Personal Loans for Bad Credit

The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.

Credit Score for Personal Loan Approval by Lender

*According to multiple third-party sources.

Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you're likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.

But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.

The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.

If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.

You can check your credit score for free on WalletHub. You'll also get personalized advice for how to improve your score. The best way to estimate your odds of approval for a personal loan is to check to see if you're pre-qualified for any offers before submitting an official application.

You can borrow $3,500 with bad credit from Upgrade, Upstart and Avant, among other lenders. Most of the best places to borrow $3,500 with bad credit will require credit scores toward the upper end of the bad credit range. But people who cannot qualify can consider other options like no credit check loans, secured personal loans, and borrowing from friends and family.

Best Places to Borrow $3,500 With Bad Credit

• Upgrade: 620 credit score needed
• Upstart: 620 credit score needed
• Avant: 600 credit score needed
• LendingPoint: 620 credit score needed
• LendingClub: 600 - 640 credit score needed

If you can't qualify for a loan from any of the above lenders, there are other ways to borrow $3,500 with bad credit.

Secured personal loans: These loans offer much better approval odds than regular personal loans, but they require collateral.

No credit check personal loans: There are a few personal loan providers that don't do a credit check, but they only offer a few hundred to a few thousand dollars and have very expensive APRs.

Friends and family: These people are less likely to care about your credit score and should give you better terms than a traditional lender.

Auto title lenders: You can get a 15 to 30-day loan equal to a portion of your vehicle's value. The interest is very expensive (as much as 25% of what you borrow), and you risk losing your car if you can't pay back this type of loan. Avoid them if possible.

Pawnshops: You could get a loan of any size depending on the value of the items you bring in. But you risk losing your property if you can't reclaim it in the set timeframe.

You can borrow $4,500 with bad credit from Peerform, Upstart and Upgrade, among other lenders. Most of the best places to borrow $4,500 with bad credit will require credit scores toward the upper end of the bad credit range. You will also need a relatively high income and little existing debt to get approved for this type of loan with bad credit. But people who cannot qualify can consider other options like no credit check loans, secured personal loans, and borrowing from friends and family.

Best Places to Borrow $4,500 With Bad Credit

• Peerform: 600 credit score needed
• Upstart: 620 credit score needed
• Upgrade: 620 credit score needed
• LendingClub: 600 - 640 credit score needed
• LendingPoint: 620 credit score needed

If you can't qualify for a loan from any of the above lenders, there are other ways to borrow $4,500 with bad credit.

Secured personal loans: These loans offer much better approval odds than regular personal loans, but they require collateral.

No credit check personal loans: There are a few personal loan providers that don't do a credit check, but they only offer a few hundred to a few thousand dollars and have very expensive APRs.

Friends and family: These people are less likely to care about your credit score and should give you better terms than a traditional lender.

Auto title lenders: You can get a 15 to 30-day loan equal to a portion of your vehicle's value. The interest is very expensive (as much as 25% of what you borrow), and you risk losing your car if you can't pay back this type of loan. Avoid them if possible.

Pawnshops: You could get a loan of any size depending on the value of the items you bring in. But you risk losing your property if you can't reclaim it in the set timeframe.

You can borrow $12,000 with bad credit from Peerform, FreedomPlus and LendingPoint, among other lenders. The best places to borrow $12,000 with bad credit will require credit scores toward the upper end of the bad credit range. You will also need a relatively high income and little existing debt to get approved for a loan this large with a bad credit score. But people who cannot qualify can consider other options like secured personal loans and borrowing from friends and family.

Best Places to Borrow $12,000 With Bad Credit

• Peerform: 600 credit score needed
• FreedomPlus: 620 credit score needed
• LendingPoint: 620 credit score needed
• Upstart: 620 credit score needed
• Upgrade: 620 credit score needed

If you can't qualify for a loan from any of the above lenders, there are other ways to borrow $12,000 with bad credit.

Secured personal loans: These loans offer much better approval odds than regular personal loans, but they require collateral.

Friends and family: These people are less likely to care about your credit score and should give you better terms than a traditional lender.

Pawnshops: You could get a loan of any size depending on the value of the items you bring in. But you risk losing your property if you can't reclaim it in the set timeframe.

You can borrow $7,500 with bad credit from Achieve Personal Loans, Avant and Peerform, among other lenders. Most of the best places to borrow $7,500 with bad credit will require credit scores toward the upper end of the bad credit range. You will also need a relatively high income and little existing debt to get approved for this type of loan with bad credit. But people who cannot qualify can consider other options like no credit check loans, secured personal loans, and borrowing from friends and family.

Best Places to Borrow $7,500 With Bad Credit

• Achieve Personal Loans: 620 credit score needed
• Avant: 600 credit score needed
• Peerform: 600 credit score needed
• LendingPoint: 620 credit score needed
• Upstart: 620 credit score needed

If you can't qualify for a loan from any of the above lenders, there are other ways to borrow $7,500 with bad credit.

Secured personal loans: These loans offer much better approval odds than regular personal loans, but they require collateral.

No credit check personal loans: There are a few personal loan providers that don't do a credit check, but they only offer a few hundred to a few thousand dollars and have very expensive APRs.

Friends and family: These people are less likely to care about your credit score and should give you better terms than a traditional lender.

Auto title lenders: You can get a 15 to 30-day loan equal to a portion of your vehicle's value. The interest is very expensive (as much as 25% of what you borrow), and you risk losing your car if you can't pay back this type of loan. Avoid them if possible.

Pawnshops: You could get a loan of any size depending on the value of the items you bring in. But you risk losing your property if you can't reclaim it in the set timeframe.