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Bad credit loans, explained honestly
A low score narrows your options and raises your price. It does not remove you from the market. Here is what changes, what does not, and when the right answer is to walk away.
- All credit types considered
- See terms before deciding
- Free to use
A useful map, not a verdict
Where you actually sit
"Bad credit" is not a legal category and no two lenders draw the line in the same place. In practice it means a score under about 670, which is where mainstream banks start declining and specialist lenders start answering.
- 800 to 850ExceptionalThe best rates on the market. You are not who this page is for.
- 740 to 799Very goodPrime products, low rates, easy approvals.
- 670 to 739GoodMost mainstream banks and credit unions will work with you.
- 580 to 669FairApprovals happen, priced well above prime.
- Below 580PoorBanks decline. Specialist lenders do not.
Ranges follow the FICO Score 8 model. Lenders use several scoring models and set their own cutoffs, so treat this as a map rather than a verdict.
Before you apply
Four things worth knowing
Income often matters more than the score
Lenders in this part of the market are underwriting one question: can you afford the payment right now. Steady verifiable income, a bank account in good standing, and a stable address can outweigh a number that mostly reflects a bad year three years ago.
You will pay more, so know how much
Bad credit lending is priced for risk. Our network runs from 5.99% to 35.99% APR, and a damaged file puts you near the top of that range rather than the bottom. Work out the total repayment before you accept, not after.
Nobody legitimate charges you to apply
A demand for money up front, to "release" or "insure" or "process" a loan, is the clearest single sign of a scam. Our service is free. If anyone asks you to pay before funding, stop and report it to the CFPB.
Repayment is what repairs the file
An installment loan reported on time, month after month, is one of the few things that reliably rebuilds damaged credit. Which is why the affordability of the payment matters far more than the size of the loan.
Moving the number, over time
None of this helps by Friday. All of it helps by next year, and the difference between a 560 and a 640 is thousands of dollars on the same loan.
- 01
Pull your reports first
You get free copies from all three bureaus at AnnualCreditReport.com. Errors are common and disputing one is free.
- 02
Pay down card balances
Utilisation is a big slice of your score and it updates monthly, so this moves faster than almost anything else.
- 03
Do not close old accounts
Length of history helps you. An old card with no balance is doing quiet work.
- 04
Space out applications
A run of hard inquiries in a short window reads as distress to an underwriter.
Bad credit questions
What is a personal loan?
A personal loan is a fixed sum you borrow and repay in scheduled installments over an agreed period. Most are unsecured, meaning you do not put up a car or a house as collateral. The lender is relying on your income and your credit history instead. Because there is no collateral, rates are higher than a secured loan and the amount you can borrow is smaller.
How does a personal loan work?
You request an amount and a term. A lender assesses your application, and if it approves, it sends you an agreement setting out the APR, every fee, the monthly payment, and the total you will repay. If you accept, the funds are deposited into your bank account and repayment begins on the schedule in that agreement. The payment does not change from month to month, so you know the end date before you sign.
How much can I borrow with a personal loan?
Lenders and lending partners in our network typically fund between $200 and $10,000. What any individual lender offers you depends on how it weighs your income, your existing obligations, your state of residence, and the legal limits that apply there. Loans are not available in every state, and being matched is not an approval.
Can I get a personal loan with bad credit?
Yes. The lenders in this network consider every credit rating, from no rating at all to excellent, and many weigh verifiable income more heavily than a score. Bad credit does not disqualify you, but it does affect price: expect to be quoted towards the top of the 5.99% to 35.99% band rather than the bottom.
Will checking my rate affect my credit score?
Submitting the form authorises us and our lenders to verify your information and review your creditworthiness. Initial checks are frequently performed with alternative bureaus such as Teletrack, DataX, or Clarity, which do not affect your score. A lender may run a hard inquiry with Experian, Equifax, or TransUnion later in its own process, and it will tell you when it does.