Securing a personal loan with a poor credit score is challenging yet possible with the right steps. First, review your credit score and report to understand and correct any errors. Lower your debt-to-income ratio by paying off existing debts, and carefully calculate the monthly payment you can afford. Choose lenders experienced with bad credit loans, obtain prequalification to avoid impacting your credit score, and consider a co-signer to improve your loan approval chances. Additionally, explore alternative financing options like credit unions or peer-to-peer lending if traditional loans are unfavorable.
Read the full article here.