WalletHub makes it easy to find personal loans for bad credit.
A personal loan for bad credit allows people with credit scores below 640 to borrow money for pretty much any purpose. The best personal loans for bad credit offer competitive APRs and fees, a wide range of dollar amounts, quick funding and long repayment periods. Some lenders do not check your credit score at all, which makes them easier to qualify for.
To help you compare loan offers, WalletHub’s editors have hand-picked the best personal loans for bad credit from our partners. Plus you can use WalletHub’s free pre-qualification tool to see which lenders may approve you and what rates may be available to you.
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
More Details
Pre-qualify before you apply
See your interest rate for free – will not impact your credit score.
Pre-qualify before you apply
See your interest rate for free – will not impact your credit score.
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
More Details
Notable Loans for Bad Credit in April 2024
Upstart
The best personal loans for bad credit are through Upstart. Personal loans through Upstart have dollar amounts of $1,000 - $50,000, a typical APR range of 6.4% - 35.99% and repayment periods of 36, 60 months. You do not need a credit score to qualify.
OppLoans
OppLoans offers the best bad-credit personal loans with no origination fee. The company also gives loan amounts of $500 - $4,000 and has an APR range of 160% - 179%. OppLoans does not do a credit check, which makes these loans easy to qualify for.
LendingPoint
LendingPoint offers the best bad-credit personal loans with long repayment periods. The company offers repayment periods of 24 - 72 months, an APR range of 7.99% - 35.99% and loan amounts of $2,000 - $36,500. You’ll need a credit score of 600+ to qualify.
Payoff
Payoff has the best bad-credit personal loans for consolidating credit card debt. The company offers loan amounts of $5,000 - $40,000 and an APR range of 11.72% - 17.99%. To qualify, you’ll need a credit score of 640 or higher.
Oportun
Oportun offers the best bad-credit personal loans with small loan amounts. The company has a minimum loan amount of $300 and APRs of 10.07% - 35.95%. Oportun does not have a minimum credit score requirement.
60MonthLoans
60MonthLoans offers some of the best bad-credit personal loans with no credit check. The company has an APR range of 19.09% - 35.83% and offers loan amounts of $2,600 - $10,000. These loans are easy to qualify for since no credit score is required.
Best Egg
Best Egg offers the best personal loans for bad credit with a low minimum APR, starting at 8.99%. The company also has loan amounts of $2,000 - $50,000 and a minimum credit score requirement of 640.
Consider credit unions, banks and online lenders. It’s best to consider as many lenders as possible in the hope of getting a loan with good terms. Some providers even allow you to pre-qualify for a loan before you officially apply.
Avoid payday lenders. Payday lenders should be avoided at all costs. These lenders offer very short-term loans that often have fees equivalent to an APR of 400%+.
Try to avoid APRs above 36%. The best personal loans for people with bad credit have maximum APRs of 36%. It’s best not to settle for a loan with a higher APR, unless you have very bad credit and the lender has no credit check.
Consider alternatives. You may want to consider getting a credit card for bad credit or borrowing from friends or family.
Watch out for fees. Some lenders charge origination fees to process a loan. Your loan will likely have an origination fee if you have bad credit, which you will need to factor into your calculations when comparing offers.
Upstart disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Why People Trust WalletHub
WalletHub
Unlike other sites that only promote loans they're paid by, WalletHub's editors focus on finding the best loans. WalletHub makes it easy to compare personal loans for bad credit.
About the author
Gino Rodriguez
Gino Rodriguez was a staff writer for WalletHub specializing in personal loans. Gino has experience as an editor and writing tutor. He has also worked in customer service and with nonprofit organizations.
Comparing Personal Loans can be tough. But you've got the knowledgeable WalletHub community on your side. Other consumers have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution's responsibility to ensure all posts and questions are answered.
The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.
For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.
Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you're likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.
But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.
The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.
If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.
You can check your credit score for free on WalletHub. You'll also get personalized advice for how to improve your score. The best way to estimate your odds of approval for a personal loan is to check to see if you're pre-qualified for any offers before submitting an official application.
You can borrow $3,500 with bad credit from Upgrade, Upstart and Avant, among other lenders. Most of the best places to borrow $3,500 with bad credit will require credit scores toward the upper end of the bad credit range. But people who cannot qualify can consider other options like no credit check loans, secured personal loans, and borrowing from friends and family.
You can borrow $4,500 with bad credit from Peerform, Upstart and Upgrade, among other lenders. Most of the best places to borrow $4,500 with bad credit will require credit scores toward the upper end of the bad credit range. You will also need a relatively high income and little existing debt to get approved for this type of loan with bad credit. But people who cannot qualify can consider other options like no credit check loans, secured personal loans, and...
You can borrow $12,000 with bad credit from Peerform, FreedomPlus and LendingPoint, among other lenders. The best places to borrow $12,000 with bad credit will require credit scores toward the upper end of the bad credit range. You will also need a relatively high income and little existing debt to get approved for a loan this large with a bad credit score. But people who cannot qualify can consider other options like secured personal loans and borrowing...
You can borrow $7,500 with bad credit from Achieve Personal Loans, Avant and Peerform, among other lenders. Most of the best places to borrow $7,500 with bad credit will require credit scores toward the upper end of the bad credit range. You will also need a relatively high income and little existing debt to get approved for this type of loan with bad credit. But people who cannot qualify can consider other options like no credit check loans,...
To help people learn more about quick personal loans for bad credit, WalletHub's editors posed the following questions to a panel of experts. You can meet our panelists and read their responses below.
Do you have any advice for someone with bad credit who’s in the market for a personal loan?
Why don’t more major banks offer personal loans to people with bad credit?
What are the biggest mistakes to watch out for when applying for a personal loan?
What are some alternatives to personal loans that people with bad credit should consider?
Stefano Mazzotta Ph.D., Professor of Economics and Finance – Department of Economics, Finance, and Quantitative Analysis – Kennesaw State University Read More
Hugo Benitez-Silva Associate Professor and Chair, Economics Department, Stony Brook University Read More
Thomas (Tom) W. Miller Professor of Finance and Jack R. Lee Chair in Financial Institutions and Consumer Finance – Senior Research Fellow, Consumers' Research – Senior Affiliated Scholar, Emeritus, Mercatus Center at George Mason University – Department of Finance and Economics – Mississippi State University Read More
Shannon Cornelison-Brown MBA, CPA, CGMA, EdD, Assistant Professor of Business Administration – Austin College Read More
Ellen Rackas CPA, MBA, Assistant Professor – Muhlenberg College Read More
Derek Stimel Ph.D., Associate Professor of Teaching Economics – Department of Economics – University of California at Davis Read More
More Experts
Important Disclosures
* We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Actual terms may vary from the estimates. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
Ad Disclosure: The personal loan offers that appear on this site originate from paying advertisers. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear, or whether an offer is "featured"). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company.
