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Get a bad credit personal loan
Check out the top nine lenders for bad credit, find out how much you can borrow, APRs and more.
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Most lenders consider bad credit to be a credit score between 300 and 579. We reviewed over 130 lenders before selecting these providers that are friendly to borrowers with credit scores in this range. But while you might qualify, it won’t be cheap. Bad credit rates are usually on the higher end of the ranges available.
8 personal loan providers that accept bad credit
These lenders and connections have options for borrowers with bad credit.
| Provider | Min credit score | APR | Amounts | Finder rating | |
|---|---|---|---|---|---|
| Avant | 580 | 9.95% to 35.99% | $2,000 to $35,000 | ★★★★★ | |
| NetCredit | 400 | 34% to 155% | $1,000 to $10,500 | ★★★★★ | |
| Stilt | 7.99% to 15.99% | $1,000 to $25,000 | ★★★★★ | ||
| Monevo | 300 | 3.49% to 35.99% | $500 to $100,000 | ★★★★★ | |
| LoanStart | 4.84% to 35.99% | $1,000 to $40,000 | ★★★★★ | ||
| OneMain Financial | 300 | 18% to 35.99% | $1,500 to $20,000 | ★★★★★ | Read more |
| Regional Finance | 550 | Varies | $600 to $10,000 | ★★★★★ | Read more |
| Lendvious | 550 | Starting from 5.99% | $1,000 to $100,000 | ★★★★★ | Read more |
What’s the average personal loan rate for bad credit?
The average interest rate for people with a credit score between 560 to 579 is 105.39% APR, according to 2019 customer data from LendingTree. However, this number includes installment loans from payday lenders. These types of lenders accept all credit types, but charge higher rates than a personal loan provider is allowed to. Most states cap personal loans at 36%.
Lenders that extend loans to borrowers with bad credit tend to look at your income, current debts and ability to repay instead of your credit score.
How has COVID-19 affected bad credit personal loans?
The coronavirus outbreak has made it a lot more difficult for borrowers with bad credit to qualify for a personal loan. Lenders have tightened credit requirements in response to the economic downturn, making it more difficult to get approved with bad credit than before.
But it’s not all bad news. The coronavirus has also highlighted flaws in the current credit rating system, and lenders are relying less and less on credit scores. If you have bad credit because of a divorce or another one-time event, consider applying with a local bank. You’ll get a chance to explain your situation, unlike with an online lender.
LEARN MORE: Read about financial help during the coronavirus outbreak
How to get a personal loan with bad credit
- Check your credit score. Before you get started, get a recent estimate of your credit score — knowing this can help you find a lender that you’re eligible for.
- Shop around. Compare lenders that you can qualify with by looking at factors like eligibility, loan amounts, APR and how long it takes to get your funds.
- Prequalify with multiple lenders. Once you’ve narrowed down your list, apply with a few of your top picks to find out what rates, terms and loan amounts you might qualify for. You can combine this and the shopping around step by using a connection service — or multiple connection services.
- Apply for the loan. Depending on your lender, you may be able to complete an application online or in store. You might have to submit documents verifying your income and identity before you can sign the contract.
- Receive your funds. Most lenders transfer the funds to your bank account, though some might offer a check or even prefilled debit card.
How long does it take?
The time it takes for a lender to finalize your loan and get you funds will vary significantly. Some may be able to finish everything the same day you apply, while others may take a week or two. Check with the lender to get an idea of how long the entire process takes before applying.
What information do I need to apply?
While it varies by lender, you’ll typically be asked to provide the following:
- Contact information
- Employer details
- Social Security number
- Date of birth
- Pay stubs, tax returns or bank statements
Where can I find a personal loan if I have bad credit?
While you might not be able to borrow from a large bank when you have poor credit, you still have several options to choose from.
- Online lenders. Online lenders tend to have more forgiving credit requirements than other providers, since many consider factors other than credit when you apply.
- Credit unions. Credit unions are nonprofit lenders that can work with borrowers of all credit types. Some federal credit unions even offer payday alternative loans (PALs), which cap interest rates at 28%.
- Local banks. Some banks specialize in building up the economy of their communities and may offer loans with favorable rates and terms designed to help you build your credit.
- Short-term lenders. After you’ve gone through your other options, payday and installment loan providers offer small loans — sometimes without a credit check. But you might pay APRs above 700%.
LEARN MORE: 7 best personal loans for borrowers with bad credit
Compare more personal loans
Use our table to compare rates and loan amounts from lenders with credit score cutoffs you can meet.
How to get a loan with a low credit score
These tips won’t guarantee you’ll be approved for a loan, but they can help increase your chances when you have bad credit.
Tips to get a personal loan with a low credit score
Follow these steps to up your chances of qualifying for a personal loan with a low credit score:
- Check your credit report. Request a free copy of your credit report from one of the three main credit bureaus and look for any errors. Contact your creditor if you notice a mistake to get it fixed before you apply for a loan.
