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Online Loans for Bad Credit

Do you need to fund an urgent expense? Is there an overdue bill that needs to be paid immediately? You can experience dozens of financial emergencies and situations when additional cash can save the day. But what can I do if I desperately need emergency loan but I have bad credit? Traditional lending institutions limit your options in this case, as the borrower’s credit history is one of the major requirements to qualify for extra funds. So, in order to apply to a conventional bank or credit union, you will have to build or improve your credit first.

Is there an alternative? Yes, below is a list of the best loan companies for bad credit holders. Even if you want to get a quick solution tailored to your needs, you don’t have to lose your precious time. Applying to one of the reputable online companies can be a smart decision provided that you know what bad credit loans mean and how to find the most suitable creditor. Compare the options and choose the best one!

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Best for Fair Credit



this rating is our subjective opinion

Minimum Credit Score


APR Range

59% - 199%with autopay

Loan Amounts Up to $100 per day
Fixed APR Does not charge interest
Loan Terms Until your scheduled payday
Frees No late fees ororigination fees
Time to Recive Funds Same day funding avalible
Recommended Credit Score No credit check required
Read the full review: Earning Personal Loans
Best for Fair Credit



this rating is our subjective opinion

Minimum Credit Score


APR Range

59% - 199%with autopay

Loan Amounts Up to $100 per day
Fixed APR Does not charge interest
Loan Terms Until your scheduled payday
Frees No late fees ororigination fees
Time to Recive Funds Same day funding avalible
Recommended Credit Score No credit check required
Read the full review: Earning Personal Loans
Best for Fair Credit



this rating is our subjective opinion

Minimum Credit Score


APR Range

5.99% - 35.99%

Loan Amounts From $100 to $10000
Fixed APR Does not charge interest
Loan Terms From 90 days to 70 months
Fees No late fees origination fees
Time to Receive Funds Same day funding available
Recommended Credit Score No credit check required

What Is Considered a Bad Credit Loan?

What are online loans for poor credit? Having a less-than-stellar rating means your options are limited in terms of borrowing. The FICO rating tells us that an excellent rating is between 720 and 850 which is rather rare as it takes a lot of time and effort to build such a perfect credit history. Good credit is considered between 690 and 719 points, fair credit is between 630 and 689 points, while poor score ranges between 300 and 629 points. As you can see, lending options for poor credit holders exist but the interest rates and APRs on such loans with bad credit will be higher.

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Some borrowers get confused when they check their annual credit report and find out their credit rating is less-than-perfect. Are there online loans for bad credit holders? Don’t feel too embarrassed to try your odds and apply for this lending solution. Of course, you need to estimate your chances and be realistic. Conventional lending organizations will most likely decline your request as they value your creditworthiness and aren’t willing to risk losing their funds in case of default.

How is your credit? Score Range What APR to Expect?
Excellent 720-850 11.8%
Good 690-719 17.4%
Fair 630-689 23.4%
Bad 300-629 28.7% (But be ready to get rejected)

* Attention! All the mentioned interest rates are estimates and don't relates with any certain lender.

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How Can I Get a Loan with Bad Credit?

If you need to fund a big-ticket purchase, pay for some bills, repair your auto, or finance a home improvement project but you need the best loans for bad credit, here are some steps to achieve this goal:

  • Check your rating – you can always check your current score by getting a free annual report from any of the credit reporting agencies. Sometimes consumers find errors in their reports.
  • Make certain you can pay the debt off – don’t request a bigger sum than you actually need as it will mean higher rates over the lifetime of online loans with bad credit. Ask for a smaller sum than you know you will be able to return on time and improve your rating.
  • Compare creditors – you have enough time to shop around and request quotes from several service providers until you find the most reasonable offer you can afford.
  • Get a co-signer if necessary – if you can’t qualify for an unsecured loan bad credit holders can also get a co-signer. Very bad credit loans can be secured and lenders will ask for a co-signer to take responsibility for you and your actions.
  • Choose soft credit pull – don’t accept loans for bad credit online that come with a hard credit check. This is the last thing you want to do with your rating. When it is so poor you should opt for a soft inquiry that doesn’t harm it. A soft check is meant to verify your data and your earning potential.
  • As you can see, loans for people with poor credit exist but it may take some time to learn all the bells and whistles of this lending decision. Compare your options and apply for the best crediting solution.

Frequently Asked Questions

How to Get a Loan with Bad Credit?

When you know your chances are lower due to poor credit history you try to seek alternative options. Loans for people with bad credit from online finance-related service providers are designed to help every consumer in need. While conventional creditors rely solely on the credit report and FICO numbers, alternative providers consider other factors including the place of work, steady employment, education, or the place of residence. So, if you apply for bad credit loans online but have a stable source of monthly income or college education, you may be offered better terms.

Which Loan Company Is Best for Bad Credit?

If you want to find the most suitable company or service provider, you should consider the following factors. Remember that there is no single best loan for bad credit holders. Everything depends on your creditworthiness, your earning potential as well as on your needs. Some of the factors to keep in mind are:

  • Requirements for application – many providers of loans bad credit demand to have an excellent credit history just to apply. Also, some companies ask for additional paperwork that can waste your time. Make sure you find out the eligibility criteria of several providers.
  • Creditor types – you can apply to the credit union, bank, or online services. Compare the offers at various lending institutions to check which company will be the best fit for you. Terms and rates may also vary.
  • Interest rates – poor credit loans can come with higher rates and extra charges depending on your score. Shop around and get quoted from several providers to determine the cheapest offer. In addition, ask for origination and prepayment fees.
  • Repayment terms – online loans bad credit may have different repayment schedules depending on the creditor you work with. You may obtain some cash for a few weeks or a few years depending on your financial needs.

Where Can I Get a Loan with Bad Credit?

There are many lending companies available on the market these days. Find the best place to get a loan. Conventional banks have a tedious and time-consuming application process, credit unions require borrowers to be members of their union in order to apply. Alternative crediting services have more flexible conditions. Where to get a loan with bad credit? Review the terms and rates at several institutions and choose the most affordable option.

Rebecca McClay

Rebecca McClay is a financial writer, editor and and content consultant who has over 10 years of experience covering personal finance, business and investing. She is a regular conrtributor to Investopedia and published in Bloomberg, The Wall Street Journal, TheStreet, MarketWatch, Investorplace Media, Money Morning, etc.