Credit Building Loans for Bad Credit

What credit score do you need for a credit building loan?

Credit score requirements can vary. However, credit building loans are intended to help borrowers build credit. Therefore, they can focus more on requirements such as collateral or repayment schedule as opposed to credit score. For personal loans, offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

How much can you get for a credit builder loan?

Credit builder loans are typically available in small amounts from a few hundred dollars to a few thousand. Ultimately, how much you can get will depend on what you qualify for. To check personalized offers with no credit impact, visit Acorn Finance. 

Do you get money right away with a credit builder loan?

With loans, there’s usually a lapse between approval and funding. While you can receive funds quickly, it’s usually not instant. At Acorn Finance, our lending partners can fund loans in as little as 1-2 business days, although funding times may vary. 

Why choose Acorn Finance for credit building loans for bad credit

Bad credit is often preyed upon as borrowers feel a sense of desperation. The reality is though, bad credit presents an opportunity for lenders. When you seek a loan, you want to ensure you are working with a legitimate lender and that the offer is equitable for both parties. When you use Acorn Finance to check offers, you can access offers from top national lending partners. With no impact to your credit score from checking offers you can shop without commitment. Access to real offers can help you determine the best path forward. Our platform is safe, secure, and online. We’ll wrap up everything you need to know in a nutshell. 

How to apply for credit building loans with bad credit:

#1. Check your credit score

Knowing what your credit score is can help you prepare for the types of offers you might return. If possible, work to boost your credit score before applying. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

#2. Gather documentation

During the approval process, lenders may ask for proof of income, residency, and or identification. Gathering these documents ahead of time can help the process go smoother. It can also provide you with information such as how long you’ve lived or worked somewhere, or how much your actual gross income is. This can help you complete your application as accurately as possible. 

#3. Get prequalified

When ready, head to Acorn Finance to get prequalified with no credit impact. In seconds, you can receive personalized offers up to $100,000, depending on credit score. With a network of lending partners, your chance of qualifying is greater than just applying to one lender at a time. 

Building your credit score helps ensure you are ready for what life throws your way. Rather than reactively encountering challenges that stem from bad credit, be proactive and build your credit early on. Take advantage of credit building loans to help create a better financial future for you and your family. Check offers at Acorn Finance today!