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Best Bad Credit Loans 2022: Compare Lenders & Apply

Got damaged credit but need a loan? Bad credit loans can help you in a pinch and allow you to pay over time. helps you:

  • Find bad credit loans
  • Compare APR’s
  • Improve your financial situation
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Compare the Best Loans for Bad Credit 2022


Chosen 660 times

$500 - $35,000

Loan amount

2 Months - 6 Years

Term of loan

5.99% - 35.99%

Lowest rate


Minimum age

Chosen 7339 times

$1,000 - $50,000

Loan amount

3 Years - 3 Years

Term of loan

9.56% - 29.99%

Lowest rate


Minimum age

Chosen 1721 times

$3,500 - $25,000

Loan amount

2 Years - 4 Years

Term of loan

15.49% - 34.99%

Lowest rate


Minimum age


Chosen 15833 times

$100 - $3,000

Loan amount

10 Days - 6 Months

Term of loan

471.78% - 841.45%

Lowest rate


Minimum age

Chosen 711 times

$100 - $1,000

Loan amount

7 Days - 1 Year

Term of loan

15% - 1564%

Lowest rate


Minimum age


Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

What Is a Bad Credit Loan?

Bad credit loans are loans made to people who do not qualify for loans from regular lenders due to having a low credit score.

One advantage of personal loans for bad credit is that they have lower interest rates than credit cards, making them a better option.

There are different types of online loans for bad credit and they vary in terms, interest rates, fees, and whether they are secured or not.

If they are secured, you will need to put up collateral such as an asset you own like a house or car that the lender may claim if you default on the loan.

However, most bad credit loans are unsecured, so if you don’t own an asset, this needn’t put you off applying for the loan. 

Bad credit online loans allow borrowers to improve their credit ratings through manageable payment options over time.

Online loans for bad credit differ from payday loans, which often require a lump-sum repayment on the borrower’s next payday.

When a borrower makes payments on time, the lender will report it to one or more credit-reporting agencies, which can increase the borrower’s credit score.

This has a positive effect on the likelihood and terms of any future borrowing.

What Is Bad Credit?

Bad credit generally means that a person’s credit score is less than 580.

This score is often referred to as your FICO score and is calculated using information from your credit reports, which summarize your borrowing history.

They help lenders decide whether or not to approve loan applications and influence the loan terms.

Note: Most regular lenders will not consider lending to people with credit scores below 580.

Sometimes, even slightly higher scores will not lead to a successful application. Even an application to a bad credit lender is not guaranteed to be successful.  

What Is a Bad Credit Lender?

Loans for people with bad credit are more limited and are likely to come with less favorable terms. These lenders are called bad credit lenders and include banks, credit unions, and online lenders.

Here is a list of lenders that offer bad credit loans online:

Company Overall RatingTimes Chosen
5KFunds4.256,964View Company
ACE Cash Express5.0572View Company
BadCreditLoans.com3.675,088View Company
Blue Trust Loans4.515,833View Company
Caribou5.01,318View Company
Cash Advance4.5711View Company
CashUSA3.821,021View Company
Check Into Cash4.312,458View Company
Fast5KLoans4.05,506View Company
Happy Money3.6504View Company
Jora Credit4.27,041View Company
LendKey4.61,227View Company
LoansUnder365.0660View Company
MaxLend2.36,858View Company
MoneyKey3.927,732View Company

Because bad credit lenders consider lending to people with poor credit scores riskier, they generally charge higher interest rates and fees.

Can You Borrow From A Regular Lender? 

If you have a short credit history or a poor credit record due to late or missed payments, bankruptcy, severe delinquency, or maxed out credit cards, your application for a loan from a regular lender like a bank, is likely to be rejected.

This limits your borrowing options and you may need to apply for a bad credit loan.

Unsecured Loans for Bad Credit

Having bad credit severely limits your ability to get a loan. That said, you can find acceptable loan options even with less-than-perfect credit, but you have to look carefully and check with several lenders to find the best terms for you.

When looking for personal loans for bad credit, the first step is to check with a lender with which you already have a good relationship with.

If you’re a member of a credit union, this is always a great place to start.

There are some online lenders that specialize in clients with bad credit, including those who’ve been turned away by traditional banks.

But keep in mind that when it comes to bad credit loans guaranteed approval is not always possible as it depends on many factors.

Using a Cosigner

You might need a cosigner if you have bad credit and need a loan. That person applies for the loan with you and is just as liable for the loan as you are.

But not just any old cosigner will do — they have to have a good credit score to help you out.

The person takes a big risk by being a cosigner, as their borrowing ability will be limited and they will see an initial hit on their credit report. By pledging to pay if you fail, they are 100% responsible for the loan.

The lender will go after the cosigner if you cannot pay. And should you die, the cosigner could find themselves on the hook for the entire loan amount.

Once you secure a cosigner and begin making timely payments on your loan, you should see your credit score start to rise to a point where you may be able to refinance and get the cosigner removed from the loan.

When you compare secured vs unsecured loan providers, always compare loan rates, terms, and requirements to find the best loan offer.

How to Find the Best Unsecured Loans

Desperation will often land you in bed with shady lenders. Though you have very little negotiating power with bad credit, you still need to make sure you’re only dealing with reputable lenders.

And most of all, watch out for too-good-to-be-true offers.

How Do I Compare Bad Credit Lenders?

It is always wise to compare lenders before settling for one lender, as rates can vary significantly between loans with bad credit.

One may have lower payments, but the lender may have spread it out over more time, resulting in the borrower paying more interest.

Use our comparison calculator tool to find the best bad credit loans for your situation. Some of the best loans with bad credit have the following terms:

  • No limits on how the borrower can use the loan.
  • Interest rates are lower than payday loans.
  • Require no collateral, so you won’t risk losing your property if you default.
  • Flexible installments you can comfortably meet over a period of time.

Because of the variable factors involved, you will need to shop around thoroughly when looking for a suitable loan with bad credit. 

Bad Credit Loans FAQ

Can I get a personal loan with a credit score of 550?

It’s possible. There aren’t many lenders who offer loans to borrowers with credit scores lower than 550 and some may require a co-signer. If you know you have a bad credit score, check your credit score and see how you can improve your credit before applying for a personal loan.

How much can I borrow with bad credit?

Lenders will typically assess your application and determine what you qualify for by looking at your income and creditworthiness. You may not qualify for a high credit limit if you don’t have a good credit score and you may also pay a higher interest rate than high-qualified borrowers.

Can I apply for a loan with no credit check?

While most lenders require a credit check, there are some loans that don’t. These lenders, instead, look at your ability to repay the loan. You may also be required to provide collateral for the loan. No credit check loans are available through payday lenders, online lenders, and auto title lenders.

How do I fix my bad credit score to get a better loan?

Some ways to improve your credit score include paying off existing debts, disputing any inconsistencies and errors on your credit report, reducing credit card spending, and limiting the number of new credit applications you make. 

Can I get an emergency bad credit loan quickly?

Sometimes you need money as soon as possible to help resolve your financial emergencies, and you don’t have the time to go through the whole brick-and-mortar loan process.

Applying for bad credit loans online can be the perfect solution. The process generally takes between one day and a week.  

Find out more about emergency lending here.

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