Applying for a personal loan typically involves a hard credit inquiry that allows the lender to check your credit report and score, which it uses to gauge your eligibility. But true to their name, most no-credit-check lenders don't run your credit when determining eligibility for loans. No-credit-check personal loans, however, may run a soft credit pull which won't impact your score.
While a no-credit-check loan may be tempting, many should be steered clear of. Costs can be very high - Pew research found that the average annual percentage rate (APR) on payday loans can be over 600% in some states. And repayment terms run short - they're often capped at two weeks, after which you'll owe additional fees if you can't repay.
Read on to learn about types of no-credit-check loans that are a better choice, where to get them, and alternatives.
Important
Tread carefully, as no-credit-check loans typically come with high rates and fees.
Several lenders offer no-credit-check loans or loans that only run a soft credit check, though many carry triple-digit APRs. For comparison, personal loan rates from traditional lenders tend to top out at 36%.
If you need to consider a no- or soft-credit-check loan, consider the legitimate loan companies below before resorting to a traditional payday loan or title loan.
Good to know
A loan’s APR accounts for both upfront fees and the interest rate, which makes them a good way to compare loans that only charge fees with loans that charge interest rates.
Best for: Borrowers with no credit or bad credit
OppLoans offers installment loans with months-long repayment terms specifically for bad credit. Though they may consider your credit via a soft credit pull, they won't conduct a hard pull which can ding your score.
Best for: Borrowers in need of a small short-term loan, looking to build credit
Possible Finance might be a better version of the traditional payday loan. Though loan amounts top out at $500, you have up to eight weeks to repay, and the company promises not to charge late or penalty fees, ever. Plus, it reports your payments to TransUnion and Experian - so on-time payment can help you build credit.
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| Up to $500; varies by state |
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| 8 weeks; lender also offers a 30-day grace period |
| Borrowing fee varies by state and may be a flat rate or a percentage; no late or penalty fees |
| Within minutes of approval, but can take up to 5 days |
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Best for: Debt consolidation and a long repayment period
You'll need to have an income of at least $18,000 annually to qualify, but there is no credit score minimum (the lender runs a soft credit check). Plus, NetCredit has one of the longest repayment terms available, up to five years. But this loan is primarily for debt consolidation.
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| Primarily debt consolidation |
Best for: Borrowers with fair credit
You'll need a FICO credit score of at least 580 to qualify which is right on the cusp of fair credit. (A bad credit score is one below 580; fair credit lives between 580 and 669.) But 60 Month Loans offers some of the best rates and repayment terms we've seen of lenders that don't conduct a hard credit pull.
Borrowers with fair credit
Loan Amount
$1,000 to $10,000
No hard credit inquiry when applying
Open to borrowers with fair credit
Excellent customer reviews
Funding as soon as the next business day
Low minimum loan amount
Relatively high starting APRs
Only available in 15 states
Doesn't allow co-signers
No mobile app
Overview
60 Month Loans is one of the more lenient lenders out there. Unlike most lenders, it doesn’t process a hard credit check when you apply, so your credit score won’t be impacted, and it may consider your application even if you have fair credit (a FICO score between 580 and 669). 60 Month Loans offers personal loans with terms ranging from one to five years and funding amounts up to $50,000.
However, this lender only provides loans to applicants in 12 states, and its APR minimum is much higher than other lenders. It also won’t let you apply with a cosigner and charges an origination fee up to 5% of the funding amount. 60 Month Loans may be right for you if you have a low credit score and live in one of the qualifying states.
Loan amount
$1,000 - $10,000 (up to $7,000 for first time borrowers)
Eligibility
Available in all states except AK, AR, AZ, CO, CT, DC, FL, GU, HI, IL, IN, KS, LA, MA, ME, MD, MI, MN, MS, NE, NV, NJ, NY, NC, MP, OH, OK, PA, PR, RI, TN, TX, TT, VT, VI, WA, WV, WI, WY
Loan uses
Debt consolidation, home repair, emergency expenses, medical expenses
We evaluated no-credit-check loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Our team of experts gathered information from each lender's website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.
