Best Personal Loans For Bad Credit
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Best Personal Loans For Bad Credit

Do You Have Bad Credit? You Can Still Get Approved.

If you haven’t always been a responsible borrower, your credit report likely reflects your less-than-stellar past. But everyone makes mistakes from time to time and even the poorest remarks will fall off your report eventually. But, if you need cash now and can’t afford to wait for time to repair your damaged reputation, you might be looking for the best personal loan a bad credit score can qualify for.

What Is a Bad Credit Score For Personal Loans?

Before you begin applying for a personal loan, it’s good to know where you stand and what constitutes a poor credit score. Both FICO scores and Vantage scores range on a scale from 350 to 850, and, in each case, the average score in the U.S. tends to hover around the mid- to high-600s.

Most lenders would consider a score in this range favorably, whereas scores below 620 would earn approval less frequently. And scores of 580 or less are generally regarded as poor, which makes it difficult for potential borrowers in this category to secure the funds they seek.

Personal Loans For Poor Credit - 580+

If you’re shopping around the for the best unsecured loans for bad credit, here’s a closer look at three of the lenders most likely to give you the green light.

  • APR range: 9.95-35.99%
  • Available loan terms: 36 to 60 months
  • Loan amounts: up to $35,000
  • Time to fund: N/A
  • Origination fee: up to 4.75%
  • Credit needed: 580+

Click to apply with Avant

  • APR range: 15.49-34.99%
  • Available loan terms: 24 to 48 months
  • Loan amounts: up to $25,000
  • Time to fund: N/A
  • Origination fee: 5% of loan amount
  • Credit needed: 600+

Click to apply with LendingPoint

Avant: Avant requires a minimum credit score, however, that score is a very attainable 580. (It’s important to note that most of Avant’s borrowers do have scores of at least 600, though.) For qualified borrowers, Avant offers loans ranging from $2,000 to $35,000 with interest rates starting as low as 9.95% and going up to 35.99%. There’s also an administration fee to keep in mind, which ranges from 1.50% to 4.75%. On the other hand, there are no prepayment fees with Avant, which many borrowers appreciate.

LendingPoint: If your credit score has been dragged down by derogatory marks, LendingPoint is more likely to approve you than many other lenders. Even if you’ve declared bankruptcy in the past, you can still qualify for a loan with LendingPoint. Unlike Avant, LendingPoint never charges any late fees, nor will you get hit with an insufficient-balance fee in case you’re ever overdrawn. That said, LendingPoint’s interest fees are significantly higher than Avant’s, starting at 15.49% compared to 9.95%. Another drawback is that LendingPoint’s origination fee can be as much as 6%, while Avant’s will never exceed 4.75%.

Lenders that Offer Secured Loans

Unlike Avant, some lenders offer borrowers both secured and unsecured loans. If you have the title to a vehicle or equivalent collateral, you can qualify for a secured loan with a lower interest rate than you’d likely receive on an unsecured amount. But, then again, you could end up losing your set of wheels if you’re late making a payment.

» MORE: Secured Personal Loans

Lenders that Accept Cosigners

If your credit isn’t strong enough on its own to qualify for a loan, you might wish to enlist a cosigner — a friend or family member who has better credit and can help you secure the funds you need. Using a cosigner isn’t always the best move for everyone, so make sure to do your research and consider your options carefully. Also, keep in mind that many lenders won’t even accept cosigners.

» MORE: Personal Loans With Co-Signers

Tips to Get a Personal Loan with a Credit Score of 550 or Less

Although a credit score lower than 550 is likely to turn off a lot of lenders, it’s not impossible to get a personal loan with a score in that range. Start rebuilding your credit reputation by getting a secured or unsecured loan and making a point of paying your bill as soon as it arrives.

What are some companies that make urgent loans for bad credit?

Here are several companies known for offering borrowers urgent loans for bad credit:

OneMain Financial:  Offers both secured and unsecured loans, OneMain Financial provides more substantial loan amounts and considers various factors beyond credit scores for loan approval. They require a more detailed application process, including a credit check, but provide personalized service.

Lending Point: Specializes in loans to borrowers with fair to bad credit scores (usually 580 to 680). They focus on a broader picture of financial health, not just credit scores, making them a viable option for urgent loans for those with less-than-perfect credit. Funding is often provided as quickly as the next business day after approval.

Upgrade: Provides personal loans that can be used for various purposes, including emergencies. They tend to offer loans to applicants with a range of credit scores, including those on the lower end. The application process is relatively quick, and funds can be received within a few days of approval.

Best Egg: Offers personal loans primarily to individuals with fair to good credit scores. They are known for their quick approval process and fast funding, often within 1-3 business days. While they primarily cater to those with better credit histories, they do consider other factors that might help those with slightly lower scores.

LendUp: LendUp offers small payday loans that are intended as short-term financial solutions for borrowers with bad credit. The company also provides financial education to help consumers understand and manage their finances better.

Are there quick and easy loans for bad credit?

Borrowers can get quick and easy loans with bad credit that require no credit check and offer immediate funding. Specialized lenders offer personal loans from specialized lenders cater specifically to those with poor credit histories. Installment loans provide an alternative to structured monthly payments, making them easier to manage over time. 

Can I get a $5000 personal loan with bad credit?

Getting a $5,000 personal loan with bad credit is possible. Consider online lenders for a personal loan, which may offer more flexible criteria than traditional banks and other loan solutions.

What is a hardship loan?

A hardship loan is financing designed to help people who are facing financial difficulties due to unforeseen circumstances like job loss, medical emergencies, or natural disasters. These loans are intended to provide temporary financial relief for those who may not have other means of financial support.  They typically come with lower interest rates than standard personal loans, making them more affordable for those in distress. Lenders may also provide more flexible repayment terms, including deferred payments or extended loan durations, to help borrowers. Hardship loans feature quick approval and disbursement to rapidly aid those in need and usually have less stringent eligibility criteria. These loans are generally aimed at specific necessities, like living costs, medical expenses, or essential home repairs after a disaster. Borrowers should determine their repayment capacity and consider all other financial aid options before committing to a hardship loan.

Can I get a personal loan with a 500 credit score?

Getting a personal loan with a credit score of 500 can be challenging, but it's not impossible. A credit score of 500 is considered poor by most lenders, which limits your options but doesn't completely close the door to borrowing. If you can find someone with a better credit score to co-sign your loan, you might be able to qualify for better terms. The co-signer takes on the responsibility for the debt if you default, reducing risk for the lender. You can access multiple lenders by applying for a personal loan through Primerates. We have lenders who will offer you a personal loan even if you have a low credit score. 

What's the easiest loan to get with bad credit?

The easiest loans to get when you have bad credit include those that require minimal credit checks and provide quick disbursements. Primerates connects borrowers with poor credit to lenders who make quick and easy personal loans through a straightforward pre-qualification process. Once pre-qualified, you have the opportunity to select the offer that meets your needs, and then complete the application with the lender of your choosing. It's faster and more convenient to get your money than with many other loan options. 

How to Get a Personal Loan With Bad Credit

If you’re ready to get the best personal loans for bad credit start by applying with the lenders featured above. Each of them has their own set of strengths and weaknesses, but at least one of them will certainly be right for you.

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