Best Personal Loan Rates for Bad Credit of October 2021

ElitePersonalFinance
Last Update: August 10, 2021

People with bad credit are a great target for payday loans. Payday loans are predatory. Their APR average at 400%, but it could be higher. Payday loans lead people to a debt cycle. Avoid them! The lending market in 2021 is totally different! There are many options for people with bad credit than payday loans!

There are many personal lenders who work for people with bad credit. The expected APR on a bad credit personal loan is between 15% to 35.99%.

ElitePersonalFinance found the best personal loans for bad credit 2021!

Amount:

$100 - $15,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

1 - 72 Months

Amount:

$100 - $40,000

Min. Credit Score:

0

APR:

Vary

Approval:

< 1 Day

Terms:

1 – 60 Months

Amount:

$100 – $10,000

Min. Credit Score:

0

APR:

Vary

Approval:

< 1 Day

Terms:

1 – 60 Months

Amount:

$100 - $50,000

Min. Credit Score:

0

APR:

2.49% - 35.99%

Approval:

< 1 Day

Terms:

1 - 10 Years

Amount:

$100 - $15,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

1 - 60 Months

Amount:

$100 - $10,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

1 - 60 Months

3000 Reviews
Amount:

$1,000 - $50,000

Min. Credit Score:

600

APR:

5.94% - 35.97%

Approval:

< 1 Day

Terms:

3 - 5 Years

Lowest cost
More Information

Upgrade Disclaimer: Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. 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 17.98% APR (which includes a 14.32% 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 $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. Upgrade’s lending partners issue personal loans. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Upgrade is one of the best personal loans for fair and good credit. If your credit score is above bad, then try these loans:

Best Personal Loans for Fair Credit 2021 >>
Amount:

$1,000 - $250,000

Min. Credit Score:

550

APR:

2.49% - 35.99%

Approval:

< 1 Day

Terms:

2 - 7 Years

Amount:

$600 - $100,000

Min. Credit Score:

500

APR:

2.49% - 35.99%

Approval:

< 1 Day

Terms:

2 - 7 Years

1370 Reviews
Amount:

$500 - $10,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

3 - 36 Months

Really Bad Credit
More Information

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 get a personal loan, while so many people still pay insane interest on their payday loans. BadCreditLoans.com is a leading company helping people with really bad credit. They are NOT a payday loan company! They are a huge marketplace connecting people with bad credit with lenders offering UNSECURED bad credit loans. The company offers loans of $500 to $10,000, 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 a bad credit loan or refinance your existing payday loans with one cheaper loan, try BadCreditLoans.

Pros:
  • The Best in The Bad Credit Business!
  • Easy and fast approval.
  • Unsecured loans.
  • Those with really bad credit get approved.
  • APRs are in the personal loan range, which means less than 5.99% to 35.99%.
  • Not a payday loan company.
  • Amount of up to $10,000.
  • Huge lending network.
  • Free to register and no obligation to accept any offer.
  • The 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 expect to qualify for the highest amount of $10,000, but they can expect up to $1,500.
  • Not all loans get approved.
Best for: Really Bad Credit
1156 Reviews
Amount:

$500 - $10,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

3 - 72 Months

High Approval Rate
More Information

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 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
1450 Reviews
Amount:

$500 - $4,000

Min. Credit Score:

0

APR:

59% - 160%

Approval:

< 1 Day

Terms:

1 - 18 Months

Alternative Payday Loan
More Information

We recommend alternative payday loans for those with really bad credit who can't qualify for a personal loan. These companies are more expensive than personal loans but much better than payday loans. The company offers loan amounts ranging from $500 to $4,000, with APRs that range from 59% to 160%. Loan duration range from 9 months to 36 months, but people can choose to give their money back in a month. 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.
  • No origination fees.
Cons:
  • APRs are high, ranging from 59% to 160%.
  • Not available in all states.
Best for: Really Bad Credit

OppLoans is alternative payday loan. Alternative payday loans approve people with really bad credit, who can’t qualify for a personal loan. Alternative payday loans are times cheaper than traditional payday loans!

2690 Reviews
Amount:

$1,000 - $35,000

Min. Credit Score:

580

APR:

5.99% - 35.99%

Approval:

< 1 Day

Terms:

3 - 72 Months

Lowest cost
More Information

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 you need to have some form of recurring income to qualify. It can be full-time employment, self-employment, regular disability, or Social Security benefits. 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.
  • The 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
3700 Reviews
Amount:

$1,000 - $100,000

Min. Credit Score: 0 620 is Recommended APR:

5.94% - 35.99%

Approval:

< 1 Day

Terms:

1 - 10 Years

Loan Comparison Site
More Information

There are plenty of services in the marketplace. 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 differently. Instead of getting your personal details and sending them to a list of their lenders, as other companies do, SuperMoney will ask you to complete their form one time and directly list the offers that are available to you. There is a big difference because you directly get personalized offers based on your financial situation. Your personal information is not sent to a 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.

Best Loans for Really Bad Credit 2021

ZippyLoan

$100 - $15,000

Min. Credit Score: 0

< 1 Day Approval

Apply Now

BadCreditLoans

$500 – $10,000

Min. Credit Score: 0

< 1 Day Approval

Apply Now

CashUSA

$1,000 – $10,000

Min. Credit Score: 0

< 1 Day Approval

Apply Now

LendJetFunds

$100 – $10,000

Min. Credit Score: 0

< 1 Day Approval

Apply Now

PersonalLoans

$1,000 – $35,000

Min. Credit Score: 580

< 1 Day Approval

Apply Now

If your credit score is really bad and you can’t qualify for a none of these, there are other options. These loans are more expensive, but the approval rate is high.

See also:

Best Auto Loans for Bad Credit 2021 Up to $500,000, APR start at 1.99%.

Best Student Loans for Bad Credit 2021 Up to $500,000, APR start at 1.99%.

Best Mortgage Rates for Bad Credit 2021 Up to $1,000,000, APR start at 1.99%.

Best Business Loans for Bad Credit 2021 Up to $10,000,000, APR start at 5.99%.

Navy Federal is one of the largest credit unions in the United States. Do you know that credit unions approve people with bad credit? Their APR is capped at 18%, which is not bad at all. Some credit unions have payday loan alternative of up to 28%. Review our list of credit unions >>

2489 Reviews
Amount:

$1,500 - $20,000

Min. Credit Score:

0

APR:

18% - 35.99%

Approval:

1 Day

Terms:

2 - 5 Years

2394 Reviews
Amount:

$2,000 - $35,000

Min. Credit Score:

580

APR:

9.95% - 35.99%

Approval:

1 Day

Terms:

2 - 5 Years

1185 Reviews
Amount:

$2,000 - $36,500

Min. Credit Score:

585

APR:

9.99% - 35.99%

Approval:

1 - 3 Days

Terms:

2 - 5 Years

1089 Reviews
Amount:

$4,000 - $25,000

Min. Credit Score:

600

APR:

5.99% - 29.99%

Approval:

1 - 7 Days

Terms:

3 - 5 Years

1269 Reviews
Amount:

$1,000 - $50,000

Min. Credit Score:

580

APR:

6.76% - 35.99%

Approval:

1 - 3 Days

Terms:

3 - 5 Years

1101 Reviews
Amount:

$1,000 - $25,000

Min. Credit Score:

600

APR:

18.99% - 35.99%

Approval:

1 - 3 Days

Terms:

1 - 5 Years