Read our full lender rating methodology for more information.
As its name implies, no-credit-check loans are a type of personal loan where the lender doesn't perform a credit check. Instead, lenders consider other factors, like your income and debt, to determine your eligibility and the rate you'll receive.
Some of the most common no-credit-check personal loans are payday loans, payday alternative loans, title loans, and cash advance apps. These loans provide options to those with poor or no credit, and you can use the funds for nearly any purpose.
But because these loans tend to have higher interest rates and fees than traditional ones, they may not be your best option. If you have bad credit or high debt balances, consider improving your credit through a secured loan, credit counseling, or a debt management plan before applying for a true no-credit-check loan.
Many lenders catering to borrowers with bad credit run a soft credit check, which means they may consider your credit when setting your rate, but often don't have a minimum credit score requirement. Plus, a soft credit check doesn't bring down your score, like a hard pull can.
Prequalify for a personal loan before getting a no-credit-check loan. Some lenders offer loans for bad credit, which means you could pay much less to borrow money (or be able to borrow more) than you would with a no-credit-check loan. These loans tend to offer longer repayment terms - up to seven years, in some cases - and higher loan amounts. Plus, APRs are generally capped around 36%, which is much lower than most no-credit-check loans.
Keep in mind
Prequalifying for a loan won't impact your credit, but it's not an offer of credit. If you formally apply for a personal loan with most lenders, the lender will conduct a hard credit inquiry that could temporarily ding your score by a few points.
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Fox Business does not make or arrange loans.
No-check-credit loans include many different loan types. For instance, payday loans, car title loans, cash app advances, bad credit installment loans, and payday alternative loans all fit the bill, more or less. Though some of these lenders will run a soft credit check, which won't hurt your score.
Most, such as payday loans, cash apps, and title loans, are short term - as in due within a few weeks after you take out the loan. These typically offer small loan amounts as well (less than $1,000). Those that run a soft credit check tend to offer longer repayment terms (up to five years) and larger loan amounts (up to $10,000).
To apply, you must typically submit some personal information, such as proof of income and bank account details, and some lenders may run a soft-credit check which won't impact your score. If you're using an asset, like your car, to secure the loan, you'll need to procure the title as well.
The money is typically available within minutes - either as cash in hand, in your bank account, or via prepaid debit card or check. Though some lenders offering larger loan amounts or longer terms may take longer to send money.
If you're approved, the lender will offer you a loan, and you'll repay it according to schedule. In some cases, you'll repay the loan in installments over a set term, while in others, you'll repay it in one lump sum due, typically, by your next paycheck.
Good to know
Payday alternative loans, available from certain federal credit unions, have rates capped at 28%. This can make them a much more attractive option than payday or title loans.
What to know: Best if you need a long repayment term, a loan larger than $1,000, or want to pay off debt
These types of loans typically require a soft credit check, but may not have a credit score minimum. Funding won't always be as quick as other no-credit-check loans, but terms are often much more reasonable and the lenders may report your payments to credit bureaus.
Repayment periods can be years-long and amounts may be available up to $10,000, depending on your income and other factors.
What to know: Available from federal credit unions, rates on these loans are capped at 28%
Payday alternative loans, or PALs, are offered by certain federal credit unions as an alternative to expensive payday loans. The National Credit Union Administration (NCUA) caps the interest rate for PALs at 28%, making them one of the lowest-rate options for borrowers with bad credit. PALs offer loan amounts up to $2,000 and repayment terms ranging from one month to one year. Loan limits and repayment terms may depend on how long you've been a credit union member. Certain PALs are available to new members while others may only be available if you've been a credit union member for at least 30 days.
What to know: Cash apps offer small loan amounts that may be fee-free if you can wait a few days for the money.
Typical advance amounts fall between $25 and $750 per pay period and are due by your next paycheck. Many cash apps don't charge a fee for standard delivery of funds. But if you want expedited delivery - available within minutes or hours - you could pay steeply for it. For instance, a $7 fee to expedite delivery on a $100 advance due in two weeks equates to a 183% APR. Note that costs may be higher to advance money to an external account. Additionally, some cash app providers charge a monthly subscription fee which may augment or replace other fees in the app.
