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How To Take Out A $6,500 Loan?
If the need for extra money occurs, a $6,500 loan can be a great solution to finance major purchases or home improvements. While borrowing money is a responsible decision that can affect your overall financial situation, it’s important to choose the right loan provider with a suitable offer.
If you are looking for a personal loan with competitive rates and fast approvals, you are in the right place. We have collected the most reliable lenders offering $6,500 loans.
Best $6,500 Personal Loans
- Be at least 18 years old
- Be a U.S. permanent resident
- Live in a qualifying area
- Have a valid bank or savings account
- Have a credit score of at least 550
- Provide income confirmation
- Origination fees: None
- Administration fees: 4.75%
- Late payment fees: May vary by state
- Prepayment penalties: None
- Dishonored payment fees: May vary by state
- Accepts borrowers with fair credit
- Next-day funding
- No prepayment fees
- Soft credit checks when pre-qualify
- Low minimum income requirement
- Convenient loan amounts and repayment terms
- Extra fees may be charged
- Relatively high maximum APRs
- No joint or secured loans
- Not available in all states
Borrowers with fair and good credit looking for fast loans
- You need a credit score of at least 620
- Provide proof of income
- Specify your Social Security number
- Provide proof of identity
- Specify your employment status
- Origination fees from 1.99% to 6.99%
- Discounts on interest rates
- Debt consolidation loans with direct payments to creditors
- Soft credit check at the prequalification stage
- Opportunity to get joint loans
- Origination fee from 1.99% to 6.99%
- High minimum loan amount
- No mobile app for Android or iOS
Fair or good credit borrowers who want to cover their credit card debt
- Your driver’s license or passport;
- Be at least 18 years old;
- Recent pay stubs or your last tax return;
- A fresh bank statement;
- Valid email address and phone number.
- Potential origination fee;
- No application or late fees.
- Low APR;
- Monthly payments to creditors;
- Free checking of credit score;
- Limited loan purposes;
- Potential origination fee;
- Funding in 3 to 6 business days.
Fair or good credit borrowers who want to make a credit card debt consolidation.
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid email address
- Have a valid personal checking account
- Provide income confirmation
- Origination fees: 1% to 5%, depending on your state
- Cash advance fees: 10%
- Late payment fees: vary by state
- Late payment fees: vary by state
- Next-day funding
- No application fees or prepayment penalties
- Bad credit is accepted
- Flexible repayment terms
- Convenient minimum loan amounts
- Very high APRs
- Low loan maximums
- Origination and late payments fees may be charged
- Not available in all states
Borrowers with bad credit in need of fast cash
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees, prepayment penalties, or other fees may be applicable
- Prequalification for multiple personal loans on one platforms
- Low minimum interest rates
- Fast funding (same-day direct deposit may be available)
- High maximum interest rates
- Extra fees may be applied
- The company’s partners may perform a hard credit check
- Data privacy concerns
Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 660)
- Provide an active email address and phone number
- Late fee of $39
- Long repayment periods
- Three options for repayment help
- High level of customer satisfaction
- No origination fees
- Free FICO score monitoring tools
- Competitive interest rates
- Charges a $39 penalty for late payments
- Strict eligibility requirements
- No co-borrower permitted
Borrowers with fair credit scores who want to consolidate debt, renovate home, or make big purchases.
How Does a $6,500 Loan Work?
A $6,500 loan works like a regular personal loan with an installment structure. You get the borrowed amount in one lump sum and pay it back gradually by making fixed monthly payments over a set period. The repayment terms typically range from 12 to 84 months. Interest rates are fixed, meaning that your loan payments won’t change over the loan life. $6,500 loan APRs are usually between 5.99% and 35.99%, but options for bad credit may come with higher interest rates.
Common $6,500 Loan Uses
A loan for $6,500 is typically used to cover long-term needs, large purchases, or big life events. Here are some situations where you might find this amount useful:
How to Get a $6,500 Personal Loan?
Obtaining a $6,500 personal loan takes some time, but the application process is not as difficult as it may seem. Follow these steps and get funded within a few days.
Check your credit score
Your credit score is often a deciding factor for a lender. It also helps you determine your ability to borrow money and better understand your potential options. While people with good or excellent credit can qualify for almost any loan, those with bad credit scores typically have limited choices.
Prequalify with a Soft Credit Check
Many providers offer prequalification, which allows borrowers to see their chances of getting approved and potential loan terms. As a rule, prequalification comes with a soft credit check and does not hurt applicants’ credit scores.
Compare Lenders
Many financial organizations can offer you a personal loan, but not every institution has convenient terms. Shop around to find the best $6,500 loan option for your needs. Look at the interest rates and fees, repayment periods, eligibility criteria, and available perks.
Apply Online
After choosing a lender that meets your requirements, start the application process. Fill out a loan request form on the provider’s website, submit the required documents, and apply.
Get Approved
If your credit history, income, and other parameters meet the lender’s eligibility criteria, they will contact you and send a loan offer. Most lenders perform hard credit checks to estimate your creditworthiness. Therefore, the approval process may take up to several hours and hurt your credit score by a few points.
Sign a Loan Agreement
If approved, read your loan contract carefully and e-sign it if you’re fine with the terms.
Receive Money
After accepting the lender’s terms, you can expect to get the money the next business day. Some lenders may need up to 3 business days to deposit the funds in your account.
