Updated Jan 3, 2024
Fact checked
Written by John Kiernan
Managing Editor
Reviewed by Alina Comoreanu
Senior Researcher
The best online loans for bad credit offer competitive APRs, long payoff periods and loan amounts starting from $300 to $2,600, depending on the lender. Online loans for bad credit are intended for people with credit scores below 640, and the lenders tend to have a simple application process along with quick funding.
Best Online Loans for Bad Credit of 2024
Overall:Achieve Personal Loans- Small Loans:Oportun
- Low APRs:Upstart
- No Origination Fee:OppLoans by OppFi
- Long Payoff Period:Upgrade Personal Loan
My Wallet OffersCardsloans
Best Online Loans for Bad Credit
Best for Low APRs
Upstart
Upstart
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| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 6.40% - 35.99% | 0% - 12% of loan amount | 36 - 60 months | Bad |
APR
6.40% - 35.99%
Origination Fee
0% - 12%
of loan amount
Term
36 - 60 months
Accepted Credit
Editors’ Thoughts
Loans through Upstart are a great option because they offer the lowest APRs on the market for people with bad credit, along with loan amounts up to $50,000. Additionally, Upstart can provide the funds for your loan as soon as the next business day after you apply.
Key Facts About Upstart:
- APRs: 6.4% - 35.99%
- Loan amounts: $1,000 - $50,000
- Payoff periods: 36, 60 months
- Origination fees: 0% - 12%
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Rewards Details
Interest Rate Breakdown
| Balance | APY |
|---|
Additional Details
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
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Best for No Origination Fee
OppLoans by OppFi
OppLoans by OppFi
View My Rate
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 160.00% - 179.00% | $0 of loan amount | 12 months | Fair |
APR
160.00% - 179.00%
Origination Fee
$0
of loan amount
Term
12 months
Accepted Credit
Editors’ Thoughts
OppLoans offers short-term personal loans with same-day funding and no origination fees, but their interest rates are higher than the competition. Origination fees for other personal loans range from 1% - 8% of the total loan amount.
Key Facts About OppLoans:
- APRs: 160% - 179%
- Loan amounts: $500 - $4,000
- Payoff periods: 9 - 18 months
- Origination fees: $0
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Rewards Details
Interest Rate Breakdown
| Balance | APY |
|---|
Additional Details
- No prepayment fees
- Fixed 160% APR
- 9-18 months repayment terms*
- Same day funding available, if application is submitted and approved before 12:00 PM CT, Monday-Friday.*
- Reports payment history to all 3 credit bureaus
- An easy application and quick decisions!
- Get $500 to $4,000 depending on creditworthiness and state of residence
- Applying does not affect your FICO ® credit score**
*Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction.
OppLoans may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. Neither credit inquiry will appear as a hard credit inquiry on your Experian credit report and therefore they will not affect your FICO score.
Installment loan amounts typically range from $500 to $4,000. Annual percentage rate (APR) is 160%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments would have an APR of 160% and monthly payments of $394.58. Loan amount may vary by state, please see our Rates and Terms for additional information. This is an expensive form of credit and you should determine whether our product(s) meets your financial needs.
According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 160% and loan sizes range from $500 to $4,000. https://paydayloaninfo.org/how-payday-loans-work/
OppLoans reports customer payment history to the three major credit bureaus. On-time payments may improve credit score.
Applications submitted on OppLoans' website will be originated by one of our lending partners. All loans originated by our lending partners will be serviced by OppLoans.
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Best for a Long Payoff Period
Upgrade Personal Loan
Upgrade Personal Loan
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 8.49% - 35.99% | 1.85% - 9.99% of loan amount | 24 - 84 months | Fair |
APR
8.49% - 35.99%
Origination Fee
1.85% - 9.99%
of loan amount
Term
24 - 84 months
Accepted Credit
Editors’ Thoughts
Upgrade offers personal loans with quick funding and relatively large loan amounts to people with bad credit. Additionally, Upgrade allows you to apply with a coborrower, which can help you get approved and will likely qualify you for better loan terms.
Key Facts About Upgrade:
- APRs: 8.49% - 35.99%
- Loans amounts: $1,000 - $50,000
- Payoff periods: 24-84 months
- Origination fees: 1.85% - 9.99%
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Rewards Details
Interest Rate Breakdown
| Balance | APY |
|---|
Additional Details
- Fixed rates and payments with a clear pay off date
- Flexible loan options: explore multiple options and pick the loan amount and term that best fits your budget and timeline
- Automatic payments and ability to customize the due date: manage your account online or via the mobile app
- No prepayment penalties
- Access to free credit score monitoring, educational tools, and personalized recommendations to help you understand and make the most of your credit
**Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
**Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. 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. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found athttps://www.upgrade.com/bank-partners/.
