The Best Online Installment Loans for Bad Credit of June 2022

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Update

Best for bad-credit installment loans for debt consolidation

5.44–35.47%

Personal loans made through Upgrade have an annual percentage rate of interest (APRs) ranging from 5.94% to 35.97%. All personal loans have a processing fee of 2.9% to 8% that is deducted from the loan proceeds. The lowest interest rates require autopay and the direct payment of part of the existing debt. Loans have terms of 24 to 84 months. For example, if you received a $10,000 loan with a term of 36 months and an APR of 17.98% (including an annual interest rate of 14.32% and a one-time processing fee of 5%), you would end up with $9,500 into your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offerings may not have multiple terms available. The actual interest rate depends on creditworthiness, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees can add to the cost of your fixed rate loan. There is no fee or penalty for prepaying a loan.

$1,000–$50,000

560

universal credit

universal credit

on the Universal Credit website

Best for bad-credit installment loans with credit building tools

8.93–35.43%

Personal loans issued through Universal Credit have annual percentage rates (APRs) ranging from 8.93% to 35.93%. All personal loans have a processing fee of 4.25% to 8% that is deducted from the loan proceeds. The lowest interest rates require autopay and the direct payment of part of the existing debt. Loans have terms of 36 to 60 months. For example, if you received a $10,000 loan with a term of 36 months and an APR of 27.65% (including an annual interest rate of 22.99% and a one-time processing fee of 6%), you would end up with $9,400 your account and have a required monthly payment of $387.05. Over the life of the loan, your payments would total $13,933.62. The APR on your loan may be higher or lower and your loan offerings may not have multiple terms available. The actual interest rate depends on creditworthiness, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees can add to the cost of your fixed rate loan. There is no fee or penalty for prepaying a loan.

$1,000–$50,000

560

on the Universal Credit website

upstart

upstart

Best for bad credit installment loans with thin credit ratings

5.42–35.99%

Your loan amount will be determined based on your creditworthiness, income and certain other information provided in your loan application. Not all applicants will receive the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000). financial information. Rate and loan amount are subject to change based on the information provided in your complete application. This offer can only be accepted by the person named in this offer, who is of legal age to enter into a loan agreement, is a US citizen or permanent resident and is a current resident of the US. Duplicate offers are not valid. Completion of your loan is conditional on you meeting our eligibility requirements, having your information verified by us and agreeing to the terms and conditions on the www.upstart.com website. The average 5-year loan offered to all lenders using the Upstart platform has an APR of 21.4% and 60 monthly payments of $24.62 per $1,000 borrowed. For example, the total cost of a $10,000 loan is $14,775, including a $582 processing fee. The APR is calculated based on the 5-year rates offered over the last 1 month. There is no down payment and no prepayment penalty. Your APR is determined based on your creditworthiness, income and certain other information provided in your loan application. Not all applicants are admitted. If you accept your loan by 5:00 p.m. EST (excluding weekends or holidays), you will receive your money the next business day. Loans used to fund education-related expenses are subject to a waiting period of 3 business days between loan acceptance and funding per federal law.

$1,000–$50,000

none

LendingPoint

LendingPoint

on the LendingPoint website

Best for bad credit installment loans with fast financing

7.99–35.99%

Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-registered bank, member of the FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. The loan approval is not guaranteed. Actual loan quotes and loan amounts, terms and Annual Percentage Rate (“APR”) may vary based on LendingPoint’s proprietary rating and underwriting system’s assessment of your creditworthiness, financial condition, other factors and supporting documents or information provided by you. Issuance or other fees ranging from 0% to 7% may apply depending on your country of residence. After final actuarial approval to fund a loan, these funds are often sent via ACH the next business day outside of the holidays. Loans are offered from $2,000 to $36,500, at interest rates ranging from 7.99% to 35.99% APR, and with terms ranging from 24 to 60 months. Minimum loan amounts in Georgia are $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified client, a $10,000 loan for a period of 48 months at an APR of 24.34% and a 7% processing fee will combine a payment of $327.89 per month. (Actual terms and interest rates will vary based on credit history, income, and other factors.) The total amount of $15,575.04 due under the sample loan terms included in this disclaimer includes the setup fee funded in addition to the loan amount. Customers may have the option to deduct the processing fee from the loan amount disbursed if they wish. If the initiation fee is added to the amount financed, interest is paid on the full capital amount. Total Amount Due is the total amount of the loan that you have paid after making all payments as scheduled.

$2,000–$36,500

600

on the LendingPoint website

OneMain

One Main Financial

on the OneMain Financial website

Best for secured or co-signed installment loans with bad credit

18.00–35.99%

Not all applicants qualify for larger loan amounts or the most favorable loan terms. Credit approval and actual credit terms are dependent on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and the availability of collateral). Larger loan amounts require an initial lien in your name on a motor vehicle that is not older than ten years and has valid insurance and that corresponds to our value requirements. The maximum annual percentage rate (APR) is 35.99%, subject to government restrictions. The APR is generally higher for loans that are not secured by a vehicle. Depending on the state where you open your loan, the processing fee can be either a lump sum or a percentage of your loan amount. Flat fees vary by state and range from $25 to $300. Percentage fees vary by state and range from 1% to 10% of your loan amount, subject to certain state restrictions on fee levels. Active duty military personnel, their spouses or dependents covered by the Military Lending Act may not pledge a vehicle as collateral for a loan. Proceeds from the OneMain loan cannot be used for post-secondary education expenses as defined by CFPB Regulation Z, such as: B. College, university or vocational training expenses; for business or commercial purposes; buy securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are an existing customer, the minimum loan amount is $3,100. Ohio: $2,000. Virginia: $2,600. Borrowers (other than existing customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan where you do not have to provide the lender with any collateral (e.g. a motor vehicle).

$1,500–$20,000

none

The average score is 600 – 650

on the OneMain Financial website

Opportunity

Opportunity

on NerdWallet’s secure website

Most suitable for installment loans without a credit rating requirement

27.74–35.95%

This is an advertisement for a consumer loan subject to credit rating. Not available in CO, DC, GA, HI, IA, MA, MD, ME, NY and WV. Loans in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT and WI are issued by Oportun Inc. Lending in California is granted pursuant to a California Finance Act license. NV Loans from Oportun, LLC. In all other states, loans are issued by MetaBank, NA, a member FDIC. Terms and conditions and government restrictions apply. Visit opportun.com for details.

$300–$10,000

none

See my prices

on NerdWallet’s secure website

SeedFi Borrow & Grow Personal Loans

SeedFi Borrow & Grow Personal Loans

Best for bad credit installment loans that help build savings

7.42–29.99%

$1,200–$7,000

520

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