- Rebuild your credit. If you aren’t pressed for time, take steps to rebuild your credit before you apply — or consider a credit-builder loan. While it will take time and careful budgeting, improving your score means lower rates in the future and a better chance of being approved for larger loans, like a car loan or mortgage.
- Compare multiple bad-credit lenders. If you can’t wait to rebuild your credit, then take the time to prequalify with a few different lenders to find the best offer available to you. You can even let an online loan connection service do the work for you.
- Find a cosigner. Having a friend or family member willing to vouch for you and cosign a loan can significantly increase your chances of approval. But they’ll be on the hook for repayments should you find yourself unable to pay.
- Opt for a secured loan. Lenders may be more willing to offer you a personal loan — and at lower rates — if you back it with collateral. Just be careful: Defaulting on a secured loan means losing whatever asset you put on the line.
- Watch out for predatory lenders. Borrowers with bad credit tend to be targeted more with personal loan scams, so do your research before applying. Check consumer review sites like the Better Business Bureau and Trustpilot to verify the lender is legit. And read over your loan agreement carefully to ensure you understand all of the costs that come with borrowing.
How can I tell if I have bad credit?
The easiest way to know your credit score is to check your credit report. You’re entitled to a free copy of your credit report every 12 months from any of the three main credit bureaus: TransUnion, Equifax and Experian. You can also read our guide to bad credit to learn more about the ways you can tell if your credit is below average.
What to avoid when borrowing with bad credit
Applying for a bad credit personal loan? There are a few things to avoid:
- Fully applying for multiple loans at once. Multiple hard pulls of your credit could impact your score negatively. Instead, try prequalifying with a few lenders to get an idea of what rates you can qualify for.
- Just skimming the rates and fees. Many loans for people with bad credit can be costly, so carefully read over the loan contract before you sign. This can help you determine if a lender is right for you — and if you can afford your loan.
- Borrowing more than you can afford. Use our personal loan monthly payment calculator to make sure you can handle repayments on however much you’re planning on borrowing.
3 personal loan alternatives for bad credit
Not sure a personal loan is right for you? Consider these alternatives instead:
- Credit card cash advance. You can withdraw a cash advance from an ATM if you have a credit card. Check your credit card advance rates first. While they can be high, they might not be as costly as a personal loan with bad credit.
- Pay advance. Pay advance apps like Earnin allow you to get an advance on the hours you’ve already worked for an optional tip. And some employers offer pay advances as an employee benefit.
- Friend and family loans. Your social circle might be willing to help you out for a lower rate than a personal loan provider. Consider using a service like LoanWell to come up with a legally binding contract.
Bottom line
Bad credit isn’t the end of the line when it comes to taking out a personal loan. Credit unions, CDFIs and online lenders all offer options, though how much you’re able to borrow might be limited. And you’ll likely face higher interest rates and fees, since you pose more of a risk to the lender.
Learn more about how it all works with our guide to personal loans.
Frequently asked questions
Answers to common questions about getting a personal loan with bad credit.
Can I get a personal loan with a credit score of 550 or lower?
It’s possible, but your options will be primarily limited to short-term loans. These can be incredibly expensive and come with the risk of trapping you in a cycle of debt, so consider taking out a credit-builder loan or improving your credit before you borrow.
What is the maximum amount I can get with a bad credit personal loan?
This depends on the lender you choose as well as your creditworthiness, existing financial situation and ability to repay. However, many lenders offer $5,000 personal loans to borrowers with bad credit.
Can I consolidate debt with bad credit?
You can, but it might not be a good idea. Unless your credit score has significantly improved since you took on your current debt, you probably won’t be able to qualify for competitive rates or terms.
If you’re struggling to pay off your debt, you might want to consider signing up for a government-approved credit counseling program to figure out your next steps. You can find one near you on the Department of Justice website. You might also want to check out our guide to debt consolidation to learn more about your options.
How can I improve my credit score?
While improving your credit score can be a slow process, it will help you find better financing and more favorable rates down the road. You can start working on your score by doing the following:
- Avoiding new loans
- Ordering a copy of your credit report
- Paying down your credit cards
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Ask an Expert
I have a checking account with a bank. But not direct deposit with the bank. I don’t have bad credit but I don’t have any so its fair. Where can get a loan ONLINE With a DIRECT Lender???
Hi Ahnah,
Thanks for getting in touch! You can check the list of lenders we have on the information above. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
I have really bad credit and has only been made worse over the last couple days…. I am I desperate need of a loan very quickly… Who will legitimately help me
Hi Theresa,
Thank you for leaving a question.
