Borrowing $2,000 through a personal loan for a year at a 20% interest rate costs only about $200 in interest. Leasing a $1,000 computer for a year may cost you double that amount when the lease fees are added to the original price. But this can be much more expensive than a personal loan. These lenders specialize in helping people with a poor credit score get a loan term they can live with.Īnother option is to buy a computer directly from a store and do the financing through the seller. Apply for a loan through the lender networks we’ve recommended above. You can also make a lease signing agreement that allows you to rent a computer for a few months before deciding whether you want to use the option to buy it early or make timely payments until you own it.Ī personal loan is pretty straightforward. If it helps you find a job and maybe even work from home, then a credit check and the financing costs are probably worthwhile.Īnd, as we’ve shown, a personal loan isn’t your only option for making periodic payments if you have a low credit score. The financing costs for someone with a poor credit history can be high, so ask yourself if it’s worth paying those extra costs before agreeing to a loan. You can see the typical personal loan APRs for someone who has bad credit below: It can also come with a higher interest rate than if you had good credit and were borrowing from a traditional lender, such as a bank or credit union.

Unlike a home mortgage or bad credit car loan, this type of financing is for a lot less money. Yes, computer financing is available if you have a bad credit report.

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