5 best loans for bad credit in November 2024

Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.

In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.

Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580)  than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders. 
 

That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.

Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.

Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.

You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).

For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral. 

Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others. 

Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years. 

This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.

Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.

Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.