When you need cash right away for an unexpected home repair but can’t get approved for a regular loan because of your low credit score, a bad credit personal loan can help you through your situation. It can also provide the funding you need for your next family vacation or just about any expense your savings isn’t able to cover.
Bad credit personal loans do not have strict credit score requirements which means that getting approved is not the main challenge but finding the right creditor is. To help you get started, you can check out these Top 4 online bad credit personal loans:
- WeLoans – Our top recommendation personal loan website with outstanding services.
- US Bad Credit Loans – Get easy bad credit loans via US Bad Credit Loans.
- iPaydayLoans – You can obtain up to $35,000 through iPaydayLoans.
- CocoLoan – CocoLoan provides bad credit personal loan amounts up to $35,000.
10 Best Ways To Get Online Loans With Bad Credit
If you want to get personal loans without any hassles, WeLoans is the right one to go. As our top recommended online loan platform, WeLoans partners with reputable lenders and offers a variety of loan services including online personal loans for bad credit.
WeLoans connects you with trusted lenders that offer all kinds of loan services with competitive terms and rates.
The online information submission portal allows you to input up to $5,000 for their installment loans and payday loans, but if you want to borrow a larger amount of up to $35,000 you could also check out their online title loans, and online personal loans. The amount you can borrow may vary depending on your location as some states have regulations, as well as your ability to repay.
Furthermore, when you submit your information with WeLoans, you can access loan options that are suitable for borrowers with bad credit. Many of these loans also allow repayment via several methods including cash, debit card, automatic debit, or post-dated check.
- Safe and secure SSL encrypted platform
- Different repayment methods
- Many partner lenders have a fast approval process
- Some loan offers have high-interest rates
US Bad Credit Loans
US Bad Credit Loans is a reliable online loan website where you can get loans with no hard credit checks. Many of these loans have no strict credit requirements and the approval rate is high. This gives you a higher chance of success even if your credit score is not spotless.
Using any device connected to the Internet, you could submit your information to them and get loan offers anytime and anywhere you are. Many of the lenders in their panel provide a fast decision on your application. After agreeing to the terms and conditions of a loan offer, you can get your cash in your bank account as fast as the same day.
US Bad Credit Loans is an all-around credit service platform that connects you to thousands of lenders across the country. These lenders offer loans from $50 up to $5,000 with competitive interest rates. For a higher personal loan amount up to $35,000, you need further communication with the lender of your choice. Aside from personal loans, their partner lenders also offer payday loans, title loans, cash advances, bad credit installment loans, and same-day loans.
- Easy information submission
- Fast lender decision
- Top-notch security
- US Bad Credit Loans is not a direct lender
- Higher-than-market interest rates
When you need some quick cash or looking for a fast online loan, iPaydayLoans can help. This broker can connect you with lenders that offer a loanable amount of as low as $50. With a low minimum loanable amount, you don’t have to worry about borrowing more than you need which in turn can cost you hefty interest rates.
iPaydayLoans has a network of lenders offering bad credit personal loans up to $5,000 that does not involve hard credit searches. The entire process of submitting your information to iPaydayLoans and getting your funds from a lender can be done easily and conveniently online.
Aside from bad credit personal loans, many of their partner lenders also offer payday loans, bad credit installment loans, title loans, and quick loans. With a wide variety of loan options to choose from, you could choose a loan type that is most suitable for you.
- Wide range of loan options
- Easy submission of information
- No hidden fees
- The maximum bad credit loanable amount is only $5,000
CocoLoan offers 24/7 loan service on their free-to-use secure online platform. When you submit your information to them at any time of the day, they will immediately share your information with their network of lenders so that you can get loan offers as fast as a few hours after submission.
Even more, the best thing about many of these loan offers is that they come with basic eligibility requirements and the approval rate is high. If you need quick cash and have no luck with regular personal loans, CocoLoan can help you find a bad-credit-friendly personal loan.
CocoLoan connects you with their network of lenders that offer different types of bad credit loans including secured and unsecured personal loans, payday loans, cash advances, home equity loans, and student loans for bad credit. The loanable amount varies per lender but generally, the range for a payday loan or an installment loan is between $500 and $5,000, and personal loans are with a range from $500 and $35,000, additional communication and documents required.
- Different loan options for borrowers with bad credit history
- Easy online submission of information
- Secure platform
- Many partner lenders charge APR higher than 30%
With their round-the-clock availability, BadCreditLoans can be a good option when you are in need of emergency quick cash. After filling out their online secure form, you may be able to get a loan offer from their partner lenders in as fast as a few minutes of submission.
BadCreditLoans is available 24 hours a day and 7 days a week to connect you with their huge network of lenders offering loanable amounts between $500 and $10,000 with an APR of as low as 5.99% and as high as 35.99%. Loan products offered by their partner lenders generally have a minimum repayment term of 90 days to a maximum of 72 months or 6 years.
- 24/7 availability
- With options for long repayment terms
- Partner lenders have a high loanable amount
- Very high-interest rates
PersonalLoans partners with a huge network of lenders and third-party financial institution networks to help you get more loan offers after submitting your information with them. Many of these lenders offer competitive rates.
