you want to more time to pay back a loan, usually it is from cash advance lenders who charge high fees to compensate for the default risk of blacklisted borrowers who needed money fast. There may even be an origination fee in some cases. However, this can be the easiest way for someone who has no credit history. Just make sure you do not continually rely on these as they cost you a lot of money.
So if a cash advance for $3500 does not work out, the best solution is to ask family and friends for help. You can usually get interest free monetary aid from family if you are in genuine need for cash.