Your credit rating plays a important role when trying to obtain a unsecured personal loan. Credit scores range from the lowest at 300 to the best of 850. Having a credit score over 700 will most likely approve you for the best personal loan rates available. If your credit score is under 700 don't panic. Most banks only require a credit score of 620 to be approved for a prime mortgage rate. On the other hand, unsecured personal loans are the most difficult to obtain than mortgages and credit cards. If your credit score (FICO) is under 680 your chances of getting a personal loan unsecured is greatly reduced, and almost impossible with a credit score under 620. The lower your score the higher your interest rate will be.
Even though your credit may be bad, there is one website we found and maybe the only source to get a unsecured personal loan with a credit score as low as 520. A credit
community website called prosper.com, which is a marketplace for credit that enables people to lend money to other people in a safe, efficient manner. Prosper's founding principle is that people from
close communities act more responsibly towards each other. Prosper leverages this powerful concept of group responsibility and applies it to person-to-person lending—resulting in better
interest rates for people that borrow and lend. Prosper enables people to create groups, which borrowers can join and request 3-year, fully amortized loans from $1000 to $25,000. Borrowers can also
indicate the maximum interest rate they are willing to pay, plus repay the full amount of the loan at any time and there are no early payment penalties. Lenders search for and select these listings
based on the borrower's credit, debt profile, and group affiliation. Lenders bid on listings by indicating a minimum rate they are willing to accept. When a loan is matched between borrower and
lender, Prosper handles all of the tasks needed for payment and collection of the loan. Borrowers typically receive their loan within 2 to 7 business days of the end of a successful listing. A
personal checking account and a verifiable source of income is required, there is also no cosigners allowed.
Apply Here for a unsecured personal or business loan at prosper.com
today!
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