Best Personal Loans for Bad Credit in January 2024
- Compare the Best Personal Loans for Bad Credit
- Bad Credit Loan FAQs
- Bad Credit Loan Company Reviews
- How to Choose the Best Bad Credit Personal Loan
- Why You Should Trust Us
Redeem now Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
The interest rate you pay on a personal loan will be determined largely by your credit score. The lower your credit score, the higher the interest rate will be. But not all lenders treat borrowers with bad credit alike.
Best Personal Loans for Bad Credit
Upgrade Personal Loan Check rates On Upgrade's website
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksRegular APR8.49% to 35.99%
Loan Amount Range$1,000 to $50,000
Minimum Credit Score580
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Small minimum loan amount
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Quick access to funds
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum credit score
- con icon Two crossed lines that form an 'X'. Origination and late fees
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
Upgrade Personal Loan Product Details- Loan amounts range from $1,000 to $50,000
- Loan term lengths range between 2 to 7 years
- You can get your money within one business day after your loan is reviewed and approved
- Loans made by Upgrade's lending partners
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksRegular APR9.95% to 35.99%
Loan Amount Range$2,000 to $35,000
Minimum Credit Score600
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Funds generally deposited by the next business day
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment penalty
- con icon Two crossed lines that form an 'X'. Multiple types of fees
- con icon Two crossed lines that form an 'X'. High maximum APR
- con icon Two crossed lines that form an 'X'. Low maximum loan limit
Avant Personal Loan is a good personal loan provider, especially if you have a lower credit score and need to receive your loan money quickly. Just be prepared to pay a high APR if you do have a low score.
Avant Product Details- Loan amounts range from $2,000 to $35,000
- Loan term lengths range between 2 to 5 years
- Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
- Loans made by WebBank, member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksRegular APR7.99% - 35.99%
Loan Amount Range$2,000 to $36,500
Minimum Credit Score620
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum credit score required
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment penalties
- con icon Two crossed lines that form an 'X'. Restrictive loan amount range
- con icon Two crossed lines that form an 'X'. Origination fees
- con icon Two crossed lines that form an 'X'. No loans in Nevada or West Virginia
LendingPoint is a solid option if you need to get a loan with bad credit or you don't qualify for a loan with another lender. However, the range of loan amounts is more limited than what other lenders offer, and if you have good credit, you can likely get a better rate elsewhere.
LendingPoint Personal Loans Product Details- Loan amount range $2,000 to $36,500
- Loan term lengths range from 24 to 60 months
- Loans made by FinWise Bank, member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksRegular APR9.57% to 36.00%
Loan Amount Range$1,000 to $40,000
Minimum Credit Score600
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum loan amount
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can add co-borrower to loan application
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment penalties
- con icon Two crossed lines that form an 'X'. Multiple types of fees
- con icon Two crossed lines that form an 'X'. High maximum APR
- con icon Two crossed lines that form an 'X'. Slower access to funds
LendingClub is a solid personal loan provider, especially if you have a lower credit score and want to add a co-borrower to boost your chances of a better rate. However, you could be charged high rates and fees compared to competitors.
LendingClub Product Details- Origination fee between 3% to 8%
- You'll get access to your funds within two to four business days
- Loan amount range between $1,000 to $40,000
- Loan terms are between 24 months and 60 months
- Loans made through either WebBank, Member FDIC or LendingClub Bank, N.A., Member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksRegular APR6.40% - 35.99% fixed
Loan Amount Range$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score300
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Small minimum loan amounts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment penalty
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Quick loan fund disbursement
- con icon Two crossed lines that form an 'X'. Only three and five year terms
- con icon Two crossed lines that form an 'X'. Potential for high origination fees
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Upstart Product Details- Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
- Loan term lengths are either 3 or 5 years
- Can have origination fees up to 8%
- Considers employment and education history when making loan approval decisions
- Loans are made through one of several Upstart-powered bank partners
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksRegular APR18.00% to 35.99%
Loan Amount Range$1,500 to $20,000
Minimum Credit ScoreNone
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum credit score
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Small minimum loan amount
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Quick loan funding
- con icon Two crossed lines that form an 'X'. High interest rates
- con icon Two crossed lines that form an 'X'. High origination fees
- con icon Two crossed lines that form an 'X'. Low maximum loan amount
OneMain Financial's personal loans are a solid option for borrowers who have low credit scores . You may want to consider another company if you have a good credit score, because you can get lower rates elsewhere.
