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Best Personal Loans For Bad Credit
580+ Credit Score

Get personalized loan rates in 60 seconds without impacting your personal credit score.

Please enter a loan amount between $3,000 and $100,000

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No credit score impact

Borrow up to $100,000

  • Get your rate in minutes

  • No credit score impact

  • Borrow up to $100,000

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PrimeRates provides access to personalized loan offers through our simple and quick pre-qualification application. Once you're pre-qualified, you can select the best offer for you and finalize the loan application with the lender.

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    Our simple pre-qualification application takes less than 2 minutes to complete and it won't impact your credit score. 

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    Choose the offer that best fits your needs by comparing monthly payments, APRs, and loan amounts.

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    Finalize your loan offer with the lender you selected and they'll send your money after finalizing any required verifications such as ID, Income, etc. In some cases you can receive your funds in as little as 1 business day.

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Best Personal Loans For Bad Credit

Do You Have Bad Credit? You Can Still Get Approved.

If you haven’t always been a responsible borrower, your credit report likely reflects your less-than-stellar past. But everyone makes mistakes from time to time and even the poorest remarks will fall off your report eventually. But, if you need cash now and can’t afford to wait for time to repair your damaged reputation, you might be looking for the best personal loan a bad credit score can qualify for.

What Is a Bad Credit Score For Personal Loans?

Before you begin applying for a personal loan, it’s good to know where you stand and what constitutes a poor credit score. Both FICO scores and Vantage scores range on a scale from 350 to 850, and, in each case, the average score in the U.S. tends to hover around the mid- to high-600s.

Most lenders would consider a score in this range favorably, whereas scores below 620 would earn approval less frequently. And scores of 580 or less are generally regarded as poor, which makes it difficult for potential borrowers in this category to secure the funds they seek.

Personal Loans For Poor Credit - 580+

If you’re shopping around the for the best unsecured loans for bad credit, here’s a closer look at three of the lenders most likely to give you the green light.

Avant
  • APR range: 9.95-35.99%
  • Available loan terms: 36 to 60 months
  • Loan amounts: up to $35,000
  • Time to fund: N/A
  • Origination fee: up to 4.75%
  • Credit needed: 580+

Click to apply with Avant

LendingPoint
  • APR range: 15.49-34.99%
  • Available loan terms: 24 to 48 months
  • Loan amounts: up to $25,000
  • Time to fund: N/A
  • Origination fee: 5% of loan amount
  • Credit needed: 600+

Click to apply with LendingPoint

Avant: Avant requires a minimum credit score, however, that score is a very attainable 580. (It’s important to note that most of Avant’s borrowers do have scores of at least 600, though.) For qualified borrowers, Avant offers loans ranging from $2,000 to $35,000 with interest rates starting as low as 9.95% and going up to 35.99%. There’s also an administration fee to keep in mind, which ranges from 1.50% to 4.75%. On the other hand, there are no prepayment fees with Avant, which many borrowers appreciate.

LendingPoint: If your credit score has been dragged down by derogatory marks, LendingPoint is more likely to approve you than many other lenders. Even if you’ve declared bankruptcy in the past, you can still qualify for a loan with LendingPoint. Unlike Avant, LendingPoint never charges any late fees, nor will you get hit with an insufficient-balance fee in case you’re ever overdrawn. That said, LendingPoint’s interest fees are significantly higher than Avant’s, starting at 15.49% compared to 9.95%. Another drawback is that LendingPoint’s origination fee can be as much as 6%, while Avant’s will never exceed 4.75%.

Lenders that Offer Secured Loans

Unlike Avant, some lenders offer borrowers both secured and unsecured loans. If you have the title to a vehicle or equivalent collateral, you can qualify for a secured loan with a lower interest rate than you’d likely receive on an unsecured amount. But, then again, you could end up losing your set of wheels if you’re late making a payment.

» MORE: Secured Personal Loans

Lenders that Accept Cosigners

If your credit isn’t strong enough on its own to qualify for a loan, you might wish to enlist a cosigner — a friend or family member who has better credit and can help you secure the funds you need. Using a cosigner isn’t always the best move for everyone, so make sure to do your research and consider your options carefully. Also, keep in mind that many lenders won’t even accept cosigners.

» MORE: Personal Loans With Co-Signers

Tips to Get a Personal Loan with a Credit Score of 550 or Less

Although a credit score lower than 550 is likely to turn off a lot of lenders, it’s not impossible to get a personal loan with a score in that range. Start rebuilding your credit reputation by getting a secured or unsecured loan and making a point of paying your bill as soon as it arrives.

How to Get a Personal Loan With Bad Credit

If you’re ready to get the best personal loans for bad credit start by applying with the lenders featured above. Each of them has their own set of strengths and weaknesses, but at least one of them will certainly be right for you.

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DISCLAIMER
Information used in this tool has been gathered from the lenders’ websites and others publicly available sources. While we do our best to ensure our information is up to date and calculations are accurate, all information is presented without warranty. If you find information or calculations you believe to be in error, please contact us. Estimated interest rate, APR, and other terms are not binding in any way. Your actual interest rate and APR will depend on factors like credit score, requested loan amount, loan term, and credit history. Only borrowers with excellent credit will quality for the lowest rate. All loans are subject to credit review and approval by our lender partners. When evaluating offers, please review the lender’s terms and conditions for additional details.

The operator of this website is not a lender, does not broker loans to lenders and does not make personal loans or credit decisions. This website does not constitute an offer or solicitation to lend. This website will submit the information you provide to a lender. Providing your information on this website does not guarantee that you will be approved for a personal loan. The operator of this website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product.

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The offers that appear on this site are from third party advertisers from which PrimeRates receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). PrimeRates strives to provide a wide array of offers, but our offers do not represent all financial services companies or products.

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