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Why Bad Credit Should Not Prevent You From Getting a Personal Loan

If your credit score is low, you may be uncertain about whether or not you are eligible for a personal loan from a traditional lender. Having bad credit can prevent loan approval from traditional lenders, but an online personal loan from an alternative lender could be your best option.

Why Bad Credit Should Not Prevent You From Getting a Personal Loan

There are a variety of reasons why you might be considering a personal loan:

  • Unexpected bills
  • Special events
  • Replacing a major appliance
  • Unexpected car repairs
  • Family emergencies
  • Medical bills

A traditional lender such as a bank will probably not approve your application for a loan if you have a low credit score. An alternative, such as a payday lender, might approve you, but their loans may carry unrealistic terms that require you to repay by your next payday. 

Consider another option like personal loans online for consumers with bad credit. An online personal loan could be your best option if you have poor credit.

Tips for Searching for A Personal Loan Online

If you have bad credit, there are a few key things to keep in mind while you shop for a personal loan.

  • First a copy of your credit report and review it for accuracy. The  3 nationwide credit bureaus are required by law to provide you with your credit report for free each year. You can also pay to access your credit score. This score is generally used to determine risk and contributes to the interest rate you may be charged.  Believe it or not, there can be errors in your credit report, and rectifying them can quickly boost your credit score.
  • It’s generally best to apply directly with a lender. Websites that take your information to help you find a lender are really just marketing companies.
  • Finally, work on improving your credit score!

Improving Your Credit Score

Working on improving your credit score can take time and effort, but it will be worth it in the end. Here are some basic steps you can do today:

  • As your budget allows, pay off any outstanding bills or debt you may have. Look at your finances, and then look at what you owe. Calculate what you can afford to pay on each outstanding bill per month.
  • Make sure you pay all your bills on time. Consider setting up automatic withdrawals for certain bills, eliminating any chance that you might make a late payment.
  • Try not to use more than 35% of your available credit. If you have a $1,000 line of credit, you never use more than $350 of it. This is one of the most effective ways to use your debt and build your credit.
  • If you’re unable to obtain a traditional credit card, inquire about ‘secured’ credit cards. You will be required to put a security deposit down for the amount of “secured credit” you want. Pay the card regularly and on time and your credit score will reflect it; secured credit cards are reported to the national credit bureaus once a month, just like a regular credit card.

Finally, obtaining a personal loan and using it responsibly could help stabilize your finances in the long run. In this way, you prevent additional negative impact on your credit. Just be sure you can pay off your personal loan when payments are due or sooner.

Don’t let bad credit get in your way! Research your options and work on improving your credit score for the future. You won’t regret it.

Check us out today!

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Consumer Notice: Our loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness Page.

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IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR A LOAN - To help fight the funding of terrorism and money laundering activities and to comply with Tribal law and the spirit of federal law requiring all financial institutions to obtain, verify and record information that identifies each person who applies for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. we may ask for your driver's license or other identifying documents.


*Big Picture Loans reviews and approves all loans on Tribal land at its office located at E23970 Pow Wow Trail, Watersmeet, MI 49969. If your application is verified and approved we will attempt to send your funds using Real-Time Finding, which can provide instant funding, including on weekends. The exact time your funds appear in your account may vary depending on your bank’s processing times. If your bank does not accept Real-Time Funding, we will automatically send your funds by ACH, which usually posts the next business day (Monday through Friday excluding all federal banking holidays). Big Picture Loans does not charge a fee for Real-Time Funding; check with your banking institution regarding any fees they may charge. Although we work to process applications as quickly as possible, unavoidable delays may occur.


Loan approval and amounts are based on minimum income amounts, other credit criteria, and verification of the information provided during the application process. The Annual Percentage Rate ("APR") may vary based on when your first payment is scheduled, pay frequency, total loan duration, and the amount of your loan. Big Picture Loans, LLC (“Big Picture Loans ®”) will run credit checks on all applications and may review credit information from specialized credit bureaus. Please note submitting a loan application does not mean it was fully approved. If you choose to re-apply for a loan and your circumstances have changed, you may not be approved for the same loan amount.


Big Picture Loans is a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians (“Tribe”), a federally recognized Indian tribe, created for the benefit of the Tribe and operating pursuant to Tribal law. Big Picture Loans is a duly licensed Financial Services Licensee of the Lac Vieux Desert Tribal Financial Services Regulatory Authority, an independent regulatory body of the Tribe, and operates in accordance with the Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code, which can be found here: Tribal Consumer Financial Services Regulatory Code.


You can an contact us at support@bigpictureLoans.com or at PO Box 704, Watersmeet, MI 49969-0704. All communications with Big Picture Loans are deemed confidential. Any unauthorized reproduction, distribution, or disclosure is prohibited without Big Picture Loans’ express written consent.


Consumer Notice: Big Picture Loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness page.


If Big Picture Loans approves your loan, it will be governed by Tribal law, applicable federal law and your loan agreement. The laws of your resident state may have interest rate limits and other protective laws that are more favorable. If you wish to have your resident state’s law apply, you should consider taking a loan from a licensed lender in your state. Availability of installment loans are subject to change from time to time as determined by Big Picture Loans. If you have concerns or complaints about your loan, please visit our Tribal Dispute Resolution Procedure page.

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