A good loan for a borrower with bad credit is one with a low interest rate, flexible repayment terms, and a sufficient borrowing limit. However, compared to their good credit counterparts, it's typically harder to find loans for bad credit that meet all of these criteria — bad credit loans often charge much higher interest rates, for example, so borrowers may need to adjust their expectations of what constitutes a "low interest rate" when applying for this type of loan. According to our research, Upgrade is the best provider for bad credit loans because it offers a high borrowing limit, long loan terms, fast loan disbursem*nt, and a low minimum credit score requirement. In addition to Upgrade, on our list you'll find credit unions, online lenders, and brick-and-mortar banks. All offer loans to borrowers with poor or bad credit, and each stood out during our analysis for different loan features or use cases. To find the best loans for bad credit, we evaluated 70 lenders across 31 factors in four key areas: Costs and Fees (29.25%), Loan Terms (22.25%), Borrowing Requirements (28.50%), and Additional Features (20%). We then scored the lenders in our database based on several additional criteria to find the best lenders for borrowers with bad credit, focusing on which providers offer the lowest interest rates, fewest fees, highest loan amounts, and most flexible repayment terms. × Investopedia earns a commission from these advertising partners. Loan Amount Please enter a valid loan amount between $1,000 and $100,000 If youre not seeing anything in the results that are a good fit for your needs, consider warranties from these companies: APR With Autopay Discount Recommended Minimum Credit Score 620 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 300 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 620 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 660 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 640 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 300 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 660 This lender does not disclose its minimum credit score requirements. Loan Amount Why Trust Us 70 Lenders reviewed 31 Loan features considered 1,680 Data points analyzed 173 Primary data sources used Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs. Is your credit not too bad, or are you planning to apply with a co-signer? See our picks for the best overall personal loans or the best personal loans with a co-signer. In the News: The average personal loan interest rate is 24.44%. That's based on four weeks of data from 18 lenders and the rates they quoted to approximately 200,000 potential borrowers between April 1–30, 2024. Personal loan rates started to rise back in 2022 as the Federal Reserve began instituting a series of interest rate hikes to combat decades-high inflation. Best Bad Credit Loans for June 2024 Best Bad Credit Loans for June 2024 The Bottom Line What Makes Up a Bad Credit Score? Do You Qualify a Bad Credit Loans? Types of Bad Credit Loans How to Choose Alternatives to Bad Credit Loans Pros and Cons of Bad Credit Loans How Bad Credit Personal Loan Fees Work How to Spot Personal Loan Scams Why You Should Trust Us FAQs Methodology Learn More About Loans for Bad Credit Investopedia's Rating 4.6 Why We Chose It Overall, Upgrade has a strong reputation for being a fair lender with a lower minimum credit score, a high borrowing limit, and longer loan terms than some other lenders. While the top end of the interest rate range gets high, starting rates are competitive. This makes Upgrade loans both accessible to people with bad credit and attractive to more creditworthy borrowers. Upgrade loans do come with a high origination fee, however. Upgrade’s appeal starts with the ability to get a rate quote without any hard credit inquiries and funding within one day of approval. Additionally, Upgrade may lower your loan rate if you set up autopay, use all or part of the loan to pay off existing debt, or use your car as collateral for a secured loan. Upgrade’s Credit Health tool lets you monitor your credit, get tips on improving your credit score, and receive fraud alerts. This feature is especially helpful if you have poor credit scores as you work to better your credit and regain control of your finances. Originally founded in 2017, Upgrade is headquartered in San Francisco, California, and has offices in Phoenix, Arizona; Atlanta, Georgia; Orange County, California; and Montreal, Quebec. While securing a loan with your car or other property can improve your approval odds and help you get a lower rate, you’re at risk of losing that property if you fall behind on your payments. Pros & Cons Pros Opportunities for APR discounts Secured