Best Personal Loans for Bad Credit 2020

EPF Last Update: October 12, 2020

Millions of Americans end up overpaying for bad credit loans every day. Payday loans and auto title loans cost 10-50 times more than personal loans! Average payday loan APR is 400%!!! Stay away from them!

But what if I’m with bad credit, can I qualify for a cheaper loan? Stay with us, we have something for you! In 2020, qualifying for a cheap personal loans with bad credit loan is possible. And we will prove to you how easy is to get a personal loans with APR 5.99% – 35.99%, $500 – $35,000 in less than a day!

Whether you are looking for a bad credit loan or you want to consolidate your existing payday loans with much more cheap loan, our lenders will ALWAYS help!

All of them are licensed, legitimate and do NOT perform hard inquiry on your credit file, which means you can shop around without worrying that your credit score will be affected!

Here they are!

Best Personal Loans for Bad Credit 2020

Less Than 580

Loan CompanyMin Credit ScoreAPRAmountApprovalTermsType
BadCreditLoans

05.99% – 35.99%$500 – $5,000< 1 Day3 – 36 MonthsPersonal Loans for Really Bad Credit
OppLoans

0Vary By State$1,000 – $5,000< 1 Day9 – 36 MonthsAlternative Payday Loans for Really Bad Credit
LendUp

0Vary By State$100 – $1,000< 1 Day7 – 30 DaysAlternative Payday Loans for Really Bad Credit
CashUSA

05.99% – 35.99%$1,000 – $10,000< 1 Day2 – 5 YearsSecured Personal Loans for Bad Credit
LendingTree
LendingTree Personal Financing Site Logo

5003.99% – 35.99%$1,000 – $35,000< 1 Day1 – 5 YearsPersonal Loans for Bad Credit
SignatureLoan

05.99% – 35.99%$1,000 – $35,000< 1 Day2 – 5 YearsCo-Signer Loans for Bad Credit
Credible

5005.34% – 35.99%$1,000 – $100,000< 1 Day90 Days – 72 MonthsPersonal Loans for Bad Credit
LendingPoint

6009.99% – 35.99%$2,000 – $25,0001 – 3 Days3 – 5 YearsPersonal Loan for Bad Credit
PersonalLoans

5805.99% – 35.99%$1,000 – $35,000< 1 Day90 Days – 72 MonthsPersonal Loans for Bad Credit

 

More than 580

Loan CompanyMin Credit ScoreAPRAmountApprovalTermsType
PersonalLoans

5805.99% – 35.99%$1,000 – $35,000< 1 Day90 Days – 72 MonthsPersonal Loan for Bad Credit
LendingTree
LendingTree Personal Financing Site Logo

5003.99% – 35.99%$1,000 – $35,000< 1 Day1 – 5 YearsPersonal Loan for Bad Credit
Upgrade

6207.99% – 35.97%$1,000 – $50,000< 1 Day2 -5 YearsPersonal Loan for Bad Credit
Payoff

6405.99% – 24.99%$5,000 – $35,0001 – 7 Days2 -5 YearsPersonal Loan for Bad Credit
LendingPoint

6009.99% – 35.99%$2,000 – $25,0001 – 3 Days3 – 5 YearsPersonal Loan for Bad Credit

Shop Around

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But What If I Don’t Qualify for None of The Companies Above?

If you can’t qualify for none of the loans listed above there are more things you can do.

1 Try Alternative Payday Loans.

I know, I know. Just seeing the term ‘payday’ is enough to make you cringe. Alternative payday loans are totally different from payday loans. In fact they have been created exactly to help people avoid payday loans. They are much more cheaper than payday loans and are accessible to borrowers with very bad credit.

To find the latest alternative loans you can go to Google and search for :

payday loan alternative 2020

alternatives to payday loans 2020

or similar

Or if you want o learn about them from us, check out our complete guide on alternative payday loans.

Best Payday Loan Alternatives 2020

2 Try Loan Comparison Sites.

There are plenty of services in the marketplace, however, SuperMoney is the best! This company works with thousands of loan companies, lenders credit unions and so on, so finding you a loan will be easy. And they work different. Instead of getting your personal details and sending is to list of their lenders, like other companies do, SuperMoney will ask you to complete their form one time and directly list you offers that are available to you. There is a big difference because you directly get personalized offers based on your financial situation and your personal information is not send to list of lenders, like other sites do. After that, you can pick the best for you. Click offer details below each and you will find all of the information you need to know regarding APRs, repayment terms and fees. Best of all, the service is completely free and requires no obligation.

Visit SuperMoney

3 Try Our Loan Help Center.

If you need more help or have any questions, don’t hesitate to contact our Loan Help Center. No matter the issue, we’ll find a solution that works for you.