Loans with no hidden fees and no upfront costs are hard to come by but you may be able to find one if you submit your information with PersonalLoans. They have an online form that’s easy to complete and it connects you with funding options in minutes. The loanable amount is between $1,000 and $35,000 with APR ranging from 5.99% to 35.99% while the repayment period can be as early as 3 months and up to 72 months. Even better, if you receive a loan offer and accept it, the funds can be deposited electronically into your checking account in as fast as one business day.
- Easy-to-use online form
- Loan options with long repayment terms
- With some negative reviews about the customer service experience
CashAdvance specializes in helping borrowers connect with lenders that offer short-term loans including cash advances with an easy and hassle-free application process. They have a large network of lenders, which gives you more opportunities to receive loan offers to compare.
CashAdvance connects you with a panel of lenders that offer bad credit personal loans up to $10,000 with an APR of 15 to 30%. Loan terms vary depending on the lender with the fastest repayment period you can choose being 7 days while the longest is 12 months. Using the online calculator on the website, you can conveniently see how much your potential interest is for a given loan amount and loan term.
- High loanable amount of up to $10,000
- Easy information submission via the online form
- Partner lenders have high approval rates
- Some partner lenders have high borrowing rates
AdvanceAmerica has been in the business of connecting borrowers with lenders for over 24 years now and already has provided more than 148 million loans. This is a hard-to-beat service experience! This company is able to help borrowers find lenders with fast turnaround times and high approval rates.
AdvanceAmerica’s partner lenders offer a wide variety of bad credit-friendly loans including personal loans, payday loans, installment loans, title loans, emergency loans, and line of credit loans. Many of these lenders allow you to borrow up to $25,000 even if you don’t have a high credit score.
- With over 100,000 positive reviews
- Safe and secure platform
- Approval and crediting can be as fast as the same day
- The borrowing rates of many partner lenders can be a bit high
NetCredit partnered with trusted loan providers to help you find a suitable loan that matches your qualifications. Their easy-to-use online form for submitting your information gives you a better borrowing experience.
NetCredit is the place to go if you are looking for reliable and secure online financial support. Their partner lenders offer hassle-free and fast-funding loan options, allowing you to borrow up to $10,000 for a personal loan and up to $4,500 for a line of credit. Once approved, your funds are typically deposited to your bank account the next banking day or even sooner.
- Partner lenders offer fast funding
- Easy online submission of information
- NetCredit only offers two types of loan
With over a million happy customers, Avant is proud of its service standards and would like to keep it on in the future. Avant offers a variety of online financial solutions and they may have the loan option that you need to help you with your current situation.
The Avant credit products which include personal loans and a credit card are designed to help customers who are in need of quick cash. As for their personal loans, you can apply for up to $35,000 for unsecured loans with APR that ranges from 9.95% to 35.99%. The terms of these loans vary but the typical length is between 24 and 60 months. Aside from offering personal loans, Avant also offers a credit card with a limit that ranges between $300 and $3,000. Their credit card can help build your credit score.
- Great customer service
- Clear and transparent process
- With user-friendly app
- Limited loan options available
How Bad Is “Bad Credit?”
Different credit institutions have their own credit-scoring models. Many lenders use FICO in evaluating the credit worthiness of borrowers. FICO scores range between 300 and 850, and the higher the score is, the better. Credit scores that fall below 580 are considered poor or bad credit scores.
Can I Get Personal Loans With Bad Credit?
The short answer to this question is yes. Many lenders will still consider your application even if you have a bad credit score since credit score is not the major aspect when lenders assess your financial status. To increase your chances of approval, you need to reach the basic requirements and show that you are capable of repaying the loan by showing proof of your income.
Is Getting Online Personal Loans Going to Affect My Credit Background?
Getting online personal loans may or may not affect your credit score. When you apply for a loan, the lender will generally perform either hard or soft credit checks to get an idea of your credit worthiness. Hard credit checks can cause a dip in your credit score, and if you submit more loan applications that require hard credit checks, the more damage they will cause to your credit report. On the other hand, if you manage to repay your loans consistently, it will generate a positive impact on your credit score over time.
Are Collaterals Needed for Online Bad Credit Loans?
Some small amounts of online bad credit loans are considered unsecured loans and they do not require collateral while other bad credit loans such as title loans and registration loans, are secured and require collateral. Generally secured loans have higher loanable amounts and lower interest rates.
What Should I Keep In Mind Before Getting an Online Bad Credit Loan?
Before you decide that an online bad credit loan is a suitable option for you, consider the following attributes of this type of loan:
As online bad credit loans are associated with big risks, many creditors charge high-interest rates. Sometimes, the APR for a particular loan may not reflect its actual cost because of other hidden fees.
High upfront fees
Aside from the high-interest rates, you should also watch out for high upfront fees, one of the most common of which is loan origination fees.
Some online platforms where you can compare loans are not secure so there’s a big risk that other people might access your information and be subjected to identity theft. To protect yourself, only deal with companies with tight security measures.
Early repayment penalties
While you may think of repaying your loan earlier than your loan term, this may not be true at all times as many of these bad credit loans charge early termination or early repayment fees.