If you have bad credit and are seeking a personal loan, there are several options available that cater specifically to individuals with lower credit scores. Here are some of the best options as of May 2024:
Avant: Avant is known for its quick funding, often providing funds by the next business day. They require a minimum credit score of 550 and a minimum monthly net income of $1,200. Loan amounts range from $2,000 to $35,000 with APRs from 9.95% to 35.99% (NerdWallet: Finance smarter) (Benzinga).
Upgrade: Upgrade offers loans ranging from $1,000 to $50,000 with APRs from 8.49% to 35.99%. They offer long repayment terms of up to 84 months and provide APR discounts for autopay and debt consolidation. The minimum credit score requirement is 580 (LendingTree).
LendingClub: LendingClub allows for joint applications, which can help individuals with poor credit qualify. They offer loans from $1,000 to $40,000 with APRs between 8.98% and 35.99%. The minimum credit score required is 600 (LendingTree).
NetCredit: NetCredit provides loans from $1,000 to $10,000 with flexible repayment terms. They do not charge application, prepayment, or insufficient funds fees, though late fees may apply. NetCredit is ideal for those with little to no credit score (Intuit Credit Karma).
Earnin: For those needing short-term, interest-free loans, Earnin offers cash advances up to $750 per pay period based on your next paycheck. This option requires a steady paycheck and direct deposit into a checking account (Intuit Credit Karma).
When considering a bad credit loan, it's important to compare the APR, loan amounts, repayment terms, and any additional fees such as origination fees or late payment fees. These factors will help determine the total cost of the loan and ensure it fits within your budget. Always check the lender’s reputation and read reviews to avoid predatory lending practices.
For more detailed information, you can visit the following sources: NerdWallet, LendingTree, and Credit Karma (NerdWallet: Finance smarter) (Benzinga) (LendingTree) (Intuit Credit Karma).
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