Loan Help Center

Best Personal Loans for Bad Credit 2020

BadCreditLoans

Loan amounts$500 – $5,000
Typical APR5.99% – 35.99%
Min Credit Score0
Time to funding1 Day
Loan terms3 – 36 months
Origination feeN/A
Debt-to-income ratioN/A
Check rates

When we talk about bad credit loans, BadCreditLoans.com should always be at the top of our list! And there is a good reason for that.  BadCreditLoans have helped millions to get personal loan, while so many people are still paying insane interest on their payday loans. BadCreditLoans.com is a leading company helping people with really bad credit. They are NOT payday loan company!They are huge marketplace connecting people with bad credit with lenders offering UNSECURED bad credit loans. The company offer loans of $500 to $5,000, APR 5.99% to 35.99%. And bad credit is always approved … in less than a day. In fact this is the most successful personal loans company for bad credit that we at ElitePersonalFinance know. Whether you want to get bad credit loan or refinance your existing payday loans with one cheaper loan, try BadCreditLoans.com .

Pros:

  • The Best in The Bad Credit Business!
  • Easy and fast approval.
  • Unsecured loans.
  • Those with really bad credit get approved.
  • APRs in the personal loan range which means less than 5.99% to 35.99%.
  • Not a payday loan company.
  • Amount of up to $5,000.
  • Huge lending network.
  • Free to register and no obligation to accept any offer.
  • Minimum credit score required is 0.
  • No hard inquiry on your credit score, so registering won’t lower your credit score.

Cons:

  • For those with really bad credit, expect high APRs ranging from 15% to 35.99%.
  • People with really bad credit can’t qualify for the highest amount of $5,000, they can expect up to $1,500.
  • Not all loans get approved.

Best for: Really Bad Credit

Opploans

Loan amounts$500 – $5,000
Typical APR99% – 199%
Min Credit Score0
Time to funding1 Day
Loan terms9 – 36 months
Origination feeN/A
Debt-to-income ratioN/A
CHECK RATES

For those with really bad credit, who can’t quality for a personal loan, we recommend alternative payday loans. These companies are more expensive than personal loans, but much more better than payday loans. The company offers loan amounts that range from $1,000 to $5,000, with APRs that range from 99% to 199%. Loan duration range from 9 months to 36 months and Opploans charges zero prepayment penalties. Their loans are unsecured – which means no upfront collateral is required – and as you continue to make on-time payments, you build your credit score in the process. Moreover, if your loan is approved, you can receive funds in as little as one business day.

Pros:

  • Easy approval process.
  • Those with very bad credit can still get approved.
  • Opploans offers installment loans and lines of credit.
  • Opploans does not check your credit score but will assess your financial transaction history.
  • Loans are unsecured and do not require any collateral.
  • There are no prepayment penalties.
  • Opploans offers refinancing options to select borrowers.
  • Alternative loan sites like Opploans have lower APRs than payday or car title loans.

Cons:

  • APRs are high, ranging from 99% to 199%.
  • Loan origination fees range from 0% to 3% and other fees can apply.

Best for: Really Bad Credit

LendUp

Loan amounts$100 – $1,000
Typical APR30% – 1252%
Min Credit Score0
Time to funding1 Day
Loan terms7 – 30 days
Origination feeVary
Debt-to-income ratioN/A
CHECK RATES

As another reliable alternative lender, LendUp offers unsecured loans that range from $100 to $1,000. Loan duration range from seven to 30 days for single payment loans and three to 12 months for installment loans. If approved, you can also receive funding in as little as one business day.

LendUp doesn’t directly list its APRs, because – according to its site – APRs vary depending on your credit score and state of residence. However, as a quick reference, loans in California – which include fees – have APRs that range from 214.13% to 917.71%. In Louisiana, APRs range from 156.43% to 971.17% and in Mississippi, APRs range from 237.25% to 1,016.79%. As well, on average, APRs tend to range from 134% to 1,252% for single payment loans and 30% to 180% for installment loans.

Through its LendUp Ladder, you can also rebuild your credit profile. Each time you make on-time loan payments and complete its free education courses, points are credited to your account. As you reach new millstones, you’re able to access increased borrowing amounts and can also have your credit history sent to major credit bureaus. The program is designed to help borrowers increase their credit score and receive more favorable loan terms.

Its milestones look like this:

  • Silver members can receive up to $250 for a single payment loan.
  • Gold members can receive up to $250 for a single payment loan and up to $200 for an installment loan.
  • Platinum members can receive up to $250 for a single payment loan and up to $500 for an installment loan.
  • Prime members can receive up to $250 for a single payment loan, up to $500 for an installment loan and up to $1,000 for a Prime loan.

As well, Platinum members can opt-into the credit reporting program, while Prime members are automatically enrolled.

Keep in mind though, LendUp’s alternative loans are only available in select states. These include: California, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas and Wisconsin.

