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17 Apr 2024


Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

If you need money but your credit isn’t in great shape, it’s possible to find loans for bad credit. Learn where to get them and how to qualify. (Shutterstock)

If you need to cover an unexpected expense, a personal loan can be helpful. But if your credit is rocky, it could be challenging to get funding. Fortunately, you have options, even if your credit history isn’t perfect. 

Here’s where you can find a bad credit loan and some things you can do to qualify for one.

Lenders want to know how you’ve handled debt in the past, so they look at your credit score and credit history to predict how likely you are to repay a loan. While having bad credit can make qualifying for a personal loan challenging, it’s not impossible. Some lenders work specifically with borrowers who have a shaky credit history or no credit at all. But to offset their risk of lending you money, lenders charge higher interest rates to borrowers with bad credit. 

If you’re looking for a bad credit loan, visit Credible to see your prequalified personal loan rates from various lenders, without affecting your credit.

One of the most convenient options for a bad credit personal loan is through an online lender. You can complete the entire process, from application to approval, without meeting in person. Some lenders may require a phone call, but you can apply for and accept your loan in your pajamas. 

Banks are popular for personal loans, especially for customers who already have accounts with a specific institution. While some banks offer online applications, you may be able to have a more-customized experience by visiting a loan officer to apply in person. 

Credit unions are another option for personal loans. A credit union operates similarly to a bank but often has membership requirements. Credit unions are not-for-profit, member-owned cooperatives. Unlike banks, members get to vote on board and bank issues. 

When you’re ready to apply for a bad credit personal loan, you can make the application process more manageable with some preparation. Documents you’ll need include:

If you have bad credit, here are a few things you can do to improve your odds of qualifying for a personal loan:

  1. Ask a friend or family member with excellent credit to cosign your loan. This can increase your chances of being approved, and of getting a lower interest rate.
  2. Consider applying for a secured loan, which will require you to provide an asset as collateral, such as a car or savings account. You should only do this if you’re confident you can maintain your payments, as you could lose your collateral if you default on the loan.
  3. Would you qualify for a smaller loan? Are you willing to pay a higher interest rate? Compare rates and terms from multiple lenders so you can find an option that works best for you.

Qualifying for a bad credit loan might be difficult, but you do have options if you’re willing to do a little work. 

Credible lets you quickly and easily compare personal loan rates from various lenders, all in one place.