loans and joint applicants make loans more accessible Quick loan disbursem*nt Cons Loans have an origination fee Not a direct lender Qualifications Read the FullUpgrade Personal Loans Review 2024 Investopedia's Rating 4.1 Why We Chose It If you have a credit score that’s in the “poor” range—between 300 and 579—finding a loan can be hard. Finding a loan with an APR that’s not in the high double or triple digits can be even harder. That’s where Upstart comes in. It has one of the lowest minimum credit scores of any lender on our list; its minimum required score is 300, which is the lowest possible score you can have. You can borrow up to $50,000, and, if approved, your loan funds can be disbursed in as little as one day. Even if you have no credit history at all, you can still be eligible for a loan if you are enrolled in or graduated from a degree program. Originally founded in 2012, Upstart is headquartered in San Mateo, California, and has offices in Columbus, Ohio, and Austin, Texas. Pros & Cons Pros Low minimum credit score Fast funding Good loan amount flexibility Cons High origination fee High personal loan APRs Fewer loan term options than others Qualifications Read the FullUpstart Personal Loans Review 2024 Investopedia's Rating 4.3 Why We Chose It If you’re looking to consolidate debt with a personal loan, it’s always wise to go with a lender that pays your creditors directly—and that is the case with Achieve. In fact, if you take advantage of that option, you’ll get a discount on your loan interest for doing so. Achieve is available to borrowers in 40 states and the District of Columbia, and it requires a 620 minimum credit score, which is lower than some lenders. In addition to the loan discount when you pay creditors directly, you can also get a discounted rate by adding a co-borrower or showing proof of retirement savings. Originally founded in 2002, Achieve is headquartered in Scottsdale, Arizona. Pros & Cons Pros Pre-qualification is available Loan discounts are available Can apply with co-borrower Cons Funds can take up to 72 hours to arrive after approval Origination fees apply Minimum borrowing amount may be high for some Qualifications Read the FullAchieve Personal Loans Review for 2024 Investopedia's Rating 3.9 Why We Chose It Loans for borrowers with bad credit tend to have limited repayment term options; with many, the maximum is 60 months or less. With LendingPoint, you can choose up to 72 months to repay the loan. While some lenders with longer terms are credit unions with limited memberships, LendingPoint is available to the general public. With a longer term, you’ll pay more in interest over time, but you’ll get a more affordable monthly payment. When money is tight and you have an emergency expense, being able to spread out the cost over a longer period to get smaller payments can be worth the tradeoff. Unlike some of the other lenders on our list, LendingPoint doesn’t allow co-signers or joint applications, but it has relatively low requirements for income and credit, and it disburses funds as soon as the next day after approval. Originally founded in 2014, LendingPoint is headquartered in Kennesaw, Georgia. Before applying for a loan, check your credit report to make sure all of the information on it is correct; otherwise, it could affect your eligibility for a loan. Learn how to check your annual credit reports for free. Pros & Cons Pros Funds disbursed as soon as next day Long loan terms available Allows pre-qualification Cons Not available in all states Origination fees as high as 10% Does not allow co-signers or joint applications Qualifications Read the FullLendingPoint Personal Loans Review Investopedia's Rating 4.7 Why We Chose It Patelco Credit Union offers a number of personal loan products to anyone who becomes a member. Membership eligibility is open to all, even though branches are concentrated in California. Between the option of using a co-signer and the availability of secured loans, Patelco provides access to funding for those who might not have the best credit. We like that the APR range is competitive and you have a wider loan amount range than most lenders offer. Another factor that sets Patelco apart is its LevelUp program, which rewards consistent, on-time payments. Each year that you pay on time (if you qualify for the program), your rate will go down by 0.50%, up to a 1.5% maximum. Originally founded in 1936, Patelco is headquartered in Dublin, California, and has 36 additional offices across Northern California. Pros & Cons Pros High maximum loan amount Pre-qualification is available Rates decrease with good payment behavior No origination fees Cons Must become a member of Patelco Branches only in California No loan discounts