Best Bad-Credit Personal Loan Companies 2021 - Kredi-Puanları, Banks - Credit Cards - Loan

Best Bad-Credit Personal Loan Companies 2021

  • Best loan for poor credit scores: Bad Credit Loans
  • Best loan for limited credit history: Upstart
  • Best secured loan: OneMain Financial
  • Best loan for low rate caps: TD
    Bank
  • Best for range of repayment options: Avant
  • Best for small loans: LendingPoint
  • Best loan for fast funding: Upgrade
  • Best loan for online experience: LendingClub

Best loan for poor credit scores: Bad Credit Loans

Overview: As
a loan aggregator, Bad Credit Loans refers applicants to reputable lenders that
are willing to provide unsecured loans to those who have poor credit. The APR on
personal loans from the Bad Credit Loans network of lenders and financial
service providers ranges from 5.99 percent to 35.99 percent, with loan amounts
of up to $10,000. Applying for a loan is free, though applicants must be at
least 18 years old.

Perks: Bad
Credit Loans does not charge you any fee for requesting a loan through its site.
In addition, Bad Credit Loans says that it designs its application process to
allow nearly anyone to qualify, even those who would not necessarily be approved
elsewhere.

What to watch out for: Bad
Credit Loans is not a lender itself. It connects consumers to lenders and other
financial service providers, meaning you will need to carefully read through the
terms, fees and all other requirements offered by each lender, as details will
vary.

LENDER Bad Credit Loans
BANKRATE RATING N/A
MIN. CREDIT SCORE Not specified
EST. APR 5.99%–35.99%
LOAN AMOUNT Up to $10,000
TERM LENGTHS 90 days to 6 years
MIN. ANNUAL INCOME Not specified
FEES Varies

Best loan for limited credit history: Upstart

Overview: Upstart has
developed a reputation for offering fast and fair unsecured personal loans.
While many loan applications are based primarily on a borrower’s credit score
and years of credit, Upstart applications also factor in an individual’s
education, job history and area of study. APRs for Upstart loans vary by state
and range from 8.94 percent to 35.99 percent. Loan amounts range from $1,000 to
$50,000, and you can choose a repayment term of either three or five years.

Perks: Funds
are provided quickly, as soon as the next business day after approval, and there
are no prepayment penalties.

What to watch out for: Upstart
charges a one-time origination fee, which can be as high as 8 percent of the
approved loan amount. Upstart also charges late payment fees and returned check
fees, as well as a fee for receiving paper copies of documents.

LENDER Upstart
BANKRATE RATING 4.5/5
MIN. CREDIT SCORE 600
EST. APR 8.94%–35.99%
LOAN AMOUNT $1,000–$50,000
TERM LENGTHS 3 or 5 years
MIN. ANNUAL INCOME Not specified
FEES Origination fee: 0% to 8%; Late fee: 5% or $15; Returned check fee:
$15; One-time paper copies fee: $10

Best secured loan: OneMain Financial

Overview: OneMain
Financial offers both unsecured loans and secured loans, which require providing
collateral, such as a motor vehicle. Loan amounts range from $1,500 to $20,000.
APRs can run anywhere from 18 percent to 35.99 percent, and term lengths are 24,
36, 48 or 60 months.

Perks: The
application and funding process with OneMain is very quick — typically two to
three days from the start of the application to receipt of funds. The company
also has over 1,500 branch offices for those who like to deal with a brick-and-mortar
business.

What to watch out for: OneMain
Financial charges origination fees that vary based on the state you live in. In
some cases, it’s a flat amount, ranging from $25 to $400, while in others it may
be a percentage of the loan. Percentage-based fees range from 1 percent to as
much as 10 percent. OneMain also charges late payment fees that vary based on
the state where you opened the loan. Typically, the fees range from $5 to $30 or
1.5 percent to 15 percent per late payment.

 

LENDER OneMain Financial
BANKRATE RATING 3.8/5
MIN. CREDIT SCORE Not specified
EST. APR 18%–35.99%
LOAN AMOUNT $1,500–$20,000
TERM LENGTHS 24 to 60 months
MIN. ANNUAL INCOME Not specified
FEES Origination fee:$25 to $400 or 1% to 10%; Late payment fee: $5 to
$30 or 1.5% to 15%; Insufficient funds fee: $10 to $50

Best loan for low rate caps: TD Bank

Overview: TD
Bank’s TD Fit unsecured personal loan allows borrowers to borrow anywhere from
$2,000 to $50,000. While TD Bank doesn’t offer the absolute lowest rates, the
cap on its personal loan rates is relatively low at 21.99 percent APR. This
could make it particularly appealing for borrowers with poor credit who might
otherwise be subject to rates above 30 percent.

