| APR range | 7.80% - 35.99% |
| Loan terms | 36 and 60 months |
| Loan amounts | $1,000 - $50,000 |
| Minimum credit score | 300 |
| Origination fee | 0.00% - 12.00% |
| Pros | Cons |
|---|---|
| Don’t always need credit to qualify Accepts credit scores as low as 300 15-day grace period for late payments | May pay a hefty upfront fee (origination fee) Only two term lengths to choose from No joint loans |
As a result, you might qualify for an Upstart loan with a credit score as low as 300. It may even approve you if you don’t have credit. You’ll have to qualify on your own merit, though. Upstart does not allow joint loans.
Read our full Upstart personal loan review.
You must also have a credit score of at least 300. It might approve you if you have no credit, but you need to be attending (or have graduated from) an accredited school. In the case of no credit, you have to be working toward an associate’s degree (or have one already).
| APR range | 8.99% - 35.99% |
| Loan terms | 24 to 60 months |
| Loan amounts | $2,000 - $50,000 |
| Minimum credit score | 560 |
| Origination fee | 1.00% - 9.99% |
| Pros | Cons |
|---|---|
| Can change payment due date once a year Free monthly FICO scores Has a mobile app with high ratings | Every loan has an origination fee If investors don’t fund your loan, your listing will expire Customer service department is not open on weekends |
Prosper has a low credit score requirement, and it encourages you to apply with a co-borrower. Adding a second person to your loan could help your approval odds, or get you a lower rate.
But peer-to-peer loans have their downside. If Prosper approves you, you’ll only get your money if investors fund at least 70% of your loan request within 14 days. Otherwise, your loan listing will expire.
Read our full Prosper personal loan review.
Also, Prosper doesn’t offer loans to those in Iowa or West Virginia.
| APR range | 11.69% - 35.99% (with discounts) |
| Loan terms | 36 or 60 months |
| Loan amounts | $1,000 - $50,000 |
| Minimum credit score | 560 |
| Origination fee | 5.25% - 9.99% |
| Pros | Cons |
|---|---|
| Comes with free credit monitoring Can compare multiple loan offers at one time Accepts fair to poor credit | Mandatory origination fee Other lenders have shorter or longer terms No live chat for customer service |
Universal Credit (a lending platform) specializes in bad credit and offers free credit monitoring with its loans. You can prequalify, so you won’t get a ding for checking rates. However, every loan from Universal Credit has an origination fee.
Read our full Universal Credit personal loan review.
| APR range | 8.49% - 35.99% (with discounts) |
| Loan terms | 24 to 84 months |
| Loan amounts | $1,000 - $50,000 |
| Minimum credit score | 580 |
| Origination fee | 1.85% - 9.99% |
| Pros | Cons |
|---|---|
| Can put up collateral to increase approval odds Might get funds within one business day Rate discount for automatic payments | Must use your loan for debt consolidation to get the lowest interest rate Will pay an origination fee Technically need fair credit if going by FICO scores |
Since it requires a credit score of at least 580, you technically need fair credit to qualify for Upgrade. But you can offer collateral, which might help Upgrade feel more confident about approving you.
Read our full Upgrade personal loan review.
| APR range | 18.00% - 35.99% |
| Loan terms | 24 to 60 months |
| Loan amounts | $1,500 - $20,000 |
| Minimum credit score | Not specified |
| Origination fee | 1.00% - 10.00% or $25 to $100 |
| Pros | Cons |
|---|---|
| Could get money the same day you apply Physical offices located across the country Accepts collateral | High rates Mandatory origination fee History of regulatory action |
In 2023, the Consumer Financial Protection Bureau (CFPB) hit OneMain Financial with $20 million in penalties. As a result, the lender updated its refund and upselling policies. Still, this is something to consider when shopping around.
Read our full OneMain Financial personal loan review.
There are a few ways to get a loan when no one will approve you. A history of on-time payments and paying off existing debt can help you get approved. Admittedly, these aren’t overnight fixes.
You could also look into no-credit-check loans. With these, the lender relies on the information it finds during a soft credit pull. But know that the easier a loan is to get, the higher its rates. APRs on no-credit-check loans can hit the triple digits.
A hardship loan is a type of loan that you take out in times of financial hardship. These could help with everyday expenses like utilities or for unexpected emergencies, such as car repairs.
Yes. Rates on an installment loan from a reputable lender should be less than 36%. The average APR on payday loans is around 400%.
What’s more, you typically only have two weeks (or one pay cycle) to pay off your payday loan. Terms on an installment loan usually range between 12 and 60 months (sometimes longer).
If you have no other choice and are confident that you can pay back what you borrow, you might be a good candidate for a bad credit installment loan. Just compare offers so you don’t get stuck with a higher rate than necessary. Bad credit installment loans can be expensive.