available No direct creditor pay Qualifications Read the FullPatelco Credit Union Personal Loans Review 2024 Investopedia's Rating 3.8 Why We Chose It If you want more of a traditional banking experience and live in a state where TD Bank operates, their personal loan (called the Fit Loan) has some appeal. First and foremost, loan approval is quick and in most cases, you can receive your loan within one business day. The APR range is fairly competitive compared with similar lenders, and you can borrow up to $50,000. Plus, there are no origination fees. The main downside is that TD Bank loans are only available in certain geographic areas. Originally founded in 1852 as Portland Savings Bank, TD Bank is headquartered in Cherry Hill, New Jersey, and has over 1,100 branches and 2,600 ATMs across 15 states and the District of Columbia. Pros & Cons Pros No origination fees Funds arrive within one business day after approval Rate quote with no hard credit check Cons Only available in select states No APR discount programs No joint applications Qualifications Read the FullTD Bank Personal Loans Review 2024 Investopedia's Rating 4.6 Why We Chose It First Tech Federal Credit Union lets you refinance existing personal loans as long as you can qualify. This is helpful if you think you can qualify for a more favorable interest rate or if you wish to extend your repayment term to lower your monthly bill. We also like that First Tech FCU seems flexible when it comes to working with borrowers in all credit ranges, though they do not disclose specific minimum qualifications. There’s also the option to defer your first payment for 45 days, which can buy you a little extra time to get your finances in order. Originally founded in 1952, First Tech FCU has 36 branches across Calif., Colo., Ga., Idaho, Mass., Ore., Texas, and Wash. Pros & Cons Pros Strong customer reviews No origination fee Loan payment protection is available Cons Loan eligibility details are not disclosed No loan discounts are available Must join the credit union to apply for loan Qualifications APR Range Average Origination Fee Late Fee Time to Receive Loan Loan Amount Latest Repayment Reset All Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me *APR ranges for some companies include a discount for automatic payments or existing bank customers. When researching the best loans for bad credit, we found Upgrade’s personal loans to be the best overall thanks to their accessibility, manageable interest rates, and opportunities for rate discounts. Other standouts on the list are Achieve if you’re looking to consolidate debt by paying creditors directly, or Upstart if your credit has hit rock bottom. If you want to avoid an origination fee, then consider joining First Tech Federal Credit Union or Patelco Credit Union to apply for one of their loans. Bad credit loans are loans for individuals with low credit scores, usually 579 or less. Although there are many types, the most common are unsecured personal loans. There’s no collateral, you’ll have a fixed interest rate and fixed monthly payments, and, like other loans, these will show up on your credit reports and affect your credit score. Unsecured personal loans for bad credit are just like any other unsecured personal loan, and they can be an invaluable lifeline when facing unexpected expenses. However, they typically come with more fees and higher APRs than traditional loans extended to people with better credit. While there are a number of different credit-scoring models, one of the most commonly used being the FICO credit scoring system. Having "bad credit" typically means being in the "fair" or "poor" categories. Your FICO score considers both positive and negative information listed in your credit report (also known as your credit profile), which is grouped into the following five weighted categories: The Payment History category shows whether or not you've paid your past credit accounts on time. Payment History has more weight than any individual factor on your FICO score due to its importance to creditors, as this information allows lenders to better assess how much of a credit risk a prospective borrower represents. Credit reports typically list late payments using 30-day intervals (e.g., 30-days late, 60-days late, etc.). Unsurprisingly, the higher the number of days late, the greater the impact this has on your credit score. After 150 days, late payments may be reported as "charge off" (i.e., written off as a loss due to severe delinquency). As the name suggests, the Amounts Owed category shows how much debt you carry in total. Fortunately, having extant debt doesn't inherently indicate that you're a high-risk borrower to potential lenders. That said, if the information