Getting a loan is not an easy process if your credit score is below 570 marks. Lenders often prefer borrowers with outstanding credit ratings of above 700. But these lenders below offer easy loans for bad credit. They can lend you from $250 up to $50,000.
I selected these lenders because they have a lot of satisfied customers due to their open policy of No-hidden fees. But before applying at any of these lenders, make sure you meet the following criteria;
- You are a legal US resident or citizen, and you are 18 years or older.
- Currently employed or have a steady after-tax monthly income of at least $1200.
- Your Debt-To-Income Ratio shouldn’t be more than 39%. (Debt-To-Income Ratio = Your current debt divided by your gross monthly income).
- You have valuable collateral. (In the case of a secured loan).
- You have a government-issued identification document. (Your ID, or Driver’s License)
- You know your Social Security Number (SSN).
- Lastly, you need an active checking account.
If you meet the above criteria, you can apply for any of these easy loans for bad credit below;
Loan Amount & Terms$1000 – $50,000 The repayment terms is between 3 to 5 years |
Interest Rates APR3.50% – 35.99% The higher your credit score, the lower your interest rate. |
Loan Amount & Terms$250 – $35,000 The repayment terms is between 90days to 72months |
Interest Rates APR5.99% – 35.99% The higher your credit score, the lower your interest rate. |
Loan Amount & Terms$1,500 – $20,000 The repayment terms is between 2 to 5 years |
Interest Rates APR18.00% – 35.99% The higher your credit score, the lower your interest rate. |
More Details about the Above Lenders Offering Easy Loans For Bad Credit.
Upstart: A Closer Look at Your Next Loan Option
Upstart stands out in the loan industry for its efficiency and clear terms. Here’s a detailed overview of what Upstart offers and what you need to know before applying:
Loan Disbursement Speed:
Timing is Key: For next business day fund transfer, loans must be accepted before 5 p.m. ET, Monday to Friday. Acceptance after this time means funds are transferred the subsequent business day.
Weekend Processing: Loans accepted after 5 p.m. on Friday or during the weekend will have funds transferred the following business day.
Fees and Additional Costs:
Origination Fee: Upstart charges an origination fee ranging from 0% to 12% based on your loan.
Late Payment Fees: If a payment is late, expect a fee of either 5% of the unpaid amount or $15, whichever is greater.
Returned Check Fee: A flat fee of $15 is charged for returned checks.
Eligibility Criteria:
Credit Score Considerations: Significant drops in your credit score or new debt obligations can affect your loan approval.
Debt-to-Income Ratio: In CT, MD, NY, VT, your monthly debt (excluding rent/mortgage) should not exceed 45% of pre-tax income. In other states, the limit is 50%, with exceptions for certain vocational training institution applicants.
Bankruptcy History: No bankruptcies should be reported on your consumer reports within the last 12 months.
Public Records Policy: No public records in the last 12 months on consumer reports, except for paid civil judgments or paid tax liens.
Account Status: You should have no current delinquent accounts on your credit report.
Credit Inquiries: Less than 6 inquiries on your credit report in the past 6 months, excluding inquiries for student loans, vehicle loans, or mortgages.
Upstart provides a straightforward, efficient loan process with specific criteria and fees. Understanding these factors can help you assess if Upstart is the right choice for your financial needs. You can read more about upstart personal loans here ➔.
PersonalLoans.com: Understanding Your Loan Options
PersonalLoans.com offers a straightforward approach to acquiring a loan, catering to those in need of quick cash with a simplified approval process. Here’s what you should know about their service:
Loan Processing Speed:
Rapid Access to Funds: Once your application is approved, you can expect to receive your loan within one business day. This quick turnaround is ideal for urgent financial needs.
Fees and Charges:
Origination Fee: PersonalLoans.com charges a loan origination fee ranging from 1% to 5% of the loan amount. This fee is deducted directly from the loan, so it’s important to consider this reduction when calculating the amount you need.
Eligibility Requirements:
Age and Identification: Applicants must be at least 18 years old and have a valid ID.
Income Requirements: A regular income of at least $500 per month is necessary to qualify.
Bank Account: A checking account is required to receive the loan funds.
Credit Score Considerations: While a perfect credit score is not mandatory, your chances of approval increase with a higher income and better credit score. PersonalLoans.com works with a variety of lenders, increasing the likelihood of finding a match for your profile.
PersonalLoans.com is designed to assist a broad range of borrowers, especially those who may not have perfect credit but still require financial assistance. Their quick processing time and transparent fee structure make them a viable option for anyone looking for a personal loan.
OneMain Financial: Understanding Your Loan Options
OneMain Financial offers a practical solution that balances speed with simplicity. Here’s what you need to know about our loan services:
Speed of Loan Processing:
Fast Turnaround: From application to disbursement, our process is quick and user-friendly. If you choose to receive your funds through a debit card, it’s possible to access the money within an hour. Alternatively, ACH transfers typically take 1-2 business days.
Debit Card vs. ACH Transfer: The choice of how you receive your funds affects how quickly you can access them. Debit card transfers are faster, but ACH transfers, while slower, are also a convenient option.
Fees and Charges:
Origination Fee: This can be either flat or percentage-based, up to $500 or 10% of the loan amount. It’s important to factor this into the total cost of your loan.
Late Payment Fees: In the event of a late payment, you could incur fees up to $30 or 15% of the payment, depending on the terms of your loan.
Non-Sufficient Funds Fees: For returned payments, these fees vary from $10 to $50.
Governmental Fees: These are variable and depend on state or county regulations, especially in cases where collateral is used.
Eligibility Requirements:
Identification: A copy of a valid, government-issued ID, such as a driver’s license or passport, is necessary.
Social Security Verification: You will need to provide your Social Security card.
Proof of Residence: This can be a driver’s license with your current address, a utility bill, or a signed lease.
Proof of Income: Documentation like pay stubs or tax returns is required to verify your income.
OneMain Financial is committed to providing you with a clear understanding of your loan options and the associated costs. Our goal is to help you make informed decisions about your financial needs.
Bottom-Line:
When selecting easy loans for bad credit, it’s crucial to consider the specific offerings and requirements of each provider.
Upstart appeals to borrowers looking for quick next-business-day funding and has tailored eligibility criteria focusing on debt-to-income ratios and credit history.
PersonalLoans.com provides rapid funding with a wide borrower acceptance range, making it ideal for those with various credit scores.
OneMain Financial is suited for those needing fast access to funds with a clear understanding of their fee structure.
Each option has unique fees and eligibility requirements. Weighing these factors against your financial needs and situation is essential for a wise choice. A careful decision ensures effective financial management and progress towards your financial goals.
