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What Are the Best Funding Options When You Have a Poor Credit Score

 A poor credit score is something most people deal with in the course of their lives. It can feel like a curse as it makes it impossible to get a loan or a credit card advance when in an emergency. So, you are forced to look for other alternatives. If you are reading this, you have probably tried your best to look for alternatives unsuccessfully. The good news is that there are some funding options that don’t check your credit score.

Salary Advance

If you are employed, asking for an advance would be a great option since your boss wouldn’t need to check your credit score to approve your request. You also don’t need to establish any trust to get the advance, hence making the process much faster and more convenient. However, this idea can only work if your workplace allows employees to take advances.

Some companies also allow employees to take loans and then pay an agreed percentage every month. If your employer has such a thing, you could take advantage of it.

Online Personal Loans

Personal loans such as online payday loans have changed the industry over the last few years as they don’t involve many barriers compared to traditional loans. For instance, most don’t demand a high credit score to apply for a loan. However, they will ask whether you have a degree, your employment history, and the college or university you attended. The application process is also pretty easy, and your request can get approved within hours or a few days.

Most online lenders nowadays don’t even ask for an application fee, which makes it easier to get the loan and cheaper to pay it. However, note that since they don’t check your credit score, they might charge you a high-interest rate. Therefore, always check out what different lenders offer before taking a loan. Doing so will help to get the most affordable deal with favourable conditions.

Take a Loan from Friends and Family

Taking a loan from friends and relatives is probably among the first things that come to mind when in a fix. Close friends and relatives are more likely to trust you and won’t ask about your credit score to loan you money. This eliminates the limiting qualifying process used by lenders to lock out some applicants. A loan from relatives is also cheaper and easier to pay as they probably won’t charge you interest rates and might even allow you to repay them in instalments. 

However, borrowing money from relatives and close friends can also be quite dangerous. Like other loans, you must also repay the money on time. Paying late or making excuses when the due date comes might easily ruin your relationship. Even worse, it will make it impossible for them to ever trust you with money.

To avoid any issues, ensure you formalise the transaction by writing down the agreed terms and interest rates, if any. That way, you are legally responsible for paying back the expected amount, and they can’t force you to pay a higher amount than agreed. This can be quite helpful, especially when a huge sum of money is involved.

Peer-to-Peer Lending

Peer-to-peer or P2P lending has been around for over a decade now, and it’s a great go-to option for people with poor credit scores looking for loans. This method uses platforms where you sign up, set up a profile and then post the amount you need and what you need it for. Investors on the platform view the post and then fund you if they like your idea.

Peer-to-peer lending involves individuals and not institutions, which increases the chances of getting a loan. Also, an individual is likely to consider your proposal more than your credit score, especially if you have a great business idea.

The interest rates involved are much lower compared to traditional loans, thus making them a cheaper option. However, peer-to-peer lending websites will likely verify your credentials to help ensure you can be trusted to repay investors. 

Since there are many P2P lending websites, you could join a few and post your proposals there to see which one will bring better results. After landing an investor who is willing to loan you the money, make sure to use it wisely and repay it as promised. That way, you can maintain a great record with the website, making it easier for other investors to trust you.

Getting a loan with a poor credit score is usually pretty tricky because you can’t prove that you can repay it. Luckily, there are several methods that allow you to access loans with low-interest rates that don’t care much about your credit score. Hopefully, the ones you learned in this article will help you do the same.


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