included in your Amounts Owed category shows that you're using a lot of your available credit, that could negatively impact your FICO score. If you have a long credit history, that will always be good for your FICO score. According to myFICO, the Length of Credit History category considers the following pieces of information: The Credit Mix category represents the different kinds of accounts that make up your credit report, such as credit cards, mortgages, student loans, etc. As such, having a healthy credit mix in conjunction with a good payment history shows how well you're able to handle several different loans and lines of credit. The New Credit category is perhaps the most straightforward. Having multiple new credit accounts noted on your credit report within a short time period represents a greater risk for lenders, especially if you also lack a lengthy credit history. To qualify for a personal loan with bad credit, you’ll likely need to meet certain criteria. Some of the most important factors are: "If you’re a borrower with a poor or bad credit score, you probably already know that you aren’t going to get a loan with the best rate or lowest origination fee. But you should still take the time to pre-qualify and compare rates, fees, and other terms. Most of the lenders we evaluated make it easy to pre-qualify and compare, and borrowers should always get a few offers in hand before deciding." - Lars Peterson, Senior Editor, Investopedia Financial Products and Services The most common types of bad credit loans aren't all that different from the loan options available for borrowers with good or excellent credit, which are listed below: When shopping for a personal loan for bad credit, these are the most important things to consider when comparing multiple lenders: In Investopedia's 2023 Personal Loan Borrower Survey, we asked respondents to rank loan features on a scale from most important to least important. Almost half of borrowers (48%) ranked the cost of the loan as the most important factor. In a similar survey we conducted in 2022, 39% of borrowers also ranked loan cost as the most important factor. Applying for a personal loan with bad credit is similar to what’s required for any other type of loan, and it's a fairly simple process. Some alternatives to personal loans for bad credit worth considering are: When it comes to bad credit personal loans, there are four main types of fees that prospective borrowers ought to be prepared for. There are a myriad of personal loan scams out there, and it can become even harder to spot any red flags when looking at loan products for bad credit. Below are a list of questions a potential borrower should be asking themselves when considering this type of funding: If you suspect you've been the victim of a personal loan scam, contact your local police department and your state Attorney General immediately. Additionally, if the fake lender is located in another country, you should reach out to the Federal Trade Commission and the Federal Bureau of Investigation. Investopedia collected and analyzed a wide range of key data points from several bad credit lenders to identify the most important factors for readers choosing the right provider to suit their needs. We used this data to review each company for fees, repayment terms, credit score requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999 and has been helping readers find the best bad credit loan companies since 2019. Direct lenders, local lenders, and online lenders are three potential sources that offer personal loans for bad credit. Just be aware that you'll likely pay a higher interest rate than if you had higher credit score. Digital lending networks allow you to compare online personal loans for bad credit from multiple lenders with one loan application, while direct lenders are the traditional banks and credit unions managing the loans. A local credit union or bank where you already do business might be willing to work with you based on that relationship, even if you have bad credit. The lowest credit score you can get a loan with is actually the lowest credit score you can have (i.e., 300). Granted, having this score will severely limit your lending options. Upstart is one of the few personal lenders that will provide a loan to borrowers with credit scores of 300. That said, even with Upstart, you'll still want as high a credit score as possible in order to get the best interest rate that you can. The two biggest factors that can cause you to have a bad credit score are your payment history and the amount you owe. Missing even one payment can hurt your score, with the damage increasing exponentially the longer the payment is delinquent. Meanwhile, having a high