Summary
- Best for Bad Credit: Avant, OneMain Financial Upstart
- Minimum Credit Score: 580-600
- Loan Amounts: $1,000 to $50,000
- Approval Time: Same day to 3 business days
Getting a personal loan with bad credit isn’t impossible you just need to know where to look. Over 32 million Americans have credit scores below 600 but these specialized lenders have approved billions in loans for borrowers just like you.
Top 5 Bad Credit Personal Loans
1. Avant Personal Loans Best Overall
- Credit Score: 580+
- Loan Range: $2,000 – $35,000
- APR: 9.95% – 35.99%
- Funding: 1 business day
Why Choose Avant:
✅ Accepts 580+ credit scores
✅ 2-minute online application
✅ No prepayment penalties
✅ Direct creditor payments
Check your rate with Avant in 2 minutes No impact on credit score. Most customers funded within 1 day.
2. OneMain Financial
- Credit Score: 600+
- Loan Range: $1,500 – $20,000
- APR: 18.00% – 35.99%
- Funding: Same day possible
Best For: In person service secured loans co applicants
3. Upstart
- Credit Score: 600+
- Loan Range: $1,000 – $50,000
- APR: 6.50% – 35.99%
- Funding: 1 business day
Best For: College graduates AI powered approval process
4. LendingPoint
- Credit Score: 580+
- Loan Range: $2,000 – $25,000
- APR: 9.99% – 35.99%
- Funding: 1-2 business days
Best For: Recent credit improvements flexible terms
5. Best Egg
- Credit Score: 600+
- Loan Range: $2,000 – $50,000
- APR: 8.99% – 35.99%
- Funding: 1-3 business days
Best For: Large loans no origination fees
Ready to start your application? Visit PersonalLoans.com today to connect with lenders who understand your unique situation and get pre qualified in just minutes.
How to Get Approved
Before Applying:
- Check your credit score Know where you stand
- Calculate debt to income ratio Keep below 40%
- Gather documents Pay stubs, bank statements ID
- Consider a co signer Improves your odds significantly
Application Process:
- Pre qualify Soft credit check no score impact
- Apply Complete application 10-15 minutes
- Get approved Decision in minutes to 24 hours
- Receive funds Money in your account 1-5 days
Compare rates from multiple lenders See personalized offers without affecting your credit score.
Red Flags to Avoid
Never work with lenders who:
❌ Guarantee approval without checking credit
❌ Ask for upfront fees
❌ Contact you first via phone or email
❌ Lack proper state licensing
Smart Ways to Use Your Loan
Good Uses:
- Debt consolidation
- Emergency expenses
- Credit building
- Home improvements
Avoid:
- Vacations or luxury items
- Taking more than you need
- Ignoring monthly payments
Alternative Options
If denied, consider:
- Credit union loans More flexible requirements
- Secured loans Use collateral for better terms
- Peer-to-peer lending – Individual investors
- Family loans – Formal agreements with loved ones
Frequently Asked Questions
Q: What credit score do I need? A: Most lenders accept 580-600+. Some may approve lower scores with sufficient income.
Q: How much can I borrow? A: Typically $1,000-$35,000, depending on income and credit score.
Q: Will multiple applications hurt my credit? A: Applications within 14-45 days usually count as one inquiry. Limit to 3-5 lenders.
Q: Can I get same-day funding? A: Yes, lenders like OneMain and Avant offer same day funding for qualified applicants.
Q: Are there prepayment penalties? A: Most reputable lenders don’t charge prepayment penalties. Always confirm before signing.
Build Better Credit for the Future
Payment Tips:
- Set up autopay
- Pay more than minimum when possible
- Track credit score improvements
Timeline:
- 3-6 months: New payment history appears
- 6-12 months: Noticeable credit score improvements
- 12+ months: Access to better loan terms
Bottom Line
Avant is our top choice for most bad credit borrowers, offering competitive rates and fast approval with 580+ credit scores.
OneMain Financial works best if you prefer in person service or have very poor credit.
Upstart is ideal for college graduates and larger loan amounts.
Remember: Use your loan responsibly and make every payment on time. This can be your stepping stone to better credit and financial opportunities.
Ready to improve your financial situation? Get free rate quotes from top bad credit lenders in 2 minutes.
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