Loans (US)

The 10 best personal loans for bad credit 2021

Meeting your basic needs can be a struggle, and may make you ask for credit. If you have bad credit, there is loan options for you too!

Discover everything about the best personal loans for bad credit

Discover the world of the best personal loans for bad credit. Source: Unsplash
Discover the world of the best personal loans for bad credit. Source: Unsplash

Personal loans can be used if you are finding it difficult to support common family needs, are needing to do some home repair projects, have some wedding expenses ahead, are going on vacation, or even are thinking of purchasing land for a specific objective. There are many situations in which you could find a loan helpful, even if you have bad credit. So, check out a list of the best personal loans for bad credit.

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The 10 best options of personal loans for bad credit

Don't worry! There is loans for everyone. Source: Unsplash
Don’t worry! There is loans for everyone. Source: Unsplash

Upstart

APR6.76% – 35.99%
LOAN PURPOSEIt is best for limited credit history
LOAN AMOUNTSFrom $1,000 to $50,000
CREDIT NEEDED580 / 600
TERMSYou can repay Upstart either in three years or five years
ORIGINATION FEEA one-time origination fee of 0% – 8% of the target amount
LATE FEEThe greater of 5% of monthly past due amount or $15, per occurrence
EARLY PAYOFF PENALTYThere is no prepayment fee or penalty for early or additional payments

OneMain Financial

APR18% – 35.99%
LOAN PURPOSEIt is best for secured loans
LOAN AMOUNTSFrom $1,500 to $20,000
CREDIT NEEDEDNone
TERMSYour loan conditions will vary based on personal information, such as credit history, income, expenses, debts, and available collateral
ORIGINATION FEEA one-time origination fee of 1% – 10% of the target amount
LATE FEEUp to $30 / 15% of the delinquent payment
EARLY PAYOFF PENALTYThere is no prepayment fee charge

LendingPoint

APR9.99% – 35.99%
LOAN PURPOSEIt is best for small loans
LOAN AMOUNTSFrom $2,000 to $36,500
CREDIT NEEDED590 / 600
TERMSLendingPoint’s limited options are over two, three, or four years
ORIGINATION FEEVaries from 0% to 6%, depending on the state
LATE FEE$30, after 15 days of late payment
EARLY PAYOFF PENALTYThere are no prepayment penalties

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LendingClub

APR8.05% – 35.89%
LOAN PURPOSEIt is best for online experiences
LOAN AMOUNTSFrom $1,000 to $40,000
CREDIT NEEDED600
TERMS36 – 60 months
ORIGINATION FEEOrigination fees range from 3% to 6% of the target amount
LATE FEELendingClub’s borrowers have to pay an origination fee of 3% to 6% of the target amount
EARLY PAYOFF PENALTYLendingClub does not charge prepayment penalties

Avant

APR9.95% – 35.99%
LOAN PURPOSEIt is best for a range of options for repayment
LOAN AMOUNTSFrom $2,000 to $35,000
CREDIT NEEDED580
TERMSFrom two to five years
ORIGINATION FEE0.95% – 4.75%
LATE FEEAlthough the amount and time of the late fee vary by state, Avant charges a $25 late payment fee
EARLY PAYOFF PENALTYThere are no prepayment penalties

Upgrade

APR
7.46% – 35.97%. based on creditworthiness. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors.
LOAN PURPOSEThe loan is best because:
It requires a low minimum credit score
If you are a business owner, you can use it to cover business expenses and
It gives its lenders payoff for debt consolidation loans
LOAN AMOUNTSCredit lines from $1,000 to $50,000
CREDIT NEEDED560 credit score and household income of $25,000
TERMS24 – 84 months.
ORIGINATION FEEBetween 1.85% – 8.99%, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly.
LATE FEEup to $10, charged after 15 calendar days
EARLY PAYOFF PENALTYLoans obtained through Upgrade do not have any prepayment fees

Wells Fargo

APR5.99% – 24.49%
LOAN PURPOSEIt is best because:
You can receive funds by the next business day
You get a 0.25% discount when you enroll in autopay
LOAN AMOUNTSFrom $3,000 to $100,000
CREDIT NEEDEDThere are no requirements
However, a score of 670 will be seen as positive
TERMSThe repayment terms range from 12 to 84 months
ORIGINATION FEEThere are no origination fees
LATE FEEThe company may charge a fee if you miss a payment or make a late payment, according to your loan agreement
EARLY PAYOFF PENALTYThere are no prepayment penalties

Universal Credit

APR8.93% – 35.93%
LOAN PURPOSEIt is best because you can get:
An easy online process
Fixed rates and terms that never change and
A clear pay-off date that you can circle on your calendar
LOAN AMOUNTSLoan amounts from $1,000 to $50,000
CREDIT NEEDED580
TERMSTheir loans include repayment terms of 3 to 5 years
ORIGINATION FEEThe company’s personal loans have an origination fee that ranges from 4.25% to 8%
LATE FEESubsequent charges and fees or late payments can increase the cost of the borrower’s fixed-rate loan
EARLY PAYOFF PENALTYThere is no prepayment penalty or fee

Personify

APR35.00% – 179.99%
LOAN PURPOSEIt is best for when you need small emergency loans
LOAN AMOUNTSFrom $500 and up to $15,000
CREDIT NEEDEDIt was not specified
TERMSThey range from 9 to 48 months, depending on the borrower’s loan amount and creditworthiness
ORIGINATION FEEIn some states, their loan’s origination fee is up to 5% of the loan amount
LATE FEEPersonify can charge a late fee and a fee if there is not enough money in your bank account to repay them
EARLY PAYOFF PENALTYA $0 prepayment penalty is charged

SoFi

APR5.99% – 18.85%
LOAN PURPOSEIt is best because there is:
Soft credit check prequalification
Funding in as little as 1-2 days
Lengthy terms and high loan amounts
LOAN AMOUNTSFrom $5,000 up to $100,000
CREDIT NEEDEDA minimum score of 680
The majority of successful applicants, however, have a score of 700+.
TERMSFrom 2 to 7 years, depending on the agreement
ORIGINATION FEENo origination fee charged
LATE FEENo late fee charged
EARLY PAYOFF PENALTYNo prepayment penalty charged

Some final thoughts on personal loans for bad credit

Asking for a loan can be helpful if you have a family to take care of. Source: Unsplash
Asking for a loan can be helpful if you have a family to take care of. Source: Unsplash

As it was possible to see, most of the best personal loans for bad credit have the benefit of offering a zero early payoff penalty. This may be because the majority of lenders know that the borrower’s credit profile is probably fragile.

In addition, the borrowed amounts are usually available on the next business day. So, they make the borrowing process very easy for you. It is important to choose a loan that offers good perks. Therefore, do a lot of searching!

If you would like to know more, go read more of our posts.

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About the author  /  Thais Daou

Thais Daou holds an undergraduate degree in Languages — Translating and Interpreting from the São Judas Tadeu University. She has been translating, proofreading, and transcribing financial documents, as well as documents from other fields, for five years. And now she begins a new chapter in her career, writing about financial solutions in a simplified way, with a desire to spread this knowledge, which is so important.

Reviewed by  /  Aline Barbosa

Senior Editor

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