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 to make the monthly payments, and meeting the credit score requirement. Pre-qualifying will help you see your approval odds and potential rates before you apply, without affecting your credit score.
Steps to Get a Loan Online with Bad Credit
- Choose a type of loan to apply for. There are many different types of loans that you can get online, like personal loans, car loans and home improvement loans.
- Check your credit score. Some online lenders require a credit score of 580 or higher. You can check your credit score for free on WalletHub.
- Pre-qualify if possible. Some lenders may let you pre-qualify before you officially apply for a loan. Pre-qualifying lets you see if you're likely to get approved and what your potential rates will be. You can pre-qualify for free with multiple lenders at once using the pre-qualification tool on WalletHub.
- Compare loan offers. The most important factors you'll need to consider are a lender's APRs, repayment periods, loan amounts and fees. The best online loan you can get with bad credit is from Upstart. The company has APRs of 6.6% - 35.99%, loan amounts of $1,000 - $75,000 and a credit score requirement of 580 or higher. But there are several worthwhile options, as you can see from the comparison below.
- Apply for the loan online. Once you choose a loan you can qualify for, you'll need to find the loan application on the provider's website and fill out your information. The lender will ask for personal and financial information, such as your name, address, income and employment status.
- Wait for a decision and funding. You may receive a decision almost instantly when you apply for a loan online, or it could take a few business days. After you're approved, you should receive a bank transfer with the funds within a few business days.
Notable Online Loans for Bad Credit
|
Provider
|
APRs
|
Dollar Amounts
|
Credit Score Requirement
|
|
Upstart
|
6.6% - 35.99%, typically
|
$1,000 - $75,000
|
300
|
|
Payoff
|
7.95% - 29.99%
|
$5,000 - $50,000
|
600
|
|
LendingPoint
|
7.99% - 35.99%
|
$1,000 - $36,500
|
620
|
|
Oportun
|
35.95% - 35.99%
|
$300 - $10,000
|
None
|
|
60MonthLoans
|
17.75% - 35.90%
|
$2,600 - $10,000
|
None
|
To read more about the top-ranked offers, check out WalletHub's picks for the best online loans and the best personal loans for bad credit. Then, you can estimate your rates with the free pre-qualification tool on WalletHub.
Upstart Disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 19.60% and a 6.90% origination fee of $690, for an APR of 23.22%. In this example, the borrower will receive $9310 and will make 60 monthly payments of $264. APR is calculated based on 5-year rates offered in March 2025. 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.
