A low credit score doesn’t have to stand in your way if you want to get a personal loan to cover an emergency or consolidate your debts.
Borrowers with bad credit, which is a FICO score below 630, may need to put in some extra work to qualify for a personal loan. But taking these steps can not only help you get approved, they could also get you a cheaper interest rate.
Clean up your credit, shrink your debt
Before you apply for a personal loan, get a copy of your credit report to see what the lender will see on it, says Adrienne Ross, a Washington-based certified financial planner. You can get one free copy of your report from all three major credit bureaus at annualcreditreport.com.
The details on your credit report can show you why your score is low and signal how to address the issues before a