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Why we like it: If you’re approved for a personal loan with Avant, your funds may be deposited into your bank account as soon as the next business day.
Overview: Avant has higher interest rates than some lenders, but you may receive your loan faster than their competitors. This online lender also allows borrowers to change their loan due date up to the day before the deadline. Plus, Avant offers secured loans for those who don’t qualify for an unsecured loan. Getting a secured loan may also help you to get lower rates, though you stand to risk losing any collateral you put down, so be sure you’re able to repay your loan. Minimum loan amounts may vary by state.
| Pros | Cons |
|---|---|
No prepayment penalties May receive funds as soon as the next business day May consider household income instead of just individual income | Charges late and dishonored payment fees Charges an origination fee of Up to 4.75% Can only borrow up to $35,000 |
Eligibility requirements: Avant doesn’t provide many details on its website as to its eligibility requirements — however, you’ll have to verify your identity, employment, income and bank account.
Why we like it: Other than its origination fee, Happy Money doesn’t charge application and fees fees or prepayment penalties or late.
Overview: Happy Money (formerly Payoff) bad credit loans are specifically available to help borrowers eliminate their credit card debt. While you may not be eligible for Happy Money’s lowest interest rates, their personal loan rates may be lower than those on your current credit card. If you’re approved by this lender, you can typically expect to see your lump sum deposited into your account within three to six business days, which can be much slower than other lenders on this list.
| Pros | Cons |
|---|---|
No application or late fees No prepayment penalties May offer lower interest rates than credit cards Transparent about its eligibility requirements | No joint applications available Not available to residents in Massachusetts or Nevada Loans can only be used toward paying off credit cards Funding timeline can be slow |
Eligibility requirements: You’ll need to meet the following requirements to be eligible for a personal loan with Happy Money:
Why we like it: Unlike some other competitors, LendingClub allows applicants to apply for a joint personal loan with a co-borrower.
Overview: LendingClub is a peer-to-peer lending marketplace through which you can borrow up to $40,000 and get funds in as little as 24 hours. You may also change your due date with LendingClub — either as a one-time occurrence or permanently — but be sure to check how changing your payment deadlines could affect your interest rates. You’ll need to be current on your payments in order to change your due date.
As an added bonus for borrowers with low credit scores, LendingClub also offers joint personal loans. The option to add a co-borrower may make it easier for some applicants with poor credit to qualify for a personal loan.
| Pros | Cons |
|---|---|
15-day grace period if you’re late on payments Allows for co-borrowers Option to pay creditors directly if using funds to consolidate debt | Borrowers in Iowa and U.S. territories aren’t eligible Charges late fees Charges an origination fee between 3.00% - 6.00% |
Eligibility requirements: To qualify for a personal loan with LendingClub, you’ll need to be a U.S. citizen who’s at least 18 years old, and have a verifiable bank account.
Why we like it: With personal loan terms of 24 to 72 months, LendingPoint has some of the most flexible loan terms on our bad credit loans list.
Overview: LendingPoint sees your credit score as only one piece of the financial puzzle. In addition to your credit, this lender also evaluates your job history, financial track record, personal income and recent credit behavior using artificial intelligence. If you’re approved, your funds may be deposited in your account as soon as the next business day.
LendingPoint applicants must have an annual income of $35,000 or higher and cannot apply with joint or cosigned loans.
| Pros | Cons |
|---|---|
May receive funds one business day after approval Approval process doesn’t just rely on credit score No prepayment penalties | Loans not offered in Nevada or West Virginia Doesn't offer joint applications Must have annual income of at least $35,000 |
Eligibility requirements: You’ll need to meet the following requirements to qualify for a personal loan with LendingPoint:
Why we like it: For borrowers with bad credit, OneMain Financial offers both unsecured and secured loans — the latter of which may require collateral (a vehicle, for example).
Overview: OneMain Financial has the lowest loan amount cap ($20,000) on our bad credit loans lender list, so this company may be best for those searching for smaller-sized bad credit loans.
While OneMain Financial’s interest rates are fairly high, they may be lower than what you may find with other bad credit loan companies and predatory lenders. OneMain Financial charges late fees either ranging from $5 to $30, or as a percentage of your entire monthly payment charge (or the late portion of your monthly payment), which can range from 1.5% to 15%.
| Pros | Cons |
|---|---|
Offers both secured and unsecured loans Ability to change your payment due date No prepayment fees | APR is higher than some other lenders Charges late fees Small maximum loan amount |
Eligibility requirements: OneMain Financial doesn’t provide specific details on eligibility criteria, but it does take the following into consideration:
Why we like it: TD Bank is one of the few lenders that offers bad credit loans without charging origination fees.
Overview: With loans ranging from $2,000 to $50,000, TD Bank offers one of the most flexible ranges of loan amounts. Another feature that stands out with TD Bank is its lack of origination fees, a common fee that often accompanies unsecured personal loans and is taken out of the total amount of the loan upfront. In addition, TD Bank also doesn’t charge application fees or prepayment penalties.
