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
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
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Upstart
APR | 6.76% – 35.99% |
LOAN PURPOSE | It is best for limited credit history |
LOAN AMOUNTS | From $1,000 to $50,000 |
CREDIT NEEDED | 580 / 600 |
TERMS | You can repay Upstart either in three years or five years |
ORIGINATION FEE | A one-time origination fee of 0% – 8% of the target amount |
LATE FEE | The greater of 5% of monthly past due amount or $15, per occurrence |
EARLY PAYOFF PENALTY | There is no prepayment fee or penalty for early or additional payments |
OneMain Financial
APR | 18% – 35.99% |
LOAN PURPOSE | It is best for secured loans |
LOAN AMOUNTS | From $1,500 to $20,000 |
CREDIT NEEDED | None |
TERMS | Your loan conditions will vary based on personal information, such as credit history, income, expenses, debts, and available collateral |
ORIGINATION FEE | A one-time origination fee of 1% – 10% of the target amount |
LATE FEE | Up to $30 / 15% of the delinquent payment |
EARLY PAYOFF PENALTY | There is no prepayment fee charge |
LendingPoint
APR | 9.99% – 35.99% |
LOAN PURPOSE | It is best for small loans |
LOAN AMOUNTS | From $2,000 to $36,500 |
CREDIT NEEDED | 590 / 600 |
TERMS | LendingPoint’s limited options are over two, three, or four years |
ORIGINATION FEE | Varies from 0% to 6%, depending on the state |
LATE FEE | $30, after 15 days of late payment |
EARLY PAYOFF PENALTY | There are no prepayment penalties |
LendingClub
APR | 8.05% – 35.89% |
LOAN PURPOSE | It is best for online experiences |
LOAN AMOUNTS | From $1,000 to $40,000 |
CREDIT NEEDED | 600 |
TERMS | 36 – 60 months |
ORIGINATION FEE | Origination fees range from 3% to 6% of the target amount |
LATE FEE | LendingClub’s borrowers have to pay an origination fee of 3% to 6% of the target amount |
EARLY PAYOFF PENALTY | LendingClub does not charge prepayment penalties |
Avant
APR | 9.95% – 35.99% |
LOAN PURPOSE | It is best for a range of options for repayment |
LOAN AMOUNTS | From $2,000 to $35,000 |
CREDIT NEEDED | 580 |
TERMS | From two to five years |
ORIGINATION FEE | 0.95% – 4.75% |
LATE FEE | Although the amount and time of the late fee vary by state, Avant charges a $25 late payment fee |
EARLY PAYOFF PENALTY | There 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 PURPOSE | The 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 AMOUNTS | Credit lines from $1,000 to $50,000 |
CREDIT NEEDED | 560 credit score and household income of $25,000 |
TERMS | 24 – 84 months. |
ORIGINATION FEE | Between 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 FEE | up to $10, charged after 15 calendar days |
EARLY PAYOFF PENALTY | Loans obtained through Upgrade do not have any prepayment fees |
Wells Fargo
APR | 5.99% – 24.49% |
LOAN PURPOSE | It is best because: You can receive funds by the next business day You get a 0.25% discount when you enroll in autopay |
LOAN AMOUNTS | From $3,000 to $100,000 |
CREDIT NEEDED | There are no requirements However, a score of 670 will be seen as positive |
TERMS | The repayment terms range from 12 to 84 months |
ORIGINATION FEE | There are no origination fees |
LATE FEE | The company may charge a fee if you miss a payment or make a late payment, according to your loan agreement |
EARLY PAYOFF PENALTY | There are no prepayment penalties |
Universal Credit
APR | 8.93% – 35.93% |
LOAN PURPOSE | It 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 AMOUNTS | Loan amounts from $1,000 to $50,000 |
CREDIT NEEDED | 580 |
TERMS | Their loans include repayment terms of 3 to 5 years |
ORIGINATION FEE | The company’s personal loans have an origination fee that ranges from 4.25% to 8% |
LATE FEE | Subsequent charges and fees or late payments can increase the cost of the borrower’s fixed-rate loan |
EARLY PAYOFF PENALTY | There is no prepayment penalty or fee |
Personify
APR | 35.00% – 179.99% |
LOAN PURPOSE | It is best for when you need small emergency loans |
LOAN AMOUNTS | From $500 and up to $15,000 |
CREDIT NEEDED | It was not specified |
TERMS | They range from 9 to 48 months, depending on the borrower’s loan amount and creditworthiness |
ORIGINATION FEE | In some states, their loan’s origination fee is up to 5% of the loan amount |
LATE FEE | Personify can charge a late fee and a fee if there is not enough money in your bank account to repay them |
EARLY PAYOFF PENALTY | A $0 prepayment penalty is charged |
SoFi
APR | 5.99% – 18.85% |
LOAN PURPOSE | It is best because there is: Soft credit check prequalification Funding in as little as 1-2 days Lengthy terms and high loan amounts |
LOAN AMOUNTS | From $5,000 up to $100,000 |
CREDIT NEEDED | A minimum score of 680 The majority of successful applicants, however, have a score of 700+. |
TERMS | From 2 to 7 years, depending on the agreement |
ORIGINATION FEE | No origination fee charged |
LATE FEE | No late fee charged |
EARLY PAYOFF PENALTY | No prepayment penalty charged |
Some final thoughts on personal loans for bad credit
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
Reviewed by / Aline Barbosa
Senior Editor
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