credit utilization ratio (sometimes referred to as credit usage) can make you seem like a lending risk, which is also reflected in a reduced credit score. Other factors that can negatively impact your credit score include having a shorter credit history, not having a varied credit mix, and applying for a lot of new credit within a short time frame. As with other forms of debt, your student loans will affect your credit score. Making on-time payments on your student debt will help build your credit history (which younger borrowers typically don't have the opportunity to do beforehand) and have a positive impact on your credit score. Conversely, if you fail to make on-time student loan payments, your credit score will decrease as these late or missed payments are added to your credit reports. In order to improve your credit score, you should first take the time to review your credit reports from each of the three major credit bureaus to ascertain what's keeping your score low (make sure you're receiving your credit reports via soft inquiries, as hard inquiries will lower your score further). If you identify any errors, you should submit a request to each respective credit bureau to have them corrected, which will help improve your score. The next and best thing you can do to improve your credit score is to make consistent, on-time payments on your existing debts. Other steps you can take include reducing your credit utilization ratio as much as possible, not taking out additional forms of credit until your score improves, and keeping older accounts open (as closing them would reduce your average credit age). Whether or not getting a bad credit loan is a good idea will depend on your financial situation and the reason you'd be taking out a loan in the first place. If you're in dire straits and require fast funding to pay for basic necessities, repay medical bills, etc., then a bad credit loan may be your best option. Plus, making on-time payments on your new loan will help improve your credit score over time. So long as you're certain that you'll be able to handle the new debt, then getting a bad credit loan may be a good idea. If struggling with your extant debt is what damaged your credit score in the first place, then applying for a specific type of bad credit loan could actually be a great solution. With a consolidation loan for bad credit, you'll essentially be bundling your old debt into a new loan with one monthly payment. Not only will this streamline your debt repayments, but you may even be offered a lower interest rate than what you were previously paying on your old debt (depending on what type of debt you're consolidating). If you need a loan and no conventional lenders will approve you, you may want to consider asking a friend or family member to lend you some money. While you may not be able to get a large loan amount, a loved one is less likely to charge origination fees or have the strict requirements that a typical lender might. However, should you fail to uphold your end of a loan agreement and repay said friend or family member, this will almost certainly have a detrimental effect on your relationship with them. We researched and reviewed 70 lenders to find the best bad credit loan companies listed above. While we write individual reviews for most companies, we do not always write reviews for companies we would not recommend. Below are the companies we researched along with links to individual company reviews to help you learn more before making a decision: Achieve, Affinity Federal Credit Union, Alliant Credit Union, American Express, Avant, Axos Bank, Bankers Healthcare Group, Best Egg, Bethpage Federal Credit Union, Blue Federal Credit Union, boatloan.com, Boeing Employees' Credit Union, CapexMD, Citibank, Connexus Credit Union, Discover, Dividend Finance, ENT Credit Union, Fig Loans, First Tech Federal Credit Union, Future Family, GoodLeap, Greenstate Credit Union, Happy Money, Hiway Credit Union, Lake Michigan Credit Union, Laurel Road, LendingClub, LendingPoint, LendingUSA, Liberty Federal Credit Union, LightStream, Lyon Financial, Mariner, Money Key, Mountain America Credit Union, NASA Federal Credit Union, Navy Federal Credit Union, Netcredit, Old National Bank, OneMain Financial, OppLoans, Patelco Credit Union, PenFed, Personify Financial, PNC Bank, Prosper, Reach Financial, Regions, Reprise, Rocket Loans, Santander, Service Federal Credit Union, SoFi, Southeast Financial, Summit Credit Union, SunPower, TD Bank, Teachers Federal Credit Union, Trident Funding, Truist, U.S. Bank, Universal Credit, Upgrade, Upstart, USAA, Vantage Recreational Finance, Wells Fargo To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas: Learn more about how we evaluated personal loans in our complete methodology. