
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
Americans planned to spend around $730 on gifts in 2019, according to a Finder survey. Between travel and decorations and other expenses, it could easily cost you much more.
If you need to borrow in order to cover the more costly expenses of the season, a personal loan might be your best bet. These generally come with lower rates with credit cards, and there are even a few options available to people with a credit score below 580 — what lenders consider to be bad credit.
We analyzed over 120 personal loan providers and picked lenders with low minimums, that accept credit scores in the 300 to 580 range and have reasonable customer reviews. Since there is no best loan for everyone, we included options for a wide range of borrowers. This includes those that have access to a cosigner with good credit, no credit or no bank account.
Factor in the food, decorations and alcohol, and your celebration could easily set you back several hundred dollars. Throw in outdoor seating for a properly socially distanced event, and you could be in for an even bigger price tag. This award-winning connection service partners with providers that offer a wide range of loans that can cover those costs and more.
Loan Amount | $500 – $100,000 |
---|---|
APR | 3.49% to 35.99% |
Interest Rate Type | Fixed |
Min term | 3 months |
Max term | 144 months |
Turnaround Time | Varies by lender |
This connection service can be another great way to compare multiple offers to find the best deal available to you. There are no hard credit requirements. And some of its partners offer longer-than-average terms, which can lower your monthly cost.
Loan Amount | $1,000 – $40,000 |
---|---|
Interest Rate Type | Fixed |
Max term | 84 months |
Turnaround Time | Varies |
This lender was designed to help nonresidents access financing and build their US credit score. It looks at your cashflow, past spending habits and savings instead of credit, so you might be able to find a good deal if you need to pay for gifts, travel or any other holiday expense.
Loan Amount | $1,000 – $25,000 |
---|---|
Interest Rate Type | Fixed |
Min term | 6 months |
Max term | 36 months |
Turnaround Time | 2 to 3 business days |
Regional Finance offers loans well under the average most Americans plan to spend, starting at $600. It’s also one of the few lenders that doesn’t require a bank account — you can receive your money in the form of a check. And while it does require collateral, that security can help you qualify for a lower rate.
Loan Amount | $600 – $10,000 |
---|---|
APR | Varies |
Interest Rate Type | Fixed |
Min. Credit Score | 580 |
Min term | 12 months |
Max term | 72 months |
This lender partners with travel companies to cover the cost of a vacation package or flight at checkout. This makes the application process a lot smoother. And with loans start at a low $500, you can potentially pay a lower rate than you would have with a credit card.
Loan Amount | $500 – $15,000 |
---|---|
APR | 4.01% to 35.99% |
Interest Rate Type | Fixed |
Min. Credit Score | 550 |
Max term | 10.8 months |
Laurel Road is one of the only personal loan providers that accepts cosigners. This means that you could rely on someone else’s good credit to score a low rate, if they’re willing to share the responsibility of the loan. While starting rates are higher than average, you could still get a better deal than if you applied on your own.
Loan Amount | $1,000 – $45,000 |
---|---|
APR | 7.50% to 24.75% |
Interest Rate Type | Fixed |
Min. Credit Score | 680 |
Min term | 36 months |
Max term | 60 months |
Turnaround Time | As little as 2 business days |
Prequalifying for a loan allows you to check the rates, terms and loan amounts you might qualify for before submitting all of your information. It's a great way to compare potential offers, instead of relying on the general ranges advertised.
With online lenders, you can often prequalify by filling out an online form on the lender's website with information about yourself, your income, expenses and how you plan on using the funds. In some cases, you can also get a quote by talking to a loan officer over the phone.
Your total and monthly loan cost depends on your loan amount, rate, terms and fees. With bad credit, you'll likely qualify for an interest rate on the higher end. In most states, personal loans are capped at 36%. You also might pay an origination fee of around 5% of the loan amount, which lenders typically add to or deduct from the loan amount.
Use our calculator to see how much different loan offers might cost you each month and in total.
Calculate monthly and overall costs
Your loan |
---|
Loan amount |
$ |
Loan terms (in years) |
Interest rate |
$% |
or
You can expect to pay back
$
per month
$
in
principaland
$
in
interest
charged, with a total cost of $Compare personal loans now
Generally, it's not a good idea to take on debt when you have the option to save — especially when it comes to nonessential items like gifts. Bad credit loans are notorious for high rates and less-than-favorable terms. If you can't afford repayments, it'll hurt your credit even more.
But loans are generally less expensive than some other options, like credit cards. Before you borrow explore the alternatives, make sure repayments fit your budget and consider whether it's worth the extra expense.
A personal loan is only one type of loan that you can use to pay for your holiday expenses. Here are some other options:
Cut back on your expenses and you might not have to spend money at all. Here are some ways you can lower your costs during the holiday season:
Use the table below to compare more personal loans that you can use for the holiday season.
Going into debt during the holiday season isn't always a good idea — especially with bad credit. But if you're going to make purchases on credit, a personal loan might be able to help you save on interest. Read our guide to financing the holidays or compare more options with our guide to personal loans.
You can now calculate your payroll expenses based on gross income instead of net profit. Here’s how it works.
Reduce your debt by around 30% after fees — but only if you can stick with the program. Here’s how.
Compare options if you’re self-employed, a freelancer, a partner and more.
Here’s where to get financial help for yourself and your business if you’ve been affected by the storm in February 2021.
The White House announced new changes to PPP loans, helping the smallest businesses and opening access to people with student loan defaults or nonfraudulent felony convictions.
President Biden said he supports offering $10,000 in forgiveness for federal loans, plus a few other options. Here’s what to expect.
Credit counseling, debt relief programs and more options to consider.
Small lenders continue to offer a lifeline to small businesses for First and Second Draw loans.
The rush of turning $19,500 into $1 million can be enticing, but it’s not always the best idea.
This lender’s lack of transparency may make it more difficult to know what you’re getting into.