You will need to apply for a loan with bad credit if you are in need of money, but your credit rating is not as high as it should be. These loans are designed for people who have had credit problems in the past. They usually come with high interest rates and fees. Customers with bad credit may be restricted in the amount they can borrow and payment options available.
The best bad credit loan is still better than nothing, especially for those who are in a hurry and have no other options to get money. We compared more than 20 lenders with bad credit to find the loan options that offered the best terms and rates, as well as reasonable eligibility requirements.
Read on to find out about our top choices if you are in a hurry and need money fast.
The Best Personal Loans with Bad Credit
- Avant: Best Overall
- OneMain Financial: Best Customer Service
- NetCredit is the best for low loan amounts
- LendingPoint : Fastest Funding
- Upstart is the best for easy approval
- Best egg: best for large loan amounts
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Best Overall:
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PROS
- Flexible repayment options available
- Prequalification without impacting your credit rating
- Borrow from $2,000 up to $35,000
- You can track your loan progress and payments using the Avant App
- Excellent user reviews
CONS
- Administrative fee (up to 4.75%) applies
- High APR has the potential to be profitable
- The majority of Avant customers have at least a 600 credit score
Avant has a stellar reputation in the area of bad credit loans, as evidenced by the reviews left by past customers. This lender has an average rating of 4.7 stars out of 5 across over 21,000 reviews on Trustpilot.
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The loan repayment period for Avant is 24-60 months. Interest rates range from 9.95% up to 35.99%, depending on your creditworthiness. However, an administrative fee up to 4.75% may also increase the cost of each loan.
Avant offers a prequalification service without any hard inquiries on your credit reports. This allows you to gauge your chances of approval and determine how much money you might be able borrow before applying.
Best Customer Service: OneMain Financial
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PRODUCTS
- There are more than 1,400 branches in the United States
- Excellent user reviews
- You can check your rate without affecting your credit score
- Wide range of repayment options
CONS
- Some companies offer lower loan amounts than others
- High APR has the potential to be profitable
- If you are a new customer, an origination fee between 1% and 10% may be charged.
OneMain Financial ranked as the best loan for bad credit due to its customer service and user reviews. OneMain Financial has over 1,400 branches across the country. You can speak to a loan specialist in person at any of these offices.
OneMain Financial has also received an average rating of 4.8 stars out of 5 across over 42,000 reviews from users on Trustpilot. This shows the company’s strong track record of offering excellent loan options as well as customer service.
OneMain Financial offers borrowers the opportunity to borrow between $1,500 and $18,000. Interest rates range from 18.0% up to 35.99%, depending on creditworthiness. The loan can also be paid back over 24, 36 or 48 months, allowing the borrower to customize their monthly payment to meet their budget and goals.
NetCredit is the best for low loan amounts
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PRODUCTS
- Fast Funding
- Flexible Terms
- Prequalify without affecting your credit rating
- Excellent user reviews
- Lines of credit and loans for people with bad credit are available
CONS
- Amazingly high APR
- A maximum of 5% origination fee can be charged
- Not available in all States
NetCredit may be a good option if you are in a hurry and need to borrow $10,000 or more. You can check your approval rate and your rate without affecting your credit. In most states, you can borrow as much as $10,000. NetCredit has also received an average rating of 4.7 stars out of 5 on Trustpilot from more than 7,500 reviews, proving that they are concerned about their customers’ satisfaction.
Rates and terms for online loans at NetCredit are determined by the state where an applicant resides. Borrowers in Florida can get up to $10,000 of funding at an APR between 34.99% and 99%. Borrowers in South Dakota can also borrow up to $10,000 at interest rates ranging from 34% to 36.
Check for origination charges that can be as high as 5% of your loan amount if you decide to use NetCredit.
LendingPoint is the best for fast funding
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PRODUCTS
- Prequalification without impacting your credit rating
- Excellent user reviews
- Borrow from $2,000 up to $36,500
- Flexible repayment options
CONS
- A maximum of 7% origination fee can be charged
- High APR has the potential to be profitable
- Not available in all states
LendingPoint offers loans for consumers with bad credit. LendingPoint offers loans with APRs ranging from 9.99% to 35.99%. Origination fees are also included in the loan amount. LendingPoint is a good company with some great reviews.
LendingPoint offers repayment options ranging from 24 to 60 month, and can provide funding up to 36,500 dollars. Before applying, borrowers can check their rates online without affecting their credit score. This provider does require a minimum score of 580 in order to be eligible for a loan with bad credit.
Upstart is the best choice for easy approval.
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PRODUCTS
- Prequalification without impacting your credit rating
- Up to $50,000 in loans available
- Interest rates that are competitive
- Quick funding is available
CONS
- Up to 10% of the total loan amount may be charged as origination fees
- High APR has the potential to be profitable
- There are only two repayment options (3 years or five years).
Start Up Online lender claims to have assisted more than 2.1 millions customers in obtaining the funds they require. This company has also received a number of positive online reviews and rankings, including an overall star rating of 4.9 on Trustpilot across over 35,000 reviews.
This company uses data other than credit scores to determine approval. Upstart’s website states the following:
Upstart’s model takes into account other factors, such as your educational and employment background in addition to financial background.
You may be eligible to borrow up to $50,000 if you choose Upstart as your lender for a bad credit loan. Your loan will likely be repayable over 3-5 years. Interest rates can range from 5.4% up to 35.99%, depending on your creditworthiness. An origination fee as high as 10% of the loan value may also apply.
Best Egg for large loan amounts:
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PRODUCTS
- Borrowing up to $50,000
- Excellent user reviews
- Prequalification without impacting your credit score
CONS
- High APR has the potential to be profitable
- A fee of up 5.99% can be charged on the loan amount
Best egg offers loans to people with bad credit, fair credit or good credit. This lender offers funding up to $50,000 and has an average rating of 4.6 stars out of 5 across over 6,000 Trustpilot reviews.
Best Egg allows borrowers to check their rates without affecting their credit score. Two repayment plans are also available: 3 years and 5 years. Rates range from 5.99% to 35.99%, depending on your creditworthiness. The origination fee can be as high as 5.99%. This will make the loan more expensive in the long term.
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Bad Credit Loan Guide
When comparing the best personal loans that fit your credit profile, it is important to understand what bad credit is and how you can improve it. Learn about credit scores and how to improve your score.
What is a bad credit score?
VantageScore, FICO and other credit scoring models are all commonly used. We’ll use FICO as an example, since it is the most common type of credit score used by 90% top lenders.
A poor credit score is defined as any FICO score that falls below 580 out of a possible range from 300 to 850. FICO scores are classified into four ranges according to Fair Isaac Corporation.
- Excellent: 800+
- Excellent: 740-799
- Good: 670 – 739
- Fair: 580 to 669.
- Poor: 580 or below
Credit scores in the “poor range” usually indicate that you either have a limited credit history, or have made mistakes with credit in the past. Late payments on bills and overuse of credit are two common credit mistakes that will cause your score to fall.
