Bad credit and need a loan? There are options for you

Information verified correct on March 24th, 2017

Getting a personal loan if you have bad credit can be easy – here’s all you need to know

People across the US turn to personal loans for varied reasons, but poor or bad creditworthiness can minimize your chances of getting credit. Fortunately, even people who suffer from poor or bad credit history can get personal loans, but they may have to pay higher than usual interest.

Getting a personal loan when your credit rating is low requires that you deal with a lender who looks at more than your credit score. Transparency in rates and fees is equally important. If you’re not sure of how bad credit personal loans work or what to look for in lenders that offer those loans, this guide will hold you in good stead.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security needed
  • Confidential and secure!

    Installment loans you can apply for

    Rates last updated March 24th, 2017
    Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
    Max. Loan Amount Term of Loan Turnaround Time Costs
    Check into Cash Prepaid Payday Loan
    Check into Cash provides unsecured Payday or Cash Advance loans, and it also gives its customers the ability to take advantage of secured loans.
    $1,000 Varies by state 1–2 business days Varies depending on the amount and your state of residency. Go to site More
    Bad Credit Loans Personal Loans
    Fast and easy approval for people with bad credit. Qualifications are straightforward and simple.
    $5,000 Varies based on lender Varies based on lender Go to site More
    CashNetUSA Loan
    Apply for a $300 to $2,250 short-term loan, installment loan or line of credit with a day’s turnaround.
    $2,250 Varies by state 1 business day Varies by state of residency. Go to site More
    NetCredit Installment Loan
    Build a positive credit history and borrow up to $10,000 with Net Credit.
    $10,000 Varies upon state 1 business day Total costs will vary based on your state and credit score. Go to site More
    SWIFT Payday Loan
    Access multiple lenders with a 5-minute application for a cash advance on your paycheck.
    $1,000 Varies by lender Next business day APR varies by lender Go to site More
    Cash Central Installment Loan
    Get a Payday Loan from a state licensed CFPB regulated lender, and look forward to accessing approved funds quickly.
    $5,000 Varies Overnight Depend on state specific laws as well as the amount of money you borrow. Go to site More

    Have we missed anything in the comparison table? Tell us

    • If the provider quotes a different rate to the one above please let us know

    How do bad credit personal loans work?

    Your first have to find for lenders that provide loans to people with poor or bad credit scores. These lenders may look at your credit history, but they also take your existing financial condition and ability to repay into account. Depending on the lender you choose you can apply in-store or online, but remember that you will have to meet some basic eligibility criteria.

    If you apply in-store you can get your hands on the approved cash almost immediately. With online loans for bad credit, the money transfers into your nominated bank account. While some lenders may give you access to funds on the same day, others may require you to wait in between one to three business days, or longer.

    You’ll get the following features with a bad credit loan

    If you’re looking at personal loans for bad credit examine these key features::

    • Unsecured. These loans are typically unsecured, so you don’t have to provide any kind of collateral.
    • Quick process. You can apply for most such loans in minutes, and you can expect to find out about your application’s status soon after. If you need access to money quickly you can look for lenders that provide access to approved funds on the same day or by the following business day.
    • Fixed rates. Bad credit personal loans usually have fixed interest rates, so you don’t have to worry about your repayments fluctuating over time.
    • Use money for different purposes. If you have debt on a high interest credit card you can consider taking a personal loan to consolidate your existing debt. This can help you save on interest charges and simplify your repayments. You can use proceeds from such a loan to buy a used car, for car repairs, to renovate your home, to take a vacation or for any other worthwhile purpose.
    • Prepay and save. Some lenders let you repay your loan ahead of time without charging any additional fees. Doing this can reduce how much you end up paying in interest.

    What types of bad credit personal loans are there?

    In your search for bad credit personal loans, you have the following options:

    • Payday loans. Payday loans are short-term loans that you typically have to repay by your next payday. You don’t have to provide any collateral to secure these loans, but you can expect to pay a higher than usual annual percentage rate (APR). These loans are not legal in all American states.
    • Installment loans. An installment loan requires you to make equal periodical repayments over a predetermined loan term. These loans don’t require any collateral, and normally charge lower APRs when compared to payday loans.
    • Auto title loans. If you have a car or a motorcycle you can use its title as security and get an auto title loan. Since you’re providing security you can expect to pay a lower APR when compared to payday or installment loans. You’ll have to repay such a loan in installments over a predetermined time period; if you don’t make the payments, the lender can take possession of your vehicle.
    • Cash advances. Cash loans for bad credit are essentially the same as payday loans. If you have a credit card, you may be able to use its cash advance facility to withdraw money from an ATM. If you have a steady job, you can consider getting a cash advance from your employer.

    Things to avoid with bad credit personal loans

    If you already have poor or bad credit history, make sure you have a repayment plan in place before you apply for any further loans. Failure to repay the loan in a timely manner can have a further adverse effect on your credit rating. Avoid applying for multiple loans at or around the same time, as prospective lenders don’t view this favorably.

    The APR you pay can have a significant effect on how much your loan ends up costing, so make sure you compare this aspect carefully. Paying attention to fees and charges you may have to pay under different circumstances is also important, as these can vary considerably.
    Can I get a loan if I’m receiving social assistance?

    What is the maximum amount I can get through a personal loan for bad credit?

    This depends on the lender you choose as well as your creditworthiness, existing financial situation and ability to repay.

    Do providers of online loans for bad credit require me to fax any documents?

    Online lenders may or may not require you to fax documents over. Some lenders your credentials online, so you don’t have to send any documents over.

    It’s important to compare your options before applying. Start your comparisons here.

    Frequently asked questions about bad credit personal loans

    What makes up my credit score?

    Factors that affect your credit score include your payment history, the money you owe, length of your credit history, types of credit you use as well as how often you apply for new credit.

    Can I get a loan if I'm on welfare?

    As with any personal finance decision, the ability to repay what you borrow is crucial. However, if you’re receiving government benefits you can still qualify for a loan. Click here to learn how.
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    US Personal Loans Offers

    Learn about our information service
    Lending Club Personal Loan

    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.

    SWIFT Personal Loans

    Access multiple lenders with a 5-minute application for a cash advance on your paycheck.

    PersonalLoans.com

    An online loan matching service that connects you with lenders.

    NetCredit Personal Loan

    You could borrow up to $10,000 and get an interest rate personalized to your credit score

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