When facing financial difficulties, a personal loan can offer essential assistance to navigate through tough times. However, obtaining a personal loan often necessitates an excellent credit score for your application to be considered. Still, having a bad credit score is not the end of the world. Personal loans for bad credit in Vermont can help you, as many lenders consider other factors besides credit score when offering loans.
Many lenders consider other factors besides credit score when offering loans. In this blog, we have compiled a list of Vermont’s top 10 personal loan options for individuals with bad credit, providing an overview of their advantages and disadvantages.
10 Top Personal Loans for Bad Credit in Vermont
Deciding which personal loan lender to choose can be challenging as numerous options are available. Here are ten best personal loan options for those with bad credit in Vermont
Beem
Beem offers its users a range of financial services. Although Beem does not offer personal loans, it provides a marketplace for users to compare and find a lender that best suits their needs. Finding suitable personal loan offers quickly and easily with Beem; users get matched with an offer within 60 seconds.
| APR | Loan Term Duration | Pros | Loan Amount Range |
| The APR starts from 5.99%. However, it can vary by lender and based on your credit score | On Beem’s platform, you can find loans with a repayment period between 4 – 144 MONTHS | Matches with an offer within 60 seconds Competitive APRs Various offers to choose from | Whether you need a small personal loan or funds to pay for big purchases, Beem brings offers that cater to the needs of everyone. You can borrow between $500 to $100,000. |
LendingPoint
LendingPoint is an online lender that offers loans between $2,000 and $36,500. It can be a good option if you need small personal loans and have a low credit score, which is 620.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| The APR for personal loans from LendingPoint starts at 7.99% and can go up to 35.99% | The loan terms can be between 24 – 72 months | Offers loans to individuals with low credit scores Fast funding | May charge origination fee up to 10% Need to have a minimum income of $35,000 | LendingPoint offers loans between $2,000 and $36,500 |
Avant
Avant is an online lender that provides loans to a wide range of people. Vermont residents can use these loans to consolidate their high-interest loans or to make a big purchase. Avant offers up to $35,000 in loans; however, ARPs can be high for some individuals.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| The APR ranges between 9.95% – 35.99% | The loan terms can be between 12 – 60 months | Low credit score required No prepayment penalties Fast approval | Charges a $25 late fee APRs can be high | Loan amount ranges between $2,000 – $35,000 |
Upgrade
Upgrade partners with Cross River Bank and Blue Ridge Bank to offer various loans, such as a line of credit and personal loans, to individuals with fair to good credit scores. They offer relatively high loan amounts and often disburse funds within 1-2 business days once approved.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| Upgrade’s personal loan APRs can vary between 8.49–and 35.99% | Loan from Upgrade can have a repayment term between 24-84 months | Quick loan approval and funding No prepayment penalties | Charges an origination fee, which can range between 1.85% and 9.99% They also charge a late fee | Upgrade offers loans between $1,000 to $50,000 |
Upstart
Upstart leverages artificial intelligence to automate the borrowing process. It considers factors other than credit score when offering loans. However, Upstart does not allow co-signers, which might make it difficult for some applicants to qualify for a loan.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| The APR ranges between 7.80% – 35.99% | Upstart offers loan with two repayment schedule 36, and 60 months | Low credit score requirement No prepayment penalties High borrowing limit | Charges an origination fee, can be up to 12% Does not allow co signers | The loans from Upstart can range between $1,000 – $50,000 |
USAA
USAA offers personal loans in a wide range of amounts, but its services are limited to its members. It can be a good choice for veterans, military personnel, and their eligible family members.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| The APR ranges between 10.34% to 18.51% | Loan terms can be between 12 and 84 months | Does not charge origination fee No prepayment fees is charged You get an APR discount of 0.25% with autopay | Must be a member of USAA Charges late fee of up to 5% of due amount | Loan amount ranges between $1,000 – $100,000 |
Prosper
Prosper is a peer-to-peer lending platform that connects borrowers with lenders. With so many lenders willing to lend money, it can be easy to qualify for a loan; however, APRs can be high as well; one good thing about Prosper is that it also allows for a co-applicant, so if you are having trouble qualifying for a loan on your own, then you can try to apply with your friend or family members.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| APRs ranges between 8.99%-35.99% | You can get a loan with a repayment period between 2–5 years | Low credit score requirement Flexible loan amounts Allows to apply with co-applicants | Short repayment period APRs can be high Charges origination fee between 1% to 7.99%. | You can borrow between $2,000, and the maximum amount is $50,000 |
Happy Money
Happy Money offers personal loans to individuals looking to consolidate their credit card loans. However, if you want to use funds from personal loans for a different purpose, there may be better options than Happy.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| Personal loans from Happy Money can have an APR between 11.72% to 17.99% | Loan repayment period can range between 24 and 60 months | Does not charge prepayment fee or late feeChecking rates does not affect your credit score | Charges borrowers between 0% to 5% origination fee Can only be used to consolidate credit card loans | The loan amount ranges between $3,000 to $40,000 |
Vermont Federal Credit Union
Vermont Federal Credit Union is a non-profit financial institution offering personal and line credit loans.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| The ARP can range between 7.00% to 9.50% | The loan term can be 3, 4 or 5 years | Competitive APRsLocal customer serviceNo prepayment penalties | Does not charge application fee Does not prepayment penalty | You can borrow between $1,000 and $50,000. |
VSECU
VSECU is part of the New England Federal Credit Union and is owned and run by its members. It offers a variety of financial services, such as credit-building loans, alternatives to payday loans, and unsecured personal loans.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| The minimum personal loan APR from VSECU is 11.99%. However, APR might be higher for some. The information about maximum APR from VSECU is not available | You maximum loan term can be 120 months | Competitive interest rates Local service and support No prepayment penalties | Membership required Smaller loan amounts compared to national lenders | You can borrow between $300 to 10,000 |
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Conclusion
Although having a good credit score means you qualify for personal loans with low APRs, you can still have options. Various lenders are available in the market who consider other factors than just credit score.
When choosing an option, it is essential to consider the interest rate, additional fees, loan duration, and the maximum amount you can borrow. By evaluating your options based on the above factors, you can make an informed decision.
FAQs
How do bad credit installment loans in Vermont work?
Bad credit installment loans in Vermont work similarly to other personal loans, primarily because they are designed for individuals with poor credit scores. These loans are repaid in fixed monthly installments over a set period, ranging from a few months to several years. The interest rates on these loans are typically higher than those for borrowers with good credit, reflecting the increased risk to the lender. To apply, you must provide personal and financial information, and the lender will conduct a credit check and assess your ability to repay the loan.
What is Vermont’s best personal loan lender for bad credit?
The best personal loan lender for bad credit in Vermont depends on your specific financial situation and needs. Upgrade and LendingPoint are excellent options if you are looking for low APRs and flexible terms. Check out Beem, where you can compare various personal loan options and select one that fits your needs.
Which lender in Vermont has the lowest minimum credit score requirement for personal loans?
LendingPoint is known for working with borrowers with credit scores as low as 580, making it one of the more accessible options for individuals with poor credit. Additionally, Upstart considers non-traditional factors like education and employment, which can help borrowers with lower credit scores qualify for a loan. It is essential to check with each lender as requirements can change, and some lenders may consider other factors beyond the credit score.
