Best Installment Loans for Bad Credit of February 2024

ElitePersonalFinance
Last Update: September 25, 2023 Loan Reviews Loans

An installment loan allows you to borrow money, usually between $5,000 and $250,000, and repay it over time in monthly installments. Term lengths typically range between three and six years and sometimes longer. Installment loans, also known as personal loans, are used for a wide variety of expenses, including home improvement, credit card debt consolidation, buying a car, and paying for medical bills, to name a few.

Personal loans can vary widely in length, APR, and fees. Therefore, it is essential to choose carefully, considering several factors when looking for an installment loan. If you have a low credit score, rates could go as high as 30% or more.

We have scrutinized some of the best legit installment loan companies by looking at their background, fees, terms, and rates to recommend reputable providers. Most lenders are soft, and most banks and credit unions perform hard inquiries.

Review our marketplace to find the best installment loans for bad credit February 2024.

Best Installment Loans for Bad Credit of February 2024: Key Findings

Loan Amounts:

The typical personal installment loan amount ranges from $100 – $250,000.

Interest Rates:

The APR on an installment loan can vary between 5.99% to 35.99%. However, those with bad credit should expect 15% – 35.99%.

Credit Scores:

You can get a loan with bad credit, but you will pay higher fees. We have reviewed installment loans you can get with bad credit and with a minimum credit score of 0.

Income Requirements:

You need to make $20,000 or more per year to access installment loans with bad credit.

Best Installment Loans for Bad Credit of February 2024

Lender:Loan Amount:APR:Min. Credit Score:Best For:
ZippyLoan$100 – $15,00012% – 35.99%0Bad or No credit
Upstart$1,000 – $50,0004.6% – 35.99%300Limited Credit History
LendingPoint$2,000 – $36,5007.99% – 35.99%600Small Loans
Upgrade$1,000 – $50,0008.49% – 35.99%UnspecifiedFast Funding
OneMain Financial$1,500 – $20,00018.00% – 35.99%UnspecifiedSecured Loans
Avant$2,000 – $35,0009.95% – 35.95%580Variety of Repayment Alternatives
Lending Club$1,000 – $40,0008.30% – 36.00%500Smooth Online Experience
TD Bank$2,000 – $50,0006.99% – 19.99%600Low Caps Rate
Happy Money$5,000 – $40,0005.99% – 24.99%600Low APR
BadCreditLoans$500 – $10,0005.99% – 35.99%UnspecifiedBad Credit Loans
Alliant Credit Union$1,000 – $50,00010.49% – 12.49%</