Rates & Fees
Interest rates in a $6,500 loan depends on the borrower’s creditworthiness, location, financial situation, and the lender’s policy. Some loan providers that specialize on bad credit loans may set high APRs that exceed 200%, while lenders with more strict credit score requirements usually charge from 5.99% to 35.99%.
Besides an interest rate, you may also have to pay extra fees for loan processing, early repayment, late payments, or application. These costs may be expressed either in a percentage of the borrowed or due amount (typically up to 10%) or in a flat fee.
Additionally, the repayment period you choose will also affect the final cost of borrowing. While a shorter loan term comes with a higher monthly payment, it also means you’ll pay less interest in total. Here are representative examples:
| APR | Loan Term | Monthly Payment Amount | Total Cost | Total Interest |
|---|---|---|---|---|
| 7.99% | 18 months | $384.38 | $6,918.88 | $418.88 |
| 7.99% | 60 months | $131.77 | $7,905.93 | $1,405.93 |
| 18.99% | 18 months | $417.81 | $7,520.61 | $1,020.51 |
| 18.99% | 60 months | $168.58 | $10,114.67 | $3,614.67 |
These examples are only estimates for illustrative purposes only. You can determine the cost of your particular loan by using our simple loan calculator.
Ways to Obtain $6,500 Loans
There are several options for receiving $6,500 loans. Compare them and choose the most convenient one for your needs.
Personal Loans
A personal loan is a widely used borrowing option, usually allowing you to get $1,000-$50,000 and repay it within 12 to 84 months. Personal loans generally have lower interest charges than other types of loans and may come with origination fees and other charges.
People apply for personal loans for various purposes, from consolidating debt and financing unexpected medical procedures to home improvements and major purchases. To qualify for unsecured loans, borrowers usually need a credit score of at least 585. However, the higher your rating, the more favorable loan terms you can get.
Home Equity Loans
Another way to take out a $6,500 loan is a home equity loan or a home equity line of credit (HELOC). These options suit homeowners. As a rule, the amount you can borrow is up to 80% of the difference between your home’s value and the amount you owe on your mortgage.
The repayment period for home equity loans is usually 5 to 30 years, and the interest does not exceed 8% APR (annual percentage rate). To get approved for a so-called second mortgage, borrowers usually need a credit score of at least 680. If you fail to repay the debt, you can lose your home.
Credit Cards
The most common way to get extra cash is to use a credit card. With its help, you can access money within a certain credit limit and only pay interest on what you actually borrow. Once you repay the amount, you can use it again.
Individuals with good credit can benefit from 0% APR credit cards. Such cards come with an interest-free grace period, meaning that you won’t pay any interest if you manage to pay off your balance by the end of the period.
Installment Loans
An installment loan is a loan that is taken in one lump sum and then repaid in a series of equal monthly payments, also called installments. Bad credit installment loans are a common funding option for bad credit borrowers that don’t qualify for other types of loans.
The loan terms are typically 2 to 24 months. You can typically borrow between $500 and $5,000. However, interest rates are usually higher compared to traditional loans.
Family Loans
While taking money even from the best lenders involves certain risks, the safest financing option is to get funds from the people you know. It is especially essential if you need cash to consolidate debt.
Borrowing from your friends or family comes with no hard credit inquiries, documentation, and extra charges. You can discuss the repayment terms with your close people and choose an option convenient for the two sides.
The most essential thing in that case is to return the funds on time to avoid ruining a relationship with your friend or relative.
How to Take Out a $6,500 Loan with Bad Credit?
Although credit issues can complicate your borrowing process, it is still possible to get $6,500 loans with bad or poor credit. Some lenders offer loans designed for those with less-than-perfect credit, while others require providing collateral, co-signer, or co-borrower.
You should be prepared for higher interest rates when borrowing from bad credit lenders. As a rule, it is complicated to repay the repaid debt on a due date because of the high rates and fees. It results in borrowing again to consolidate debt, which leads to regular increases in the amount you owe.
To simplify your financial life and save funds in the future, consider a credit-builder loan to start improving your credit score. Your on-time payments will be reported to the three major credit bureaus (Equifax, Experian, and TransUnion) and will result in increasing your credit rating.
Tip
Be careful when choosing a lender and rely only on reputable providers. The number of scams in the industry is constantly increasing, so make sure the lending company is registered in your state.
Why Choose Us
BadCredify is a trusted financial service aimed at helping people better navigate the lending and financial landscapes. We are an all-in-one company that analyzes loans from multiple lenders to provide you with the options you can qualify for without any impact on your credit score. Our innovative platform systematizes and simplifies the process of choosing the right financial product. With our help, you can access a wide range of potential offers, compare their terms, and pick the one that fits you most – all this in one place.
We also provide free and independent opinions on loan products and lenders to help you assess your options closely and make an intelligent financial decision. Complete our simple form now and find the best solution for your current situation in a matter of minutes.
FAQ
What are the monthly payments for $6,500 loans?
Your monthly payment for a $6,500 loan depends on factors like your repayment period and interest rate. Suppose you’re getting a loan for 12 months with an APR of 16%. Your monthly loan payment will be $589.75.
Is it hard to get a $6,500 loan?
While there are lenders offering $6,500 loans to bad credit borrowers, those with good credit are more likely to get approved with convenient terms and lower costs. Every lender has their own requirements, so check them carefully before applying.
Can I get a $6,500 loan with no credit?
Yes, you can. Many $6,500 loan lenders approve individuals with a low or no credit history, but be prepared for higher interest rates and less favorable loan terms. If you are a risky borrower, a loan provider may offer you stricter terms to protect themselves.
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