How to Get Personal Loan for Bad Credit Easily and Quickly
ElitePersonalFinance has created this special guide for people with bad credit looking for fast and easy loans.
The steps we have listed in the guide help those with bad credit and who want money fast. This guide will be different from most of the articles you have read on getting a loan with bad credit.
Here are our best picks for those looking for a loan now and are with bad credit.
| Loan Company: | Min. Credit Score: | APR: | Amount: |
|---|---|---|---|
| ZippyLoan | 0 | Vary | $100 – $15,000 |
| LifeLoans | 0 | Vary | $100 – $40,000 |
| NextDayPersonalLoan | 0 | Vary | $100 – $40,000 |
| VivaLoan | 0 | Vary | $100 – $15,000 |
| PickALender | 0 | Vary | $100 – $40,000 |
| FundsJoy | 0 | Vary | $100 – $5,000 |
| WhiteRockLoans | 0 | Vary | $100 – $5,000 |
| OppLoans | 0 | 59% – 160% | $500 – $4,000 |
| RiseCredit | 0 | 60% – 299% | $500 – $5,000 |
| NetCredit | 0 | 34% – 155% | $1,000 – $10,000 |
| PossibleFinance | 0 | 150% – 200% | $50 – $500 |
| FigLoans | 0 | 176% – 229% | $50 – $800 |
Getting a loan with bad credit and getting a loan that you need quickly are two different things. But if we combine them, you become an easy target for unscrupulous lenders who only want to manipulate people whose only option is getting predatory payday loans with high interests. That is how they get people into a vicious circle of debt.
Watch our video that shows how people with bad credit can get a personal loan.
In this guide, we will be fast too. We understand that people who want money fast probably don’t have too much time to research online. Give us 10-30 minutes, and you can be sure that you even don’t have to read other articles online! We will walk you through many options based on your financial situation (credit score, current debt, how fast you need the money, and so on). We won’t talk only about loans but give you many more options to get money without even registering with personal loan companies. We will also talk about the danger of “easy payday loans,” what risks are hidden there, how to avoid them, and how you can use them in rare cases. And of course, we will also talk about personal loans for people whose credit score is not so bad. We will give you many more options.
Let’s get started!
The most important questions before we start are:
Can I get a personal loan if I have bad credit?
Yes! You can get a personal loan at a reliable rate. You just need to be more selective. These days, the loan market is much more flexible than a few years ago. There are options for everyone.
How fast do you need the loan?
If you need the money fast (for example, today), this is a problem, and your options can be limited. In this case, do all you can to increase the time frame. If you get a quick loan, you mean a few days or a week, don’t worry. We have a lot of time to work on choosing the best option for you.
Is my credit score really bad?
Many people don’t have a perfect credit score, but this does not mean that their credit is bad. Bad credit means different things to different lenders. You will find legitimate lenders with no credit score requirements in the list below ‒ they start at 0.
Basic Tips Before Applying for Personal Loans Online
Rule number one if you want to get the best personal loan for bad credit:
- Shop around and compare offers
Every lender will give you different terms, and there is no better way to make the right decision than by comparing different offers. Register with many companies and get quotes. You won’t make a mistake. With every legitimate loan company, registration is absolutely free and very fast. Also, when you receive offers from them, you absolutely have no obligations to accept them. Get many offers and compare.
- Wait for a few days if you have that much time
When you register and complete their application process, you will start receiving offers instantly. Some of them will be there in a few minutes, but others you will get in several days. So, wait until you compare all offers available to you.
Best Personal Loans for People With Bad Credit of September 2024
ElitePersonalFinance has researched over 100 biggest companies in the lending business. We focused on those who work with people with bad credit. We carefully analyzed their reputation, terms, interest rates, and APR, loan amount, additional and hidden fees, as well as their minimum credit score requirements. We picked some of the best companies available to you.
Make sure you go through all of them because each is designed for a specific group of people. Some work better for secured loans, others for unsecured ones. Some will give you a lower amount of money if you have really bad credit. Others require a minimum credit score but give more money on better interest terms. And because we know that you need the loan fast, we extracted all of the important details for each loan. This will help you make your decision faster.