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Board of Governors of the Federal Reserve. "Open Market Operations." Upgrade. "Personal Loans Up to $50,000." Upgrade. "Upgrade Credit Health." LinkedIn. "Upgrade, Inc." Upgrade. "About Us." Upstart. "What Are the Minimum Credit Requirements to Receive a Loan?" Upstart. "Personal Loans: Apply Online, Quick Rate Check." Upstart. "Will I Be Eligible for a Loan?" CBInsights. "Upstart." LinkedIn. "Upstart." Achieve. "Debt Consolidation." Achieve. "Find Personalized Offers." CBInsights. "Achieve." Achieve. "Personal Loan FAQs." LendingPoint. "Personal Loans." LendingPoint. "Frequently Asked Questions (FAQs)." CBInsights. "LendingPoint." Patelco Credit Union. "Find a Branch or ATM." Patelco Credit Union. "Personal Loans." LinkedIn. "Patelco Credit Union." Patelco Credit Union. "Our Mission." Patelco Credit Union. "Patelco Membership." TD Bank. "Personal Loans, Unsecured, Fixed Rate." TD Stories. "Company History." TD. "Corporate Profile." TD Bank. "Find a TD Bank Store or ATM by State." First Tech. "Personal Loan Affiliate." First Tech. "About Us." First Tech. "Locations." First Tech. "Become a Member." First Tech. "Application." myFICO. "What's in My FICO® Scores?" myFICO. "What Is Amounts Owed?" myFICO. "What Does Credit Mix Mean?" myFICO. "What Is New Credit?" National Credit Union Administration. "Permissible Loan Interest Rate Ceiling Extended." Rocket Loans. "What Is a Personal Loan Origination Fee and Is It Avoidable?" Federal Trade Commission: Consumer Advice. "Do You Use Payment Apps Like Venmo, CashApp, or Zelle? Read This." Allegiance. "Bad Credit Loans: How to Avoid a Scam." Consumer Financial Protection Bureau. "Do Student Loans Affect My Credit Score?" Updated by Dawn Papandrea is a credit card expert with 10+ years of experience covering credit cards, banking, personal finance and careers. Her reviews of credit cards and other financial products appear on The Balance, Investopedia, and on personal finance sites elsewhere. Dawn earned her master's in journalism and mass communication from New York University and has a bachelor's in English from St. John's University. Learn about our editorial policies Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Board of Governors of the Federal Reserve. "Open Market Operations." Upgrade. "Personal Loans Up to $50,000." Upgrade. "Upgrade Credit Health." LinkedIn. "Upgrade, Inc." Upgrade. "About Us." Upstart. "What Are the Minimum Credit Requirements to Receive a Loan?" Upstart. "Personal Loans: Apply Online, Quick Rate Check." Upstart. "Will I Be Eligible for a Loan?" CBInsights. "Upstart." LinkedIn. "Upstart." Achieve. "Debt Consolidation." Achieve. "Find Personalized Offers." CBInsights. "Achieve." Achieve. "Personal Loan FAQs." LendingPoint. "Personal Loans." LendingPoint. "Frequently Asked Questions (FAQs)." CBInsights. "LendingPoint." Patelco Credit Union. "Find a Branch or ATM." Patelco Credit Union. "Personal Loans." LinkedIn. "Patelco Credit Union." Patelco Credit Union. "Our Mission." Patelco Credit Union. "Patelco Membership." TD Bank. "Personal Loans, Unsecured, Fixed Rate." TD Stories. "Company History." TD. "Corporate Profile." TD Bank. "Find a TD Bank Store or ATM by State." First Tech. "Personal Loan Affiliate." First Tech. "About Us." First Tech. "Locations." First Tech. "Become a Member." First Tech. "Application." myFICO. "What's in My FICO® Scores?" myFICO. "What Is Amounts Owed?" myFICO. "What Does Credit Mix Mean?" myFICO. "What Is New Credit?" National Credit Union Administration. "Permissible Loan Interest Rate Ceiling Extended." Rocket Loans. "What Is a Personal Loan Origination Fee and Is It Avoidable?" Federal Trade Commission: Consumer Advice. "Do You Use Payment Apps Like Venmo, CashApp, or Zelle? Read This." Allegiance. "Bad Credit Loans: How to Avoid a Scam." Consumer Financial Protection Bureau. "Do Student Loans Affect My Credit Score?" Related Terms Private Party Auto Loan: What It Is, How It Works, How to Get One A private party auto loan is a type of loan that you can use to finance the purchase of a car from an individual. Many financial institutions offer these loans, including banks, credit unions, and online lenders. What Is a Business Auto Loan? How to Finance Company Vehicles A business auto loan is a type of secured loan that companies or individual owners can use to purchase vehicles for business purposes. It can be less expensive than an unsecured loan, and its interest costs may be tax-deductible. Emergency Loan: Types, Eligibility, Pros and Cons Emergency loans are a type of personal loan that provides fast access to cash. Learn how emergency loans work and about their pros and cons. Private Student Loans: What They Are, How They Work Private student loans are offered through third-party lenders, and they don't come with the protections afforded to federal student loan borrowers. Pre-Approval: Definition, Meaning, How It Works, and Types A pre-approval is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer. Personal Loan: Definition, Types, and How to Get One A personal loan allows you to borrow money and repay it over time. Here’s what a personal loan is, how it works, and how to use one. Compare Personal Loans Rates
