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Table of Contents<\/p>\nToggle<\/span>

Personal Loans for People with Poor Credit<\/a><\/li>
What is a Bad Credit Score?<\/a>
- Why Choose a Personal Loan with Bad Credit?<\/a><\/li><\/ul><\/li>
- Bad Credit Personal Loan Options<\/a>
  - Online Lenders<\/a><\/li>
  - Banks and Credit Unions<\/a><\/li>
  - Payday Loans<\/a><\/li>
  - Personal Loans for Bad Credit: What to Know Before Applying<\/a><\/li><\/ul><\/li>
  - Interest Rates on Bad Credit Personal Loans<\/a>
    - What APR Can You Expect With Bad Credit?<\/a><\/li><\/ul><\/li>
    - Loan Amounts and Terms<\/a>
      - Loan Amount Limits<\/a><\/li>
      - Loan Repayment Term Lengths<\/a><\/li><\/ul><\/li>
      - Improving Your Chances<\/a>
        Steps to Improve Approval Odds on Bad Credit Loans<\/a><\/li><\/ul><\/li>
        Alternatives to High-Interest Loans<\/a>
        0% Intro APR Credit Cards<\/a><\/li>
        Borrow From Friends and Family<\/a><\/li>
        Company Sponsored Loans\/Advances<\/a><\/li>
        401(k) Loans<\/a><\/li>
        Home Equity Loans\/Lines of Credit<\/a><\/li><\/ul><\/li>
        Getting a Cosigner<\/a>
        Who Makes an Ideal Co-signer?<\/a><\/li><\/ul><\/li>
        What to Do After Getting Approved<\/a>
        Tips for Managing Your Bad Credit Personal Loan<\/a><\/li><\/ul><\/li>
        Conclusion<\/a><\/li>
        FAQs<\/a>
        How does credit utilization affect loan eligibility?<\/a><\/li>
        Can I get a $40,000 personal loan with bad credit?<\/a><\/li>
        Should I take a 5-year or 3-year bad credit loan?<\/a><\/li>
        Where is the best place to get a personal loan with bad credit?<\/a><\/li>
        Should I get a 401(k) or payday loan instead?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n
        <\/span>Personal Loans for People with Poor Credit<\/strong><\/span><\/h2>\n $\"Personal$
        Personal Loans for People with Poor Credit<\/p><\/div>\n
        Personal loans can provide cash for major expenses or consolidate high-interest debt. However, applicants with poor credit scores often struggle to qualify for affordable loan terms.<\/a> Thankfully, some lenders offer personal loans for borrowers with bad credit.<\/p>\n
        <\/span>What is a Bad Credit Score?<\/span><\/h2>\n
        Your credit score<\/a> indicates your creditworthiness to lenders. Most scores fall on a 300-850 scale. Scores below 580 are generally considered poor or bad credit. Issues like late payments, collections, and bankruptcies cause low scores. As a result, borrowers with bad credit tend to represent a higher risk to lenders.<\/p>\n
        <\/span>Why Choose a Personal Loan with Bad Credit?<\/span><\/h3>\n
        Even if your credit score disqualifies you from low-rate loans from traditional<\/a> lenders, alternative loans help you:<\/p>\n
        \n
        Cover emergency costs<\/li>\n
        Consolidate higher-interest debts<\/li>\n
        Establish positive payment history<\/li>\n
        Rebuild your credit reputation<\/li>\n<\/ul>\n
        Personal loans offer fixed rates and terms unlike credit cards. This structure helps create an affordable repayment plan.<\/p>\n
        <\/span>Bad Credit Personal Loan Options<\/span><\/h2>\n
        $\"Personal$
        Personal Loans for People with Poor Credit<\/p><\/div>\n
        Specialized lenders provide personal loans to subprime borrowers who cannot qualify for traditional loans. Make sure to compare multiple offers to find the best bad credit personal loan for your situation.<\/p>\n
        <\/span>Online Lenders<\/span><\/h3>\n
        –LendingClub<\/a> and Prosper<\/a> facilitate personal loans with credit scores as low as 600. While rates are higher than traditional loans, they feature predictable payments. These peer-to-peer lending platforms allow investors to fund loans requested by borrowers.<\/p>\n
        <\/span>Banks and Credit Unions<\/span><\/h3>\n
        Some banks and credit unions also lend to borrowers with less-than-perfect credit. Local institutions may offer more flexibility than national lenders. For example, they may evaluate other factors beyond your credit reports and FICO scores.<\/p>\n
        <\/span>Payday Loans<\/span><\/h3>\n
        Payday lenders provide small, short-term loans<\/a> with minimal eligibility criteria. However, extremely high interest rates \u2013 often 400% APR or more \u2013 make these loans very expensive.<\/p>\n
        <\/span>Personal Loans for Bad Credit: What to Know Before Applying<\/span><\/h3>\n
        While more loan options exist for poor credit today, make sure you understand the risks and responsibilities involved when borrowing money.<\/p>