Loans
TOP 10 best personal loans 2022: even for bad credit!
If you're looking for a personal loan but have a bad credit score, you might feel like your options are limited. However, there are plenty of personal loan lenders out there who are willing to work with you. If you want to know who they are and what they can offer, keep reading this article!
Advertisement
Discover the best personal loans for bad credit in 2022
Getting a personal loan when you have low or fair credit scores is not easy. Most lenders prefer to work with borrowers who have a good payment history. However, there are credit union companies out there that can help you get the money you need. And we will show you how to get the best personal loans for bad credit.
To help you choose the best deal for you, we made a list of the top ten best personal loans for customers with low credit scores. Want to see who’s in it? Keep reading and find out!
What is a hybrid line of credit: a 101 guide
Learn everything you need to know about a hybrid line of credit and how this type of financing can help you improve your finances!
10 best personal loans options for those with bad credit
Check out now our list with the ten best options!
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Upstar
To begin our list, Upstart is the top choice for anyone with low credit or nonexistent credit history. Its main perk is the fast deposit into your bank account if the required paperwork is done by 5 pm on business days. There are also no early payoff fees.
However, it has high late fees, and the origination fee charged is withheld from the loan before it even makes it to your bank account. You’ll also need a social security number.
APR | 3.09% to 35.99%. |
LOAN PURPOSE | Medical expenses; debt consolidation; home improvement. |
LOAN AMOUNTS | $1000 to $50.000. |
CREDIT NEEDED | The average score is 600 but will accept applicants with low or no credit score. |
TERMS | 36 and 60 months. |
ORIGINATION FEE | 0% to 8% of the target amount. |
LATE FEE | The greater between 5% monthly past due amount or $15. |
EARLY PAYOFF PENALTY | None. |
OneMain Financial
OneMain Financial offers easy approval for applicants with low or fair credit scores with ACH funding within one or two business days. There’s also a decent loan minimum of $1.500 for minor needs and the option to apply for a secured loan for lower rates.
The disadvantages lie in a high origination fee and high interest rates. You can’t get an APR discount for autopay, and OneMain Financial doesn’t accept co-signers on the loan.
APR | 18.00% to 35.99%. |
LOAN PURPOSE | Emergency costs; debt consolidation; significant expenses. |
LOAN AMOUNTS | $1.500 to $20.000. |
CREDIT NEEDED | Between poor and fair. |
TERMS | 24, 36, 48 or 60 months. |
ORIGINATION FEE | Flat fee starting at $25 to $500; orPercentage ranging from 1% to 10%). |
LATE FEE | Up to $30 per late payment or up to 15%. |
EARLY PAYOFF PENALTY | None. |
Avant Personal Loans
Avant Personal Loans accepts applicants with a credit score lower than 600. It also offers the possibility of a secured loan against the title of your car for lower interest rates. The funding is quick, often by the next day after signing the paperwork. And there is a 10-day grace period for late payments.
Like most of the best personal loans for bad credit in this list, the cons are its origination fee and high interest rates (up to 35.99% in some cases). It’s also not the best solution for customers looking for debt consolidation since there is no direct payment to creditors.
APR | 9.95% to 35.99%. |
LOAN PURPOSE | Home improvement; major expenses; emergency costs. |
LOAN AMOUNTS | $2.000 to $35.000. |
CREDIT NEEDED | Between poor and fair. |
TERMS | 24 to 60 months. |
ORIGINATION FEE | Up to 4.75%. |
LATE FEE | Up to $25 per late payment after a 10-day grace period. |
EARLY PAYOFF PENALTY | None. |
LendingPoint Personal Loans
This personal loan agency provides a fast application with same-day approval for anyone with a minimum 580 credit score. Next-day funding is possible once the paperwork is verified and LendingPoint charges no early payoff fees.
However, it offers no joint or co-signed loan, and this service is not available in all states. Its origination fees are high, up to 6%, and you must have a social security number to request the loan.
APR | 9.99% to 35.99%. |
LOAN PURPOSE | Weddings, vehicle repairs, home renovations, and more. |
LOAN AMOUNTS | $2.000 to $36.500. |
CREDIT NEEDED | Between poor and fair. |
TERMS | 24 to 60 months. |
ORIGINATION FEE | Up to 6%. |
LATE FEE | Currently, it doesn’t charge any late fees. |
EARLY PAYOFF PENALTY | None. |
TD Bank
This personal loan offers one of the lowest APRs for borrowers with bad credit. Customers can request anywhere between $2.000 and $50.000, with the money being funded as fast as one business day. TD Bank also provides the option of changing your payment dates.
Its main drawback is that the loan comes with a couple of restrictions, and the borrower cannot use it for business or education purposes.
APR | 6.99% to 18,99%. |
LOAN PURPOSE | Debt consolidation; home improvements; medical expenses. |
LOAN AMOUNTS | $2.000 to $50.000 |
CREDIT NEEDED | Not disclosed. |
TERMS | 36 to 60 months. |
ORIGINATION FEE | Not disclosed. |
LATE FEE | 5% of the minimum payment or $10 |
EARLY PAYOFF PENALTY | Not disclosed. |
Upgrade
The purpose of requesting an Upgrade personal loan can be from debt consolidation to home improvements. It also offers a modest $1000 loan for smaller purchases, and the money is available for funding within the next day of approval.