If you’re approved for a personal loan with TD Bank, you may receive your funds within one business day and can receive terms 36 to 60 months.
| Pros | Cons |
|---|---|
No origination fees No prepayment penalties May receive funds in one business day | Charges late fees of The lesser of 5% of the minimum payment due or $10 Only available in certain states Cannot use funds for business or educational expenses |
Eligibility requirements: While TD Bank doesn’t offer specific information on its website regarding personal loan eligibility criteria, only borrowers who live in one of the following states can qualify:
Why we like it: You could be eligible to borrow as little as $1,000 or as much as $50,000 if you qualify for a personal loan from Upgrade.
Overview: This online lender not only offers a wide range of loan amounts that consumers can choose from, but borrowers can also receive their loans as quickly as one business day after verifications are cleared. Furthermore, you could get a discount on your rates — though the lowest rates require borrowers to sign up for autopay, and they would also have to repay some of their current debts directly.
However, not only does Upgrade charge an origination fee (ranging from (1.85% - 8.99%), but if borrowers are unable to keep up with their payments, this online lender also charges late and failed payment attempt fees.
| Pros | Cons |
|---|---|
Can receive funds in as little as one business day Offers autopay discount Offers auto secured loans | Not available in West Virginia or Washington, D.C. Charges $10 late fees and $10 failed payment attempt fees Charges an origination fee |
Eligibility requirements: While Upgrade doesn’t offer clear-cut criteria on its website, to qualify for a personal loan, you must be at least 18 years old and a resident of the U.S. Upgrade will also take your credit profile, score, usage and history into consideration.
Why we like it: Upstart uses artificial intelligence (AI) rather than traditional FICO Score-based models to make lending decisions.
Overview: Like Upgrade, Upstart offers flexible loan amounts to borrowers, providing larger personal loans for poor credit than many other conventional lenders. The minimum amount you can borrow depends on your state of residence, though Upstart doesn’t serve residents in Iowa or West Virginia.
Upstart’s application process may make it easier for some consumers with thin credit histories to qualify for a personal loan, since this lender also takes into account your level of education, areas of study and employment history. If you’re approved, you could receive your funds as soon as the next business day.
| Pros | Cons |
|---|---|
Loans can be used toward education-related expenses Can receive funds in one business day Flexible loan amount options | No option to apply with a co-borrower Not available in Iowa or West Virginia Limited loan terms |
Eligibility requirements: Aside from meeting Upstart’s minimum credit score requirements, potential borrowers will also have to meet the following criteria:
*The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
It’s possible to get a personal loan with bad or no credit. However, if you take the time to work on your credit, you could save a lot of money by benefiting from a lower interest rate. If you need a personal loan now, however, consider these tips to finding the best personal loan for bad credit for you:
Personal loans for bad credit can be found at a variety of types of institutions. At LendingTree, you can browse through our personal loan marketplace to compare eligibility requirements, interest rates, terms and loan amounts.
Here are a few different types of lenders that we offer where you can start your search:
The easiest way to get a loan if you have bad credit may be to seek a payday loan or pawn shop loan, since you’re not required to submit to a credit check for either. However, it’s typically best to avoid these types of loans, as they can be predatory and often involve exorbitant fees and high interest rates. Instead, consider applying for a loan with a reputable lender that offers personal loans to borrowers with bad credit.
While many trustworthy lenders won’t offer you a personal loan if you have a credit score of 550 or lower, there are other ways you may be eligible to get a loan.
The list above outlines what we believe to be some of the best companies for loans for bad credit. To apply for a loan with the lenders mentioned in this article, you’ll typically need to submit to a credit check and verify your identity, address, income and employment status.
How much money you’ll be able to borrow with a bad credit loan will vary from lender to lender. Personal loans typically range anywhere from $1,000 to $50,000, though certain lenders may offer even smaller or larger loans in some cases.
Unfortunately, if you have bad credit and you receive a personal loan, chances are that you may be paying higher rates. This can make it more challenging to get out of debt, particularly if you’re already struggling financially. If you find yourself buried in debt, you can consider other options, such as bankruptcy.
There is no such thing as a no-credit-check personal loan. What you may encounter are predatory offers from unscrupulous lenders who’ll charge you exorbitant interest rates or offer unfavorable terms (or both), and require you to put up collateral, like your vehicle or next paycheck. These products are commonly known as payday loans.
While payday loans don’t require a credit check, they do often come with triple-digit APRs and short repayment periods. Because it can be easy to roll over your original payday loan into a new one, you could get stuck in an infinite cycle of debt that’s hard to escape.
We looked at eight lenders that offered personal loan services with credit scores ranging from 585 to 640 to determine the best lenders for bad credit. By offering a detailed and objective account of each lender’s rates and terms, LendingTree’s goal is to provide you with all the information you need to make a financially sound decision specific to your situation.
Here’s the criteria we assessed to choose the best poor credit lenders: