I Need a Loan but My Credit Is Bad and I Need to Pay It Back Over Time Please Help Me
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Rates from 2.49% - 35.99% APR1
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| Lender | Rates from (APR) | Loan term | Loan amount | Check Rates | |||||||||
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| Avant View Details | Rates from (APR) 9.95-35.99 % | Loan term 2 - 5 years | Loan amount Up to $ 35,000 | Check Rates View Details | |||||||||
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| Axos View Details | Rates from (APR) 6.79-17.99 % | Loan term 3 - 6 years | Loan amount Up to $ 50,000 | Check Rates View Details | |||||||||
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| Best Egg View Details | Rates from (APR) 4.99-35.99 % | Loan term 2 - 5 years | Loan amount Up to $ 35,000 | Check Rates View Details | |||||||||
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| Discover View Details | Rates from (APR) 5.99-24.99 % | Loan term 3 - 7 years | Loan amount Up to $ 35,000 | Check Rates View Details | |||||||||
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| FreedomPlus View Details | Rates from (APR) 7.99-29.99 % | Loan term 2 - 5 years | Loan amount Up to $ 50,000 | Check Rates View Details | |||||||||
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| LendingClub View Details | Rates from (APR) 7.04-35.89 % | Loan term 3, 5 years | Loan amount Up to $ 40,000 | Check Rates View Details | |||||||||
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| LendingPoint View Details | Rates from (APR) 9.99-35.99 % | Loan term 2 - 5 years | Loan amount Up to $ 25,000 | Check Rates View Details | |||||||||
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| LightStream View Details | Rates from (APR) 2.49-19.99 % | Loan term 2 - 7 years | Loan amount Up to $ 100,000 | Check Rates View Details | |||||||||
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| Marcus by Goldman Sachs View Details | Rates from (APR) 6.99-19.99 % | Loan term 3 - 6 years | Loan amount Up to $ 40,000 | Check Rates View Details | |||||||||
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| OneMain Financial View Details | Rates from (APR) 18.00-35.99 % | Loan term 2 - 5 years | Loan amount Up to $ 20,000 | Check Rates View Details | |||||||||
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| Payoff View Details | Rates from (APR) 5.99-24.99 % | Loan term 2 - 5 years | Loan amount Up to $ 35,000 | Check Rates View Details | |||||||||
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| PenFed View Details | Rates from (APR) 4.99-17.99 % | Loan term 1 - 5 years | Loan amount Up to $ 50,000 | Check Rates View Details | |||||||||
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| Prosper View Details | Rates from (APR) 6.95-35.99 % | Loan term 3, 5 years | Loan amount Up to $ 40,000 | Check Rates View Details | |||||||||
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| SoFi View Details | Rates from (APR) 4.74-19.28 % 3 | Loan term 2 - 7 years | Loan amount Up to $ 100,000 | Check Rates View Details | |||||||||
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| Universal Credit View Details | Rates from (APR) 8.93-35.93 % | Loan term 3, 5 years | Loan amount Up to $ 50,000 | Check Rates View Details | |||||||||
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| Upgrade View Details | Rates from (APR) 5.94-35.97 % | Loan term 3, 5 years | Loan amount Up to $ 50,000 | Check Rates View Details | |||||||||
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| Upstart View Details | Rates from (APR) 4.37-35.99 % | Loan term 3, 5 years | Loan amount Up to $ 50,000 | Check Rates View Details | |||||||||
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Commonly asked questions
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By
Jamie Young Jamie Young is a Credible authority on personal finance. Her work has appeared on Time, CBS News, Huffington Post, Business Insider, AOL, MSN, and more.
Full bio
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Matt Carter Matt Carter is a writer, editor and student loan authority for Credible. His work has been featured by CNBC, CNN Money, Consumer Reports, Money, USA Today, U.S. News & World Report, The New York Times, The Wall Street Journal, The Washington Post, Yahoo Finance and more.
Full bio
Updated August 13, 2021
Generally, no — personal loans are still widely available despite the COVID-19 pandemic, which could be especially valuable if you need help making ends meet. You'll still typically need good credit and verifiable income to get approved for a loan with most lenders, including online lenders, banks, and credit unions. Keep in mind that some lenders might have more stringent requirements to ensure that borrowers can repay their loans, though.
Additionally, some lenders are offering coronavirus hardship loans that might be easier to qualify for if the pandemic has impacted your employment. These small emergency loans might come with low or even 0% interest, depending on the lender.
Read more: COVID-19 & Personal Loans
An unsecured personal loan is money you can borrow from a financial institution like a bank, credit union, or online lender that doesn't require collateral (like your home or car). If you're approved for an unsecured loan, you'll make monthly payments to pay it back in full, plus interest. The loan terms and interest rate can vary based on the lender and your credit.
The annual percentage rate (APR) is what you'll pay to borrow money. It includes not only your interest rate but any fees charged by the lender — such as origination fees.
There are two types of APR you'll likely come across:
-
A fixed APR
stays the same throughout the life of the loan. This means your monthly payment and payoff date won't ever change. -
A variable APR
can fluctuate according to market trends. While a variable APR often starts out lower than a fixed APR, it could increase in the future — which would also cause your monthly payments to rise.
Every lender has its own methods of evaluating borrowers and determining rates, so it's a good idea to compare prequalified rates from more than one lender. Generally, the shorter the loan term, the lower the interest rate offered by most lenders; and the better your credit score and credit report, the better the interest rate you can qualify for.
Some lenders even offer an autopay discount if you authorize your monthly loan payments to be directly withdrawn from your bank account.
Qualifying for the lowest rates offered by a lender is dependent on your online application, credit approval and score, loan terms, and other factors. Through Credible, you can easily compare loan offers, loan terms, origination fees, monthly payment amounts, and repayment terms.
Read More: Who Are the Best Personal Loan Lenders?
Your loan repayment term refers to the amount of time you'll be making monthly payments until the loan is repaid in full. Personal loan repayment terms typically range from one to seven years, depending on the lender.
The repayment term you choose can affect how much you'll pay for your loan. For example, if you opt for a long-term personal loan, you'll likely have a lower monthly payment — however, you'll pay more in interest over the life of the loan. In general, it's a good idea to choose a loan with the shortest term that you can afford to save as much as possible on interest.
You'll typically need a good to excellent credit score to qualify for a personal loan — a good credit score is usually considered to be 700 or higher. Your credit score also plays a major role in determining what interest rates you qualify for. In general, the better your credit score, the lower the interest rates you'll likely get.
Here are the credit score ranges you can typically expect to see as well as how they can affect the interest rates you're offered:
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Poor (640 or lower):
A score in this range could make it much harder to get approved for a personal loan on your own. You might need to consider applying with a cosigner to qualify. If you're approved, you'll likely receive a high interest rate. -
Fair (640 to 699):
While there are several lenders that offer fair credit personal loans, you can generally expect to pay a higher interest rate. Having a cosigner might get you a better rate, even if you don't need one to qualify. -
Good (700 to 749):
A good score greatly increases your chances of qualifying with several personal loan lenders. You're also more likely to receive more favorable rates. While you likely won't need a cosigner to get approved for a loan, having one might help you get the best interest rates. -
Fair (640 to 699):
Scores above 750 will qualify you for the vast majority of personal loans as well as help you get the lowest interest rates advertised by lenders.
Yes, there are several lenders that offer personal loans for bad credit — for example, you might be able to get a personal loan with a 600 credit score or lower from certain lenders. However, keep in mind that these loans generally come with higher interest rates compared to good credit loans.
If you have bad credit and are struggling to get approved, consider applying with a cosigner. Not all personal loan lenders allow cosigners on personal loans, but some do. Having a cosigner could also help you qualify for a lower interest rate than you'd get on your own.
Another option is working to improve your credit so you can qualify more easily in the future — as well as get approved for more favorable rates and terms. A few potential ways to do this include:
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Making on-time payments on all of your bills:
Your payment history is one of the biggest factors that make up your credit score. Paying all of your bills on time can help you build a positive payment history and possibly improve your credit score. -
Paying down your credit card balances:
Your credit utilization ratio refers to how much you owe on revolving credit accounts — like credit cards — compared to your available credit limits. This ratio is also a big factor in your credit score, so if you can pay down your balances, you might see your score go up. -
Taking out a credit-builder loan:
This type of loan is specifically designed to help borrowers build credit by building a positive payment history over a period of time. But unlike other loans, the payments you make on credit-builder loans are put into a dedicated savings account, and the money is returned to you at the end of your repayment term — minus any interest or fees.
While eligibility criteria can vary by lender, here are a few personal loan requirements you'll likely come across:
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Good credit:
Most lenders prefer to work with borrowers who have good to excellent credit. While there are also several lenders that offer personal loans for poor or fair credit, remember that these loans will generally come with higher interest rates compared to good credit loans. -
Verifiable income:
Lenders want to see that you can afford to repay your loan. Some lenders have a minimum required income while others don't — but in either case, you'll likely have to provide proof of income. -
Low debt-to-income ratio:
Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. To qualify for a personal loan, you'll typically need a DTI ratio of 40% or less — though some lenders might require a lower ratio than this.
If you're ready to get a personal loan, follow these four steps:
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Research and compare lenders.
Be sure to compare as many lenders as possible to find the right loan for your needs. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements. -
Pick a loan option.
After comparing lenders, choose the loan option that best suits your needs. -
Complete the application.
Once you've chosen a lender, you'll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. -
Get your funds.
If you're approved, the lender will have you sign for the loan so the money can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Personal loan amounts vary depending on the lender. With Credible's partner lenders, you can take out a $600 personal loan up to a $100,000 personal loan.
Keep in mind that your credit will also likely affect how much you can borrow. You'll typically need good to excellent credit to qualify for the highest loan amounts. If you have poor credit, you might need a cosigner to get approved for a larger loan.
Read More: $15,000 Personal Loans: Everything You Need to Know
Personal loans offer several benefits, including:
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Fixed interest rates:
Personal loans usually have fixed rates, which means your rate and payment will remain the same over the life of the loan. These rates also tend to be lower compared to other options like credit cards. -
Can be used to consolidate debt:
You can take out a personal loan to consolidate multiple kinds of debt, such as credit cards or other loans. Depending on your credit, you might get a lower interest rate than you've been currently paying, which could potentially help you pay off your debt faster. -
Can cover large expenses:
If you need to pay for a large expense — such as home improvements, medical bills, or a wedding — a personal loan could be an option to get the cash you need. -
Generally unsecured:
Most personal loans are unsecured, which means you don't have to worry about collateral. However, because unsecured loans present more of a risk to the lender, an unsecured personal loan could be harder to qualify for compared to a secured loan.
When you apply for a personal loan, the lender will perform a hard credit check to determine your creditworthiness. This could cause a slight dip in your credit score — however, this is usually only temporary, and your score will likely bounce back within a few months.
Additionally, a personal loan might actually have a positive impact on your credit score in several ways. For example, if you make on-time payments over the life of your loan or are able to diversify your credit mix by adding a personal loan, you could see a boost in your score.
Ultimately, the benefits of a personal loan to your credit could far outweigh any initially negative effects.
Both personal loans and credit cards can be used to cover a variety of expenses. However, it's important to keep their differences in mind as you compare personal loans vs. credit cards.
Personal loans
A personal loan is a kind of installment loan where you receive the funds as a lump sum to use how you wish and then pay off your balance in monthly installments over a period of time.
You might want to consider a personal loan if you:
-
Want a lower interest rate:
Personal loans tend to have lower interest rates than credit cards, which means you likely won't pay as much interest in comparison. -
Want fixed monthly payments:
Personal loans typically have fixed interest rates, which means you can count on your payment staying the same from month to month. -
Need a longer repayment period:
You could have one to seven years to pay off a personal loan, depending on the lender. Just keep in mind that choosing a longer term means you'll pay more in interest over time.
Credit cards
Unlike a personal loan, a credit card is a type of revolving credit that gives you access to a credit line that you can repeatedly draw on and pay off.
A credit card might be a good choice if you:
-
Can take advantage of a 0% APR offer:
Some credit cards come with a 0% APR introductory offer — which means you can avoid paying interest if you repay your balance before this period ends. However, if you can't pay off the card in time, you could be stuck with some hefty interest charges. -
Are only making a small purchase:
Because personal loans typically have lower interest rates than credit cards, they're usually a better option for large expenses. But if you only need to cover a small purchase and can pay off the balance quickly to minimize or avoid interest charges, then a credit card might be a good choice. -
Want rewards or perks:
Depending on the card you choose, you might have access to rewards or perks, such as cash back or travel points. Just be sure you're not only using the card for these benefits, as it could lead you more deeply into debt.
Read more: Pay Off Credit Card Debt ASAP With a Personal Loan
This depends on the lender. For example, with an online lender, you can often fill out an application and receive an approval decision within minutes while a traditional bank might require you to visit a branch to apply.
The time to fund for a personal loan also varies by lender. Here are the funding times you can typically expect:
-
Online lenders:
Less than 5 business days -
Banks:
1 to 7 business days -
Credit unions:
1 to 7 business days
There are also some lenders that offer faster personal loans with shorter funding times. For example, several of Credible's partner lenders provide next- or even same-day personal loans.
If you want to get your funds as soon as possible while avoiding any delays, be sure to:
- Fill out the application as accurately as you can
- Submit any required documentation in a timely manner
Personal loans are available from traditional banks and credit unions as well as online lenders. Because of their streamlined application and qualification process, online lenders can often offer faster decisions and funding than traditional financial institutions. However, it's still smart to compare as many lenders as possible to find the best personal loan for your needs.
Each lender has its own methods for evaluating borrowers, so be sure to consider not only interest rates but also repayment terms and any fees charged by the lender. This will help you determine which loan option best suits your current financial situation and your larger financial goals. In general, the most favorable personal loans will come with low, fixed rates and minimal fees.
Credible can help you easily compare your options — you can see your prequalified rates from multiple lenders in just two minutes without affecting your credit score.
Here are Credible's partner lenders that offer personal loans:
- Avant
- Axos Bank
- Best Egg
- Discover
- FreedomPlus
- LendingClub
- LendingPoint
- LightStream
- Marcus by Goldman Sachs
- OneMain Financial
- Payoff
- PenFed
- Prosper
- SoFi
- Universal Credit Services
- Upgrade
- Upstart
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I Need a Loan but My Credit Is Bad and I Need to Pay It Back Over Time Please Help Me
Source: https://www.credible.com/personal-loan
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