Personal Divorce Loans For Good and Bad Credit

Where can I get a divorce loan online?

The internet is a convenient way to access loan offers and expand options. You can explore local lenders such as banks and credit unions as well as online lenders nationwide. Before sharing information online, ensuring the website is secure and lender is legitimate can help protect your information. By taking advantage of our secure online lending platform, you can check rates from top national lenders in one place. The opportunity to check and compare rates with no credit score impact can help you save time and money. 

Can I get a divorce loan with bad credit?

Bad credit can limit options and drive up the cost of borrowing. However, it does not disqualify everyone from getting a loan. In fact, some lenders may design requirements around trying to help more borrowers that deserve a second chance. For example, OneMain Financial does not have a minimum credit score requirement. Instead, they place a greater emphasis on other requirements such as income and credit history to qualify applicants. As you prepare to apply for a divorce loan, you may want to consider your credit score in preparation. Boosting your credit score can increase your chance of approval. In addition, you may be able to apply for a loan with a co-signer that has good credit, if the lender allows co-signers. 

What expenses can divorce financing cover?

Divorce can come with a long list of expenses as you transition your life from a married couple to singles. Personal loans are a common type of divorce loan because they do not require collateral and come with few spending restrictions. When you obtain a personal loan, you can request a specific loan amount. If approved, you can receive this amount (minus any fees), and use it as needed - just be sure to abide by any restrictions. Below, we’ve created a list of some example uses for a divorce loan. 

• Legal fees
• Childcare
• Deposits
• Debt consolidation
• Time away from work
• Household items (furniture, appliances, etc.) 
• Home repairs 
• Negative equity on car loans 

How much can I borrow with a divorce loan?

Personal loans for divorce can be offered up to $100,000, depending on credit score. Since personal loans are funded as a lump sum and repaid in fixed installments, you’ll want to ensure you can keep up with the commitment. As you go through a divorce finances can change. Despite the changes though, maintaining credit and finances can help you come out ahead. To find out what you actually qualify for, check rates at Acorn Finance with no credit score impact. Our network of top national lenders can respond in seconds with real offers just for you. 

Can I get a divorce loan if I have joint accounts with my spouse?

When you apply for a loan, there can be a primary applicant and co-applicant. If you are choosing to apply for a loan without your spouse or soon-to-be-ex-spouse, you can apply as the primary applicant without a co-applicant. The joint account with your spouse should not interfere with your ability to qualify for the loan. However, when it comes time to set up repayment, you’ll likely need an account to draw payments from. While finances can be a major obstacle during the divorce process, the sooner you address the inevitable with your spouse, the sooner you can regain financial freedom and independence.

Can I take out a loan while still legally married?

Legally married couples can take out loans individually. If you’re going through a divorce, it’s best to seek legal advice from your attorney to determine if a loan will interfere with the process. 

Will taking out a divorce loan affect my credit score?

Divorce loans can impact credit score both positively and negatively. At first, the impact can be negative. However with on-time payments, your score can improve. When you first take out a loan, credit score can drop some as the result of a hard credit pull and taking on debt. Overtime though as you make on-time payments and pay down the loan balance, your score can rise again. In some cases it may even reach a higher number than when the loan was originally obtained. Monitoring your credit score on a regular basis can help you observe what hurts and helps your credit score. Credit scores can be very sensitive, and while fluctuations are normal, it’s helpful to understand what causes them.