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We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. Credible receives compensation when we help you find the best product from one of our lending partners. The amount of our compensation does not impact how and where lenders appear on our site, and Credible charges you no fees of any sort. Some lenders may take traffic sources into account when offering credit terms.

Bad credit loans

How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. Credible receives compensation when we help you find the best product from one of our lending partners. The amount of our compensation does not impact how and where lenders appear on our site, and Credible charges you no fees of any sort. Some lenders may take traffic sources into account when offering credit terms.

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Compare bad credit loan rates from top lenders for October 2024

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The rates that appear are from companies which Credible receives compensation. This compensation does not impact how or where products appear within the table. The rates and information shown do not include all financial service providers or all of the displayed lender's available services and product offerings.
Filters$20,000 loan amount and 700-749 credit score, ordered by APR
Filters$20,000 loan amount and 700-749 credit score, ordered by APR
Lightstream
Lightstream

Rates from (APR)

6.94-25.29%4

Loan term

2 - 7 years

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Upstart
Upstart

Rates from (APR)

7.80-35.99%

Loan term

3, 5 years

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Splash Financial
Splash Financial

Rates from (APR)

7.99-17.97%

Loan term

3 - 6 years

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Discover Personal Loans
Discover Personal Loans

Rates from (APR)

7.99-24.99%

Loan term

3 - 7 years

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SoFi
SoFi

Rates from (APR)

8.99-29.99%3

Loan term

2 - 7 years

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Best Egg
Best Egg

Rates from (APR)

8.99-35.99%

Loan term

2 - 5 years

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Prosper
Prosper

Rates from (APR)

8.99-35.99%

Loan term

2 - 5 years

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Lending club
Lending club

Rates from (APR)

9.06-35.99%5

Loan term

2 - 5 years

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Avant
Avant

Rates from (APR)

9.95-35.99%

Loan term

2 - 5 years

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RepriseFinancial
RepriseFinancial

Rates from (APR)

9.99-35.99%

Loan term

3-5 years

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Upgrade
Upgrade

Rates from (APR)

9.99-35.99%

Loan term

2 - 7 years

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BHG
BHG

Rates from (APR)

10.26-23.48%6

Loan term

3 - 10 years

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Citibank
Citibank

Rates from (APR)

11.49-20.49%7

Loan term

1 - 5 years

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Universal credit
Universal credit

Rates from (APR)

11.69-35.99%

Loan term

3, 5, or 7 years

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Happy Money
Happy Money

Rates from (APR)

11.72-17.99%

Loan term

2 - 5 years

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Zable
Zable

Rates from (APR)

12.95-30.00%

Loan term

1 - 5 years

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LendingUSA
LendingUSA

Rates from (APR)

13.00-29.99%

Loan term

3, 4, or 5 years

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Reach
Reach

Rates from (APR)

14.30-35.99%

Loan term

2 - 5 years

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One main
One main

Rates from (APR)

18.00-35.99%

Loan term

2 - 5 years

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Credible’s rating criteria incorporates 700 data points spanning interest rates, fees, loan terms, repayment options, customer service, eligibility, efficiency, options for poor credit and no credit, cosigner options, discounts, and more.

Read our full methodology.

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in 2023 We helped over

69,600 people

save money on their loans

We've saved our customers

over $63 million

in interest on their loans

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1. Enter your current loan details

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2. Choose a rate to compare

Our lender rates vary from 6.94% to 35.99% APR1

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3. Check the results

With an interest rate of 12.00% over 5 years, you will pay per month and in interest over the lifetime of your loan.

Total interest:

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Current Loan

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Monthly payment:

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Current Loan

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Through its marketplace, Credible helps you shop around for personal loans without cost or commitment. We earn money when we help you find the best product, not by selling your data. The blog content we create is deeply researched to help you make an informed decision that’s right for you — our partner lenders have no editorial control over the articles we publish.