Perks: TD
Bank’s only fee is a late fee of 5 percent or $10, whichever is less. There are
no monthly fees, annual fees, prepayment fees, late fees or insufficient funds
fees.

What to watch out for: TD
Bank’s loans are available to a very limited customer base. In order to qualify,
you must reside in Connecticut, Delaware, Florida, Maine, Maryland,
Massachusetts, New Hampshire, New Jersey, New York, North Carolina,
Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia or Washington,
D.C.

 

LENDER TD Bank
BANKRATE RATING 4.9/5
MIN. CREDIT SCORE Not specified
EST. APR 6.99%–21.99%
LOAN AMOUNT $2,000–$50,000
TERM LENGTHS 36 to 60 months
MIN. ANNUAL INCOME Not specified
FEES Late fee: 5% or $10, whichever is less

Best for range of repayment options: Avant

Overview: Avant offers
unsecured loans of between $2,000 and $35,000. Avant’s loans offer repayment
terms of 24 to 60 months, and APRs range from 9.95 percent to 35.99 percent.

Perks: For
those who qualify, the loan funds can be made available as soon as the next
business day after approval.

What to watch out for: Avant
loans come with an administration fee of as much as 4.75 percent. There’s also a
$25 late fee if monthly payments are not made in full within 10 days of the due
date, as well as a $15 insufficient funds fee.

LENDER Avant
BANKRATE RATING 4.5/5
MIN. CREDIT SCORE 580 FICO, 550 Vantage
EST. APR 9.95%–35.99%
LOAN AMOUNT $2,000–$35,000
TERM LENGTHS 24 to 60 months
MIN. ANNUAL INCOME Not specified
FEES Administration fee: up to 4.75%; Late fee: $25; Dishonored payment
fee: $15

Best for small loans: LendingPoint

Overview: LendingPoint operates
in 49 states and Washington, D.C., and is known to offer unsecured loans for
those with credit scores as low as 590. Loan amounts range from $2,000 to
$25,000, and APRs start at 9.99 percent and go as high as 35.99 percent. The
repayment terms offered by LendingPoint vary from 24 to 60 months.

Perks: LendingPoint
provides application decisions in just a few seconds, and once the loan is
approved, funds can be available as soon as the next business day.

What to watch out for: Depending
on your state, you may pay an origination fee with LendingPoint of as much as 6
percent, which can be deducted from your loan proceeds. In addition, you must
have a minimum annual income of $35,000 to qualify for a loan.

LENDER LendingPoint
BANKRATE RATING 4.4/5
MIN. CREDIT SCORE 590
EST. APR 9.99%–35.99%
LOAN AMOUNT $2,000–$25,000
TERM LENGTHS 24 to 60 months
MIN. ANNUAL INCOME $35,000
FEES Origination fee: up to 6%


Best loan for fast funding: Upgrade

Overview: Upgrade offers
unsecured personal loans that can be used for debt consolidation, credit card
refinancing, home improvements or major purchases. APRs available from Upgrade
start at 6.94 percent and go as high as 35.97 percent. Loan amounts range from
$1,000 to $50,000, and terms are 36 or 60 months.

Perks: When
applying for an Upgrade loan, you’ll get a decision within just a few seconds,
and the funds can be available within just one day of going through the
provider’s verification process.

What to watch out for: All
personal loans include a 2.9 percent to 8 percent origination fee, which is
deducted from the loan proceeds.

LENDER Upgrade
BANKRATE RATING 4.8/5
MIN. CREDIT SCORE Not specified
EST. APR 6.94%–35.97% (with autopay)
LOAN AMOUNT $1,000–$50,000
TERM LENGTHS 36 or 60 months
MIN. ANNUAL INCOME Not specified
FEES Origination fee: 2.9% to 8%; Late fee: $10; Returned check fee: $10

Best loan for online experience: LendingClub

Overview: If your
credit score makes it difficult to get approved for a loan, LendingClub allows
you to increase your chances of approval by having a co-borrower. Not every
lender offers this option, and it can be a helpful way to qualify for a loan
that you wouldn’t otherwise have gotten. LendingClub also has a robust website
that features an easy application process and an extensive loans resource center.

Perks: Along with the
option of a co-borrower, LendingClub offers a 15-day grace period if you’re
unable to make your payment on the day it’s due.

What to watch out for: There’s
an origination fee that ranges from 3 percent to 6 percent of the total loan
cost.

LENDER
LendingClub
BANKRATE RATING 4.3/5
MIN. CREDIT SCORE 600
EST. APR 8.05%–35.89%
LOAN AMOUNT $1,000–$40,000
TERM LENGTHS 36 or 60 months
MIN. ANNUAL INCOME Not specified
FEES Origination fee: 3% to 6%; Late fee: greater of 5% or $15


 

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