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Best Personal Loans for Bad Credit in September 2023

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

You might consider getting a personal loan if you need quick funding for expenses like moving costs or vacations. A personal loan is a fixed-rate loan, paid off in monthly installments with a variety of options for term lengths. The interest rate you pay will be determined largely by your credit score. Not all lenders treat borrowers with bad credit alike.

Best Personal Loans for Bad Credit

Upgrade Personal Loan
4/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Upgrade Personal Loan
4/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Regular Annual Percentage Rate (APR)
8.49% to 35.99%
Loan Amount Range
$1,000 to $50,000
Minimum Credit Score
580
Get matched with personal loan offers
Upgrade Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
8.49% to 35.99%
Loan Amount Range
$1,000 to $50,000
Minimum Credit Score
580
Editor's Rating
4/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Avant Personal Loan
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Avant Personal Loan
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Regular Annual Percentage Rate (APR)
9.95% to 35.99%
Loan Amount Range
$2,000 to $35,000
Minimum Credit Score
600
Get matched with personal loan offers
Avant Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
9.95% to 35.99%
Loan Amount Range
$2,000 to $35,000
Minimum Credit Score
600
Editor's Rating
3.75/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
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LendingPoint Personal Loan
3/5
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LendingPoint Personal Loan
3/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Regular Annual Percentage Rate (APR)
7.99% to 35.99%
Loan Amount Range
$2,000 to $36,500
Minimum Credit Score
620
Get matched with personal loan offers
LendingPoint Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
7.99% to 35.99%
Loan Amount Range
$2,000 to $36,500
Minimum Credit Score
620
Editor's Rating
3/5
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LendingClub Personal Loan
3.25/5
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LendingClub Personal Loan
3.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Regular Annual Percentage Rate (APR)
9.57% to 36.00%
Loan Amount Range
$1,000 to $40,000
Minimum Credit Score
600
Get matched with personal loan offers
LendingClub Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
9.57% to 36.00%
Loan Amount Range
$1,000 to $40,000
Minimum Credit Score
600
Editor's Rating
3.25/5
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Upstart Personal Loan
3.25/5
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Upstart Personal Loan
3.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Regular Annual Percentage Rate (APR)
4.60% to 35.99%
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score
300
Get matched with personal loan offers
Upstart Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
4.60% to 35.99%
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score
300
Editor's Rating
3.25/5
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OneMain Financial Personal Loan
2.75/5
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OneMain Financial Personal Loan
2.75/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Regular Annual Percentage Rate (APR)
18.00% to 35.99%
Loan Amount Range
$1,500 to $20,000
Get matched with personal loan offers
OneMain Financial Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
18.00% to 35.99%
Loan Amount Range
$1,500 to $20,000
Editor's Rating
2.75/5
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Even if you have bad credit, you still have options to take out a personal loan. We've gathered a list of lenders that are more lenient on loan credit score requirements.

But be careful. Even though you may qualify for loans for bad credit with these lenders, with a poor credit history you will likely receive a high interest rate. You may be able to get a lower rate with other options, such as a credit card.

Compare the Best Personal Loans for Bad Credit

Best Personal Loan for Bad CreditBest For
Upgrade Personal LoanSmall loan amounts
Avant Personal LoanEasy qualification
LendingPoint Personal LoanLow credit scores
LendingClub Personal LoanApplying with a co-borrower
Upstart Personal LoanLimited credit histories
OneMain Financial Personal LoanSecured loans

Bad Credit Loans Frequently Asked Questions

What are bad credit loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Bad credit loans are aimed at borrowers with a low credit score or limited credit history (making some of them more attainable loan options for immigrants still establishing credit). These loans have fixed rates and are either secured or unsecured, usually repaid in monthly installments over the course of several years. Each lender has its own standards to determine whether to offer a loan to those with bad credit. Some are more strict than others, so you should shop around before deciding which one to use. 