Benefits of taking out a personal loan

reason type

Lower rates

Personal loans typically offer lower interest rates than credit cards.

reason type

Improve your credit

Making on-time payments can improve your credit score.

reason type

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Most personal loans don’t require collateral, so you won’t need to use your home or vehicle to secure it.

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Bad Credit Loans
Loan goals

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Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

A bad-credit loan is any type of loan that is approved for a borrower who has bad credit. Bad credit, or poor credit, is defined as a FICO score below 580. Many lenders do not offer bad-credit personal loans unless the applicant has a cosigner with good credit, a co-borrower with good credit, or offers collateral to secure the loan, such as a car or the fixtures in your home. If you get approved for a bad-credit loan, expect to pay a relatively high interest rate and fees.

To get a personal loan with bad credit, you should ideally have a reliable and sufficient income to make loan payments, as well as a low debt-to-income ratio (DTI). Since lenders are hesitant to make bad-credit loans, you may also need collateral for a secured loan or a cosigner with good credit to get approved. Not all lenders allow cosigners or offer secured loans — research those that do before applying. If you don’t need money immediately, you could get a credit-builder loan.

A bad credit score is a FICO score that’s below 580. With a bad credit score, it can be hard — but not impossible — to get approved for new credit, as there are few lenders that offer bad-credit loans. It’s easier to get approved with a fair credit score, which is a FICO score between 580 and 669. Making timely debt payments and decreasing your credit utilization can help improve your score.

Having bad credit can make it difficult to qualify for a personal loan, but not impossible. Try the following tactics:

Pros:

  • Can get much-needed funds

  • Can pay for emergencies

  • Easy approval on payday loans and cash advance apps

  • Quick funding

  • Some loan types can build credit

Cons:

  • High fees, and APRs can be in the triple digits, depending on loan type

  • Approval for bad-credit personal loans can be difficult

  • Payday loans and cash advance apps won’t build credit

  • May lead to a cycle of debt

Bad-credit loans are available from some online lenders, very few banks, credit unions, payday loan lenders, and via online cash advance apps. If you have a cosigner with good credit who’s willing to share responsibility for the loan, you’re more likely to be approved. But not all lenders allow cosigners. If you need a small emergency loan, consider a payday alternative loan (PAL) from a credit union — approval is relatively easy and the maximum APR is 28% (much lower than payday loans and most cash advance apps).

A bad-credit loan will affect your credit score just like any loan would — it can improve your score if you make timely payments and pay the loan off in full. It can also hurt your score further if you miss payments or default on the loan. What’s worse, if you have a cosigner or a co-borrower on the loan, you could hurt their credit as well.

Note that no-credit check loans, such as payday loans and cash advance apps, rarely report your payments to a credit bureau, which means you generally can’t build your credit with these loans. But if you don’t pay a payday loan, it could be sent to collections and appear as a derogatory mark on your credit report.

Bad-credit loans can be a bad idea, especially if you’re considering a payday loan or a cash advance app where APRs can be well over 100%. Alternatives include:

  • Payday alternative loans (PALs)

  • Credit-builder loans

  • Home equity loans

  • Home equity lines of credit (HELOCs)

  • Credit cards

  • Cash-out refinance (home or car)

  • Cash-value life insurance loan

  • 401(k) loans

  • Money from friends and family

The best choice will depend on what you can qualify for and what’s available to you. But if you’re having trouble paying bills or making ends meet, consider talking to a credit counselor about options. You should also avoid tapping retirement funds if you think you might file for bankruptcy.

Yes, you can refinance a bad-credit loan. If you’ve improved your credit score, it’s probably one of the first things you want to look into doing. For example, if you’ve made the jump from bad credit to fair credit (a FICO score above 580), you could reduce the interest rate on a personal loan by 3 percentage points, considering current personal loan interest rates. If you have good credit (a FICO score above 669), you could reduce your rate by 10 percentage points. If you’re paying off one or more payday loans and have a willing cosigner with good credit, it could be worth it to try to consolidate payday loans even with bad credit.

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