Best Personal Loan Companies for Bad Credit
When it comes to obtaining personal loans, having bad credit can be a significant barrier. However, several lenders specialize in providing loans to individuals with less-than-perfect credit scores. This report outlines some of the best personal loan companies for bad credit, their features, and what borrowers should consider when applying for a loan.
1. Avant
Avant is a well-known lender that offers personal loans specifically to those with bad credit. They provide loans ranging from $2,000 to $35,000, with repayment terms between 24 and 60 months. Avant's application process is straightforward, and borrowers can receive funds as soon as the next business day. One of the standout features of Avant is its flexible credit score requirements, making it accessible for those with scores as low as 580. However, borrowers should be aware that interest rates can be higher than average, ranging from 9.95% to 35.99%.
2. Upstart
Upstart is another viable option for individuals with bad credit. This lender uses a unique algorithm that considers factors beyond just credit scores, such as education and employment history, to determine creditworthiness. Upstart offers loans from $1,000 to $50,000, with repayment terms of three or five years. Interest rates range from 5.4% to 35.99%. The application process is quick, and borrowers can receive funds within one business day. Upstart is particularly appealing to younger borrowers or those who may have limited credit history.
3. OneMain Financial
OneMain Financial specializes in personal loans for borrowers with bad credit, offering secured and unsecured loans. Loan amounts range from $1,500 to $20,000, and repayment terms can be as short as 24 months or as long as 60 months. OneMain is known for its personalized service, with local branches available for in-person consultations.
When it comes to obtaining personal loans, having bad credit can be a significant barrier. However, several lenders specialize in providing loans to individuals with less-than-perfect credit scores. This report outlines some of the best personal loan companies for bad credit, their features, and what borrowers should consider when applying for a loan.
1. Avant
Avant is a well-known lender that offers personal loans specifically to those with bad credit. They provide loans ranging from $2,000 to $35,000, with repayment terms between 24 and 60 months. Avant's application process is straightforward, and borrowers can receive funds as soon as the next business day. One of the standout features of Avant is its flexible credit score requirements, making it accessible for those with scores as low as 580. However, borrowers should be aware that interest rates can be higher than average, ranging from 9.95% to 35.99%.
2. Upstart
Upstart is another viable option for individuals with bad credit. This lender uses a unique algorithm that considers factors beyond just credit scores, such as education and employment history, to determine creditworthiness. Upstart offers loans from $1,000 to $50,000, with repayment terms of three or five years. Interest rates range from 5.4% to 35.99%. The application process is quick, and borrowers can receive funds within one business day. Upstart is particularly appealing to younger borrowers or those who may have limited credit history.
3. OneMain Financial
OneMain Financial specializes in personal loans for borrowers with bad credit, offering secured and unsecured loans. Loan amounts range from $1,500 to $20,000, and repayment terms can be as short as 24 months or as long as 60 months. OneMain is known for its personalized service, with local branches available for in-person consultations.