Best Bad Credit Loans for June 2024
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Company APR Credit Score est. Loan Amount More Details Best Overall :fill(white):max_bytes(150000):strip_icc()/Upgrade-Logo-bc0ec4b2fc0b48daaefbde361ccabe98.jpeg "Best Bad Credit Loans for June 2024 (1)"){kind=logo}
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See DetailsCheck Rates Best for Fast Funding :fill(white):max_bytes(150000):strip_icc()/td-bank-5157bd8cc2fe4c65a7d0b5cdcf90f8fc.png "Best Bad Credit Loans for June 2024 (6)")
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Best Overall :Upgrade
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Best for Low Minimum Credit Requirement :Upstart
Best for Debt Consolidation :Achieve
Best for Repayment Terms :LendingPoint
Best With a Co-Signer :Patelco Credit Union
:fill(white):max_bytes(150000):strip_icc()/PatelcoCreditUnion-2710a2540a224fdc823143d06af54798.jpg "Best Bad Credit Loans for June 2024 (12)")
Best for Fast Funding :TD Bank
Best for Refinancing :First Tech Federal Credit Union
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Compare the Best Bad Credit Loans for June 2024
Best For Upgrade Best Overall 8.49% - 35.99% 1.85%–9.99% $10.00 1 day $1,000 - $50,000 84 months Check Rates Upstart Best for Low Minimum Credit Requirement 7.80% - 35.99% 0.00%–12.00% 5% of the late payment amount or $15, whichever is greater 1 days $1,000 - $50,000 60 months Check Rates Achieve Best for Debt Consolidation 8.99% - 35.99% 1.99% - 6.99% None 1 days $5,000 - $50,000 60 Months Check Rates LendingPoint Best for Repayment Terms 7.99% - 35.99% 0.00% - 10.00% $0.00 - $30.00 1 day $2,000 - $36,500 72 months Check Rates Patelco Credit Union Best With a Co-Signer 9.30% - 17.90% 0.00% 3% of loan payment or $5, whichever is higher 0 days $300 - $100,000 84 months Check Rates TD Bank Best for Fast Funding 8.99% - 23.99% 0.00% 5% of minimum payment or $10, whichever is less 1 day $2,000 - $50,000 60 months Check Rates First Tech Federal Credit Union Best for Refinancing 8.94% - 18.00% 0.00% $15.00 - $25.00 0 days $500 - $50,000 84 months Check Rates The Bottom Line
What Are Loans for Bad Credit & How Do They Work?
What Makes Up a Bad Credit Score?
FICO Credit Score Ranges Rating Score Range Excellent 800–850 Very Good 740–799 Good 670–739 Fair 580–669 Poor 300–579 No Credit Not enough data to score Payment History (35%)
Amounts Owed (30%)
Length of Credit History (15%)
Credit Mix (10%)
New Credit (10%)
Do You Qualify for a Bad Credit Loan?
Types of Bad Credit Loans
How to Choose the Best Loan for Bad Credit
Loan Cost the Most Important Factor for Most Borrowers
How to Get a Loan With Bad Credit
Average Personal Loan Rates by Credit Score Credit Tier Average APR This Week Excellent 20.29% Good 22.60% Fair 25.08% Poor 29.33% All Tiers 21.13% Alternatives to Bad Credit Loans
Pros and Cons of Bad Credit Loans
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Cons
How Bad Credit Personal Loan Fees Work
How to Spot Personal Loan Scams
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Frequently Asked Questions
Where Can I Get a Personal Loan With Bad Credit?
What Is the Lowest Credit Score You Can Get a Loan With?
What Causes a Bad Credit Score?
Do Student Loans Affect My Credit Score?
How Can I Improve My Credit Score?
Is It a Good Idea to Get a Bad Credit Loan?
How to Get a Loan When No One Will Approve You?
Companies We Reviewed
How We Pick the Best Bad Credit Loans
Learn More About Loans for Bad Credit
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See Also
Where to get a $3,000 loanHow and Where To Get a 500 Credit Score LoanHow To Make $3,000 Dollars Fast - 15 Proven Methods:max_bytes(150000):strip_icc()/BestEmergencyLoan-f245aab383d24dc09ac995e92612de33.jpg "Best Bad Credit Loans for June 2024 (18)")
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FAQs
Best Bad Credit Loans for June 2024? ›
Upstart holds the record for most loans funded through Bankrate since 2022 at over 8,600. It's a great option for borrowers who have bad or thin credit history — the lender uses a proprietary AI system that evaluates applicants using more than just credit score. Meet credit requirements.
