Best Personal Loans for Bad Credit of June 2024

ElitePersonalFinance
Last Update: October 12, 2023 Loan Reviews Loans

Millions of Americans end up overpaying on bad credit loans every day. Payday loans and auto title loans are 10 – 50 times more expensive than personal loans! The average payday loan APR is 400%!!! Stay away from them!

But what if you are with bad credit? Can you qualify for a personal loan? Yes! Stay with us. We have something for you! In 2024, qualifying for a cheap personal loan with bad credit is possible. Personal loan rates for bad credit vary between 15% to 35.99%, which is times cheaper than traditional payday loans! First of all, watch our video that shows how people with bad credit can get a personal loan.

Best Personal Loans for Bad Credit of June 2024: Key Findings

Personal loans for bad credit range from 15% to 35.99%.

Personal loans vary between $100 to $100,000.

People with bad credit can get a personal loan.

Payday loans average at 400% APR. People with bad credit who can’t qualify for a personal loan have many options than payday loans.

Types of loans available for people with bad credit:

  • Personal loans for bad credit. These range from 15% to 35.99%.
  • Alternative payday loans. These range from 35.99% to 400%.
  • Secured personal loans.
  • Cosigner loans.
  • Loans from credit unions. Credit unions offer loans, capped at 18% for people with bad credit.
  • PALs. These are quick cash alternative options from credit union payday loans that are capped at 28%. PALI: up to $1,000; 1 – 6 months repayment. PAL II: up to $2,000, 1 – 12 month repayments; not requires to be a member for at least a month.
  • Credit cards for bad credit.
  • Credit card cash advances.
  • Cash advance apps. $100 to $1,000, interest-free cash. Fast approval without a credit check.
  • Buy Now Pay Later companies. Buy stuff and pay for it later.