Best Personal Loans For Bad Credit (Credit Score Under 600)
If you have poor credit but need to take out a personal loan, be prepared to pay higher interest rates and fees. Think carefully about the total cost of the loan – and your ability to repay it – before signing.
Loan aggregators
Loan aggregators are an excellent source of financing when you have bad credit because they can show you lenders that are most likely to approve your application. Loan aggregators aren’t direct lenders; they are in partnership with loan providers that will get you your loan.
Since aggregators serve all credit levels, you may be able to get matched with a loan using a loan aggregator even with poor credit. To apply for a loan through a loan aggregator, you’ll need to fill out a loan request, and then lenders will go ahead and make offers depending on the borrower’s credit profile.
Monevo is a great option when it comes to loan aggregators. Monevo lets you compare up to 30 lenders with one application in a matter of seconds. Loan amounts range from $500 all the way to $100,000 and interest rates between 2.49% – % APR . Monevo does run a check on your credit score, but some of its lenders will accept credit scores as low as 450. Read more about Monevo in our review.
Fiona is another very popular aggregator. With Fiona , you complete a single loan request and have access to dozens of offers from different lenders, all organized in one easy-to-read list. Y our credit score won’t be affected until you choose a lender and complete their full application. Read more about Fiona in our review.
Personal loan lenders
The following are direct-to-consumer lenders that offer products specifically designed for bad credit. Interest rates can get exceedingly high, so these are best used only in true emergencies when you have a plan to repay the debt quickly
OppLoans has no minimum credit score requirement, instead, they take a variety of factors into account. That includes bank data and information from alternate credit bureaus. Best of all, OppLoans reports your payment history to the three main credit bureaus to help you increase your score.
OneMain offers loans between $1,500 to $20,000, and you can check your offers with no effect on your credit score. The process is slightly rigorous, but OneMain has been in business for more than 100 years, so it’s safe to say they know https://installmentloansgroup.com/installment-loans-az/ what they’re doing. After filling out your application, you’ll meet with a loan specialist at a local branch where you’ll verify your identity, income, expenses, and employment. From there, you’ll sign some paperwork and get access to your money!
Upstart specializes in students and recent graduates who are still working on building a credit history. You can apply for loans from $1,000 to $50,000 for everything from school expenses to vacations. Instead of a credit score, Upstart uses artificial intelligence to approve loan applications, giving the company an approval rate 27% higher than traditional methods.
Avant offers personal loans ranging from $2,000 to $35,000, with interest rates ranging from 9.95% to % depending on your credit score. The lender features an easy online application process, along with a clear and transparent process and fast funding. If your application is approved, you could receive funds in as little as one business day.
LendingPoint offers loans between $2,000 – $36,500 and you can get your funds by the next business day once you’re approved. You can check your rates (with no impact on your credit score) in minutes. And LendingPoint is quick – once you are approved, you may have access to your funds as soon as the next business day.