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Best Online Loan for Bad Credit Overall
Achieve Personal Loans
Achieve Personal Loans
Learn More
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 8.99% - 35.99% | 0% - 6.99% of loan amount | 24 - 60 months | Bad |
APR
8.99% - 35.99%
Origination Fee
0% - 6.99%
of loan amount
Term
24 - 60 months
Accepted Credit
Editors’ Thoughts
The best online loans for bad credit are from Achieve because the lender offers personal loans starting at $5,000 with APRs from 8.99% - 35.99% and repayment terms of 24 - 60 months. Achieve has a minimum credit score requirement of 620, so you can still qualify with bad credit.
Key Facts About Achieve Personal Loans:
- APRs: $5,000 - $50,000
- Loan amounts: $5,000 - $50,000
- Payoff periods: 24 - 60 months
- Origination fees: 0% - 6.99%
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Rewards Details
Interest Rate Breakdown
| Balance | APY |
|---|
Additional Details
- Borrow $10K to $40K
- Great for debt consolidation or credit card refinancing
- Discounted rates available for direct pay to creditors, having a co-borrower and/or over $40K in retirement savings
- No prepayment fees or collateral required
- A+ rated from the BBB
All loans available throughAchieve Personal Loansare made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a Achieve Personal Loans representative for further details. The following limitations, in addition to others, shall apply: Achieve Personal Loansdoes not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available throughAchieve Personal Loans is 8.99%to a maximum of 35.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 6.99%APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
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Best for Small Loans
Oportun
Oportun
Learn More
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 10.07% - 35.95% | Depends on the customer | 12 months | Excellent |
APR
10.07% - 35.95%
Origination Fee
Depends on the customer
Term
12 months
Accepted Credit
Editors’ Thoughts
Oportun offers personal loans starting at $300 and can provide funds for the loan as soon as the next day after you apply. If you live in California, you may be able to get a higher loan amount by securing the loan with your car’s title.
Key Facts About Oportun:
- APRs: 10.07% - 35.95%
- Loan amounts: $300 - $18,500
- Payoff periods: 6 - 46 months
- Origination fees: Depends on the customer
Rewards Details
Interest Rate Breakdown
| Balance | APY |
|---|
Additional Details
Best for Long Term Loan
LendingPoint
LendingPoint
Learn More
| APR | Origination Fee | Term | Min Credit Needed |
|---|---|---|---|
| 7.99% - 35.99% | 0% - 10% (varies by state) | 24 - 60 months | Bad |
APR
7.99% - 35.99%
Origination Fee
0% - 10% (varies by state)
Term
24 - 60 months
Accepted Credit
Editors’ Thoughts
LendingPoint offers personal loans with repayment terms of up to 6 years, which can make the loan more affordable by spreading out the cost over a longer period. Just keep in mind that having a longer repayment term means you will end up paying more in interest over the life of the loan.
Key Facts About LendingPoint:
- APRs: 7.99% - 35.99%
- Loan amounts: $2,000 - $36,500
- Payoff periods: 24 - 72 months
- Origination fees: 0% - 10% (varies by state)
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Rewards Details
Interest Rate Breakdown
| Balance | APY |
|---|
Additional Details
- Minimum FICO credit score required: 620
- Minimum gross income required: $20,000
- Minimum credit history: None
- Maximum debt-to-income ratio: Less than 50%, not including mortgage
* Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.
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Were the editor’s picks helpful?
Best Online Loans for Bad Credit of 2024
| Company | Credit Score Requirement | Loan Amount | APR |
| Achieve Personal Loans | 620 | $5,000 - $50,000 | 8.99% - 35.99% |
| OppLoans | None | $500 - $4,000 | 160% - 179% |
| LendingPoint | 620 | $2,000 - $36,500 | 7.99% - 35.99% |
| Avant | 600 | $2,000 - $35,000 | 9.95% - 35.99% |
| 60MonthLoans | 550 | $2,600 - $10,000 | 19.09% - 35.83% |
| Oportun | None | $300 - $18,500 | 10.07% - 35.95% |
| Upstart | None | $1,000 - $50,000 | 6.4% - 35.99% |
| Upgrade | 620 | $1,000 - $50,000 | 8.49% - 35.99% |
Note: Credit score requirements are according to either the lender or multiple third-party sources.
