5 Best Personal Loan Companies for Borrowers with Bad Credit
If you have a bad credit score, getting a personal loan can be difficult. However, it’s not impossible. With the right research, you can find personal loan companies that cater to borrowers with bad credit. In this article, we’ll take a look at some of the best personal loan companies for customers with poor credit scores.
1. OneMain Financial
OneMain Financial is a trusted personal loan company that’s been around for over 100 years. They specialize in loans for customers with bad credit. OneMain offers personal loans ranging from $1,500 to $20,000 with terms up to 60 months. Their interest rates vary based on your credit score but can range from 18.00% to 35.99%.
2. Upstart
Upstart is another personal loan company that offers loans to people with bad credit. They differentiate themselves from other loan providers by using a unique underwriting process that evaluates more than just your credit score. If you have a minimum credit score of 580 and a minimum income of $12,000, you are eligible for a loan. Upstart offers personal loans ranging from $1,000 to $50,000 with terms up to 60 months. Their interest rates range from 8.69% to 35.99%.
3. Avant
Avant is a personal loan company that caters to customers with bad credit. They offer personal loans ranging from $2,000 to $35,000 with terms up to 60 months. Avant considers more than just your credit score in the application process. They also take into account your income, expenses, and payment history. Avant’s interest rates range from 9.95% to 35.99%.
4. OppLoans
OppLoans is a personal loan company that specializes in loans for customers with bad credit. They offer personal loans ranging from $500 to $5,000 with terms up to 24 months. OppLoans does not require a minimum credit score. Instead, they evaluate your creditworthiness based on your income and expenses. OppLoans’ interest rates range from 99.00% to 199.00%.
5. LendingPoint
LendingPoint is a personal loan company that offers loans to customers with bad credit. They use a proprietary algorithm to evaluate your creditworthiness, taking into account more than just your credit score. LendingPoint offers personal loans ranging from $2,000 to $25,000 with terms up to 48 months. Their interest rates range from 9.99% to 35.99%.
In Conclusion
Getting a personal loan with bad credit can be a challenge, but it’s not impossible. By doing your research and comparing different loan providers, you can find a loan that suits your needs and budget. The 5 personal loan companies mentioned in this article cater to customers with bad credit and offer a range of loan amounts and terms. When choosing a personal loan company, make sure to read the fine print and pay attention to the interest rates and fees. With the right loan provider, you can get the funds you need to finance your goals.
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