7 Easy Bad Credit Loans from Top Lenders That Say YES!
Loan Reviews

7 Easy Bad Credit Loans from Top Lenders That Say YES!

EPF Last Update: December 10, 2018

If you need fast cash and you have bad credit, then your options are limited. In this case, most people end up getting payday loans with a super high APR. And if they don’t pay it on time, they end up in a debt cycle.

The number of companies offering personal loans on reliable rates to people with bad credit is increasing every day. And, like many financial experts claim, this is a trend that will continue. For people who want to get more advanced information and tips on what to do in a situation like this, we recommend you to read our advanced guide on easy and fast bad credit loans.

Below we list the best options available for people looking for a easy bad credit loans.

RankLoan CompanyMin Credit ScoreTime to Funding
1BadCreditLoans01 Day
2OppLoans01 Day
3PersonalLoans5801 Day
4Upstart6201 -3 Days
5Payoff6401 -7 Days
6CashUSA01 Day
7Upgrade6201 Day

 

If you want to see a full list of offers, shop around.

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BadCreditLoans

BadCreditLoans is a marketplace that connects people who have really bad credit with lenders who are willing to work with them. This company can really help you get some fast cash easily even if your credit score is really bad. The APR and other terms are competitive. Apply and wait until you receive offers from their lenders.

Pros:

  • Reliable APR of 5.99% to 35.99%, which is absolutely within the range of personal loans.
  • Amount of up to $5,000.
  • Really bad credit score is OK!
  • Free to register and no obligation to accept any offer.
  • Minimum credit score required is 0.
  • Very short approval time, some offers will even arrive in a few minutes.

Cons:

  • APR can increase in some cases if you have really bad credit, but it will still be LOWER than with traditional payday loans.
  • If you have really bad credit, you can’t expect more than $1,000 – $2,000 amount.

Bottom line

Use BadCreditLoans only if you have really bad credit and the only other option is to go to a payday lender.

 

Opploans

Opploans is a company that can help people with very bad credit. Although some people call them payday loans and these companies have many similarities with payday loans, they are NOT payday loans. We call them alternative payday loans. These were created to help people avoid payday loans if they are in a bad financial situation. They are somewhere in between personal loans and payday loans. Traditional payday loans have an APR of 400%, which is too high. Opploans APR is 99%-199%. That is high, but still much better than 400%. You can get up to $5,000 loan.

Pros:

  • Opploans works with very bad credit and can be used to avoid payday loans.
  • APR is lower than with payday loans.
  • Alternative payday loans work with people to help them repay their debt instead of trying to get them in a debt cycle. People who build credit score, return the money on time or even just watch educational credit score materials can get approved for lowering their APR and increasing the amount.
  • Minimum credit score required is 0.
  • Very fast and easy approval.
  • More flexible terms than with traditional payday loans.

Cons:

  • The APR is higher than with traditional personal loans.
  • The amount is lower than with traditional personal loans, typically around $5,000.
  • Some experts say that they are predatory.

Bottom Line

Use Opploans if you have really bad credit and your options to get personal loan are limited. Although some experts comment that these alternative payday loans are close to predatory, they are a much better option than payday loans because of the aforementioned benefits.

 

PersonalLoans

If you’ve been denied by PersonalLoans before, try again. This company has significantly increased their networks of lenders. These days, they are much more flexible and work with people with bad credit (but not too bad). Now people have 2-3 times more chances to get a money from them.

Pros:

  • Significant improvement in their networks of lenders means more lenders, more offers, more flexibility, better terms, easy approval process, better transparency in contracts.
  • Amount is from $1,000 to $35,000.
  • Competitive APR of 5.99% to 35.99%.
  • Terms are from 3 to 72 months.
  • They require a minimum credit score of 580.
  • No hard inquiry is performed in the application process.

Cons:

  • 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.

Bottom Line

PersonalLoans is a really great company for people with bad, fair and great credit score. It will surely be one of your top picks while you shop around for offers.

 

Upstart

Upstart is a company founded in 2012 by former Googlers. It is a type of peer-to-peer marketplace lending company. Upstart credit risk system is a little bit different. They pay attention to many factors, like education, employment and income history. Upstart is open to giving personal loans to young people who have a thin credit file.

