Compare bad credit loans - Roost
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Best bad credit loans

Bad credit is typically defined as a credit score below 580.  Unfortunately, you’ll pay a higher APR and fees for the loan, so keep working on improving your credit score to consolidate or transfer loans with a lower rate at a later date. Here are a handful of companies that cater loans to lower credit scores. 

Upstart Personal Loan

Loan amount             
$100 – $50,000
APR
8.94 – 35.99%
Credit score
580+

Product details

  • No minimum credit history,  minimum credit score of 580 and Minimum gross income of $12,000
  • Requires a personal bank account with routing number and must have a U.S. residential street address (military exceptions apply)
  • Accepts borrowers who are new to credit and can fund in as little as one business day

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100. ● This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the U.S. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. ● The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

PersonalLoans.com personal loans

Loan amount
$1,000 – $35,000
APR
5.99% – 35.99%
Credit score
580-600+

Product details

  • PersonalLoans.com is not a lender, but has a large network of lenders 
  • Accepts wide range of credit types
  • Loans can be used for any purpose.
  • With a single online application you can receive quotes from multiple lenders 
  • Funding as soon as 1 business day
  • Rates and fees are determined by the individual participating lenders.

Disclaimer

PersonalLoans.com connects borrowers with lenders or lending partners and thus the specific terms and conditions of the specific lender or lending partner will apply to any loan a borrower takes out. We are compensated by these lenders or lending partners for connecting you with them, and the compensation received may affect which offer you are presented with. Any display of APR, loan amounts, interest or other loan details are estimations only, and actual amounts will vary by lender or lending partner and by borrower. Please note that some lenders or lending partners may perform credit checks as part of their credit transaction approval process. The lender or lending partner you connect with may not offer the best possible terms and borrowers should always compare all available options before making any decisions. In addition, you may be connected with a tribal lender. Tribal lenders’ rates and fees may be higher than state-licensed lenders, and are subject to federal and tribal laws, not state laws.

Upgrade Personal Loan

Loan amount
$1,000 – $50,000
APR
6.94% – 35.97%
Credit score
580+

Product details

  • View your offers in minutes.
  • Low, fixed-rates, so the rate will never go up on you.
  • No prepayment fees, so you can pay your loan off at any time.
  • Payment flexibility; you can change your payment date to work best for your budget.
  • Rate discount for autopay.
  • Allows secured, co-signed and joint loans.

Disclaimer:

Personal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

BadCreditLoans

Loan amount
$500 – $10,000
APR
5.99% – 35.99%
Credit score
No Min

Product details

  • Apply at no charge. 
  • Terms range from 3 to 36 months.
  • BadCreditLoans.com connects you with multiple lenders.
  • Three easy steps, all online.

Disclaimer:

BadCreditLoans is not a lender, does not broker loans, and does not make loan, APR, or credit decisions. Loan amounts will vary depending on Lender. Funding is conditional upon approval.

Lending Tree Personal Loan

Loan amount
$1,000 – $35,000
APR
2.97% – 35.99%
Credit score
640+

Product details

  • LendingTree is a leading online loan marketplace that connects consumers to one of the largest networks of lenders in the nation
  •  Lenders offer a variety of loan types, from mortgages to auto loans to unsecured loans.
  • If you have less-than-ideal credit, you may still qualify for a personal loan.

Disclaimer

LendingTree is not a lender in any transaction and does not make loans, loan commitments or lock-rates. All credit decisions, including loan approval and the conditional rates and terms you are offered, are the responsibility of the participating lenders and will vary based upon your loan request, your particular financial situation, and criteria determined by the lenders to whom you are matched. Not all consumers will qualify for the advertised rates and terms. APR may be in lieu of rebates or incentives. Dealer participation may affect consumer cost.acceptance and funding in accordance with federal law

Best bad credit loan: FAQs

What is a bad credit score?

If your credit score is under 580, you may find it challenging to get a good loan. You can improve your odds if you have a good income or a cosigner. You may also obtain other types of loans that involve collateral, such as a vehicle loan. In many situations, unless you are facing an immediate emergency, you would have better luck if you took a few months to work on improving your credit score to over 580.

How do I get a personal loan with bad credit?

To obtain a loan with bad or marginal credit, consider one of the services listed above. Personalloans.com, Upgrade, and BadCreditLoans consider applicants with lower credit scores. To apply for a personal loan, you’ll need to submit supporting documents such as IDs, proof of income, and proof of address. You also have to give the lending company permission to check your credit report.

What is the best payday loan for bad credit?

Unless you have no other options, we cannot recommend payday loan services. The only way it is a semi-affordable option is by paying off the loan and fees within the original term. Typically, if you pay off the loan within the first term, the fee is $20 or so per $100 borrowed. For example, if you borrow $300, you’ll be required to pay $60 or more in fees. If you cannot pay the original $300 back, you’ll have to pay another $60 or more to extend the loan. This can quickly snowball into an expensive loan. While some states limit interest rates that payday loan services can charge, the average rate is still over 600 percent!

How can I quickly improve my credit score?

Even though these loans accept lower credit scores, your score may still be too low, so you’ll need to raise your score to be considered for a loan. If you have a credit score of 550 or so, you’ll benefit from raising your score. A better score helps you get approved and will also increase your chances of being awarded a lower interest rate. To learn how to improve your credit, see our Ultimate Guide to Building Credit.

Can I get a small business loan with bad credit?

Your credit history matters to most types of lenders, including business loan services. However, some lenders may consider loaning to you, especially if you need working capital to fulfill POs or orders already submitted. They may consider credit scores as low as 600. However, interest rates may not be optimal. Some rates are as high as over 80 percent. To be considered for a business loan, lenders will look at your business history, revenue, cash flow, and possible collateral.

What are loans for bad credit used for?

Unlike some loans, often, the lender can not dictate how the borrowed funds are used. People often use personal loans to pay off high-interest debt, cover an emergency expense, or avoid costly payday loans. Others use personal loans for making home repairs and replacing appliances. Personal loans are also sometimes used to cover expensive events such as a wedding or vacation.

Roost strives to keep its information accurate and up to date. This loan account information may be different than what you see when you visit a financial institution, service provider or specific product’s site.  When evaluating loan accounts offers, please review the financial institution’s Terms and Conditions.