OneMain Financial personal loan Product Details- No minimum credit score for approval
- You may be able to get your loan on the same day that you apply
- Loan amounts range from $1,500 to $20,000
- Term lengths of 24, 36, 48, or 60 months
- Loans made by OneMain Financial Group, LCL
- Terms apply. See rates and fees for details and restrictions at https://www.onemainfinancial.com/legal/loan-fees.
Even if you have bad credit, you still have options to take out a personal loan. We've gathered a list of lenders that are more lenient on loan credit score requirements.
But be careful. Even though you may qualify for loans for bad credit with these lenders, with a poor credit history you will likely receive a high interest rate. You may be able to get a lower rate with other options, such as a credit card.
Compare the Best Personal Loans for Bad Credit
| Best Personal Loan for Bad Credit | Best For |
| Upgrade Personal Loan | Small loan amounts |
| Avant Personal Loan | Easy qualification |
| LendingPoint Personal Loan | Low credit scores |
| LendingClub Personal Loan | Applying with a co-borrower |
| Upstart Personal Loan | Limited credit histories |
| OneMain Financial Personal Loan | Secured loans |
Next Step: See if you're prequalified for a loan without lowering your credit score.
Bad Credit Loans Frequently Asked Questions
What are bad credit loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Bad credit loans are aimed at borrowers with low credit scores or limited credit histories (making some of them more attainable loan options for immigrants still establishing credit). Each lender has its own standards to determine whether to offer a loan to those with bad credit, so you should shop around before deciding which one to use.
What are alternatives to bad credit loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.While a bad credit loan can be a solid option to get money fast, there might be cheaper avenues available to you, including: borrowing from friends or family; getting a paycheck advance; seeking aid from a local nonprofit or charity.
Are bad credit loans legitimate? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Personal loans for bad credit with a reputable lender are safe. Search for personal loans that are backed by a Member FDIC bank or NCUA-accredited credit union. Also, familiarize yourself with common personal loan scams so you know how to avoid them.
Can I get a bad credit loan online? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You can get a loan online even if you have bad credit. Lenders including Avant, LendingPoint, and Upgrade, are among those that offer bad credit loans online.
Are there personal loans for bad credit with guaranteed approval? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.There is no such thing as a personal loan with guaranteed approval, and it's important to be cautious of such claims. No legitimate lender can guarantee you'll be approved for a personal loan, especially if you have bad credit.
Which loan is easiest to get with bad credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.To get a loan with bad credit, your best bet is one that is either secured with some sort of collateral, or one in which you have a more creditworthy borrower co-sign with you. That way, the lender will have less risk of not getting its money back.
See our full personal loans ratings methodology >>
Bad Credit Loan Company Reviews
Upgrade Personal Loan
Upgrade offers a low minimum APR. But you'll likely pay a higher rate if your credit isn't in good shape. With a poor credit history, you may end up paying an APR closer to 35.99%. Upgrade's smallest loan amount of $1,000 is lower than many other comparable lenders.
You'll pay an origination fee between 1.85% and 9.99% with Upgrade, which will be taken from your loan proceeds. Upstart may also charge you a late fee of up to $10. However, you won't pay any prepayment penalties with this lender. Once you accept your loan offer, you should get your funds as soon as the next day.
Avant Personal Loan
Avant is one of the easier lenders to qualify for on our list. Its minimum credit is just a guideline, not a requirement, but most Avant borrowers have a credit score between 600 and 700. Avant funds loans quickly — if the company approves your loan by 4:30 p.m. CT Monday through Friday, funds are often put into your account by the next business day.
Avant has excellent customer service hours, with its phone line open at least 13 hours every day of the week. The lender also has a strong mobile app.
Upstart Personal Loan
Upstart's minimum credit requirement is 600, but if your credit score is low, you might end up paying a high APR. However, Upstart also considers employment history and education history, such as where you went to school and your area of study, when making its lending decisions, which could help borrowers who may not qualify for a loan solely based on their credit score.
Upstart's loan repayment term options are fairly limited — you can choose between a three-year or five-year term. On the bright side, the company usually funds loans within one business day, which is useful if you need your money fast. There are no prepayment penalties with this lender.
