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Bad credit personal loans tailor to those with less-than-perfect credit scores, providing access to needed funds and an opportunity to improve credit history. Bad credit lenders consider factors beyond just credit scores, such as income, employment, and overall financial situation.
We’ve identified several legit personal loans for bad credit that are safe choices for anyone worried about fraudulent online lenders. And you have every right to worry, as cybercrime costs Americans billions each year.
Interest rates: Expect higher interest rates for poor credit personal loans (up to 36%), which can significantly increase the total repayment amount. Early repayment options: Some lenders allow you to pay off your loan early without penalties. In contrast, others may charge an early repayment fee.
Your best bet to qualify for an unsecured personal loan for bad credit is to apply through an online lending network. These networks each partner with several direct lenders, many of which specialize in helping consumers with poor credit scores. These networks are specifically designed in a way to help borrowers get the best loan possible.
You may be able to quickly obtain a payday, pawnshop, title, cash advance, or friend/family loan despite having limited or poor credit. Most of these can provide you with cash as soon as the same day.
The following three lenders provide direct personal loans to borrowers and joint applicants, even ones with bad credit. Personal loans are unsecured, meaning that borrowers don’t necessarily rely on collateral to secure the loan.
Below are our top-rated bad credit loans, including guaranteed installment loans for bad credit, guaranteed short-term loans for bad credit, as well as a number of credit card options that may be worth considering.
We trust you now understand that guaranteed loans for bad credit refer to loans that guarantee a quick decision and, if approved, fast funding — as soon as the next business day. When reviewing loan offers, the best personal loan is the one that costs you the least in the long run.
+See More Personal Loans for Bad Credit. Unlike other credit products, most short-term cash advance loans don’t charge an interest fee based on an APR. Instead, you’ll need to pay a flat-rate finance charge based on the amount you borrow.
These three direct lenders offer some of the best personal loans for bad credit borrowers. Some work with partners to offer financing options while others fund loans in-house. They provide a loan option for every consumer profile, from good credit to poor.