Introduction
When it comes to getting a personal
loan, there are a number of different lenders and financial companies that can
help you out. This is especially true for those who have bad credit and are
looking for a way to get financing at an affordable rate.
You need to compare the different
options before making a decision, so here are our top five lenders for personal
loans with bad credit.
The bad credit personal loan
industry can be confusing, especially for those with low credit scores. In
fact, the standards a typical lender uses to weed out applicants varies
depending on the geographic region, so the best place to start is by
understanding which factors are most important to look at when applying for a
personal loan with bad credit.
Our
first pick for personal loans is Avant.
Avant is a unique company that
offers personal loans for people with bad credit. You can apply for a loan
online and then call Avant to negotiate your terms.
Avant does not require an
application, so you can sign up with them and start borrowing money
immediately.
We've found that Avant is one of the
most forgiving companies when it comes to bad credit. Even if you have an FICO
score of 580 or below, they will still consider you as a viable candidate.
If you do have bad credit, they will
work with you to help pay off your debt slowly over time through a repayment
plan that suits your budget and credit score.
The interest rate on their loans is
also very low at only 6% APR (APR stands for annual percentage rate). This
makes Avant a great option for borrowers who are struggling to make ends meet
each month.
Our
second pick for personal loans is OneMain Financial.
If you have bad credit, you might be
wondering what the best lenders for personal loans are.
OneMain Financial is our second pick
for personal loans because of its easy-to-use application process and its low
fees.
The company offers a variety of
personal loan products at a variety of interest rates and annual percentage
rates. There isn’t much in the way of documentation required to get approved
for one of these loans, either.
It can take as little as two
business days to approve an application for a OneMain Financial personal loan
with bad credit. It also has some of the lowest fees in the industry —
typically around 0% APR and $15-$30 fee per month based on your credit score.
Our
third pick for personal loans is LendingClub.
Our third pick for personal loans is
LendingClub. This online lender offers a variety of personal loan options that
you can use to consolidate debt, pay back bills and improve your credit score.
You can apply for a personal loan
through the website or through an app available on iOS and Android devices.
LendingClub is also one of the few lenders that allows you to open an account
without having a checking account, so it's a good option if you don't have one
already.
The application process at
LendingClub is simple; it takes less than 15 minutes to fill out your
application and get approved for a loan. You'll receive an email with
information about your approval and how much money you can borrow, which will
then be deposited into your account within 24 hours of approval.
Our
fourth pick for personal loans is Prosper.
Prosper is a popular choice among
people with bad credit because it was one of the first online lenders to accept
loans from people with bad credit. Many people have reported that they were
able to get a loan with as little as $1,000 in their bank account.
Prosper's website looks like the
typical website for a small business, not unlike other companies whose services
are targeted at the same market. But this is exactly what sets Prosper apart
from its competitors: The company doesn't just offer products and services; it
also provides financial education and counseling to help customers improve
their credit scores before applying for a loan.
Prosper doesn't require borrowers to
have perfect credit scores or even good ones. However, you must be over 18
years old and have some form of identification that includes your photo ID
(driver's license) or passport number. If you don't have much income, you may
be able to qualify for one of Prosper's "Bad Credit Loans" without
paying any interest at all.
Our
fifth pick for personal loans is Upstart.
One of the most common loans for
personal use is a personal loan, which can help you pay for your education and
other expenses. However, you may have bad credit and struggle to get approved
for a loan from traditional lenders. Fortunately, there are other options
available to you.
Upstart is an online lender that
offers personal loans with no credit check up to $35,000! They offer 100%
financing for up to 36 months with a simple approval process. All borrowers
must be at least 18 years old and have a valid email address and phone number
on file. Lenders can expect approval in just 24 hours when they meet the
minimum qualifications.
For those who want to repay their
loan over time without paying too much interest, Upstart offers low monthly
payments of 3% or 4% depending on your creditworthiness and term length. The
repayment schedule varies based on how long you take to pay back your loan —
shorter terms require higher monthly payments but have lower interest rates
than longer terms.
What
is the minimum credit score for personal loans?
The minimum credit score for
personal loans is typically between 500 and 700, but your lender may require a
higher score if you have good or excellent credit.
The following lenders offer personal
loans with bad credit:
AvantCredit
AvantCredit offers short-term loans
from $1,000 to $25,000 in most states. The company does not report your credit
history to any other financial institution, which means you will be able to
access the money you need without negative marks on your credit report.
Chime
Chime is an online lender that
offers a variety of personal loan products. They’re available for borrowers
with no or low FICO scores and up to 100 percent of your current income. If you
have poor credit or an unfavorable payment history, Chime may be able to offer
you a loan at a lower interest rate than other lenders. They also offer loans
in several states where other lenders don’t service customers with poor credit
scores.
Citizens Bank
Citizens Bank offers personal loans
up to $35,000 with no down payment required in most states. Down payments are
allowed by some lenders but not all; it’s important that you check with the
company before applying so that they can
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