What to know: High fees and short repayment terms make these a poor lending option
Payday loans are a type of short-term loan you can obtain online or at a payday loan store. Generally, loan amounts are limited to $500 or less, and you must repay them in full on your next payday.
Warning
Fees for these loans vary by state and can range from $10 to $30 for every $100 borrowed. A typical $15 fee equates to an APR of nearly 400% for a two-week $100 loan.
What to know: Similar to payday loans, title loans often come with exorbitant fees - and could cost you your car
A title loan is a secured loan that uses your vehicle's equity and title as collateral. Like other no-credit-check options, title loans have high interest rates and short repayment terms. With title loans, your lender places a lien on your vehicle, meaning the lender can repossess your vehicle if you fail to repay the loan.
The process to obtain a no-credit-check loan can vary by lender, but it's generally straightforward. 1. Gather documents: Be prepared to submit documents to support your application, such as:
- Valid government-issued identification
- Proof of income, such as W-2
- Your employer's contact information
- Bank account statements and routing information to fund your loan
2. Fill out the application: Many lenders let you apply online, which is the easiest and fastest method. Or, if you prefer personal service, you can apply in person at a local brick-and-mortar office.
3. Review loan terms and make a decision: After reviewing your application, the lender may extend a loan offer. Remember, lenders that offer personal loans without a credit check usually offset their risk by charging high interest rates and fees, so you'll want to carefully review the costs and repayment terms before accepting a loan.
4. Sign the loan agreement: You're legally entitled to review the interest rates and fees attached to your loan before you sign the loan agreement. If you agree, you'll need to sign the closing documents, then you can expect to receive the funds typically within a week or as soon as one business day.
Pros and cons of no-credit-check loans
Getting a no-credit-check personal loan may be tempting, especially if bad or limited credit prevents you from being approved for credit cards and other loans. However, you may have better options than these types of loans. Before applying, carefully consider the pros and cons to help determine if this type of loan makes sense.
Pros
- No credit check
- Fast funding
Cons
- Potential for very high costs
- Potential for debt trap
- No credit check: As its name suggests, the most significant advantage of no-credit-check loans is that lenders use factors other than your credit to determine your loan eligibility
- Fast funding: In many cases, it's possible to get approved for a loan and receive the funds within one business day or even on the same day.
- Potential for very high costs: Many no-credit-check loans come with high interest rates or fees or include complex terms that make it challenging to repay your loan.
- Potential for debt trap: Some no-credit-check loans can lead to a cycle of high-cost debt. High fees coupled with short repayment terms results in many borrowers requiring another loan to repay the debt or extending the repayment term of the original loan, leading to additional charges.
If your credit is making it hard to get approved for a personal loan, no-credit loans aren't your only option. Consider these alternatives to help you get access to the money you need:
- Borrow from family or friends: Asking a trusted friend or family member for money may be your best financial option. Experts advise drawing up an agreement that outlines expectations, including a payment schedule, to avoid putting undue stress on your relationship.
- Enlist a cosigner: Adding a cosigner who has a solid credit history to your loan application can improve your chances of approval and get you more favorable terms. Keep in mind, however, your cosigner must agree to assume the responsibility of repaying the loan if you're unable to make payments.
- Consider a credit-builder loan: If you don't need money right away, you could take out a loan to rebuild your credit. By making payments on time each month, credit-builder loans help you build a positive payment history, the most significant factor of your credit score. Once the loan is paid, you receive the money.
- Apply for a secured personal loan: If you're having a hard time qualifying for an unsecured loan, consider applying for a secured one. Since the lender faces less risk, you may qualify for the loan and receive a lower interest rate. The biggest drawback to secured personal loans is that you can lose your collateral if you fail to make loan payments.
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
pros
- Same-day funding available
- High maximum loan amount
- No origination fee
cons
- Good credit required
- No prequalification process
- Not available in Vermont
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years.
