8 Personal Loans for Bad Credit That You Can Get Today

Last Updated on December 22, 2022 by Selina Parker

If you have bad credit scores, don’t worry! You still have options when it comes to getting a personal loan. There are many legit personal loans for bad credit available today besides the payday loans that charge high interest for a small amount of loan and a secured loan.

This article will discuss the best personal loans for bad credit that you can get today from an online lender or a credit union. We will also provide tips on choosing the best loan for you.

Bad Credit Personal Loans

1. Upstart

Upstart became known for offering a quick and equitable unsecured loan. Upstart loans have variable APRs that range from 3.22 percent to 35.99 percent in different states. You can take out a loan of $1,000 to $50,000 with a three- or five-year repayment schedule.

Min Credit Score: None
APR: 3.22%-35.99%
Loan Amount: $1,000-$50,000
Terms: 3-5 years
Min. Annual Income: $12,000

PROS

• There is no minimum credit score requirement
• Offers funding the next day
• Pays debt directly to the creditors
• You can use it for a debt consolidation loan, car and home repairs, and a wedding.

CONS

• It has an initial fee of up to 8% of the authorized loan sum.
• With a maximum charge of 35.99 percent, this loan has a potentially high APR.
• Loans with terms of three or five years are the only ones available.

2. OneMain Financial

Both unsecured and secured loans are available through OneMain Financial. They require collateral for both types of loans, such as a car. Loans start at $1,500 and can go up to $20,000—APRs range from 18% to 35.99 percent, ranging from 24 months to 60 months.

Min Credit Score: None
APR: 18% –35.99%
Loan amount: $1,500–$20,000
Terms: 2 to 5 years
Min. annual income: $7,200

PROS

• Secured loans are available
• Over 1,500 offices are available for walk-ins who prefer face-to-face assistance.
• There are several loan terms offered, ranging from two to five years

CONS

• It has an origination fee that varies by state
• The lowest possible interest rate is 18 percent
• Business purposes are not authorized

3. BadCredit Loans

The APR on personal loans from the Bad Credit Loans network of lenders and financial service providers ranges from 5.99 percent to 35.99 percent, and loan sizes of up to $10,000 are available.

Min. Credit Score: Not disclosed
APR: 5.99% – 35.99%
Loan amount: $500–$5,000
Terms: Not disclosed
Min. annual income: $12,000

PROS

• Using the platform is free
• You can easily qualify for a loan
• Low minimum borrowing amounts

CONS

• You must agree to the lender’s conditions and fees before getting a loan
• Lenders in their network have APR rates as high as 35.99 percent
• Before collaborating with a lender, be wary of the information you have

4. TD Bank

TD Bank’s TD Fit unsecured personal loan provides individuals with loans ranging from $2,000 to $50,000 and minimal costs. Its money is available for funding within one day.

Min. credit score: Not disclosed
APR: 6.99% –18.99%
Loan amount: $2,000–$50,000
Terms: 3 to 5 years
Min. annual income: $0

PROS

• It only requires a soft credit check to qualify
• Multiple ranges of amounts to a loan
• You can also choose a new payment date

CONS

• Only available in a few states
• You cannot use this for business or educational costs
• You don’t earn an autopay discount

5. Avant

Avant provides secured and unsecured loans starting at $2,000 with rates ranging from 9.95 percent to 35.99 percent.

Min. credit score: 550
APR: 27.95% –35.99%
Loan amount: $2,000–$35,000
Terms: 2 to 4 years
Min. annual income: $14,400

PROS

• Other members of the household may be able to assist you to qualify
• There is no prepayment penalty if you pay the balance in full before your contract ends
• Requires a low credit score to qualify

CONS

• An upfront administration fee is a high cost
• Has a high APR of 9.95 percent
• There are no co-signers or co-borrowers

6. Lending Point

LendingPoint services customers in all 50 states and Washington, DC, and is well-known for providing low-interest unsecured loans to people with credit ratings as low as 600. Loan amounts range from $2,000 to $36,500, and APRs start at 7.99 percent and go as high as 35.99 percent. The repayment terms offered by LendingPoint vary from 24 to 60 months.

Min. credit score: 600
APR: 7.99% –35.99%
Loan amount: $2,000–$25,000
Terms: 2 to 5 years
Min. annual income: $30,000

PROS

• They use multiple criteria to determine approval
• Available in most states
• Has a low minimum borrowing amount

CONS

• It charges some borrowers a high origination fee
• The maximum amount you can loan is $36,000
• High minimum APR of 9.99 percent

7. Upgrade

With a credit score of 550 or less, you may borrow up to $1,000 using Upgrade and get a reduced rate if accepted with a co-applicant. The application procedure is painless and straightforward, and you can pre-qualify without jeopardizing your credit.

Min Credit Score: 550
APR: 5.94% – 35.97%
Days To Receive Loan: 1 Day
Loan Amount: $1,000 – $50,000

PROS

• It requires a low minimum credit score
• Offers a long repayment terms
• Available in 48 states

CONS

• It has a 2.9%–8.0% origination fee
• Excellent credit, autopay, and direct payments on existing debt are necessary to get a low APR.
• It has no refinance option

8. LendingClub

LendingClub allows you to improve your chances of obtaining a loan by having a co-borrower if your credit score makes it difficult to get accepted. This option is only available with specific lenders, and it might be a helpful approach to getting a loan you otherwise wouldn’t have been approved.

Min. credit score: 600
APR: 7.04% –35.89%
Loan amount: $1,000–$40,000
Terms: 3 to 5 years
Min. annual income: $0

PROS

• It allows co-borrowers
• It offers a grace period of 15 days for late payments
• Low minimum borrowing amount
• Debt consolidation loans

CONS

• Late fees and penalties for not paying on time
• Limited option for loan length terms
• No autopay discount

Comparing Personal Loans for Bad Credit

APR Range

The APR is the interest rate plus any fees charged by the lender. Lenders will often charge higher APRs for borrowers with bad credit. However, options are still available at reasonable rates. Your creditworthiness will determine the best APR, but you should aim for an APR in the single digits.

Loan Terms

The loan term is the length of time you have to repay the loan. Loan terms can range from a few months to a few years, and your creditworthiness and financial situation will determine the best times.

Loan Amounts

The loan amount is the amount of money you borrow from the lender. Loan amounts can range from a few hundred dollars to a few thousand dollars, and your creditworthiness and financial situation will determine the best loan amount for you.

Fees

Some lenders will charge fees in addition to interest, and these fees can vary depending on the lender. The best way to avoid paying excessive fees is to compare multiple lenders and choose the one with the lowest overall cost.

Bottomline

Even with a bad credit score, you can still find a personal loan that will work for you. It’s important to compare multiple lenders to find the best rates and terms for your situation. Be sure to read the fine print before signing any loan agreement carefully.

When trying to get a personal loan with bad credit, it’s important to compare multiple lenders to find the best rates.