Tips for Getting an Online Loan With Bad Credit
Work on improving your credit score. If your loan isn’t urgent, you might want to work on improving your credit score until you can qualify for a loan with better terms. WalletHub’s guide on how to rebuild credit will tell you all the steps to take. You can also join WalletHub to get your free credit score along with personalized recommendations about how to improve your credit.
Watch out for expensive lenders. Payday lenders and auto title lenders advertise bad-credit acceptance and quick funding, but you should only consider them as a last resort because they charge extremely high fees that can make the loan hard to pay back.
Get pre-qualified. You can use WalletHub’s free pre-qualification tool to check your approval odds and potential rates with multiple lenders before applying. This will give you an idea of which lenders are willing to make you the best loan offer.
Best Online Loans for Bad Credit FAQ
Finding the best personal loan can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.
How can I get a loan online with bad credit?
1
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1
Grace Enfield, Content Writer
@grace_enfield
To get a loan online with bad credit, you first need to compare online lenders that accept people with bad credit based on factors like APRs, repayment periods, loan amounts and fees. You then need to apply for the best offer and wait for a decision.
You'll have a good chance of getting approved if you meet all of the lender's requirements, like being at least 18 years old, having enough income or assets...
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What is the easiest online loan to get?
26
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26
Grace Enfield, Content Writer
@grace_enfield
The easiest online loan to get is a personal loan with no credit check because the lender doesn't perform a hard inquiry into your credit history. The best no credit check loans are from 60MonthLoans since the company has loan amounts of $2,600 - $10,000, APRs of 19.09% - 35.83% and payoff periods of 24-60 months.
Easiest Online Loans to Get
- Oportun: Loans of $300 - $18,500
- 60MonthLoans:Loans of $2,600 - $10,000
- NetCredit:Loans of $1,000 - $10,000
- OppLoans by OppFi:Loans of $500 - $4,000
- RISE: Loans...
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What are the best online loan sites?
1
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1
Grace Enfield, Content Writer
@grace_enfield
The best online loan sites are lightstream.com, sofi.com, and achieve.com since they offer low minimum APRs, large maximum loan amounts, long repayment periods, and minimal fees. These sites also have secure applications and URLs that start with “https,” which means the site is secure and safe to use.
Overall, the best online loans are from LightStream. The company offers loan amounts of $5,000 - $100,000, APRs starting at 7.49% (one of the lowest rates on the...
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How can you get small personal loans online?
16
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Reply
16
Grace Enfield, Content Writer
@grace_enfield
To get a small personal loan online, you first need to compare online lenders that offer small loan amounts based on their APRs, repayment periods, fees and credit-score requirements. Then, you need to apply for the loan via an online application and wait for a decision. You can find step-by-step instructions below.
How to Get a Small Personal Loan Online
- Check your credit score. Checking your credit score makes it easier to compare loan...
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Do online loans really work?
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1
Grace Enfield, Content Writer
@grace_enfield
Yes, online loans do really work as long as they're from a reputable lender. Online lenders such as LightStream, Discover and SoFi legitimately lend people money that must be repaid over time, just like a loan you'd get from a credit union or bank branch, and online loans are often cheaper.
On the other hand, some online loans are just expensive scams, which is why it's important to choose the right loan from a reputable...
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How can I get a loan online?
16
Upvotes
Reply
16
Grace Enfield, Content Writer
@grace_enfield
To get a loan online, you need to compare options from different lenders, pick the loan offer that's right for you, and submit an online application. You may receive approval or denial almost instantly when you apply for a loan online, though it could take up to 7 business days for a lender to decide. Most major lenders offer loans online, and you should have a good chance of being approved if you meet all...
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What is the easiest loan to get with bad credit?
26
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26
Rick Bormin, Personal Loans Moderator
@rhandoo2020
The easiest loans to get approved for with bad credit are secured loans because you can use collateral to compensate for your bad credit score. You could also get a co-signed or joint loan and use another person's creditworthiness to increase your chances for approval. Payday loans, pawnshop loans, and car title loans are easy to get as well, but they're extremely expensive.
Alternatively, personal loans may offer the lowest rates among loan options...
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2
What is the best place to get a personal loan with bad credit?
26
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26
Grace Enfield, Content Writer
@grace_enfield
The best place to get a personal loan with bad credit is PNC because the company offers fairly low APRs, large loan amounts and long payoff periods. PNC often considers applicants with bad credit who are at least 18 years old and have enough income to afford monthly loan payments.
Best Places to Get a Personal Loan with Bad Credit
- Best OverallPNC
- Select States OnlyNetCredit
- No Credit CheckOppLoans by OppFi
- Small LoansRise Loans
- Large LoansLoanMe
Banks, credit unions, and online lenders offer personal loans for people...
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