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 personal loan 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.
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 credit score requirements.
Best Bad Credit Loans
- : Best for small loan amounts
- : Best for easy qualification
- : Best for very low credit scores
- : Best for co-borrowers
- : Best for limited credit histories
- : Best for secured loans
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 Loans for Bad Credit
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. 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.
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?
The easiest personal loan to get if you have bad credit would be 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.
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.
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.
See our full personal loans ratings methodology >>
Upgrade Personal Loan
Of our top picks, 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 with Upgrade, which will be taken from your loan proceeds. Upstart may also charge you a . 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 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.
Upstart Personal Loan
The minimum credit requirement for Upstart 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 Personal Loan
While OneMain Financial minimum APR is higher than every other lender on our top picks, 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 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 of your total loan amount.
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.
Other Personal Loans We Considered for Bad Credit
. 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 has a low minimum credit score requirement of 580, but it takes longer to get your money than with our top picks.
. 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 . Read Insider's full review here.
. 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.
. 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 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.
. 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.
See Insider's picks for the best personal loans for any credit score >>
Bad Credit Loan 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.
OneMain Financial Personal Loan disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
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