Best for Low-Interest Rates : First Tech Federal Credit Union

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Best for Low-Interest Rates : First Tech Federal Credit Union

  • APR Range: 5.31% to % (no autopay discount)
  • Minimum Credit Score: 300
  • Loan Amounts: $1,000 to $50,000

Compared to competitors, Upstart offers less stringent qualification criteria for its emergency loans. It might approve applicants with credit scores as low as 300 or those with a limited credit history.

Unlike much of the competition, Upstart could potentially approve borrowers for emergency loans with a limited credit history or with a score as low as 300, so long as its other creditworthiness criteria are met. These criteria are flexible and include an evaluation of your credit history, debt-to-income ratio, and personal information-for instance, you must have a Social Security Number and Upstart loans aren’t available in Iowa and West Virginia.

To get approved for a personal loan with Upstart, your credit report can’t show any currently past due accounts, and you can’t have any bankruptcies or public records on your credit report (excluding paid tax liens and paid civil judgments) in the last 12 months. Also, there must be less than six inquiries on your credit report in the last six months. Your debt-to-income ratio (excluding rent and mortgage payments) generally can’t exceed 45% to 50% of pre-tax income.

You may be able to get approved by Upstart for a personal loan of $1,000 to $50,000 with terms of 36 to 60 months even if you have bad credit. If approved, you could get funded as soon as the next business day. You can expect to pay an APR ranging from 5.31% to %, including an origination fee of 1% to 6%.

  • APR Range: 6.7% to 18% (no autopay discount)
  • Minimum Credit Score: Not disclosed
  • Loan Amounts: $500 to $50,000

First Tech Federal Credit Union offers some of the lowest rates on emergency loans of the lenders we evaluated, even for people with less-than-perfect credit.

The rates offered by First Tech Federal Credit Union on emergency loans are lower than most of the competition, ranging from 6.7% to 18%. Plus, you won’t pay an origination fee. To apply, you need to be a First Tech Federal Credit Union member. Membership is open to people in all 50 U.S. states working for certain employers (e.g., Microsoft or Google). You may also be eligible for membership if you belong to the Financial Fitness Association payday loan centers in Nelsonville (cost $8 a year), are related to a member, or meet other criteria.

Rather, it will evaluate your overall creditworthiness during the loan decision process

Although First Tech Federal Credit Union doesn’t disclose its minimum credit scores, you don’t need to have perfect credit to qualify. If approved, you can get a loan from $500 to $50,000 with repayment terms of 24 to 84 months. You e day, but it could take up to two to three days.

Credit unions, in general, offer some of the best rates on personal loans. If you aren’t eligible to become a First Tech Federal Credit Union member, see if you’re eligible for membership at your local credit union. Or, for members of the armed forces, Navy Federal Credit Union also offers low rates on personal loans to people without perfect credit.

Final Verdict

Contrary to popular belief, it’s possible to get a personal loan even if you have bad credit. This is why it’s important to consider all loan options before turning to high-cost, predatory loans like payday loans when you face an emergency. You may be able to find a more affordable option, even if you have bad credit.

We chose Upgrade as our top lender for the best emergency loan for bad credit because it offers a competitive rate of 5.97% to %, loans up to $50,000, and repayment terms up to 84 months. Plus, you could qualify with a credit score as low as 550 and you have the option to apply with a co-borrower. What’s more, Upgrade can get you the emergency loan funds you need as quickly as one business day after your loan is approved.

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