Pros:

  • Loans are available to those with bad credit.
  • Receive funds in as little as one business day.
  • LendUp has no annual income requirement.
  • Installment loan APRs are extremely affordable and range from 30% to 180%.
  • Through its LendUp Ladder, you earn points that can lead to larger borrowing amounts and help increase your credit score.
  • LendUp offers credit education courses that aim to increase your financial knowledge.

Cons:

  • Single payment loans have APRs that range from 156.43% to 1,016.79%.
  • Loans can have fees upwards of 20% of the amount borrowed.
  • Loans are only available in California, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas and Wisconsin.

Best for: Really Bad Credit

CashUSA

Loan amounts$1,000 – $10,000
Typical APR5.99% – 35.99%
Min Credit Score0
Time to funding1 Day
Loan terms24 – 60 months
Origination feeN/A
Debt-to-income ratioN/A
Check rates

Designed specifically for those with bad credit, CashUSA offers installment secured personal loans for people with bad credit. APRs range from 5.99% to 35.99%, but even if you have bad credit, putting a collateral to your loan can lower the APR as low as 10%. CashUSA offers loans up to $10,000, but – according to their website – the amount can be increased under certain conditions. But remember, if you fall behind on your payments, there is a chance you could lose your car. We only recommend secured loans if you’re sure you can repay the debt on-time and in-full.

Pros:

  • Easy approval.
  • Those with really bad credit can still be approved.
  • The company applies personal loan APRs ranging from 5.99% to 35.99%.
  • People with bad credit get as low as 10% APR.
  • Borrowing amounts can exceed $10,000, but you have to speak with them directly.

Cons:

  • Secured loans put you at risk of losing your collateral.
  • Bad credit means a higher APR; although it’s still much lower than a traditional car title loan.

Best for: Secured Personal Loans

LendingTree

LendingTree Personal Financing Site Logo
Loan amounts$1,000 – $35,000
Typical APR3.99% – 35.99%
Min Credit Score500
Time to funding1 Day
Loan terms1 – 5 years
Origination fee0 – 3%
Debt-to-income ratioN/A
Check rates

With over 10 billion in loans provided, LendingTree is one of the largest online personal loan companies in the marketplace today! Since LendingTree offers unsecured loan to borrowers with credit scores as low as 500, it’s a great place to apply if you have extremely bad credit. You can borrow up to $35,000 but if you’re credit is poor, the amount you receive will be less. As well, its APRs range from 3.99% to 35.99%, but if you have bad credit, expect an APR near the top-end of the range.

Pros:

  • As one of the largest online loan companies, LendingTree is a name you can trust.
  • APRs range from 3.99% to 35.99%.
  • Low credit score requirements (500 minimum).
  • 1-day approval process.

Cons:

  • Some people with extremely bad credit won’t be approved.
  • A loan origination fee of 0-3% can apply.

Best for: Unsecured Personal Loans

PersonalLoans

Loan amounts$1,000 – $35,000
Typical APR5.99% – 35.99%
Min Credit Score580
Time to funding1 Day
Loan terms90 days – 72 months
Origination fee1 – 5%
Debt-to-income ratioN/A
Check rates

PersonalLoans offers unsecured loans ranging from $1,000 to $35,000, and because the company only requires a minimum credit score of 580, PersonalLoans is a great place to obtain a bad credit loan. Its APRs range from 5.99% to 35.99%, but to qualify, you need to have some form of recurring income. It can be full-time employment, self-employment, regular disability or Social Security benefits. Keep in mind though, loans are not available to residents in Arkansas, Georgia or New York.

Pros:

  • Low credit score requirements of 580.
  • Low income requirement of $1,000.
  • Bad credit is ok.
  • Highest amount allowed is $35,000.
  • Available in many states.

Cons:

  • People with really bad credit can’t apply.
  • You can’t have an account with a late payment for longer than 60 days or a recent bankruptcy.
  • You can’t have any recent charge-offs or late payments.

Best for: Bad Credit

SignatureLoan

Loan amounts$1,000 – $35,000
Typical APR5.99% – 35.99%
Min Credit Score0
Time to funding1 Day
Loan terms24 – 60 months
Origination feeN/A
Debt-to-income ratioN/A
Check rates

Offering loans to borrowers of all credit scores, SignatureLoan provides reliable financing in as little as five minutes. Loans range from $1,000 to $35,000, but large amounts are usually only accessible to those with high credit scores. Its APRs range from 5.99% to 35.99%, but loans are not available to residents in the state of Maine. As well, you must have a minimum monthly income of $1,100 to qualify. The application process is quick and easy, and through its e-signature feature, you can even receive funding without mailing in any physical paperwork.

Pros:

  • Low credit score requirements of 0.
  • Bad credit is ok.
  • Highest amount allowed is $35,000.

