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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.

Editor's choice: OppLoans Installment Loans

  • Easy online application
  • Quick approval
  • Long repayment terms
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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.

Avant

600

9.95% to 35.99%

$2,000 to $35,000

★★★★★

NetCredit

400

34% to 155%

$1,000 to $10,500

★★★★★

Stilt

Not required

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

★★★★★

Regional Finance

550

Varies

$600 to $10,000

★★★★★

Lendvious

550

Starting from 5.99%

$1,000 to $100,000

★★★★★

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.

Read about financial help during the coronavirus outbreak

How to get a personal loan with bad credit

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
5.99% to 18.85%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Upgrade personal loans
5.94% to 35.97%
600
$1,000 – $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Upstart personal loans
7.68% to 35.99%
580 or 600 depending on state of residence
$1,000 – $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
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Compare up to 4 providers

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.

6 tips to qualify for a personal loan with a low credit score.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

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20 Responses

    Default Gravatar
    AhnahDecember 14, 2018

    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???

      Avatarfinder Customer Care
      nikkiangcoDecember 18, 2018Staff

      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

    Default Gravatar
    TheresaSeptember 12, 2018

    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

      Avatarfinder Customer Care
      johnbasanesSeptember 13, 2018Staff

      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

    Default Gravatar
    AliceOctober 29, 2017

    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!

      Avatarfinder Customer Care
      JudithOctober 30, 2017Staff

      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

    Default Gravatar
    samanthaSeptember 26, 2017

    Do you also loan people in Namibia?

      Avatarfinder Customer Care
      JudithSeptember 26, 2017Staff

      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

    Default Gravatar
    AndreaSeptember 25, 2017

    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

      Default Gravatar
      JonathanSeptember 26, 2017

      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

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