When someone talks of “bad credit,” he or she means your positioning in terms of FICO scores. According to this rating model, a borrower is described in terms of his score so as to determine the suitability to lend him or her. The score of 579 is considered lower hence a bad credit score. If your credit score is above average, you can look for lenders who offer personal loans for better lending terms. In other words, people with good credit scores have more options and higher chances of qualifying for favorable terms from a majority of lenders.
The process leading to qualification for a loan is sometimes cumbersome and demanding, especially if you have bad credit. In fact, people with bad credit are likely to get a personal loan except that they may get loans that attract higher interest rates, reduced repayment time and much stricter terms. Therefore, you may have to shop around for the best lender but this would require a lot of patience. Depending on the type of lender, you might want to apply online or fill out an application form in which case you will provide all the essential information about yourself, income, debt, address and more.