This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.
pros
- Secured loans available
- Low minimum income requirement
- Scored second in J.D. Power's Consumer Lending Satisfaction Study
- Funds in 1-3 business days
- High close rate on loans through Credible platform
cons
- Origination fees
- No discounts
- Not available in DC, IA, VT, or WV
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.
In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.
pros
- May fund in 1 business day
- No minimum credit score requirement on lender site
- Low minimum APR
- Trustpilot score of 4.9/5 stars
cons
- May charge a high origination fee
- No discounts offered
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Overview
Splash is a lending marketplace that offers loans up to $100,000 (if you apply via its website) from a wide range of lenders, with next-day funding available with many. If you apply on its website, terms range from two to seven years. Notably, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email.
It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere, and origination fees can reach 12% on some loans.
pros
- Excellent customer reviews on Trustpilot
- Funding as soon as the next business day
- Large loan amounts available
cons
- Possible origination fee up to 7.49% (through Credible)
- Other lenders may have lower starting APRs
- No cosigner option
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchases
Overview
LendingClub provides personal loans up to $40,000 with repayment terms between two to five years. The company is a strong choice for borrowers with good credit who don’t need funds fast, as LendingClub does not specify funding times on its site.
You can prequalify directly with LendingClub without having to provide your Social Security number, though you will need to provide it if you formally apply. Origination fees may be charged and range from 3% to 8%. LendingClub doesn’t offer discounts for autopay or direct pay.
pros
- Mobile app
- Low minimum income requirement
- High close rate on loans made through Credible
- Available in all states
cons
- Origination fee
- No discounts
- Funding not as fast as some competitors
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Overview
Happy Money, formerly known as Payoff, is an ideal lender for debt consolidation and credit card consolidation loans. The company offers APRs starting at 11.72% and loan amounts up to $40,000. You may be able to qualify for a loan with Happy Money with fair credit, but the best rates are reserved for those with good to excellent credit scores.
The company charges origination fees up to 5%, which is lower than some competitors, and you can receive funding in three to five business days once approved. Check to see if loans are available in your area, as Happy Money doesn’t fund borrowers in Massachusetts or Nevada.
pros
- Mobile app
- Live chat
- Low maximum APR
cons
- Limited loan terms available
- No discounts
- Origination fees
- Not available in MA or NV
Eligibility
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
pros
- No fees required
- Large loan amounts available
- Autopay and direct pay discounts
- Same day funding
- Long loan terms available
cons
- Good credit required
- 5,000 minimum loan amount
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
BHG Financial stands out for offering the largest loan amounts - up to $200,000 - of any of our partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to find one. However, loan amounts start at $20,000, so look elsewhere for small loans. You'll have between three and 10 years to repay the loan, but you'll need an annual income of at least $100,000 and a FICO score of 660 or better to qualify.
Loan funds are available within three to 14 days of loan approval. BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Note that you can't prequalify for a personal loan with BHG.
pros
- Eligible applicants can borrow up to $200,000
- Considers borrowers with fair credit
- Long repayment terms
cons
- Not available in IL, ND, and MT
- No discounts
- Minimum annual income requirement of $100,000
- Funding takes at least five days
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, credit card refinancing
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
When it comes to personal loans for fair-credit borrowers, Reach Financial is one of the best choices around. This lender offers fast processing, with a majority of approved applications receiving funds within a day. Terms start at two years and end at five years for personal loans, and loan amounts are between $3,500 and $40,000. This isn’t the right lender for the shortest or longest terms available, and the borrowing range is narrower than you’d find with many lenders.
Reach focuses on borrowers using personal loans to pay off debt and only permits two purposes for its loans: debt consolidation and credit card refinancing. It’s also worth noting that the lender does not work with borrowers in every state and charges origination fees up to 8%.
pros
- Fast funding
- Can improve credit
- Fair-credit borrowers may be eligible
cons
- Limited use
- No direct pay discount
- Origination fee
- Limited availability: Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
pros
- Same-day funding available
- High maximum loan amount
- No origination fee
cons
- Good credit required
- No prequalification process
- Not available in Vermont
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years.