What is the easiest loan to get with bad credit? ›Easiest personal loans to get
- Best for bad credit: Avant Personal Loans.
- Best for flexible terms: OneMain Financial Personal Loans.
- Best for no credit history: Upstart Personal Loans.
- Best for fast approval: LendingPoint Personal Loans.
- Best for small loan amounts: Oportun.
Upstart holds the record for most loans funded through Bankrate since 2022 at over 8,600. It's a great option for borrowers who have bad or thin credit history — the lender uses a proprietary AI system that evaluates applicants using more than just credit score. Meet credit requirements.
What is a hardship loan? ›Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.
How to get a loan when no one will approve you? ›If you need money fast, here are some alternatives to consider when you can't get a loan.
- Research peer-to-peer lending.
- Explore loans from friends and family.
- Look at pawnshop loan options.
- Compare credit card cash loans.
- Seek information about government assistance programs.
Mar 20, 2024
In other words, if you have a 500 credit score and can qualify for a personal loan, you should expect to pay an APR north of 30%. Many lenders require a credit score above 500 to qualify for a personal loan, but others are more lenient.
How can I get a loan with very poor credit? ›But there are also:
- Personal loans: certain lenders will offer personal loans to those with bad scores. ...
- Guarantor loans: this is when someone you know (a guarantor) promises to pay off the debt if you're unable to.
Yes, you can get a $5,000 loan with bad credit if you have enough income to afford the monthly payments, but the loan is likely to have a high interest rate. Several lenders offer $5,000 personal loans for people with credit scores under 640, and a few may not even require a credit check at all.
Is Speedy Cash legit? ›The company offers several types of loans, so borrowers can choose the option that makes the most sense for their needs and financial situation. While its interest rates are high, Speedy Cash is a legit option for people who need cash fast and can pay it back within the allotted time.
How can I borrow money and get it instantly? ›If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions.
How to get 2000 dollars fast with bad credit? ›
Borrowers who need the funds urgently and lack other options to borrow money.
- Payday-alternative loan. Offered by select federal credit unions, payday alternative loans offer amounts of up to $2,000. ...
- Credit card cash advance. ...
- Payday loan. ...
- Title loan.
Mar 25, 2024
Callers claiming to be from a 'financial hardship loan center' are attempting to steal victim's information or worse, digging them deeper into debt. We have collated the following transcripts from real messages left by scammers, so subscribers know what to lookout for.
How do I qualify for an IRS hardship? ›An economic hardship occurs when we have determined the levy prevents you from meeting basic, reasonable living expenses. In order for the IRS to determine if a levy is causing hardship, the IRS will usually need you to provide financial information so be prepared to provide it when you call.
How to get a loan when everyone denies you? ›Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.
Which loan company is best for bad credit? ›Best Bad Credit Loans Of June 2024
| Company | Forbes Advisor Rating | Minimum credit score |
|---|---|---|
| LendingPoint | 4.0 | 600 |
| Universal Credit | 3.5 | 580 |
| Upstart | 3.5 | 300 |
| Avant | 3.5 | 580 |
Once those subside, you'll find there are ways to get your hands on quick cash, without falling prey to scams.
- Sell spare electronics. ...
- Sell your gift cards. ...
- Pawn something. ...
- Work today for fast cash today. ...
- Seek community loans and assistance. ...
- Ask for forbearance on bills. ...
- Request a payroll advance.
Dec 19, 2023
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
What is the easiest loan to get immediately online? ›Payday, car title and pawn shop loans, as well as credit card cash advances, can offer same-day funding. Some personal loan lenders also offer more or less instant approval and funding. Applying for a personal loan online will likely be the most secure, fastest and easiest way to get a loan.
Can I get a loan with a 400 credit score? ›Credit Rating: 400 is considered a bad credit score. What Borrowing Options Are Available: Most borrowing options are available, except for FHA-backed home loans. The terms of any loan options will not be attractive.
Can you realistically get a loan with bad credit? ›You may be eligible to get a bad credit personal loan with a score below 580. Personal loan lenders specializing in bad credit loans may scrutinize your income and employment history more closely.