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You can find loans for borrowers with bad credit through community banks, credit unions and online lenders. Predatory or misleading loans can be disguised as bad credit loans.
2. Rocket Loans. Best for 100% online loan process. Rocket is a well-known mortgage lender, but it also offers personal loans of $2,000 to $45,000 ($5,001 to $45,000 in Ohio) through Cross River Bank.
While the average personal loan requires a credit score between 610 and 640, peer-to-peer loans may offer loans as low as 600. Funding times are often similar to what personal loan lenders offer.
If you apply with a lender offering bad credit loans, you could get approved with a score as low as 560 or no credit score at all. Still, a higher credit score could mean access to more funds ...
Key takeaways. A bad credit loan is a type of personal loan that caters to borrowers with credit scores below 670. If handled properly, bad credit loans can boost your credit score by adding to ...
Key takeaways. Bad credit lenders may approve borrowers with credit scores in the upper 500s or lower. Loans for bad credit usually come with high annual percentage rates (APRs) and high costs.
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