The good news is that even if you have bad credit, you can probably find a personal loan option. However, you should review eligibility requirements and costs carefully.

Some lenders may require a higher credit score for approval, while others may allow you to prequalify with a soft pull that won’t hurt your score. You can also compare rates, repayment terms and loan amounts.

Avant

Avant is a lender that provides personal loans to people with bad credit. The company was founded in 2012 and is based in San Francisco, California. The company has a customer service team that is available seven days a week. Customers can get a quote and prequalify for a loan without hurting their credit score. The company also offers a mobile app. Once the application is completed, a customer can receive funds in their account by ACH deposit within one business day.

The online application is simple and only asks basic information about the borrower, including their income, monthly housing cost, and Social Security number. The company also asks how the loan will be used, such as debt consolidation or home improvement. The company does a soft credit inquiry to determine whether the borrower is likely to be approved, but if the applicant decides to move forward with the application, a hard credit pull will occur. This can lower the borrower’s credit score by a few points.

The company does have high origination fees, which is typical of lenders that offer personal loans to people with poor credit. However, it has a low income requirement and offers an unsecured personal loan, meaning that the borrower doesn’t need to put up collateral. The company also has a history of controversy, and in 2019, it settled charges with the Federal Trade Commission for placing unauthorized charges on customers’ credit cards and illegally requiring automatic payments.

LendingClub

LendingClub is a personal loan lender that offers low-interest rates and a quick finchoice loans application forms application process. Its online loan application can be completed in just a few minutes, and borrowers can prequalify without impacting their credit score. Once approved, they can receive their loan funds via direct deposit or through a check sent to their creditors. The company offers a wide range of personal loans, including debt consolidation. However, borrowers should note that the company doesn’t allow loan proceeds to cover investment expenses or to be used for illegal activities. It also has a limited network of branches and does not offer customer service by email.

The company’s minimum credit score is 600, but the actual score required depends on a variety of factors, such as income, debt-to-income ratio, and other information. Its application process is simple and straightforward, and it only takes about 10 minutes to complete. Its online platform allows borrowers to upload financial documents and enter personal information. It is important to provide accurate and up-to-date information, so borrowers should take time to carefully review their application before finalizing it.

In addition to its fast application process, LendingClub also offers a low-interest rate and a flexible repayment schedule. Its unsecured loans are perfect for people with bad credit who need money to pay their bills or make a large purchase. The lender is also a great option for people who are looking to build their credit, as it will report all on-time payments to the major credit bureaus.

GoBankingRates

Whether you need to pay off debt or finance a big purchase, personal loans can be a good option. These loans can help you get the money you need quickly and often come with lower interest rates than credit cards. However, it’s important to research your options and choose a lender that offers competitive terms and lenient approval requirements for borrowers with bad credit.

While you may be tempted to settle for an online lender, a brick-and-mortar bank might be better for your needs. The best banks for personal loans are known for providing high-quality customer service, flexible repayment terms and lenient lending policies. Many of these lenders also offer pre-qualification, which gives you an idea of what type of loan you can expect to receive without impacting your credit score.

If you have a fair credit score, consider applying for an online personal loan from Discover. The company has no hidden fees and can fund your loan within one business day if you work with a lender to submit all necessary documentation. It also has a mobile app and a website that make it easy to keep track of your payments.

GOBankingRates is a personal finance and consumer interest rate website that connects readers with top-tier banks, credit unions and other financial institutions. Its rankings and roundups are based on criteria such as checking account fees, savings account APY and 12-month certificate of deposit APY.

Credit Karma

Credit Karma was founded in 2007 by Kenneth Lin to broaden consumer access to credit details. The company’s free-with-ads model has attracted 120 million users, half of whom are millennials. The website offers an array of features, including a visual way to keep track of open loans and the balances you owe. It also encourages users to lock or freeze their credit to prevent identity theft.

The site provides free access to Equifax and TransUnion credit reports, as well as credit scores from those two bureaus. However, it does not include Experian, which is a major source of information for most consumers. This can lead to discrepancies between Credit Karma scores and those provided by other lenders and financial institutions. It is possible to correct these differences, though they may take time to reflect on your report.

In addition to providing loan offers, Credit Karma also helps borrowers understand the impact of their debt-to-income ratio on their credit score and financial health. Its services include budgeting suggestions and payment trackers. It also enables users to compare credit cards, home and personal loans, and other finance-related products.