Cons:

  • People with really bad credit can’t apply.
  • Risk to lose your partnership.

Best for Co-signer Loans

Credible

Loan amounts$1,000 – $100,000
Typical APR5.34% – 35.99%
Min Credit Score500
Time to funding1 Day
Loan terms90 days – 72 months
Origination fee0% – 8%
Debt-to-income ratioN/A
Check rates

Offering a $200 credit if you find a better rate from another competitor, Credible has no hidden fees and offers pre-qualified rates in as little as two minutes. Loans range from $1,000 to $35,000, but if you have bad credit, you’ll likely qualify for $5,000 or less. Its APRs range from 5.34% to 35.99% and you can repay the funds in as little as 61 days to upwards of 10 years. Keep in mind though, Credible places a lot of emphasis on your debt-to-income ratio and you also need to show the lender you have steady income.

Pros:

  • Free to use and no hidden fees.
  • Fair APRs ranging from 5.34% to 35.99%.
  • Receive rates in as little as 2 minutes.

Cons:

  • Loan origination fees range from 0% to 8%.
  • Loan amounts on your debt-to-income ratio.

Best for: Unsecured Personal Loans

Upgrade

Upgrade Disclaimer:Loans made through Upgrade feature APRs of 6.99%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, if you receive a $10,000 loan with a 36 month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your bank account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by WebBank, member FDIC.

Loan amounts$1,000 – $50,000
Typical APR6.99% – 35.97%
Min Credit Score620
Time to funding1 Day
Loan terms2 -5 years
Origination fee1% – 6%
Debt-to-income ratio40%
CHECK RATES 

Offering a unique approach to online lending, Upgrade is the only lender that considers your free cash flow. The company offers loans ranging from $1,000 to $50,000 and its APRs range from 7.99% to 35.89%. To qualify though, you must have at least $800 in disposal income leftover each month. But, the company allows high debt-to-income ratios and if you happen to suffer an unexpected emergency – like a job loss or other type of financial hardship – you can receive a reduction in your monthly payment. Keep in mind though, loans are not available to residents in Iowa, Maryland, West Virginia, Colorado, Connecticut or Vermont.

Pros:

  • APR range: 6.99% – 35.97%.
  • Amount: $1,000 to $50,000.
  • Terms: 3 – 5 years.
  • Upgrade has an A rating on BBB.
  • No minimum income requirement.
  • Time to receive funds: 1 day.
  • No prepayment fee.

Cons:

  • Minimum credit score: 620.
  • Debt-to-income ratio: 40%.
  • Minimum credit history required is 3 years.
  • Returned payment fee: $10.
  • Late fee: $10 after a 15-day grace period.

Best for: Unsecured Personal Loans

Upstart

Loan amounts$1,000 – $50,000
Typical APR8.16% – 35.99%
Min Credit Score620
Time to funding1 – 3 Days
Loan termsc
Origination fee0%– 8%
Debt-to-income ratio45%
CHECK RATES

Upstart is a great resource if you have bad credit or no credit history at all. Loans range from $1,000 to $50,000 and APRs range from 7.46% to 35.99%. And rather than focusing on just your credit score, Upstart analyzes other factors like your work history and education level to determine whether or not you qualify. However, you need to have an annual income of at least $12,000 and the company requires a debt-to-income ratio of 18% or less. As well, loans are not available to residents in West Virginia or Iowa.

Payoff

Loan amounts$5,000 – $35,000
Typical APR5.99% – 24.99%
Min Credit Score640
Time to funding1 – 7 Days
Loan terms2 -5 years
Origination fee0% – 5%
Debt-to-income ratio50%
Check rates

Payoff, a well known company specializing in debt consolidation loans is another great resource to obtain a bad credit loan, because of their low credit requirements. You can borrow anywhere from $5,000 to $35,000 and APRs range from 5.99% to 24.99%. However, to qualify, you must have an annual income of at least $40,000, a debt-to-income ratio of less than 50%, and a FICO score of at least 640. But, if you fall behind on your payments, the company doesn’t charge any late payment fees. Keep in mind though, loans are not available to residents in Mississippi, West Virginia, Nevada, Ohio, Massachusetts or Nebraska.

LendingPoint

Loan amounts$2,000 – $25,000
Typical APR15.49% – 35.99%
Min Credit Score585
Time to funding1 -3 Days
Loan terms36 – 60 months
Origination fee0 – 6%
Debt-to-income ratio35%
Check rates

LendingPoint has APRs that range from 9.99% to 35.99% and the company offers unsecured loans that range from $2,000 to $25,000. But, to qualify, you must have an annual income of at least $20,000 and a minimum credit score of 600. You can choose between bi-weekly or monthly repayment, and the company looks at factors other than just your credit score to determine whether or not you qualify: factors like your credit history, employment status and credit card debt.