BadCreditLoans
 | |
| Loan Amount: | $500 – $10,000 |
| APR: | 5.99% – 35.99% |
| Min. Credit Score: | 0 |
| Approval: | 1 Day |
| Terms: | 3 – 36 months |
| Origination Fee: | N/A |
| DTI Ratio: | N/A |
| Check rates | |
If you are in a bad financial situation, you don’t have too many options. If you need fast cash and are a step away from risking your financial future by getting easy payday loans and probably getting into a debt cycle, try BadCreditLoans first.
Bad Credit Loans is a company targeting people with really bad credit. According to their website, their APR is 5.99% to 35.99%. If you have really bad credit, your APR will be close to 35.99%. But there are also chances that you won’t receive an offer with a higher APR, or you won’t receive any offer at all (this typically happens when your financial situation is really bad and the lender thinks you cannot pay the money back). And although the APR of 35.99% seems too high, it is still within the personal loan limit (a personal loan is one with APR less than 35.99%). This is still much better than getting a payday loan with an average APR of 400%.
The loan amount offered by BadCreditLoans is between $500 and $10,000. This can work great for people with really bad credit who want up to $3,000 really fast. Of course, if your credit score is not that low, you can try to qualify for an amount of up to $10,000.
Although we can’t compare BadCreditLoans with traditional predatory payday lenders, we still recommend that you read the fine print carefully before signing the contract because there are still chances to get into a debt cycle.
The good news is that there are no fees to register with this company and no obligations to accept their offers. BadCreditLoans.com is not a lender but a marketplace. They recommend that you discuss the contract with the lender carefully before you sign it. You can receive an offer in less than 10 minutes, and if you accept it, you will get the loan the same day.
Their requirements are pretty standard. You have to be at least 18 years old, have a valid phone number and email address, provide proof of citizenship or legal residency, hold a checking account, and have a regular income for at least 90 days either through a job, disability, or Social Security.
PersonalLoans
 | |
| Loan Amount: | $1,000 – $35,000 |
| APR: | 5.99% – 35.99% |
| Min. Credit Score: | 580 |
| Approval: | 1 Day |
| Terms: | 90 days – 72 months |
| Origination Fee: | 1 – 5% |
| DTI Ratio: | N/A |
| Check rates | |
Update! PersonalLoan is different now. They have switched to something they call the VIP publisher network. In brief, their lenders’ network is much bigger and more flexible, so the chances of getting approved are about 2-3 times higher than a few months ago.
- APR is 5.99% to 35.99%.
- Loan amount is $1,000 to $35,000.
- Loan terms are 3 to 72 Months.
- Easy and fast approval if you meet their criteria.
- They work with people with bad credit, but not too bad.
PersonalLoans.com is a huge loan marketplace and now a lender itself. In brief, you register with them, submit your application, and PersonalLoans tries to find you offers from different lenders. Because of their huge network of lenders, you can receive really competitive offers if you meet their criteria (Note that although PersonalLoans can work with some people with bad credit, people with really bad credit or a bad financial situation probably won’t get approved).
PersonalLoans.com works with three different types of lenders with different minimum requirements. Let’s review them and their requirements in brief.
- P2P lenders. They require a minimum credit score of 600 and a minimum verifiable income of $2,000.
- Bank lenders. They require a minimum credit score of 580 and an income of at least $3,000.
- Personal installment lenders. They require a minimum credit score of 580.
Requirements are similar to those most of the loan companies have: You must be 18 or older, be a U.S. citizen or permanent resident, have a valid ID, a regular income, a checking account, and a good credit score (If your score is not that good, you can still get a loan but the APR will be higher and the amount probably lower).
Additional requirements for all lenders (even with bad credit history):
- You mustn’t have had an account with a late payment for longer than 60 days or a recent bankruptcy.
- You can’t have any recent charge-offs or a regular pattern of late payments.
For people who meet their criteria, Personal Loans can be really great. We highly recommend this site.
The application process is easy:
- Be sure that you meet the criteria that we’ve discussed above. Because if you don’t, you will waste your time, you probably won’t be approved, and even if you are somewhere on the border of their requirements, you will get offers that are not so good for you (much higher APR, low loan amount …).
- Fill out an online loan form.
- Provide your contact information and bank account details so that our lenders can determine your loan eligibility.
- Then we will send your request to their network of lenders.
- You will be forwarded to a loan agreement where the lender will explain their specific terms and conditions if approved. Read them carefully! If you have questions, ask the lender and when you get the answers, ask them where you can find them in the contract!
