How to Get a Loan in the USA With a Low FICO Score

When lenders determine if a loan applicant is creditworthy and willing to comply with the terms and conditions of a loan agreement, they usually evaluate your credit reports. If the reports show a history of late or missed payments, you'll need to explore a variety of loan options and pursue the one that offers the greatest chance of being approved for credit.

Instructions

1

Obtain a copy of your credit report and credit score through one of the three major credit reporting bureaus -- Experian, Equifax or TransUnion.

2

Itemize your tax returns for the previous two years, along with paycheck stubs and checking and savings account statements. Order from the oldest to most recent and request originals from the Internal Revenue Service or your employer if any documents are missing or in poor condition.

3

Apply for a secured loan if you have an asset to back the full loan amount. Secure your loan with collateral such as an auto loan title or a real property deed.

4

Find a cosigner or coapplicant if you do not have collateral. Apply with a creditworthy applicant who has a high credit score and favorable payment history. The lower the coapplicant's delinquency rate, the higher your chance for approval.

5

Review the terms and conditions of the loan with your lender. Ask when your first payment is due and the length of time you have to repay the loan. Inquire about interest fees and early repayment penalties. Sign and date the loan with your cosigner.