You can get a loan with bad credit from several types of lenders and platforms, each with different features and requirements:
- Upstart : An online lending platform that uses AI to consider factors beyond credit score, such as education and employment. It accepts credit scores as low as 300 and can fund loans as soon as the next business day. Loan amounts range from $1,000 to $50,000 with terms of 36 or 60 months. It is highly recommended for bad credit borrowers but charges origination fees
- OneMain Financial : Offers same-day loans for bad credit, with loan amounts from $1,500 to $20,000 and terms of 24 to 60 months. It requires a minimum credit score around 500 and allows using a car as collateral for easier approval or bigger loans. Loans can be applied for online or in person at one of their 1,300 offices
- Low Credit Finance : A lending network that accepts all credit types with no minimum credit score. It offers loans from $100 to $50,000 with APRs ranging from 5.99% to 35.99%, flexible repayment terms, and fast turnaround, making it suitable for emergency funds or debt consolidation
- Credit Unions : Many credit unions provide personal loans with more lenient credit requirements and lower APRs than traditional banks. Membership may be required based on location or employer
- Peer-to-Peer Lending Platforms : These connect borrowers directly with investors and may consider factors beyond credit score, such as employment history and education. Rates and funding times vary
- Community Banks and Nonprofit Lenders : Some local banks and nonprofits offer personal loans or low-interest loans for bad credit borrowers, often with financial education resources
- Avant : An online lender offering personal loans from $2,000 to $35,000 with a simple application process and fast decisions
When applying, be prepared to provide proof of income, identification, and a bank account for fund deposit. Loans for bad credit often come with higher APRs and origination fees, so compare offers carefully. Checking rates with many lenders typically does not affect your credit score
. In summary, you can get a loan with bad credit through online lenders like Upstart, OneMain Financial, Low Credit Finance, credit unions, peer-to-peer platforms, community banks, and nonprofits. Each option has different eligibility criteria, loan amounts, and terms, so consider your needs and compare carefully before applying
