Get A Personal Loan Today With No Credit History Required

Get a personal loan today with no credit history required 

If you have bad credit, the search for a personal loan can be frustrating and at times even disheartening. It’s true that a poor credit score limits your options, but that doesn’t mean things are hopeless.

We spent time researching and comparing the best bad credit loans you can apply for to get quick cash when you need it. Plus, we’ve got virtually everything you need to know about bad credit loans, the application process, and how a personal loan can help you build a better financial future.

In fact, if you have bad credit, prepare to compromise regarding the terms of your loan. However, if you can make your monthly payments on time, taking out a personal loan (even one with a high APR) gives you the chance to increase your credit score and better manage your spending habits.

Keep reading to learn more about the five best bad credit loans, including terms, APRs, and other important information. Then, you can decide for yourself which is the best personal loan company for your borrowing needs.

Can I pre-qualify without hurting my credit score?

Yes. Do some research before you apply for a personal loan. Read reviews and learn what to consider before agreeing to take on a loan. When you’re ready to apply, follow these steps to make sure you don’t ding your score too much.

Shop around for the best rate

Avoid hard inquiries by knowing your credit score before you submit a formal application so you know what you might qualify for. Many lenders will allow you to submit a prequalification form. Or consider using a lending platform (such as Upstart or LendingTree) to view multiple offers at once.

Decide on the best offer

Choose the loan with the best monthly payment and interest rate for your budget. Be sure to look at how much the loan will cost you over the full length of the term and decide if the cost is worth it.

Submit a formal application

Have your social security number on hand, as well as supporting documents such as bank statements and pay stubs.

Wait for final approval

This could take just a few minutes, an hour or up to 10 days. To facilitate a speedier approval, apply during normal business hours and submit the required documents right away.

Get your funds

Once your loan is approved, you’ll be asked to input your bank account information so the funds are deposited into your account. You may also be able to request a paper check from your lender, or in the case of a consolidation loan, you may be able to have funds sent right to your creditors.

As you begin to search for a personal loan, it can be helpful to compare several different offers to find the best interest rate and payment terms for your needs. Here are some:

The 5 Best Loans for Bad Credit in 2022

1) BadCreditLoans is a free online service that connects people who have poor credit to reliable financial lenders. The business has been in operation since 1998 and offers a wide range of loans:

  • Business loans
  • Personal loans
  • Student loans
  • Auto loans
  • Mortgages

If you match with an online lender and accept the terms, you could potentially have loan funds deposited into your account via direct deposit as soon as the next business day.

Loan Amount: Using the free online portal that BCL offers, you can request a loan amount between $500 and $10,000.

APRs: Your APR (interest rate) depends on several factors, such as the specific lender and your credit rating. Remember, BCL doesn’t determine your interest rate since it is not the lender offering you the loan. Instead, it’s the designated lender that assigns your APR, which can be between 5.99% and 35.99%.

2) Upgrade 

With loans up to $50,000, low rates and monthly payments, and a wide range of borrower-friendly features, Upgrade is another company that offers some of the best loans for people with bad credit. Upgrade offers a range of options for online personal loans, including:

  • Secured loans
  • Joint loans
  • Credit card consolidation
  • Debt consolidation
  • Home improvement loans

Upgrade is also a popular choice for many people with bad credit because you can get better terms by applying for different rate discounts. For example, if you sign up for Autopay, you’ll qualify for a 0.5% rate discount. It may not sound like very much, but every penny saved adds up in the long run.

Checking account customers also qualify for a rate discount, and so do borrowers who make monthly payments directly to creditors on a debt consolidation loan. Plus, Upgrade has a mobile app that makes managing and tracking your loan extremely easy and convenient.

Loan Amount: Upgrade offers bad credit loans between $1,000 and $50,000.

APRs: Interest rates vary between 5.94% and 35.47%. In fact, one of the reasons so many people choose Upgrade for a bad credit loan is because of the reasonable terms and APRs the company features. However, be aware that Upgrade does also have an origination fee between 2.9% and 8%.

3) OneMain Financial

OneMain Financial is a personal loan company that caters towards borrowers with bad credit or fair credit. OneMain Financial offers online loans for a variety of uses including home improvements, vacations, debt consolidation, auto loans, and unexpected expenses. This company has been around for over 100 years and has one of the best reputations in the loan industry.

Similar to other lenders, OneMain Financial offers installment loans with fixed interest rates. If you’re approved for a loan, you’ll be able to borrow money and pay it back over time with monthly payments. A personal loan can be a great alternative to credit cards, as the payment amounts are predictable and the interest rates are typically lower.

OneMain Financial makes getting a bad credit loan as easy as possible. Their simple online application will ask you for some basic information such as your financial, employment, and personal info. This application only takes minutes to complete for most users. After approval, they will connect you with a loan specialist and present you with several loan options to choose from. Once you review and accept the terms of the loan and sign documents, likely receive the money the next business day.

OneMain Financial offers both secured and unsecured loans. A secured loan will require you to provide collateral, such as an automobile, which is a great option for borrowers with really bad credit. On the other hand, an unsecured loan doesn’t require collateral at all.

OneMain Financial offers loan amounts that range from $1,500 to $20,000. They offer term lengths of 24, 36, 48, and 60 months. Your terms and interest rate will vary based on information such as your credit history, income, expenses, debt, and available collateral. OneMain Financial does offer a personal loan calculator to estimate your monthly payments for different loan amounts.

4) LendYou

LendYou is an online loan marketplace that specializes in short-term loans. LendYou offers a fast and secure online application with fast approval. After submitting an application with LendYou, you can receive cash in your account as soon as the following business day.

Whether you need fast cash for medical bills, auto repairs, or a vacation, LendYou can help you find the perfect loan for your needs.  LendYou welcomes borrowers with all credit histories, including people with bad credit.  

LendYou is not a direct lender and does not make loans or credit decisions. They are a loan marketplace that connects consumers with independent third party lenders.  Once you submit an application through the LendYou platform, you will receive an offer in real-time from a direct lender, which will include the terms and conditions of the loan.

Getting a personal loan from LendYou does not require collateral. You’ll just need to show a regular source of income to qualify, such as a paycheck.

The LendYou application process is swift and only takes a couple of minutes to complete. After submitting an online application, you’ll see a real-time offer from a direct lender. Should you accept the terms, you’ll have your money deposited into your account as soon as the next business day.

5) PersonalLoans

PersonalLoans is another digital marketplace for borrowers with lousy credit, offering personal loans, bank loans, and installment loans from a network of reputable online lenders. If you’ve applied for unsecured or secured loans in the past and weren’t approved, PersonalLoans could provide a solution. The company features an extensive network of reputable lenders and other third-party loan companies, increasing your chances for approval.

Loan Amount: If you’re looking for a larger loan, then PersonalLoans may be a great place to start. Loan amounts range between $1,000 and $35,000, making this platform an excellent choice for borrowers with a poor credit history who need a large amount of money very quickly. Remember, you are under no obligation to accept any of your available offers after you apply.

APRs: As with most companies that offer loans for bad credit, the lenders that work with PersonalLoans offer interest rates in line with the industry standard for bad credit loans, between 5.99% and 35.99%.

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Nancy G.

Former head of accounting at a tax consultancy firm, loves to spend time with her grandchildren and husband. Also a dog lover.

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