- Accept the loan if you agree. The amount will be deposited into your bank account very fast, typically on the next business day if you do so.
Upgrade
 | |
| Loan Amount: | $1,000 – $50,000 |
| APR: | 8.49% – 35.99% |
| Min. Credit Score: | 560 |
| Approval: | 1 Day |
| Terms: | 2 – 7 Years |
| Fees: |
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| Qualification Criteria: |
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| Average Borrower Profile: |
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| Best For: | High DTI ratios |
| Check rates | |
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36 – month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early.
Upgrade is a relatively new company, but it is growing fast. It has been on the market for about 3 years only, but many big personal finance sites have decided to review it. And not only that, but they have also placed it at the top of their charts.
Use Upgrade if you meet these criteria. Your credit score is 560 or higher. You end up with $1,000 or more after paying your monthly bills. In brief, this means that they care about your actual income. It is important to them that you can actually repay the loan. Upgrade can also help people who have recently lost their job, but in this case, read the fine print carefully because there is a $10 late fee after the 15-day grace period.
- APR range: 8.49% to 35.99%.
- Upgrade offers unsecured loans between $1,000 to $50,000.
- Terms: 2 – 7 years.
- Debt-to-income ratio: 40%.
Upgrade has an A rating on BBB.
Upgrade offers unsecured personal loans. They don’t require you to put any collateral on it. Their rates are fixed, but you have to be careful about late payments or subsequent charges that increase the loan amount.
If you a loan with them, you have to visit Upgrade and complete their application. They will ask you a few basic questions there to try to find the best loan for you. Of course, it’s free to apply, and there is no obligation to accept any loan offers if you don’t like them.
If approved, your personal loan will be deposited really fast in less than a day.
OneMain Financial
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| Loan Amount: | $1,500 – $30,000 |
| APR: | 16.05% – 35.99% |
| Min. Credit Score: | 0 |
| Approval: | 1 Day |
| Terms: | 24 – 60 months |
| Origination Fee: | Vary |
| DTI Ratio: | N/A |
| Check rates | |
There hasn’t been any good opportunity for people looking for bad credit loans so far. But now, there is OneMain. This is a well-known and established company which is almost 100 years old. It has a BBB Rating of A+.
What is typical for most personal loans that work with bad credit is that most of them have a minimum credit score required (typically 600-640). OneMain doesn’t have this requirement, and people with a credit score below this range are welcome.
This company is really flexible because they offer both secured and unsecured loans. If you want money fast, you have really bad credit and are ready to put something you have as collateral, such as your car. Then you can get a personal loan with OneMain. Although they don’t provide clear information on their APR, you can expect it to be between 17.59% and 35.99% for unsecured loans. However, for secured car loans, their APR starts from 9.99%. Expect an amount between $1,500 and $25,000. There is no minimum debt-to-income ratio requirement.
OneMain is a great choice for secure loans.
Peerform
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| Loan Amount: | $4,000 – $25,000 |
| APR: | 5.99 – 29.99% |
| Min. Credit Score: | 600 |
| Approval: | 1 Day |
| Terms: | 36 – 60 months |
| Origination Fee: | 1% – 5% |
| DTI Ratio: | 40% |
| Check rates | |
Peerform is slightly different than the companies we have reviewed in this post on fast and easy loans for people with bad credit for one reason. If you work with them, you will have to wait 1-2 weeks to get your loan. But for people who can wait for this much, Peerform can be a great company that you mustn’t skip. They are one of the best-known peer-to-peer lending platforms. They focus on people with bad credit, but not lower than 600. Also, there is no minimum income requirement. Your debt-to-income ratio has to be 40% or less. If you are here to consolidate your debt and don’t have a long credit history, then Peerform can perform great for you.
Their site has a rating of A on BBB.
- APRs range between 5.99% to 29.99%.
- Loan Amount: Only unsecured loans between $4,000 to $35,000.
- Loan Duration: 3 – 5 years.
- Late fees are $15 or 5% of the payment amount, but there is a 15-day grace period. Let them know, and there won’t be any late fee.
- Are you in the process of building credit? If so, note that if you regularly release your payments with Peerform, they report your activity to TransUnion, which leads to improving your credit report.
Avant
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| Loan Amount: | $2,000 – |