The many requirements make this loan a little hard to get for people who don’t have a 75 percent or less debt-to-income ratio or a minimum of 560 credit score. Its high origination fees might also be a deal-breaker for some.
APR | 5.94% to 35.97%. |
LOAN PURPOSE | Major purchases; debt consolidation. |
LOAN AMOUNTS | $1.000 to $50.000. |
CREDIT NEEDED | Minimum 560. |
TERMS | 36 to 60 months. |
ORIGINATION FEE | 2.9% to 8%. |
LATE FEE | Up to $10. |
EARLY PAYOFF PENALTY | Not disclosed. |
Lending Club
Lending Club allows you to increase your chances of approval by having a co-signer. Borrowers with fair credit are eligible for this loan, but anyone with less than a 600 credit score might want to look elsewhere for better rates.
This loan charges an origination fee of up to 6%, and there is no autopay discount.
APR | 7.04% to 35.89%. |
LOAN PURPOSE | Home renovations; major expenses, medical bills. |
LOAN AMOUNTS | $1.000 to $40.000 |
CREDIT NEEDED | Minimum 600. |
TERMS | 36 to 60 months. |
ORIGINATION FEE | 3% to 6%. |
LATE FEE | 5% or $15, whichever is more. |
EARLY PAYOFF PENALTY | Not disclosed. |
Universal Credit
Universal Credit personal loans require a minimum 560 credit score and at least two accounts on credit history. There is a rate discount with payments directly to creditors on debt conciliation. You can also get a 0.5% discount for autopay, and it is possible to change your payment date.
However, it has a high origination fee, and there are no joint, co-signed, or secured options available.
APR | 8.93% to 35.93%. |
LOAN PURPOSE | Major expenses; debt conciliation; home improvements. |
LOAN AMOUNTS | $1.000 to $50.000. |
CREDIT NEEDED | Minimum of 560. |
TERMS | 36 to 60 months. |
ORIGINATION FEE | 4.25% to 8%. |
LATE FEE | Not disclosed. |
EARLY PAYOFF PENALTY | None. |
Best Egg
Best Egg requires a minimum 600 credit score for a personal loan, with a borrower average of 700. Customers with fair or lower credit scores can apply, but in case of approval, the APR is higher. Homeowners are eligible for secured loans.
The downside is that there’s no discount for autopay. And, like most of the best personal loans for bad credit suggestions so far, it also charges an origination fee.
APR | 4.99% to 35.99%. |
LOAN PURPOSE | Debt consolidation; home improvement. |
LOAN AMOUNTS | $2.000 to $50.000. |
CREDIT NEEDED | Minimum of 600. |
TERMS | 24 to 60 months. |
ORIGINATION FEE | 0.99% to 5.99%. |
LATE FEE | Not disclosed. |
EARLY PAYOFF PENALTY | Not declared. |
Prosper Borrowers
Prosper Borrowers require a few qualifications before considering the borrower’s request. The minimum 640 credit score makes this a hard-to-get loan for most people with fair or bad credit. However, you can still apply and take advantage of a joint loan if it’s approved.
There is no rate discount for autopay, but the customer has the option to change their payment date if they need to.
APR | 7.95% to 35.99%. |
LOAN PURPOSE | Home improvements; weddings; medical expenses. |
LOAN AMOUNTS | $2.000 to $40.000 |
CREDIT NEEDED | Minimum of 640. |
TERMS | 36 to 60 months. |
ORIGINATION FEE | 2.41% to 5% |
LATE FEE | Not disclosed. |
EARLY PAYOFF PENALTY | Not announced. |
And if you want to learn more about finances, check out our guide below, where we’ll explain to you the different types of fees when you apply for a loan!
Three types of fees: a guide for beginners
Learn about the different types of fees before requesting a personal loan!
Trending Topics
LendingClub Personal Loan: how to apply now!
Wondering how to apply for a LendingClub personal loan? We've made it easy with this step-by-step guide. Up to $40k as loan amount!
Keep Reading7 best credit cards for no credit: find the right fit for you
Starting financial life can be difficult. Read on to see the best credit cards for no credit that can help you on your way!
Keep ReadingMake up to $30K working at Panda Express: See job vacancies
Build a successfull career at Panda Express! Earn a competitive compensation and enjoy amazing benefits - free meals included!
Keep ReadingYou may also like
Home prices are still on the rise in the US: understand
The real estate market is going through a major crisis. Want to understand more about the increase in home prices? Read our post!
Keep ReadingChase Sapphire Preferred® Credit Card Review
The Chase Sapphire Preferred® Credit Card has everything you need to travel and get a lot of rewards for using it. Keep reading to learn how!
Keep ReadingQuick Loan Link: how to apply now!
Discover how to apply for a loan with Quick Loan Link online or through their app! Borrow up to $50,000 with flexible terms! Read on!
Keep Reading