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Online Loans for Bad Credit: Instant Lenders For Poor Credit

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There’s no doubt options for online loans for bad credit are somewhat limited ⏤ but you don’t have to rely on payday lenders when you have bad credit.

Several online lenders cater to people with poor credit. However, you have to expect online loans for bad credit will cost you a little more in interest.

The good news is that bad credit loans with monthly payments can actually help improve credit scores. People often experience an immediate boost in credit scores once bad credit loans are positively reported to the credit bureaus.

Rarely can you find banks that offer online bad credit loans, while the irony is that banks offer loans to people who don’t really need them.

Online Loans for Bad Credit

All lenders perform a soft credit inquiry to determine eligibility so your credit score will not take a hit to find out if you are qualified.

Easy, secure online application process involves:

  1. Basic questions such as name, address, employment, income details, bank account and email address are required to submit the application.
  2. Sources of income from employment, self-employment, retired, benefits, unemployment benefits are considered.
  3. Information to verify your identity to help make an instant eligibility decision.

1. OppLoans – Any credit score welcome to apply

OppLoans offers online loans for bad credit with no minimum credit score required in as little as 24 hours1. OppLoans offers bad credit loans with monthly payments up to 36 months1. Loan amounts range from $500 to $4,0001 and can be funded as quick as the next business day1.

OppLoans is a leader in the online lending industry for loans to people with less-than-perfect credit. OppLoans has an A+ rating from the Better Business Bureau. It’s easy to apply and once approved, you typically receive your money as soon as the tomorrow. Plus, checking your rate will not negatively impact your credit scores.

Loan Details

  • Loan amounts range from $500 to $4,000.1
  • No prepayment penalties – Repay your loan early and save money in interest.
  • Loan terms up to 36 months.1
  • 350 minimum score required.
  • Payments reported to credit bureaus.

2. Lendingpoint – Credit score needed is 600 or higher


Lendingpoint laons range from $2,000 to $36,500 with flexible financing options and rates ranging from 9.99% to 35.99% APR, with terms from 24 to 60 months.

Loans can be used for whatever legal personal expense or purchase you choose. To determine how much you qualify for, Lendingpoint will conduct a “soft pull” of your credit report which does not affect your credit score.

Loan Details

  • Rates range from 9.99% – 35.99% APR, depending on credit score.
  • Loan terms from 24 months to 60 months.
  • Have a credit score of at least 600.
  • Receive loan funds as soon as the next business day after approval.
  • Prequalify with a soft pull that won’t harm credit.
  • Prepay your loan with no penalties and change your payment due date.
  • The lender charges an origination fee of up to 6%, which can be deducted from the loan disbursement or financed.
  • Applicants must earn a minimum annual income of $35,000 ad have a verifiable personal bank account in your name.

3. Upgrade – Credit score needed is 620 or higher

Upgrade requires borrowers to earn at least $35,000 annual income in addition to having at least $800 left over after paying bills each month. All loans have a fixed interest rate with a fixed monthly payment. Borrowers should have at least a 620 credit score, but all credit scores are considered.

Loan Details

  • Rates range from 7.99% – 35.89% APR, depending on credit score.
  • Loan terms from 36 months to 60 months.
  • Have a credit score of at least 620.
  • Have a yearly income of at least $35,000.
  • Have a monthly cashflow of at least $800 after bills are paid.
  • No Prepayment Fee.
  • Loan origination fee: 1.5% – 6.0%
  • Get a personal loan for any reason.
  • Funds are deposited directly to your checking account as soon as one day.

4. BadCreditLoans – Credit score needed is 500 

BadCreditLoans laons range from $500 to $10,000 with repayment terms from up to 36 months.

BadCreditLoans makes it easier for people with bad to find a loan because you complete one application and one credit check to potentially get connected with lenders who may be willing to approve your application.

Loan Details

  • Quick application for multiple lenders.
  • Loan terms up to 36 months.
  • Have a credit score of at least 500.
  • Prequalify with a soft pull that won’t harm credit.
  • Have a regular income, either from full-time employment, self-employment, or disability or Social Security benefits.
  • Have a checking account in your name.

5. Stilt Personal Loan – No credit score needed

stilt-loans-underservedStilt offers personal loans targeted at immigrants as well as the underserved with a bad credit history or no credit history. Stilt doesn’t require a Social Security number or green card to apply and serves F-1, OPT, H-1B, TN, DACA and more. Stilt offers personal loans in only 16 states: Arizona, California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Texas, Utah, Washington, Wisconsin and Virginia.

Loan Details

  • Rates range from 7.99% to 15.99% APR.
  • Loan terms from 6 months to 3 years.
  • Stilt loan amounts range from $1,000 to $25,000.
  • If you have a full-time job or the offer of one, it will work in your favor.
  • Must physically be in the US.
  • No Prepayment Fee.
  • Other information besides credit score is considered such as education, work history, bank overdrafts, collections.

Facts to consider when getting online loans for bad credit

1. Online loans for bad credit are unsecured

With unsecured loans for bad credit you won’t be required to place an asset as collateral, so the lender can’t automatically take a piece of your property as payment if you default. But unsecured loans for bad credit allow lenders to take other collection actions even if they can’t automatically take your house, car, or other assets.

These include reporting late payments to credit bureaus, hiring a collection agency, or filing a lawsuit against you. Be sure to make all payments on time, and if you run into any trouble making a payment, reach out to your lender immediately.

2. Online loans for bad credit will have fixed repayment periods

Unlike payday loans which are typically the only option for bad credit loans, you’ll have a set period of time to repay your online loan for bad credit. Loan periods are usually stated in months: 12, 24, 36, 48, and some times even 60 months. However, keep in mind that while longer repayment periods will lower your monthly loan payment, you’ll end up paying more in interest than if you had a shorter repayment period. That’s because interest is added on per payment.

3. Common fees with online loans for bad credit

Most bad credit loans will charge late fees if your payments fall behind. Another fee to consider with online loans for bad credit is origination fees. Origination fees can run from about 1 to 6 percent of the amount you’re borrowing and is usually taken from the loan proceeds when the loan is disbursed. Late payments have a huge negative impact on credit scores, so avoid at all costs.

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