What are alternatives to bad credit loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

While a bad credit loan can be a solid option to get money fast, there might be cheaper avenues available to you, including: borrowing from friends or family; getting a paycheck advance; seeking aid from a local nonprofit or charity. 

Are bad credit loans legitimate? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Yes, personal loans for bad credit with a reputable lender are absolutely safe to borrow. Look over reviews of the company, dig for more information, and disregard offers that feel too good to be true. Search for personal loans that are backed by a Member FDIC bank or NCUA-accredited credit union. Also, familiarize yourself with common personal loan scams so you know how to avoid them.

Can I get a bad credit loan online? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

You can get a loan online even if you have bad credit. Lenders including Avant, LendingPoint, and Upgrade, are among those that offer bad credit loans online. 

Can I get a loan with no credit check? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

It is possible to a get a loan even if you have no credit. Some lenders will accept alternative data to assess a borrower's risk, like bank account activity and payment history toward rent, utilities, and other bills. However, you'll want to check the fine print with these loans. They could be more likely to charge high interest rates and fees or have unattractive terms.

Are there personal loans for bad credit with guaranteed approval? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

There is no such thing as a personal loan with guaranteed approval, and it's important to be cautious of such claims. No legitimate lender can guarantee you'll be approved for a personal loan, especially if you have bad credit.

Which loan is easiest to get with bad credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

To get a loan with bad credit, your best bet is one that is either secured with some sort of collateral, or one in which you have a more creditworthy borrower co-sign with you. That way, the lender will have less risk of not getting its money back. 

See our full personal loans ratings methodology >>

Bad Credit Loan Company Reviews

Upgrade Personal Loan

Upgrade offers a low minimum APR. But you'll likely pay a higher rate if your credit isn't in good shape. With a poor credit history, you may end up paying an APR closer to 35.99%. Upgrade's smallest loan amount of $1,000 is lower than many other comparable lenders. 

You'll pay an origination fee between 1.85% and 9.99% with Upgrade, which will be taken from your loan proceeds. Upstart may also charge you a late fee of up to $10. However, you won't pay any prepayment penalties with this lender. Once you accept your loan offer, you should get your funds as soon as the next day.

Upgrade Personal Loans Review

Avant Personal Loan

Avant is one of the easier lenders to qualify for on our list. Its minimum credit is just a guideline, not a requirement, but most Avant borrowers have a credit score between 600 and 700. Avant funds loans quickly — if the company approves your loan by 4:30 p.m. CT Monday through Friday, funds are often put into your account by the next business day.

Avant has excellent customer service hours, with its phone line open at least 13 hours every day of the week. The lender also has a strong mobile app. 

Avant Personal Loans Review

Upstart Personal Loan

Upstart's minimum credit requirement is 600, but if your credit score is low, you might end up paying a high APR. However, Upstart also considers employment history and education history, such as where you went to school and your area of study, when making its lending decisions, which could help borrowers who may not qualify for a loan solely based on their credit score.

Upstart's loan repayment term options are fairly limited — you can choose between a three-year or five-year term. On the bright side, the company usually funds loans within one business day, which is useful if you need your money fast. There are no prepayment penalties with this lender. 

Upstart Personal Loans Review

OneMain Financial Personal Loan

OneMain Financial's minimum APR is higher than every other lender on our top picks, but there is no minimum credit score required to apply. That said, if your credit is in particularly rough shape, it may be easier to qualify for a loan with this lender. You may also be able to get your money the same day you apply.

OneMain's standout feature is that it offers secured personal loans (loans backed by collateral such as a house or a car) as well as unsecured personal loans. This is uncommon among personal loan lenders.

OneMain Financial Personal Loans Review

LendingClub Personal Loan

LendingClub allows you to add a co-borrower to your loan application. So if you're worried about not qualifying for a loan or paying a higher interest rate than you can afford, you may consider this option. 