I understand that bad credit does hinder one in taking out a loan but there are lenders who may be willing to assist you on this. On this page that you are on are a list of lenders who you could inquire about getting a personal loan out. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
Hi, I’ve was laid off work about 6 months ago, have been struggling to find work, but have been receiving unemployment benefits which will be running out in a month. There have been unforeseen emergencies that took place within the past month that have unfortunately left me unable to pay my rent in a few days. My credit is bad (last checked it was 549), and I do not own a car. I’d like to get a loan of at least $1,000 (rent amount) to $1,500 maximum (extra $500 would be for phone and electric bills, public transportation, and basic necessities such as food), but will obviously take anything in-between. I reside in Los Angeles and am getting pretty desperate. Any recommendations? Thank you so much!
Hi Alice,
Thanks for contacting finder, a comparison website and general information service.
I hope everything would turn out well for you. Some lenders require you to be employed, but you may find a lender that will consider you if you are unemployed. If you receive welfare payments, you can still get a loan. Keep in mind there may be restrictions you need to meet, such as your loan repayments not exceeding more than 50% of your welfare income. There are lenders offering a $1500 loan that you may want to check.
Kindly take time to read so you can find out more information on the lenders which accept applicants with alternate income.
I hope this helps.
Best regards,
Judith
Do you also loan people in Namibia?
Hi Samantha,
Thanks for contacting finder, a comparison website and general information service.
The page which you’re viewing is for US and is not available in Namibia.
Regards,
Judith
Yes I am trying to borrow around $3,000 for moving costs. I can prove income I don’t have a bank account but I have a prepaid credit card. I live in a state that prohibits payday loans. I was unaware that if I applied to a number of different lenders it would look bad on me. I really need this money but I can’t get anybody to help me out. My credit score is in the Fair Credit range. I don’t want to be homeless. Thank you
Hello Andrea,
Thank you for your inquiry.
You may consider getting an unsecured loan. At the top of the comparison table, kindly select your state of residence and credit score range as availability varies.
It is worth advising that eligibility and lending terms differ, so it is imperative to understand it fully prior to accepting the loan. You may click “Go to Site” green button of your chosen lender to proceed with your application.
Hope this helps.
Cheers,
Jonathan
Hi. My credit score is low but i need a loan of 10,000 . Where can I get a loan with the least amount of wait time? Or what is the most u can get with a low credit score . I’m 21. And don’t have assets I just have a car I don’t want to use for an auto title loan. What are my options to get my hands on some money with bad credit thank u
Hi Candy,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
Actually, you are on the right page as you have the list of lenders that offers loan even if you have a bad/ low credit score. You can also visit check other lenders that offers $5000 to $20000 personal loan.
Kindly make sure to review first all the eligibility criteria of the Lenders and so as the loan details before submitting your application. You may click on the green ‘Go to site’ button to be directed to the Lender that will suit your needs.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
Any suggested sites (personal loans, cash advances) that dont require bank account & will allow to use pre-paid debit card?
Hi Sady,
Thank you for your inquiry.
While we are unable to give specific recommendations, there are lenders that don’t require a checking account that you can compare.
Payday lenders are typically more concerned with your ability to repay the loan than other factors like whether or not you have a bank account. If you can provide proof of income that supports that ability, they’re less likely to be concerned about your lack of a bank account.
Before applying, please ensure that you meet all the eligibility criteria and read through the Product Disclosure Statements/Terms and Conditions to see whether it is right for you.
I hope this information has helped.
Cheers,
Harold
I need a loan of $1500 to pay utilities and dental work. I have a pension from Federal Government but credit not good. Where can I obtain a loan. Have been turned down. Need help electric about to be turned off
Hi Carol,
Thank you for contacting Finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
There are lenders that offer loans for people on pension and who can consider your government benefit as a source of income that you may be eligible to apply for. Generally, you will have higher chances of getting approved as long as you meet all the eligibility requirements and you have a good credit standing.
Remember to review the loan terms and conditions when comparing your options before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Danielle
I got loans out there I want to pay them all off and I got bad credit is there a lender out there that will lend me money?
Hi Chris,
Thank you for your inquiry.
There are quite a few that will accept applications from people with bad credit however this can cost higher interest rates and poorer terms. Thus, it is advisable to improve your credit before you borrow. This page will help you check and review the offers from the 9 personal loan providers that accept bad credit. You can also check our guide on bad credit cash loans for additional options.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this information has helped.
Cheers,
Harold
I have fair credit and I need to borrow $2,500. I have a job and I can pay back but due to my credit, no one wants to help me. I am working with a credit counseling service and they are helping. However, I just need this amount to pay everything off so that I can have one bill and save on interest. I have tried loan sharks but I was leary with them. If you know someone that can help me, I would appreciate it.
Hello Marian,
Thank you for your inquiry.
You may consider checking our debt consolidation loans, that is specifically designed for clients who want to pay off their existing obligations and put it into one bill.
Please take note that you need to inform your credit counselling group about your plans to take up another form of credit, so that they can balance it with your existing cash flow and monthly repayments (if you have started paying to them).
To set your expectations, our list of lenders on that page have their own credit guidelines, so it will be recommended to check their individual sites to know their requirements before applying.
Hope this helps.
Cheers,
Jonathan