Bad Credit Loans

Best Bad Credit Loans For 2018

If you have poor creditor no credit, you can still qualify for the best bad credit loans.

Bad credit loans, or personal loans for people with bad credit, can be used for just about any reason to help with your financial needs.

Online loans for bad credit are simple, installment loans that can be repaid over several years.
The application is easy and can be completed in minutes, with funding as early as 24 hours later.

Here are the best personal loans for bad credit for 2018.


Compare The Best Bad Credit Loans For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Minimum Loan Amount: $1,000
Maximum Loan Amount: $5,000
Loan Terms: 9 - 36 months
Minimum Income: Proof of consistent income

Details

Origination Fees: Varies by state
Late Fees: Yes
Prepayment Penalty: No
Soft Credit Check: Yes

Overview

Minimum Loan Amount: $1,000
Maximum Loan Amount: $50,000
Loan Terms: 3, 5 years
Minimum Income: $12,000

Details

Origination Fees: 0% - 8%
Late Fees: Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty: No
Soft Credit Check: Yes

Overview

Minimum Loan Amount: $1,000
Maximum Loan Amount: $40,000
Loan Terms: 3, 5 years
Minimum Income: None

Details

Origination Fees: 1% - 6%
Late Fees: Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty: No
Soft Credit Check: Yes

Overview

Minimum Loan Amount: $1,000
Maximum Loan Amount: $50,000
Loan Terms: 3, 5 years
Minimum Income: None, but must have at least $1,000 per month of free cash flow

Details

Origination Fees: 1% - 5%
Late Fees: $10 after 15-day grace period
Prepayment Penalty: No
Soft Credit Check: Yes

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Are there personal loans for bad credit?

Bad credit loans are types of personal loans for people with bad credit, weak credit or no credit.

If you are looking for personal loans for bad credit, you’re in luck. Even if you have bad credit, you can still qualify for the best personal loans for bad credit.

What is a good credit score and what is a bad credit score? Typically, a credit score below 630 is considered a bad credit score.

This table can help you see if your credit score is good or bad, and whether online loans for bad credit make sense for you.

FICO Scores and Credit Ratings

Credit Score Rating
720-850 Great Credit
680-719 Good Credit
630-679 Fair Credit
550-629 Subprime Credit
300-549 Poor Credit

It may sound counter intuitive to have personal loans for people with bad credit, but personal loans for bad credit are available with several lenders. One feature of bad credit loans is that they are more expensive the worse your credit. This means that lenders of poor credit loans will charge more for loans for people with bad credit than for good credit. This is because lenders want to make sure you can repay your personal loan and will not default.

Whether you have bad credit and need small loans with bad credit or quick loans with bad credit, you can still qualify for bad credit loans if you can demonstrate you will repay the loans in full. Online lenders will lend to borrowers who are looking for large or small personal loans for bad credit.

How do poor credit loans work?

Poor credit loans work the same way as personal loans.

Bad credit loans typically are unsecured loans typically from $1,000 – $100,000 with personal loan interest rates that are fixed or variable.

Personal loans for poor credit work the same way as all personal loans. When it comes to loans for people with bad credit, you receive a lump-sum amount of money upfront, and then you repay the personal loan in monthly installments. That’s why bad credit loans are also referred to as installments loans for bad credit.

You can use bad credit loans for just about any reason, including money for emergencies, wedding, honeymoon, engagement ring, new baby, car repair, home repair or even a funeral.Bad credit loans can be funded in as soon as 24 hours, and then are repaid over several years. The typical repayment period for poor credit loans are between one and five years.

Before you get a loan with bad credit, you need to choose a fixed interest rate or variable interest rate. What is the difference between fixed interest rate and a variable interest rate?A fixed interest rate means that the interest rate on the bad credit loans do not change. A variable interest rate means that the interest rate on the bad credit loans will change when benchmark interest rates change.

Make Lemonade’s free comparison tools help you compare the best bad credit loans for your specific needs.

Whether you are looking for small personal loans for bad credit, quick loans for bad credit or other types of personal loans for bad credit, the best place for personal loans for bad credit are online. Therefore, online loans for bad credit are the most popular choice for the best bad credit loans.

With online loans for bad credit, you can apply directly online with our partners through Make Lemonade. You can also check your new interest rate on bad credit loans for free. You can compare poor credit loans by evaluating interest rates, loan terms, monthly payments, origination fees and late payment fees.

What are the best personal loans for bad credit used for?

The best personal loans for bad credit can be used for just about any reason.

When it comes to loans for people with bad credit, you can apply for a loan with bad credit for just about any reason. For quick loans with bad credit, borrowers use bad credit personal loans for medical expenses, emergencies, home repair, home improvement or credit card consolidation.

Even for small personal loans for bad credit or online loans for bad credit, personal loan companies are flexible based on your needs:

  • Medical expenses
  • Emergencies
  • Credit card consolidation
  • Home improvement
  • Home repair
  • Moving expenses
  • Engagement ring
  • Wedding
  • Honeymoon
  • New baby expenses
  • Funeral
  • Vacation
  • Automobiles
  • Any other reason that you need money

How do you apply for a loan with bad credit?

When you want to apply for a loan with bad credit, the best personal loans for poor credit can be found online.

Online loans for bad credit have the easiest application process. The best loans for bad credit enable you to check your interest rate for free with no impact to your credit score, and you can apply online within minutes.

Whether it’s small personal loans for bad credit or quick loans for bad credit,the process to apply for a loan with bad credit is the same.

