Categories: Personal Loans

The 9 Top Personal Loans For Poor Credit

Is it just me, or does it seem like the cost of everything has gone through the roof? I understand inflation. Also, I understand that as the cost of materials goes up, so does the cost of the final product, but wow, I feel like costs are at a ridiculous level. I cannot be the only one feeling that right now. If people are feeling the squeeze from the rising costs, I know the need for money is increasing.

What do you do when you find yourself staring at a stack of bills you know you do not have the money to pay? Or when some expenses pop up that you have to pay? It happens every day to more people than you can imagine. Times are tough and you may find yourself needing a loan. You may find yourself in bad financial shape and needing a loan. Have no fear, it may be harder but you can find a loan to meet your needs. Continue reading to find out more about personal loans for poor credit.

Nine Best Personal Loans for Bad Credit Borrowers

I would like to focus on what you really need, which is personal loans for poor credit. I want to break that down into smaller segments, so how about we start with the basics about a personal loan. A personal loan has some complexity when you start talking about the details, but at its core, it is money you borrow and promise to repay. You are promising to repay the dollar amount you borrowed, which is the principal amount, plus the interest that the lender charges. The lender charges you interest as a fee for allowing you to borrow money. The amount of the interest you are charged is based on your credit score. Personal loans can be secured or unsecured, but most personal loans are unsecured loans.

You have looked at your budget and you know your number. Now, you are ready to look for personal loans for poor credit. I am going to help you out by giving you the top 9 loans that you should consider during your search for a personal loan.

OneMain Financial

This lender provides various types of loans, including secured and unsecured options. They offer loans in varying amounts from $1,000 to $20,000. The better your credit is, the more they are willing to lend you. They offer repayment terms of 2, 3, 4 or 5 years, so they are incredibly flexible. Of course, they reserve the higher amounts for those with better credit. They offer interest rates ranging from 18 percent to 35.99 percent, based on credit, of course. They have branch offices you can visit, or you can handle all of your business online. It is up to you.


This lender is a fantastic option if you have poor credit. They specialize in providing loans to those who are often declined elsewhere. Opploans gives you access to funds without putting you in the payday lending trap even if you have poor credit. You apply through their site and customers say things like “I got the loan right away”. Like any lender, there are still some loan shoppers who may not get offers back. It is not a guarantee. The loan amounts range from $500 to $4,000 with APR from 160% to 179%. The repayment period ranges between 9 and 18 months and there are no hidden fees. You have no obligation, so you can decline all the offers. You have to be at least 18 years old to apply, across all states.


This lender is another great choice for those with poor credit. They will give you a loan when your credit score is as low as 580. They even approve your loan if you have a low income as they have no income requirements. Their loans range from $2,000 up to $35,000. Their loan terms are also flexible at 2, 3, 4 or 5 years. Interest rates range from 9.95 percent to 35.99 percent. They do have an origination fee of as much as 4.75 percent of your loan amount.


This lender offers loans in limited states, but is known for fast funding and excellent customer service. You fill out the application on their site and they claim they can fund as soon as 30-4 hours. Interest also tend to be on the higher side, but they often are able to fund those within a lower credit grade. According to their website, interest rates vary from They all may be different, so may sure you know what they have to give you. The loans start at $600 and go up as high as $100,000 for those with prime credit. LoanMe is also a good payday loan alternative with an option for more if needed. A great place for a quick turnaround loan.


This is a peer to peer lender. That means lenders and borrowers are matched together while removing traditional banks from the process. Individuals are willing to lend money to help others. However, you must have a credit score of at least 600. Loans range in amounts from $4,000 to $25,000 with interest rates of 5.99 percent to 29.99 percent. This lender takes a little longer to get the money to you, up to 2 weeks. There is an origination fee of 1 to 5 percent.


Upstart is a great lender if you do not have much credit history. They may loan money if you have a credit score of 580. You must have an income of at least $12,000 per year. You can borrow $1,000 to $50,000 with terms of 3 and 5 years. The origination fee is from 1 to 6 percent of your loan amount.


This is another peer to peer lending facility. The loan amounts can vary from $1,000 up to $40,000. The loan terms are three or five years. Lending Club has a high origination fee of anywhere between 1 to 6 percent of your loan amount. Interest rates range from 6.95 percent to 35.89 percent. You must have a credit score of at least 600. They want you a credit history of at least 3 years and your debt to income ratio to be under 40 percent.


This lender accepts credit scores of 640 and wants a credit history of 2 years. They do not have a minimum income requirement. You can have a debt to income ratio of 50 percent maximum, but no bankruptcies within the past year. They offer interest rates of around 6.95 to 35.99 percent.


