The 7 Best Bad Credit Loan Providers
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.
Monday, September 26th
2022 Bad Credit Loan Provider Reviews
Upstart
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 uses an artificial intelligence process that looks beyond that in order to see your complete financial picture. Most approved loans are funded very quickly, 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.
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.
Lending Club
While LendingClub no longer has a peer-to-peer business model behind its bad credit loans, it remains a great option for most consumers. All of their loans have fixed-rate interest and repayment terms of at least 36 months. And, while the BBB is still gathering information on the new-and-improved company structure, recent borrower feedback is very positive. If you qualify for a loan here and get terms that you like, you shouldn't have any issues with LendingClub.
Lending Tree
LendingTree has a great reputation as a referral service that connects people with a wide variety of lenders. The service is easy and free to use, and there's no hit to your credit score when you use it to find a loan. However, LendingTree offers few options for bad credit loans, because their statistics don't show any lending happening for people with scores lower than 640. While this service is a solid option for many consumers, it's still worth a look for borrowers whose credit scroes are less than ideal.
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.
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.
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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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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