Applying for bad credit loans is an easy process. You can apply for poor credit loans by following these simple steps:

1. Compare rates for bad credit loans: Make Lemonade has free comparison tools to help you compare rates for bad credit loans. You can compare interest rates, loan terms and other important information to help you choose the best bad credit loans. You don’t have to look far to know where to get a personal loan. You can use Make Lemonade’s free comparison tools to find the best personal loan rates for your personal loan. Online loans for bad credit enable you to check your interest rate for free.

2.Collect important documents for bad credit loans: When you apply for a loan with bad credit, you will save time and hassle if you have all your important documents organized before you apply. When it comes to personal loans for people with bad credit, lenders will look less at your credit score and more at your income and other debt obligations.

3. Apply online for personal loans for poor credit: You can apply for bad credit loans through Make Lemonade with one or more of our partners. Our free comparison tables and tools will help you quickly compare which personal loans for poor credit are best for you. The application for bad credit loans is simple and you can upload your documents online. So, you don’t have to waste time with regular mail or fax.

4. Learn your decision: When it comes to loans for people with bad credit, lenders can approve you quickly and most often in minutes. Funding is also quick, typically in as little as 24 hours.
In order to apply for bad credit loans, you will need several following documents. Here are some of the documents that you will need:

  • Driver’s license, Social Security Card or passport
  • Proof of income (e.g., pay stub)
  • Proof of address (e.g., utility bill or copy of your lease agreement)
  • Social Security Number
  • Income
  • Debt outstanding
  • Monthly expenses

What is the difference between unsecured bad credit loans and secured bad credit loans?

When you apply for a loan with bad credit, you have to make several choices. First, you need to choose between a secured and unsecured bad credit loans. What is the difference between “secured” and “unsecured” personal loans for bad credit?

Secured personal loans for bad credit means that you the borrower has to pledge collateral to borrow a personal loan. Collateral could include your home or your car, for example. If you default on secured personal loans for bad credit, the lender could reclaim your collateral in order to recover their loss. An example of a secured bad credit loans are mortgages or bad credit payday loans.

Secured loans for people with bad credit, however, are less popular than unsecured loans for people with bad credit. Unsecured bad credit loans do not require any collateral be pledged, so if you default, the lender cannot claim any collateral. Instead, you sign a loan agreement to repay the loan based on certain terms and conditions. In a case of default, a lender will seek normal collection procedures to recover payments. An example of unsecured bad credit loans are installment loans, student loans or even credit cards.

Should I avoid bad credit payday loans?

When people ask what are the best loans for people with poor credit, the answer is not bad credit payday loans. The reason is that bad credit payday loans are one of the most costly types of bad credit loans.

With bad credit payday loans, for example, the collateral is your pay check. This means bad credit payday loans are secured bad credit loans. That is why it is better to choose personal loans for bad credit. Bad credit payday loans tend to have very high interest rates – up to 350% APR or more – plus interest and fees. Most borrowers prefer bad credit personal loans instead of bad credit payday loans.

The other problem with bad credit payday loans is you will often have very short payment terms such as two weeks to two months. It is challenging to repay so much money in such a short time frame. Failure to pay back bad credit payday loans in this short time can result in penalties and late fees, and potentially forfeiture of your paycheck. Therefore, you should avoid bad credit payday loans.

Who are the best lenders with online loans for bad credit?

If you’re asking “where I can get a loan with bad credit?” then make sure your lender has an excellent reputation for bad credit loans.

Here are some pointers to remember when you borrow personal loans for people with bad credit:

1. Avoid bad credit payday loans

Bad credit payday loans are very expensive and too risky. Instead, personal loans for bad credit are a better alternative. Poor credit loans such as installment loans for bad credit are a better option. With installment loans for bad credit, you can have access to lower rates and longer loan terms – which bad credit payday loans often do not answer.

2. Free soft credit check

Make sure your bad credit loans lender offer a free soft credit check, which most every reputable poor credit loans lender does. A soft credit check does not negatively affect your credit score and it is free. With a soft credit check, you can check your new bad credit loans interest rate for free. This is also known as a soft credit inquiry. If a poor credit loans lender does not offer to check your credit first, then your lender may not be focused on your ability to repay your personal loan.

3. Make sure you can repay your personal loan

Even if you have bad credit, make sure you can repay your personal loan. Lenders who specialize in bad credit loans want to limit their financial risk. Therefore, they want to lend personal loans for poor credit to borrowers who can repay their poor credit loans.Bad credit payday loans should be avoided because they offer short-term, high interest debt that is difficult to repay. Lenders who are trustworthy will verify your income, review your other debt obligations, check your credit and analyze your ability to repay your personal loan.

4. Offers you flexible terms and repayment plans

When looking for a bad credit loan, one of the surest signs you’re dealing with a predatory lender is a short-term repayment structure. Typical payday lenders offer terms of two weeks. Typical title lenders offer terms of 30 days. These short terms (and the astronomically high APRs) make on-time repayment very difficult.Instead, look for a personal installment loan with longer terms. Generally, longer terms will translate into lower monthly payments, and a more affordable loan that borrowers will be able to repay.

5. Look for personal loans for bad credit or installment loans for bad credit

When you borrow personal loans for bad credit or installment loans for bad credit, you want to make sure they are installment loans for bad credit. The reason is because lenders will report your repayment of installment loans for bad credit each month to the main credit bureaus. This helps improve your credit score. Installment loans for bad credit have flexible repayment terms that allow you to pay the same amount each month. The typical repayment period for installment loans for bad credit is one to five years.