How Can I Get a Loan With Bad Credit?

Many borrowers with bad credit can qualify for loans from specialized lenders and fintechs, including the 10 profiled here, which work with subprime applicants or consider factors such as banking history and income in their approval decisions. While you should expect high rates and unfavorable terms, bad-credit loans can help you rebuild your financial profile by establishing a steady history of on-time payments. 

The following platforms offer traditional installment loans, personal credit lines and payday advances to poor-credit borrowers who might be rejected by traditional lenders.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Lenders That Allow Borrowers With Bad Credit

None of the following bad-credit lenders imposes early-repayment penalties, but many charge a variety of other fees in addition to interest.

Where you live also contributes to your borrowing power and rates, which can vary considerably by state. 

Avant

Avant provides personal loans of up to $35,000 and, upon approval, funds are delivered as soon as the next business day.

Additionally, Avant offers a basic credit card for borrowers with low credit scores, with credit lines ranging from $300 to $3,000 and annual fees of $0 to $125.

NetCredit

NetCredit offers loans of up to $10,000 and uses an algorithm that increases approval odds for scores as low as 550 and helps borrowers strengthen their credit profiles upon approval.

For applicants seeking open-end borrowing, NetCredit offers credit lines of up to $4,500 to draw from as needed, with interest paid only on the amount borrowed. 

Upstart 

Upstart, which has served more than 4 million borrowers, maintains an excellent 4.9-star rating on TrustPilot and uses an approval model that considers factors including education and employment for loans of up to $75,000.

Separately, it offers short-term relief loans ranging from $200 to $2,500 for terms of three to 18 months, with no hidden fees.

Oportun

Oportun is a Treasury-certified Community Development Financial Institution (CDFI), which allows it to qualify applicants from underserved groups based on their ability to repay rather than relying solely on their credit scores.

CreditNinja

CreditNinja offers unsecured personal loans for bad credit with no minimum credit score required to apply. However, APRs can be high for riskier borrowers, and it’s available in fewer than 30 states.

Tilt

Tilt focuses on small-dollar cash advances at 0% APR, without gouging borrowers with fees. Applicants, 75% of whom qualify, can cancel the comparatively modest $8 monthly subscription at any time.

OppLoans

OppLoans performs a soft pull on your Experian credit report and a hard pull on your Clarity report to ensure applying won’t impact your FICO score. Clarity focuses on alternative data that can help less-qualified applicants get a loan.

CreditFresh

CreditFresh boasts quick approvals, fast funding and 0% interest. However, its billing cycle charges, while clear and transparent, can be exorbitant. For example, in Pennsylvania, $85 of a $100 minimum payment on a $1,500 balance goes to fees.

Possible Finance

Possible does not check your credit and allows borrowers to move payments up to 29 days from the original due date. Approval is based on spending habits, income and banking history, but fees can quickly add up. For example, Alabama borrowers would repay $240 over eight weeks for a $100 loan.

OneMain Financial

OneMain considers applicants with all credit backgrounds and caps APRs at a reasonable rate for personal loans. Checking offers won’t impact your score.

Wrap Up

A disclaimer on NetCredit’s own FAQ page sums up the reality of borrowing with poor credit, in general. It states: “Please note: this is an expensive form of credit. Other credit options may be less expensive.”

With that in mind, a bad-credit personal loan, credit card or line of credit can be worth the high rates, not only to meet an immediate financial need, but to help establish a stronger credit history over time and secure better terms in the future. 

FAQs

What is the easiest loan to get approved for with bad credit?

You’re most likely to get a loan with bad credit — generally FICO scores of 580-600 or less — through platforms such as NetCredit, Avant and Upstart, which specialize in poor-credit lending and consider non-score qualifying factors, such as employment and banking history. 

How can I get $2,000 or more with bad credit?

While some bad-credit lenders start with loans of $1,000, you can double that or better by demonstrating a history of direct deposits, steady employment or even a verified job offer.

What is a hardship loan?

A hardship, or relief loan, is a type of personal loan — typically a smaller amount extended for a shorter term — designed to meet immediate financial needs. Hardship loans are often contingent upon current employment and structured for automatic payday repayments. 

What is the lowest credit score for a personal loan?

The minimum score for most lenders is 580 to 600. However, some specialized online lenders and fintechs offer loans specifically for borrowers with subprime credit.

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