Many or all of the offers on this site are from companies from which Insider receives compensation (for a full list see here). Advertising considerations may impact how and where products appear on this site (including, for example, the order in which they appear) but do not affect any editorial decisions, such as which products we write about and how we evaluate them. Personal Finance Insider researches a wide array of offers when making recommendations; however, we make no warranty that such information represents all available products or offers in the marketplace.
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.
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
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
4 out of
5 Stars
Pros & Cons
Pros
Small minimum loan amount
Quick access to funds
Low minimum credit score
Cons
Origination and late fees
Highlights
More Information
Loan amounts range from $1,000 to $50,000
Loan term lengths range between 2 to 7 years
You can get your money within one business day after your loan is reviewed and approved
Avant Personal Loan is a good personal loan provider, especially if you have a lower credit score and need to receive your loan money quickly. Just be prepared to pay a high APR if you do have a low score.
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
3.75 out of
5 Stars
Pros & Cons
Pros
Funds generally deposited by the next business day
No prepayment penalty
Cons
Multiple types of fees
High maximum APR
Low maximum loan limit
Highlights
More Information
Loan amounts range from $2,000 to $35,000
Loan term lengths range between 2 to 5 years
Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
LendingPoint is a solid option if you need to get a loan with bad credit or you don't qualify for a loan with another lender. However, the range of loan amounts is more limited than what other lenders offer, and if you have good credit, you can likely get a better rate elsewhere.
LendingClub is a solid personal loan provider, especially if you have a lower credit score and want to add a co-borrower to boost your chances of a better rate. However, you could be charged high rates and fees compared to competitors.
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
3.25 out of
5 Stars
Pros & Cons
Pros
Low minimum loan amount
Can add co-borrower to loan application
No prepayment penalties
Cons
Multiple types of fees
High maximum APR
Slower access to funds
Highlights
More Information
Origination fee between 3% to 8%
You'll get access to your funds within two to four business days
Loan amount range between $1,000 to $40,000
Loan terms are between 24 months and 60 months
Loans made through either WebBank, Member FDIC or LendingClub Bank, N.A., Member FDIC
$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)
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
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
3.25 out of
5 Stars
Pros & Cons
Pros
Small minimum loan amounts
No prepayment penalty
Quick loan fund disbursement
Cons
Only three and five year terms
Potential for high origination fees
Highlights
More Information
Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
Loan term lengths are either 3 or 5 years
Can have origination fees up to 8%
Considers employment and education history when making loan approval decisions
Loans are made through one of several Upstart-powered bank partners
OneMain Financial's personal loans are a solid option for borrowers who have low credit scores . You may want to consider another company if you have a good credit score, because you can get lower rates elsewhere.
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
2.75 out of
5 Stars
Pros & Cons
Pros
No minimum credit score
Small minimum loan amount
Quick loan funding
Cons
High interest rates
High origination fees
Low maximum loan amount
Highlights
More Information
No minimum credit score for approval
You may be able to get your loan on the same day that you apply
Loan amounts range from $1,500 to $20,000
Term lengths of 24, 36, 48, or 60 months
Loans made by OneMain Financial Group, LCL
Terms apply. See rates and fees for details and restrictions at https://www.onemainfinancial.com/legal/loan-fees.
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 Credit
Best For
Upgrade Personal Loan
Small loan amounts
Avant Personal Loan
Easy qualification
LendingPoint Personal Loan
Low credit scores
LendingClub Personal Loan
Applying with a co-borrower
Upstart Personal Loan
Limited credit histories
OneMain Financial Personal Loan
Secured loans
Bad Credit Loans Frequently Asked Questions
What are bad credit loans?
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?
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?
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?
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?
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?
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
Lender
BBB Grade
Upgrade Personal Loan
A+
Avant Personal Loan
A
Upstart Personal Loan
A+
OneMain Financial Personal Loan
A+
LendingClub Personal Loan
A
LendingPoint Personal Loan
A
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.
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
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.
**Enrollment required.
Newsletter
Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily.
Thanks for signing up!
Access your favorite topics in a personalized feed while you're on the go.