When looking for personal loans for poor credit, this may not be the best one, but you can consider it, if you are out of options. Interest rates start at 34 percent (ouch) and can go up to 155 percent (double ouch). They accept credit scores as low as 550. You even have a day to change your mind about borrowing the money. Loans range from $1,000 to $10,000.

Where Can I Find a Personal Loan?

It is one thing to know you need personal loans for poor credit, but where to get a loan may be a more difficult question for you to answer. You may be surprised to find that finding a lender is not as difficult as you might think. The internet puts everything right at your fingertips. One quick search and you will have a list of many different lenders. There are many from which you can choose, so I hoped the list I provided will help you with your choice. I will list those later on in the article. Do not just go to the bottom of the article, stick with me for a little longer. I have some good information to share but do not worry, I will be brief.

You can find a personal loan through a traditional lender, such as a bank or credit union that has an actual brick and mortar location that you can walk into and speak with someone. You can find personal loans online. Once upon a time, there was a stigma associated with online lenders. They were only for those risky lenders with bad credit. That is no longer the case. You can find really good loan options online, so do not count them out. There are many bad credit personal loan lenders, however, not all of them have loans that will benefit you. Keep in mind that all lenders will look at certain criteria for personal loans before they decide to lend you money.

Some lenders prey on your emotional state knowing that needing money right now can make you feel stress and anxiety. Do not make an impulsive decision because that will hurt you in the long run. Make sure your decision is thought out.

Influence of Bad Credit on Loan Terms

Your credit matters and I would be lying to you if I told you something different. Your credit score directly impacts the interest rate a lender is going to offer you. When you are looking for personal loans for poor credit, you should understand that you will have higher interest rates. Poor credit does not mean you will not find a loan. It does mean you will pay more money in the long run. If you have poor credit, you may have better luck getting a loan from an online lender, so you might want to start looking there first. Online lenders have easy application processes and it goes much faster than when you go into a bank. You often get your approval in 24 hours or less. Then, the money is usually in your bank account in about 24 hours after your approval. It is a fast process.

I want to highlight for you how bad credit impacts your loan repayment. When you have poor credit, the lender sees you as a risk. They think you will make late payments, or perhaps not make payments at all. Your credit history shows them what you have done in the past and they believe you will continue to behave that way. Your credit history does not tell why things happened the way they did, so some lenders will ask you. They want to understand why you missed payments, especially if it seemed to occur during a specific time. If you have a reasonable explanation, they may be more willing to lend you money.

How Can I Improve Poor Credit?

Those are some scary numbers, right? I know and that is why you want to protect your credit as best you can. We all know that things happen that are outside of our control and you may see your credit score slipping. The good news is what goes down can always come back up and you can repair your credit. It will take time and perseverance, but you can do it. One of the benefits of personal loans for poor credit is that personal loans can help you improve your credit. When you take out personal loans for poor credit and you make your payments on time each month, it begins to improve your credit score.

You should pull your credit report. I know you probably do not want to look at it. But, you cannot bury your head in the sand. That is not going to help you fix your credit. Pull your head out and look at your credit report. Look for errors in credit report and fix them. That is a quick and easy way to improve your credit score. You should also eliminate your debt as quickly as you can. You need to focus on paying down your debt, which will bring your credit score up. Paying down your debt helps you in many ways. The most obvious is that you do not owe as much money, which relieves stress for you. The less debt you carry means the higher your credit score will be. This decreases your debt to income ratio, as well as your credit utilization. These are all good things.

Should I Get a Personal Loan if I Have Bad Credit?

I mentioned that personal loans for poor credit can improve your credit score. Does that mean you should run right out and get a personal loan? Not so fast. A personal loan has advantages and disadvantages, remember that. You need to determine IF a personal loan is right for you and is going to improve your financial outlook. If the answers are yes, then proceed, but with caution. You need to determine if you can afford to make the payments. You are borrowing money that you must repay every month. A loan is not a gift. You cannot let it slide and miss a few months. Remember, you must repay it every month.

You should take a look at your budget and determine how much money you can afford to repay each month. This is an important step that many people skip. They look at the amount of money they have to pay each month and they think “that’s not too high, I can handle that”. Can they really, though? If they do not have a budget, they have no way of knowing if they can actually afford it. You need to know how much money you are paying out each month and how it compares to your income. Once you see what is left over after all of your expenses, you are better able to determine how much you can afford to repay each month. You should know that number before you even apply for a loan.


As you can read, there are many personal loans for poor credit options available to you. Some are pretty good offers while others are not great. You should obtain the best possible loan that you can find. Remember, you do not have to take the first offer. You should take the best offer you can find. Do your research and make a good choice.

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