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

ElitePersonalFinance
Last Update: November 10, 2024 • Loan Reviews • Loans •

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 at reliable rates to people with bad credit increases every day. And, as many financial experts claim, this is a trend that will continue. We recommend reading our advanced guide on easy and fast bad credit loans for people who want to get more advanced information and tips on what to do in a situation like this. We also highly recommend that you watch our video on how to get a personal loan even if you are with bad credit.


Personal Loans

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

OppLoans

Loan Amount: $500 – $4,000
APR: 59% – 160%
Min. Credit Score: 0
Approval: < 1 Day
Terms: 9 – 18 Months
Origination Fee: N/A
DTI Ratio: N/A
CHECK RATES

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 59% to 160%. That is high, but still much better than 400%. You can get up to a $4.000 loan.

Pros:

  • OppLoans works with very bad credit and can be used to avoid payday loans.
  • Lower APR than payday loans.
  • Alternative payday loans work with people to help them repay their debt instead of getting them in a debt cycle. People who build a credit score, return the money on time, or even just watch educational credit score materials can get approved to lower their APR and increase the amount.
  • The 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 $4,000.
  • Some experts say that they are predatory.

Bottom Line

Use OppLoans if you have really bad credit and your options to get a 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.

BadCreditLoans

Loan Amount: $500 – $10,000
APR: 5.99% – 35.99%
Min. Credit Score: 0
Approval: 1 Day
Terms: 3 – 36 months
Origination Fee: N/A
DTI Ratio: N/A
Check rates

BadCreditLoans.com is a marketplace that connects people who have really bad credit with lenders 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 $10,000.
  • A really bad credit score is OK!
  • Free to register and no obligation to accept any offer.
  • The minimum credit score required is 0.
  • Very short approval time, and 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 $3,000.

Bottom Line

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

CashUSA

Loan Amount: $1,000 – $10,000
APR: 5.99% – 35.99%
Min. Credit Score: 0
Approval: 1 Day
Terms: 24 – 60 months
Origination Fee: N/A
DTI Ratio: N/A
Check rates

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, like traditional personal loans.
  • 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 you will pay the money on time.

PersonalLoans

Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 days – 72 months
Origination Fee: 1 – 5%
DTI Ratio: N/A
Check rates

If you’ve been denied by PersonalLoans before, try again. This company has significantly increased its 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 money from them.

Pros:

  • Significant improvement in their lenders’ networks means more lenders, more offers, more flexibility, better terms, an easy approval process, and 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 a bad, fair, and great credit score. It will surely be one of your top picks while you shop around for offers.

LendingTree

Loan Amount: $1,000 – $50,000
APR: 3.99% – 35.99%
Min. Credit Score: 500
Approval: 1 Day
Terms: 1 – 5 years
Origination Fee: 0 – 3%
DTI Ratio: N/A
Check rates

LendingTree is one of the largest loan companies online. Hopefully, they are open to give loans to people with bad credit. If your credit score is 500 and above, you can register. LendingTree offers a very low APR of 3.99% for those with a good credit stand.

Pros:

  • Amount: $1,000 to $50,000.
  • APR: 3.99% – 35.99%.
  • Bad credit is ok.
  • Min. Credit Score: 500
  • No minimum income requirements.
  • Terms: 1 – 5 years.

Cons:

  • Origination fee: 0-3%
  • Too low credit is not ok.

Bottom Line

LendingTree can help many people get a loan if they are with bad credit. LendingTree is a type of personal loan for bad credit.

Upgrade

Loan Amount: $1,000 – $50,000
APR: 8.49% – 35.99%
Min. Credit Score: 560
Approval: 1 Day
Terms: 2 – 7 Years
Fees:
  • Loan origination fee of 1.85% – 9.99%
  • Late payment fee of $10, after a 15-day grace period
  • Insufficient funds fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 560
  • Have a DTI ratio that doesn’t exceed 75%
  • Have recurring employment income or government benefits
  • Fill out your information through Upgrade’s online portal
Average Borrower Profile:
  • Has a credit score of 678
  • Has an annual income of $78,000
Best For: High DTI ratios
Check rates

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36 – month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The 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.

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

Pros:

  • APR range: 8.49% to 35.99%.
  • Amount: $1,000 – $50,000.
  • Terms: 2 – 7 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: 560.
  • Debt-to-income ratio: 40%.
  • The minimum credit history required is 2 years.
  • Returned payment fee: $10.
  • Late fee: $10 after a 15-day grace period.

Bottom Line
Upgrade is one of the best loan companies, but they have some requirements for your credit score.

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

Lenders believe that you will pay the money back and give you better terms with a secured loan.

  • 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 is The Risk of Getting an Easy Bad Credit Loan?

When people are looking for fast money, they typically don’t spend time researching the best options. That prevents them from finding the most appropriate offer for them.

People with a 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 that 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 apply to a company that will make a hard inquiry. A hard inquiry should be performed only after you accept the terms from a legit company. If you fall victim to companies that pull your credit file while you are just shopping around, you risk losing points. When they do this, they reduce points from your credit score.

Conclusion

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

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