However, it will take you two to four business days to get your money, which is longer than most of the other lenders on our list. You'll also pay an late fee of 5% of the minimum payment amount or $15 (whichever is greater) of your total loan amount. 

LendingClub Personal Loans Review

LendingPoint Personal Loan

LendingPoint has the lowest minimum credit score requirement of any of our top picks, making it a good option if you can't qualify for other lenders with your credit score. LendingPoint has a quick application process. and you may be approved the same day you apply. You can often get your funds the next business day after approval.  

Unfortunately, you're not able to take out a loan if you live in Nevada or West Virginia. You also might pay an , depending on the state you live in. 

LendingPoint Personal Loans Review

Other Personal Loans We Considered for Bad Credit

TD Bank Fit Loan. While TD Bank offers relatively low maximum APRs on its personal loans, the company only lends to borrowers in 15 states and Washington, DC, so it may not be accessible depending on where you live. 

Universal Credit Personal Loans. Universal Credit has a low minimum credit score requirement of 580, but it takes longer to get your money than with our top picks.

OppLoans Personal Loan. OppLoans doesn't have a minimum credit score to be eligible, but its APR range is significantly higher than any lender on our list, spanning from 59.00% to 160.00%. Read Insider's full review here

Payoff Loan™. Payoff offers great minimum APRs to those with good credit scores, but its minimum requirement of 640 is higher than all of our top picks. 

Prosper Personal Loan. Like Payoff, you need a minimum credit score of 640 to qualify for a loan from Prosper. Read Insider's full review of Prosper

Peerform Personal Loan. Peerform offers competitive APRs on its loans and only requires a minimum credit score of 600 to qualify, but its minimum loan amount of $4,000 is higher than our top picks. 

First Tech Personal Loan. Although First Tech offers small minimum loan amounts, you have to join the credit union to be eligible to take out a loan from the company, an added step none of our other picks require. 

Achieve Personal Loan. Achieve has a minimum credit score of 620 and allows co-borrowers, but it has a high minimum loan amount of $5,000 and requires an origination fee. Read our full Achieve personal loans review.

NetCredit Personal Loans. NetCredit doesn't have a minimum credit score requirement, but its minimum interest rate is on the high end of the range for personal loan lenders. Read our full NetCredit personal loans review.

See Insider's picks for the best personal loans for any credit score >>

How to Choose the Right Bad Credit Loan for You

To get the best bad credit personal loan, consider what is most important to you. Many borrowers prioritize the lowest personal loan interest rate, but also consider any fees, the minimum credit score needed, and the accessibility of the lender's customer service. You'll also want to make sure you're able to select a term length that works for you and that your loan's purpose is allowed by the lender you choose.

See our picks for the best personal loan rates »

For bad credit loans specifically, you'll want to understand if you qualify for a loan or if you may need to add a cosigner to boost your chances of being eligible. 

Guides like this one will help you weigh multiple lenders to compare their pros and cons. Make sure to also read individual reviews of any lenders you're considering. 

Bad Credit Loan Company Trustworthiness

Whether you're looking for a $5,000 loan or a $10,000 loan, finding a trustworthy lender can help improve your loan experience. To help you make a decision, we've compared each institution's Better Business Bureau score. The BBB measures businesses based on factors like their responsiveness to consumer complaints, truthfulness in advertising, and clarity about business practices. Here is each company's score:

LenderBBB Grade
Upgrade Personal LoanA+
Avant Personal LoanA
Upstart Personal LoanA+
OneMain Financial Personal LoanA+
LendingClub Personal LoanA
LendingPoint Personal LoanA

All of our top picks are rated A or higher by the BBB. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible.

Why You Should Trust Us: Our Methodology

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

  • Interest rate (20% of rating)
  • Fees (20% of rating)
  • Term lengths and loan amounts (15% of rating)
  • Funding speed (15% of rating)
  • Borrower accessibility (15% of rating)
  • Customer support (7.5% of rating)
  • Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating. 

 

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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