A bad credit score doesn’t mean you’re out of loan choices. Sure, qualifying for bank loans with FICO between 300 and 579 is hard. They usually reject personal loans for bad credit, take days to grant an approval, or only offer secured loans in such situations.
However, many lenders offer bad credit personal loans if you can prove that you’re creditworthy using other factors. You can get lower interest rates and better terms if you have a stable income, low debt-to-income ratio, good savings history, or bring a co-signer.
To simplify your search, Best Rate Check matches you with trusted lenders in a single application. With just 2 details (email and loan amount), you can get approved for multiple loans and compare different options to settle for the best rates.
How Personal Loans with Bad Credit Work
As we mentioned, personal loans for poor credit are designed for individuals who can’t qualify for traditional loans at fair interest rates (typically below 11 percent). If you’re not heavily under debt, have a good income, and are stably employed, your chances of getting approved are significantly higher—even with a bad score.
Though, most loan providers charge high interest rates because of the risk involved. To get lower rates, you can apply through our website. We pick and choose lenders who offer the lowest interest rates despite no credit checks.
You’ll save time and effort, as compared to applying with every lender individually. When you use Best Rate Check, you skip bad lenders and get instant approval for multiple loans.
Bad Credit Personal Loans: Amount & Terms
Personal loans are unsecured loans, which means you don’t need collateral for getting them. Typically, loan amounts range from $1,000 to $50,000 when you’re borrowing from a bank. Since banks are not an option for bad credit scores, online lenders offer smaller amounts.
We choose lenders that offer small personal loans for bad credit ($100-5,000). Lower amounts mean affordable interest rates, which is great for covering emergency expenses like consolidating debt or paying for credit card and medical bills.
Is there a cost to a personal loan?
Interest rates are not the only cost you pay for when taking out a personal loan. There are origination fees, finance charges, late fees, early payoff penalties, and more. Most of these costs are combined in an Annual Percentage Rate (APR), making it easy to understand the total cost you’ll be paying because a lender could be charging less interest but more in fees.
Interest Rates & Repayment Period
The lenders we connect you to have a flexible repayment period (61 days to 72 months) for their loans for bad credit with no credit checks. The shorter your repayment timeline is, the less you end up paying as interest. However, your monthly installments could be higher.
So there are both options, and you can choose longer payments with smaller monthly installments too. Since the APR is lower (5.99-35.99 percent) the total cost for your loan will still be less.
Can I Get Guaranteed Approval?
Even if you have extremely bad credit, there are lenders who offer guaranteed loans for bad credit with a cosigner. This person can family, friends, or anyone who is legally obliged to pay the debt if you fail to repay. Since the borrowing amount is small, our network of lenders doesn’t require any cosigners either.
What If I Get Denied for Personal Loans?
There’s always a chance that some lenders will not approve your personal loan request. While there’s always a chance of getting rejected, you can minimize the odds by applying through us. Even if 2/10 lenders are not offering you a loan, you’ll still have 8 options to choose from.
Are Online Personal Loans Safe?
There are two sides to every coin—good lenders and bad lenders. Some urgent loans for bad credit do try to trap borrowers by approving quickly but charging extremely high interest rates.
If you’re not careful with the terms, you may end up in debt or even worse, a debt cycle. When your loan defaults, the lender will refinance it into a new one with even higher APRs. These practices are no good for the borrowers, whose urgent need for money gets exploited.
Which is exactly why a filter is necessary. The government tries to regulate lenders and places restrictions of how much they can charge you for giving personal loans at bad credit. There are plenty of online platforms that filter out predatory lenders, including ours. We only select genuine lenders who charge fairly, without hidden fees or confusing loan terms.
The paperwork should also be minimal and easy-to-understand for the borrowers. You can stay safe by reading the fine print carefully and never signing documents too soon.
Lenders We Connect You With
Best Rate Check’s team is always on the lookout for the best lenders. You can rest assured that you’ll be getting paired with reputable and known lenders like Upstart, SoFi, Avant, Best Egg, etc.
Once you apply through our online loan application, your request is sent to these loan companies. At our end too, we analyze which option will be best for you. The documents you’ll need are basic as well:
- Government-issued ID
- Income proof (bank statements, pay stubs)
- Residence proof (utility bills)
Other Alternatives to Consider
Payday Installment Loans
Our bad credit personal loans are instantly approved and you usually get the funds on the same day. Similarly, payday loans are another popular short-term option where you can borrow smaller amounts until your next paycheck.
Online Title Loans
Title loans are another great option if you wish to borrow larger amounts by keeping your car’s title as collateral. Once you repay the loan, the title is returned in your name. Some lenders even let you keep using your vehicle while you’re still repaying.
Summary
Personal loans for bad credit give you a chance to borrow the money you need quickly and easily. While there are all sorts of lenders out there, you can choose safer options by applying with our website and selecting the loan terms that work for you. We filter out bad lenders and in just a single application, you will start receiving many different offers.
At the end, you can narrow down to the best interest rates and flexible repayment option for your bad credit personal loan. Got questions? Feel free to write to us in the comments!
Frequently Asked Questions
- Where can I get a personal loan if I have a bad credit score?
With a bad credit score, it is usually best to stick with genuine online lenders who charge fair interest rates, have flexible repayment options, and allow you to pay back in installments.
- Are bad credit personal loans online safe and secure?
It generally depends which lender you’re borrowing from. There are good lenders and bad lenders as well. Ultimately, you choose favorable rates and avoid predatory loans.
- What should I do if I get denied for a personal loan?
If you’re not able to get approved for personal loans with banks because of bad credit, try getting personal loans for bad credit online. There are many lenders who cater to borrowers that have urgent money needs but don’t have a perfect score.
- Can I get a bad credit personal loan with guaranteed approval for $5000?
Yes! Our lenders offer personal loans with guaranteed approval up to $5,000 without credit score checks.