This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.
pros
- Secured loans available
- Low minimum income requirement
- Scored second in J.D. Power's Consumer Lending Satisfaction Study
- Funds in 1-3 business days
- High close rate on loans through Credible platform
cons
- Origination fees
- No discounts
- Not available in DC, IA, VT, or WV
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.
In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.
pros
- May fund in 1 business day
- No minimum credit score requirement on lender site
- Low minimum APR
- Trustpilot score of 4.9/5 stars
cons
- May charge a high origination fee
- No discounts offered
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Overview
Splash is a lending marketplace that offers loans up to $100,000 (if you apply via its website) from a wide range of lenders, with next-day funding available with many. If you apply on its website, terms range from two to seven years. Notably, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email.
It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere, and origination fees can reach 12% on some loans.
pros
- Excellent customer reviews on Trustpilot
- Funding as soon as the next business day
- Large loan amounts available
cons
- Possible origination fee up to 7.49% (through Credible)
- Other lenders may have lower starting APRs
- No cosigner option
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchases
Overview
LendingClub provides personal loans up to $40,000 with repayment terms between two to five years. The company is a strong choice for borrowers with good credit who don’t need funds fast, as LendingClub does not specify funding times on its site.
You can prequalify directly with LendingClub without having to provide your Social Security number, though you will need to provide it if you formally apply. Origination fees may be charged and range from 3% to 8%. LendingClub doesn’t offer discounts for autopay or direct pay.
pros
- Mobile app
- Low minimum income requirement
- High close rate on loans made through Credible
- Available in all states
cons
- Origination fee
- No discounts
- Funding not as fast as some competitors
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Overview
Happy Money, formerly known as Payoff, is an ideal lender for debt consolidation and credit card consolidation loans. The company offers APRs starting at 11.72% and loan amounts up to $40,000. You may be able to qualify for a loan with Happy Money with fair credit, but the best rates are reserved for those with good to excellent credit scores.
The company charges origination fees up to 5%, which is lower than some competitors, and you can receive funding in three to five business days once approved. Check to see if loans are available in your area, as Happy Money doesn’t fund borrowers in Massachusetts or Nevada.
pros
- Mobile app
- Live chat
- Low maximum APR
cons
- Limited loan terms available
- No discounts
- Origination fees
- Not available in MA or NV
Eligibility
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
pros
- No fees required
- Large loan amounts available
- Autopay and direct pay discounts
- Same day funding
- Long loan terms available
cons
- Good credit required
- 5,000 minimum loan amount
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
BHG Financial stands out for offering the largest loan amounts - up to $200,000 - of any of our partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to find one. However, loan amounts start at $20,000, so look elsewhere for small loans. You'll have between three and 10 years to repay the loan, but you'll need an annual income of at least $100,000 and a FICO score of 660 or better to qualify.
Loan funds are available within three to 14 days of loan approval. BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Note that you can't prequalify for a personal loan with BHG.
pros
- Eligible applicants can borrow up to $200,000
- Considers borrowers with fair credit
- Long repayment terms
cons
- Not available in IL, ND, and MT
- No discounts
- Minimum annual income requirement of $100,000
- Funding takes at least five days
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, credit card refinancing
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
When it comes to personal loans for fair-credit borrowers, Reach Financial is one of the best choices around. This lender offers fast processing, with a majority of approved applications receiving funds within a day. Terms start at two years and end at five years for personal loans, and loan amounts are between $3,500 and $40,000. This isn’t the right lender for the shortest or longest terms available, and the borrowing range is narrower than you’d find with many lenders.
Reach focuses on borrowers using personal loans to pay off debt and only permits two purposes for its loans: debt consolidation and credit card refinancing. It’s also worth noting that the lender does not work with borrowers in every state and charges origination fees up to 8%.
pros
- Fast funding
- Can improve credit
- Fair-credit borrowers may be eligible
cons
- Limited use
- No direct pay discount
- Origination fee
- Limited availability: Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Fox Business does not make or arrange loans.
Meet the contributor:
Erin Gobler
Erin Gobler has covered personal finance for more than 10 years and is an expert on mortgages, student loans, and credit cards. Her byline has been featured at USA Today, Business Insider, and GOBankingRates.
