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      April 10, 2020

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  1. OneMain Financial
  2. LendingClub
  3. Avant
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Best Personal Loans

If you have poor credit, where's the best place to get a bad credit loan? With so much economic turmoil, there's never been a time where bad credit loans have been more in demand. No matter what caused your credit score to be below 600 - the typical threshold for a "bad" credit rating - you're far from alone.

Out of approximately 230 million Americans who qualify for a credit score, almost 70 million have poor credit. Some of the most common reasons for low credit scores are expected financial hardships (like job loss or medical expenses), not using credit responsibly, or simply being unaware of the factors that contribute to having a healthy credit history.

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Best Reviews


2020

Bad Credit Loan Reviews

5 stars
Upstart

UPSTARTTopConsumerReviews.com Best-In-Class Blue Ribbon Award

Upstart knows there's more to you than your credit score. If you have a bad credit record - or no credit history at all - this lender looks beyond that to your education, work history and earning potential to see your complete financial picture. Most approved loans are funded within a day, and thousands of customers rave about how easy the entire process is. When it comes to bad credit loans, Upwork provides the funding that real people need.

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4.5 stars
OneMain Financial

ONEMAIN FINANCIAL

OneMain Financial takes more than a hundred years of experience in the financial services industry and puts it to work for customers needing a bad credit loan. As one of the most transparent lenders on the market, you'll know exactly what to expect when it comes to fees, interest rates, and repayment terms. You may need to use your vehicle as collateral if you're looking for a large loan amount, but this company can be trusted to handle your situation with professionalism and expertise.

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3.5 stars
Lending Club

LENDING CLUB

Unlike most bank-funded bad credit loans, LendingClub works through peer-to-peer investing - over $50 billion to date! That means that your money might not be available as quickly (possibly up to 4 days to be deposited). Plus, you may need to add a co-applicant to qualify for a bad credit loan; the better your credit score, the lower your fees and interest rate. While LendingClub has 5-star reviews from tens of thousands of customers, a change from an "A" to "No Rating" from the Better Business Bureau could indicate that this company's reputation is taking a hit. We think LendingClub is a good option, but we recommend keeping an eye on the fine print and any updates the BBB offers.

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3 stars
Avant

AVANT

Avant prioritizes lending to middle-income customers and has made over $6 billion in loans since 2012. Thousands of customers say that this lender is fast, fair and reliable when it comes to bad credit loans. However, charges were brought against Avant by the FTC in 2019, including issues with not crediting customer accounts for repayments and overcharging them multiple times. We think Avant has great things to offer, but we'll need to see them continue to rebuild their reputation if they want to move up in the rankings.

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1.5 stars
Personal Loans

PERSONAL LOANS

Personal Loans advertises that it connects lenders with borrowers, even those with bad credit. Unfortunately, this site is basically a repackaging of our lowest-ranked source of bad credit loans, which means that you'll probably get lots of telemarketer calls and spammy mail and not much in the way of the money you need.

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1 star
Bad Credit Loans

BAD CREDIT LOANS

Bad Credit Loans is sketchy at best. While there are several resources that work as a referral service to connect prospective borrowers with lenders, this one seems to serve only as a means of providing your information to an endless array of spam marketers. Even the BBB gives Bad Credit Loans an "F" rating, solidifying our ranking of the company as our least recommended provider of loans for people with poor credit scores.

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Continued from above

Unfortunately, getting a loan when you have bad credit can be a paradox: in order to qualify for the best loans, you need a good credit history. But, to establish a good credit history, you often need to have demonstrated that you are responsible with credit - by making on-time payments, not overutilizing the credit you've been extended, and so on. On the other hand, without a loan to pay off debts and handle current financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.

Does this sound familiar? If so, take a deep breath and recognize that there's hope - because there are providers out there who offer loans to people with bad credit. And no, you won't have to sign away your life to qualify, though you should be aware that the terms will probably not be as favorable as those offered to people with high credit scores. That's only fair, as the lenders are taking on more risk when they give money to people with a less-than-sterling track record.

How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. After all, you want to be sure that any loan you accept is going to help you get back on your feet financially, with terms you can actually meet. Here are several criteria that can help you choose the right lending partner for your situation:

  • Reputation. With something as major as a loan, you want a provider that has already established itself as being trustworthy, reliable, and fair. What do other people say about their experiences borrowing from this lender? Has the company been rated by the BBB?
  • Transparency. Shady lenders hide everything in the fine print, like high interest rates and penalties for early repayment. You want to choose a lender that makes their terms as clear as possible before you sign on the dotted line. While the terms of your particular bad credit loan will probably be determined during your application process, the most transparent lenders will provide estimates of their fees and average APR, to give you an idea before you start providing your personal details.
  • Usability. Applying for a bad credit loan could be a little nerve-wracking, and a hard-to-use website doesn't make things easier. Choose a lender that makes it as simple and fast as possible to complete your application and receive your funds.

TopConsumerReviews.com has reviewed and ranked the best bad credit loan providers available today. We hope this information helps you to quickly get the money you need, with terms that are fair and affordable, so that you can get back on your feet financially!

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Can You Can Get An Individual Loan With Bad Credit

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Portugal bank lobby urges state, EU action to avert bad loans

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