| Lender | APR Range | Loan Amount | Loan Term | Min. Credit Score | Origination Fee | Funding Time | Cosigner Allowed | Late Fee |
|---|---|---|---|---|---|---|---|---|
| LightStream | 6.49% - 25.29% | Up to $100,000 | 2 - 7 years | 700 | None | Same business day | No | None |
| Best Egg | 6.99% - 35.99% | Up to $50,000 | 2 - 5 years | 600 | 0.99% - 9.99% | 1 - 3 business days | No | $15 |
| Upstart | 7.80% - 35.99% | Up to $50,000 | 3 or 5 years | 620 | 0% - 12% | 1 - 3 business days | No | $15 or 5% |
| LendingClub | 7.90% - 35.99% | Up to $40,000 | 2 - 6 years | 660 | 0% - 8% | ~22 hours | Yes | $15 or 5% |
| Splash | 7.99% - 17.97% | Up to $35,000* | 3 - 6 years | 700 | 3.99% - 7.49% | As soon as 1 day | No | Varies by lender |
| Reach | 7.99% - 35.99% | Up to $40,000 | 2 - 5 years | 660 | 0% - 8% | 90% funded within 1 day | No | $15 |
| Upgrade | 7.99% - 35.99% | Up to $50,000 | 2 - 7 years | 600 | 1.85% - 9.99% | As soon as 1 day | No | $10 |
| Happy Money | 8.95% - 17.48% | Up to $40,000 | 2 - 5 years | 640 | 2% - 5% | 2 - 5 business days | No | None |
| SoFi | 8.99% - 35.49% | $5,000 - $100,000 | 2 - 7 years | Not disclosed | 0% - 7% | Typically a few days | No | None |
| Prosper | 8.99% - 35.99% | Up to $50,000 | 2 - 5 years | 640 | 1% - 9.99% | 1 business day | Yes | $15 or 5% |
| Rocket Loans | 9.12% - 29.99% | Up to $45,000 | 3 or 5 years | 640 | Up to 9% | Same day (if approved) | No | Yes |
| Avant | 9.95% - 35.99% | Up to $35,000 | 2 - 5 years | 550 | 0.95% - 9.99% | Next business day | No | $25 |
| BHG Financial | 9.96% - 23.48% | Up to $200,000 | 3 - 10 years | 660 | 3% - 4% | 5 - 14 days | No | $40 or 5% |
| Reprise Financial | 9.99% - 35.99% | Up to $25,000 | 3 - 5 years | 560 | 0% - 6% | Next business day | No | $15 (varies by state) |
| Citibank | 11.49% - 20.49% | Up to $30,000 | 1 - 5 years | 740 | None | Same day (Citi customers) | No | None |
Bad credit loan rates are affected by the overall interest rate environment, including economic factors such as inflation. They’re also influenced by your credit history, income, employment record, and outstanding debts.
To determine what your personal loan rate might be if you have bad credit, you can prequalify online. Prequalifying won’t affect your credit score and is only an estimate of the rates and terms you might receive. If you move ahead with a formal application, lenders usually perform a hard credit inquiry, which could temporarily drop your credit score by a few points.
A bad credit loan is a type of installment loan, which means you pay back the borrowed amount in regular installments, usually monthly. Both the payments and interest rate are typically fixed, which means they stay the same every month.
Repayment terms: You usually have multiple options for repayment terms. Depending on the lender and the loan you choose, terms could vary from around two to seven years, with some lenders offering longer terms for specific loan purposes like home improvement.
Loan amounts: The amount you can borrow with a bad credit loan typically ranges from $1,000 to $50,000. You might even be able to borrow up to $100,000 or more with certain lenders. But you would need strong compensating factors to qualify for a large loan with bad credit.
Interest rates: Interest rates for bad credit loans are higher than they are for good credit. If you have bad credit, your interest rate could be 30% or more, which could negate the purpose of getting a loan entirely.
Fees: Many bad credit loans charge origination fees, which are upfront fees that are deducted from your loan proceeds. The annual percentage rate (APR) of a bad credit loan accounts for the origination fee, making it easier to compare the overall yearly cost from one lender to another. Some lenders also charge fees for late payments, returned checks and insufficient funds (not reflected in the APR).
Funding times: The time it takes to get your loan funds vary from lender to lender. Some lenders can deposit your money the same day you’re approved, while others can take several business days.
