Best Online Loans for Bad Credit 2023

Best Overall Choice:

1

our #1 pick

Fast Access to Cash Loans

Fast Access to Cash Loans

5kFunds

Fast Access to Cash Loans
• Amount: $100 - $5,000
• APR: 5.99% - 35.99%
• Loan Terms: 3-72 months

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2,833 people chose 5kFunds today

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5kFunds Highlights

• Click "GET MY RATE" start your personal loan process on 5kFunds secure site and find your APR
• 5kFunds matches you with top-rated online personal loans with absolutely no charge to you, with rates ranging from 5.99% to 35.99% APR
• Well suited for borrowers who want a small loan of $1,000 to $3,000

• Great for borrowers with Bad/Poor credit
• Loan Term: 2-72 months
• NOT recommended for good/excellent credit history

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2

Cash Deposited in 10 Mins*

Cash Deposited in 10 Mins*

RedArrowLoans

Cash Deposited in 10 mins**
• Amount: $100 - $35,000
• APR: 5.99% - 35.99%
• Loan Terms: 4-72 months

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RedArrorwLoans Highlights

• Click "GET MY RATE" start your personal loan process on Loans under36's secure site and find your APR


• RedArrowLoans presents a simple and fast way to fine a personal loan online with less than perfect credit


• If you've been denied for a loan, this might be a good fit

• Great for borrowers with damaged credit


• Loan Term: 3-72 months


• Applying won't affect your credit score

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3

Simple online form

Simple online form

LoansUnder36

Simple online form
• Amount: $100 - $35,000
• APR: 5.99% - 35.99%
• Loan Terms: 3-72 months

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LoansUnder36 Highlights

• Click "GET MY RATE" start your personal loan process on Loans under36's secure site and find your APR
• LoansUnder36 presents a simple and fast way to fine a personal loan online with less than perfect credit
• Loan funds can be used for nearly any purpose

• Great for borrowers with damaged credit
• Loan Term: 3-72 months
• Applying won't affect your credit score

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4

LendingTree

LendingTree

LendingTree

Facilitated $260B in loan funding
• Max Loan: $50,000
• APR: 2.49% - 35.99%
• Loan Term: 3-180 months

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LendingTree Highlights

• 100% free to get your personal loan rate with LendingTree


• Great for borrowers with fair/good/excellent credit


• LendingTree has been in business for 26 years

• Online personal loan pre-qualification process takes just a few minutes on average!


• Very simple process for finding your unique personal loan rate ranging from 2.49% to 35.99% APR


• 111M people helped with over 3.4M loans approved
• No impact to your credit score for applying

IMPORTANT LENDINGTREE DISCLOSURE: LendingTree NMLS #1136 is NOT a direct lender.

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5

AmOne

AmOne

AmOne

Same day funding
• Max Loan: $50,000
• APR: 3.49% - 35.99%
• Loan Term: 24-84 months

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AmOne Highlights

• Click "GET MY RATE" to find your unique personal loan rate on AmOne's secure site


• Instantly Matched to Appropriate Solutions


• Highly Rated Providers Identified & Offered

• Offered Nationwide Since 1999


• U.S. Based Live Support


• Easy & Efficient Process Saves Time

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Can I get a Loan with Bad Credit?

Yes! Even with a bad or poor credit score, you can still get a personal loan online! Personal loans can be used for almost anything! Some of the most popular uses include:

• Emergency cash
• Debt consolidation
• Paying your rent
• Unplanned expenses
• Major purchase
• Home improvements and renovations
• New boat, RV, or other item that typically doesn’t have financing
• Medical bills
• Virtually any other reason

According to research by Finder, roughly 83.5 million Americans have personal loans, with the most common use being credit card debt consolidation. Typically, credit cards can have APRs above 35%. Personal loans, on the other hand, typically have APRs around 7% to 30%.

Many Americans would rather pay 7% annually to borrow money, and use this borrowed money to pay off their higher interest debts, like credit cards.

Should I Get a Personal Loan?

Personal loans, often called “unsecured personal loans,” are loans that are issued to individuals based on their creditworthiness. One of the best things about personal loans is that there is no collateral involved. You don’t have to use your house, car, or any other asset to receive a personal loan.

We spent 500+ hours searching for the best personal loans of 2021, because not all personal loans are made equal. Many shady online lenders have high variable rates and lots of hidden fees. None of the lenders on this page have hidden fees, and all are highly rated and respected.

If you need to consolidate debt, finance a purchase or major event like a wedding, or if you just need cash, personal loans are a great option. The typical interest rates for personal loan range from 3.84% to 35.99%. This is significantly lower than the typical APR for a credit card, which is another common form of borrowing.

Personal Loan Myths

One of the most common misconceptions about personal loans is that a loan will harm your credit score.

Simply put, this is NOT true. Personal loans will actually improve your credit score with on-time payments.

For example, say you have $4,000 in credit card debt, and your total credit limit with your credit card company is $5,000. Since $4,000 out of the available $5,000 credit is being used, this is known as “high credit utilization” and is highly detrimental to your credit score.

Getting a loan of $4,000 will allow you to fully pay off your credit card and reduce your credit utilization. In turn, this will dramatically boost your credit score.

This is just one example of how getting a loan can actually lead to a credit score of 800+, but in general, personal loans do not hurt your credit score and are viewed as a good sign by the major credit bureaus.

What to Look for in a Personal Loan

When finalizing your personal loan, you will typically be presented with multiple offers from different lenders and banks. Make sure you pick the offer that works best for your financial situation.

Longer term loans tend to have slightly higher interest rates. Whereas, loans over shorter periods of time, like just 1 year, tend to have the lowest interest rates, but will typically see higher monthly payments.

Summary: Best Poor Credit Loan Companies for 2021