Best Personal Loans For Bad Credit In The Us – These Options Might Just Be What You Need!

Best personal loans for bad credit

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About Personal loans

Personal loans come in all shapes and sizes, and that is especially true when it comes to loans designed for those with poor credit. The good news is, no matter what your personal loan need, there are reputable providers that want your business — despite your imperfect credit history. These reputable firms provide the best personal loans for bad credit individuals in the US.  In this article, we’ll brief on these reputable firms and provide you with options on which of them is suitable for your needs.

What are your options?

When it comes to obtaining the best personal loans for bad credit, your options are limited… and usually not very good. The loans that do exist are often of the “payday” variety: low-dollar, short-term, and high-interest loans based not on your credit score but your regular income – which lenders gain access to through your checking account. While a payday loan can provide much-needed cash in an emergency, the industry is plagued by accusations of predatory practices that trap vulnerable borrowers.

Things you need to know

Whether it’s because you have a thin credit profile or a history of missed payments, a bad credit score will affect your interest rate and a bank’s perception of your ability to pay them back. Your loan may also be capped at a lower amount to help the lender lessen its risk, and you may even have to offer more collateral to secure a loan.

You’ll likely see high interest rates: For bad credit loans, it’s commonplace to see rates over 20%. Make absolutely certain that you can pay these rates, and that you don’t have any better options. Borrowers with better credit are rewarded with lower rates, so if you’re able to hold off and improve your credit score, you might be able to qualify for a much better rate in a year or so. In the meantime, you also might find the best credit cards for bad credit helpful.

One note before going forward: Bad credit means different things to different lenders. Some lenders won’t consider your application if you have a credit score below a certain number, while others will make it a smaller part of their lending decisions. For the purposes of this article, I focus on lenders who will make loans to customers with credit scores under 640. This score is considered “average” by most lenders, but lending criteria tightens considerably below this mark. A list of lenders that can provide the best loans for bad credit are provided below. We enjoin the reader to peruse through the various options and make choices based on which best suits his/needs.

  1. This firm is not a lender itself, and instead attempts to rise above this fray (if not very far above it) by connecting borrowers with poor credit to a network of willing lenders. To apply online, you must be 18 years old, have a valid phone number and email address, provide proof of citizenship or legal residency, show that you’ve been employed for 90 or more consecutive days with an after-tax income of at least $1,000 a month, and hold a checking account in your name.

In theory, using should spur competition and work in your favor: If you receive several loan offers, you can choose the best of the bunch. However, there’s no guarantee that you’ll receive multiple (or any) loan offers, and the ones you do get are unlikely to wow you: The company says the annual percentage rates (APRs) its lenders offer range from 230% to an incredible 2,330%. It’s important to remember that you’re under no obligation to accept these offers.

Why You’ll Like It

  • Even borrowers with truly bad credit may qualify for a loan of up to $1,000. (Those with better credit scores can apply for larger loans.)
  • Bad Credit Loans solicits offers on your behalf from its network of lenders so you can choose the best terms.
  • It’s free to apply, there’s no obligation to accept any offers, and there’s typically no inquiry on your credit report.
  • Most applicants can be pre-approved in as little as five minutes, according to the company, and you can receive your funds via direct deposit in as little as one day.


  1. OneMain: This is arguably the best secured options for obtaining the best personal loans for bad credit. Their loans typically range from $1,500-$10,000 and APRs typically from 25%-36%. However, depending on your credit profile, you may be able to receive a higher loan amount and lower APR. The company specializes in secured loans, though unsecured loans are also available. You can apply online, but OneMain has over 1,800 branches in many states.

Why You’ll Like It

  • An option to consider for borrowers who have credit scores under 600.
  • Offers both secured and unsecured loans.
  • Has more than 1,800 branches.
  • In business for over 95 years, A+ accredited with BBB.

These and many other options which would be published in subsequent articles you will find as go through our website. Visit, we keep you updated!