If you have poor to bad credit and you’re interested in a personal loan, you still have options even though some will have high interest rates. Here are the best lenders for bad credit.

Lender Rates Loan Amounts  
avant

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Fixed: 9.95% – 35.99% APR $2,000 up to $35,000* Get Rates

Loan terms
• 2 – 5 years*

Loan amount
• $2,000 to $35,000**

Loan uses
• Debt consolidation, emergency expense, life event, home improvement, and other purposes

Residency
• Must be a resident in the U.S. with a valid Social Security number

Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Key benefits
• Fast online process, with e-signed contract
• Receive funds as soon as next business day (if approved by 4:30pm CT, Monday through Friday)
• Options for borrowers with less than perfect credit (most of Avant’s customers have credit scores in the 600 to 700 range)

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

lendingpoint

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Fixed: 15.49% – 34.99% APR $2,000 up to $25,000 Get Rates

Loan terms
• 2 – 4 years

Loan amount
• $2,000 to $25,000

Loan uses
• Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Residency
• Must be a U.S. Citizen or Permanent Resident with a verifiable Social Security number

Time to get funds
As soon as the next business day

Key benefits
• Available to “near prime” borrowers with credit scores as low as 585
• Streamlined approval and application process
• No prepayment penalty

LendingPoint personal loans review

upstart

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Fixed: 6.14% – 35.99% APR1 $1,000 to $50,0002 Get Rates

Loan terms
• 3 – 5 years1

Loan amount
• $1,000 to $50,0002

Loan uses
• Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Residency
• Must be a U.S. Citizen or Permanent Resident with a verifiable Social Security number

Time to get funds
As soon as 1 – 3 business days3

Key benefits
• Can apply for a second loan after making six on-time monthly payments ($50,000 maximum principal on all loans)

Upstart personal loans review

1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. 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.

2Your 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. Loans are not available in West Virginia or Iowa.The minimum loan amount in MA is $7,000. The minimum loan amount in OH is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.

3If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

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All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

Can I get a personal loan with bad credit?

You don’t have to have perfect credit to take out a personal loan, but expect to pay a higher interest rate if you’re approved for a personal loan with bad credit by a bank, credit union, or online lender.

Credible partner lenders Avant, FreedomPlus, Lending Club, LightStream, Marcus, Payoff, Prosper, Upgrade, and Upstart offer personal loans to borrowers with fair to bad credit (credit scores under 699).

If your credit score is below 580, or you have no credit history, you are unlikely to be approved for an unsecured personal loan unless you apply with a cosigner. But a cosigner can be a good option since they can help you secure a lower interest rate, whether you need one to qualify or not.

What interest rate can I expect?

The interest rate you’re offered on a personal loan depends on the type of loan you’re applying for, your credit history, and how bad your credit score is. Rates are often lower than credit cards, making it a good idea to use a personal loan for consolidating credit card debt.

Using your home’s equity to consolidate debt — through a cash-out mortgage refinance, home equity loan, or home equity line of credit (HELOC) — can often get you an even lower rate. But that’s because you’re putting your home up as collateral. A personal loan is unsecured, so you don’t need property to guarantee repayment.

How long does it take to get my loan?

Once you’ve completed the loan application process and are approved, many lenders are able to fund your loan as soon as the next business day. Depending on the lender and the details of your application, it can take up to about a week.

Will applying impact my credit score?

Using Credible to check rates won’t impact your credit score. When you authorize Credible to perform a credit check, we use a soft credit inquiry that allows you to see personalized prequalified rates without having to apply for a loan.

If you see a loan option on your dashboard that you’d like to proceed with, you’ll be asked to authorize a hard credit inquiry when you apply for the loan. A hard inquiry can impact your credit score by two to nine points, but typically by no more than five.

The post Best Personal Loans for Borrowers with Bad Credit appeared first on Credible.

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If you have poor to bad credit and you’re interested in a personal loan, you still have options even though some will have high interest rates. Here are the best lenders for bad credit. LenderRatesLoan Amounts  View detailsFixed: 9.95% - 35.99% APR$2,000 up to $35,000*Get Rates Loan terms • 2 - 5...