OneMain Financial Personal Loan
OneMain Financial's minimum APR is higher than every other lender on our top picks, but there is no minimum credit score required to apply. That said, if your credit is in particularly rough shape, it may be easier to qualify for a loan with this lender. You may also be able to get your money the same day you apply.
OneMain's standout feature is that it offers secured personal loans (loans backed by collateral such as a house or a car) as well as unsecured personal loans. This is uncommon among personal loan lenders.
OneMain Financial Personal Loans Review
LendingClub Personal Loan
LendingClub allows you to add a co-borrower to your loan application. So if you're worried about not qualifying for a loan or paying a higher interest rate than you can afford, you may consider this option.
However, it will take you two to four business days to get your money, which is longer than most of the other lenders on our list. You'll also pay an late fee of 5% of the minimum payment amount or $15 (whichever is greater) of your total loan amount.
LendingClub Personal Loans Review
LendingPoint Personal Loan
LendingPoint has the lowest minimum credit score requirement of any of our top picks, making it a good option if you can't qualify for other lenders with your credit score. LendingPoint has a quick application process. and you may be approved the same day you apply. You can often get your funds the next business day after approval.
Unfortunately, you're not able to take out a loan if you live in Nevada or West Virginia. You also might pay an , depending on the state you live in.
LendingPoint Personal Loans Review
Other Personal Loans We Considered for Bad Credit
TD Bank Fit Loan. While TD Bank offers relatively low maximum APRs on its personal loans, the company only lends to borrowers in 15 states and Washington, DC, so it may not be accessible depending on where you live.
Universal Credit Personal Loans. Universal Credit has a low minimum credit score requirement of 580, but it takes longer to get your money than with our top picks.
OppLoans Personal Loan. OppLoans doesn't have a minimum credit score to be eligible, but its APR is significantly higher than any lender on our list at 160.00%. Read Insider's full review here.
Payoff Loan™. Payoff offers great minimum APRs to those with good credit scores, but its minimum requirement of 640 is higher than all of our top picks.
Prosper Personal Loan. Like Payoff, you need a minimum credit score of 640 to qualify for a loan from Prosper. Read Insider's full review of Prosper.
Peerform Personal Loan. Peerform offers competitive APRs on its loans and only requires a minimum credit score of 600 to qualify, but its minimum loan amount of $4,000 is higher than our top picks.
First Tech Personal Loan. Although First Tech offers small minimum loan amounts, you have to join the credit union to be eligible to take out a loan from the company, an added step none of our other picks require.
Achieve Personal Loan. Achieve has a minimum credit score of 620 and allows co-borrowers, but it has a high minimum loan amount of $5,000 and requires an origination fee. Read our full Achieve personal loans review.
NetCredit Personal Loans. NetCredit doesn't have a minimum credit score requirement, but its minimum interest rate is on the high end of the range for personal loan lenders. Read our full NetCredit personal loans review.
See Insider's picks for the best personal loans for any credit score >>
How to Choose the Right Bad Credit Loan for You
To get the best bad credit personal loan, consider what is most important to you. Many borrowers prioritize the lowest personal loan interest rate, but also consider any fees, the minimum credit score needed, and the accessibility of the lender's customer service. You'll also want to make sure you're able to select a term length that works for you and that your loan's purpose is allowed by the lender you choose.
See our picks for the best personal loan rates »
For bad credit loans specifically, you'll want to understand if you qualify for a loan or if you may need to add a cosigner to boost your chances of being eligible.
Guides like this one will help you weigh multiple lenders to compare their pros and cons.
Bad Credit Loan Company Trustworthiness
Whether you're looking for a $5,000 loan or a $10,000 loan, finding a trustworthy lender can help improve your loan experience. To help you make a decision, we've compared each institution's Better Business Bureau score. The BBB measures businesses based on factors like their responsiveness to consumer complaints, truthfulness in advertising, and clarity about business practices. Here is each company's score:
| Lender | BBB Grade |
| Upgrade Personal Loan | A+ |
| Avant Personal Loan | A |
| Upstart Personal Loan | A+ |
| OneMain Financial Personal Loan | A+ |
| LendingClub Personal Loan | A |
| LendingPoint Personal Loan | A |
All of our top picks are rated A or higher by the BBB. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible.
Why You Should Trust Us: Our Methodology
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >> Read more Read less Elias Shaya Jr Compliance Associate Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends. Read more Read lessEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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