Pros:

  • Amount: $1,000 to $50,000.
  • APR: 8.16% – 35.99%.
  • Upstart is a BBB-accredited company with a rating of A+.
  • They work with young people with a thin credit file (in other words, those without a long credit history).
  • Minimum income required: $12,000.
  • Terms: 3 – 5 years.
  • No prepayment fee.

Cons:

  • Your FICO score has to be at least 620.
  • Debt-to-income ratio: 45%.
  • Late fee: $15 or 5% of past-due amount.

Bottom Line

Although Upstart can’t help people with really bad credit, they are great for people with bad or fair credit score and above. They pay attention to more specific factors, which is what makes them unique and one of the big names in the business.

 

Payoff

Payoff has become a well-known company on the market. They offer fixed rates to people who want to pay off their credit card debt. Payoff is flexible. If you miss a payment, you won’t be charged a late fee.

Pros:

  • APR: 8.00% – 25.00%.
  • Amount: $5,000 – $35,000.
  • No minimum income required.
  • Duration: 2 – 5 years.
  • No prepayment fee.
  • No late fee.
  • Free FICO score.
  • Payoff is a BBB-accredited company with a rating of A+.

Cons:

  • Minimum credit score: 660.
  • Debt-to-income ratio: 50%.
  • Minimum 3 years of good credit history.

Bottom Line

Payoff can be a great deal for people with bad credit who want to pay off their debt. However, they have some requirements for people with a really bad credit score.

 

CashUSA

CashUSA offers help to people with really bad credit and their terms are very similar to those at regular personal loan companies. But there is one catch – their loans are secured. So, be very careful.

Pros:

  • Reliable terms for people with really bad credit, similar to traditional personal loan.
  • No minimum credit score is required.
  • Amount: from $1,000 to $10,000.
  • APR: 5.99% – 35.99%.
  • Terms: 90 days to 3 years.
  • Requests can be approved quickly and easily.

Cons:

  • Only secured loans are available.

Bottom Line

CashUSA can be a great pick for people with really bad credit who are sure that they will pay the money on time. When you secure your loans, lenders feel that you are sure you can pay the money on time. But if you can’t, they can be risky. In this case, search for other lenders that give better terms. Use CashUSA only if you have really bad credit and are sure that you will pay the money on time.

 

Upgrade

Upgrade is relatively new lending company. They are great for people who have lost their job recently.

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.

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.

 

Is It Easy to Get a Loan if I Have Bad Credit?

When you have bad credit and want a loan quickly and easily, many lenders feel that you can’t repay the money and that is why they offer you less money and a high APR. In some cases, they might even not approve your request. However, nowadays there are many options for people in such a situation. If you can’t get a loan or you can’t find terms that work for you, you have a few more options:

Get Secured Loan. With a secured loan, lenders believe that you will pay the money back and so they will give you better terms.

Try to Avoid Loans. Are you sure that you really need a loan? Check our options to avoid a loan.

Try to Improve Your Credit Score. Although this is not an easy process, don’t wait for too long. Start doing this now so that you are easily approved next time when you need money.

 

What are the Risk of Getting Easy Bad Credit Loans?

When people are looking for fast money, then they typically don’t invest a lot of time to research the best options. That prevents them from finding the most appropriate offer for them.

People with bad credit score are an easy target for payday lenders. These companies offer really bad terms. The loan amount is low, while their terms are high.

Don’t apply to companies that are not legit. The most important tip that all sites will give you is to shop around. But we would add this one: look only for legit loan companies. There are many of those who are not legit. People looking for fast money have no time to evaluate a website’s legitimacy, so they can fall for scams.

Don’t reveal personal information easily. Some lenders reserve the right to sell your personal information. You should completely avoid such lenders. However, when you want fast cash, you can easily skip reading fine prints.

Don’t applying to a company that will do a hard inquiry. A hard inquiry should be performed only after you accept the terms from a legit company. When they do this, they reduce points from your credit score. If you fall victim to companies that pull your credit file while you are just shopping around, you risk losing points.

 

Conclusion

Getting a personal loan with bad credit is possible. But you have to be very picky in order to avoid scam. Compare many offers and apply only to all companies that are legit.

Elite Personal Finance

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