Best installment loans for bad credit of August 2023

With Upgrade, you can get approved for a loan ranging from $1,000 to $50,000 with a credit score as low as 580. Repayment terms range from two to seven years, and if you’re approved, you could get your funds within a day of clearing necessary verifications. Upgrade also offers joint applications, which could increase your approval chances and might get you a better rate than you’d get alone.

You might also qualify for a lower rate if you sign up for automatic payments and use a portion of your loan to consolidate existing debt. However, Upgrade doesn’t disclose how much this rate discount might be unless you have a registered account.

Keep in mind that Upgrade charges an origination fee as well as fees for late and returned payments, which could increase your overall borrowing costs.

• Interest rates: 8.49% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment terms: 2 to 7 years.
• Fees: Origination fee (1.85% to 8.99%), late fee ($10) and returned payment free ($10).
• Min. credit score: 580.
• Can apply with a co-signer: No (but can apply with a joint applicant).

If you need a loan quickly, LendingPoint can be a good option — after filling out an application, you could get an approval decision in just a few seconds. And if you’re approved, LendingPoint will send your funds as soon as the next business day.

With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to six years, and you could get approved with a credit score as low as 600. Keep in mind that LendingPoint doesn’t permit co-signers or joint applicants, and it has a minimum income requirement of $35,000. It also charges an origination fee, and its loans aren’t available in Nevada or West Virginia.

• Interest rates: 7.99% to 35.99%.
• Loan amounts: $2,000 to $36,500.
• Repayment terms: 2 to 6 years.
• Fees: Origination fee (0% to 8%).
• Min. credit score: 590.
• Can apply with a co-signer: No.

Unlike most of the lenders on this list, Prosper is a peer-to-peer (P2P) lender. This means that instead of borrowing from a financial institution, you’ll work directly with a private investor (or group of investors) who will fund your loan. Because this cuts out the middleman, it can be easier to qualify for a P2P loan compared to a loan from a traditional lender.

With Prosper, you can borrow $2,000 to $50,000 with terms from two to five years, and you could get approved with a credit score as low as 600. Prosper also accepts joint applications, which can further increase your chances of qualifying. If you’re approved, you could get your funds as soon as the next business day.

Keep in mind that this lender charges an origination fee as well as fees for check payments, late payments and insufficient funds — all of which can increase your overall borrowing costs. Personal loans from Prosper also aren’t available in Iowa and West Virginia.

• Interest rates: 6.99% to 35.99%.
• Loan amounts: $2,000 to $50,000.
• Repayment terms: 2 to 5 years.
• Fees: Origination fee (1% to 5%), check payment fee ($5 or 5% of your payment, whichever is less), late fee ($15 or 5% of the unpaid amount, whichever is greater) and insufficient funds fee ($15).
• Min. credit score: 600.
• Can apply with a co-signer: No (but can apply with a joint applicant).

Many personal loan lenders don’t allow co-borrowers (also called joint applicants), but LendingClub does. While this lender has no specific minimum credit score, applying with a co-borrower could make it even easier to qualify. Even if you don’t need a joint applicant to get approved, having one could qualify you for a better rate or higher loan amount than you’d get alone. Keep in mind that unlike a co-signer who is liable for a loan if the primary borrower fails to make payments, a co-borrower is equally responsible from the start.

With LendingClub, you can borrow $1,000 to $40,000 with terms from three to five years, and you can expect to get your funds within a few days of approval — possibly within 24 hours. Note that LendingClub charges an origination fee as well as fees for late payments and insufficient funds.

• Interest rates: 9.57% to 35.99%.
• Loan amounts: $1,000 to $40,000.
• Repayment terms: 3 to 5 years.
• Fees: Origination fee (2% to 6%), late fee (5% of outstanding payment amount or $15, whichever is greater) and insufficient funds fee ($15).
• Min. credit score: No minimum.
• Can apply with a co-signer: No (but can apply with a joint applicant).

If you only need to borrow a small amount, Oportun — the only lender on this list certified as a Community Development Financial Institution by the Department of the Treasury — could be a good choice. You can borrow as little as $300 up to $12,000 with an unsecured loan (amounts could vary depending on your state). This lender also permits co-signers in some situations.

Additionally, if you live in Arizona, California, Florida, New Jersey or Texas and own an eligible vehicle, you might be able to borrow up to $18,500 (amounts could vary depending on your state) if you secure the loan with your car title — though this means you risk losing your vehicle if you don’t keep up with your payments.

Unlike most of the lenders on this list, Oportun has no specific minimum credit score requirement — applicants only need to provide a valid ID along with proof of income and their address. This means you could qualify even if you have little to no credit. However, keep in mind that this lender’s annual percentage rates (APRs) can be higher compared to some lenders. Oportun also charges origination fees as well as fees for late and returned payments, and its loans aren’t available in Colorado, Connecticut, Maine, Maryland, Massachusetts, Nevada, New York, West Virginia or Washington, D.C.

• Interest rates: 12.49% to 35.99% (depending on your state and loan type).
• Loan amounts: $300 to $18,500 (depending on your state; larger loan amounts require collateral).
• Repayment terms: 1 to 4.08 years for unsecured loans or 2 to 5.33 years for secured loans (term options will depend on your location).
• Fees: Origination fee, late fee and returned payment fee (fee amounts will depend on your location).
• Min. credit score: No minimum.
• Can apply with a co-signer: Yes (in some cases).

Upstart’s unique underwriting process uses factors such as your education and employment history in addition to credit history when making approval decisions. Because of this, Upstart not only has a very low minimum credit score requirement of only 300, but it also works with borrowers who don’t have enough of a credit history to generate a credit score — often known as having thin credit.

With Upstart, you can borrow $1,000 to $50,000 with a three- or five-year term. If you’re approved, you could get your funds as soon as the next business day.

Keep in mind that Upstart charges an origination fee along with fees for late and returned payments. It also doesn’t permit co-signers or joint applicants, and its loans aren’t available in Iowa or West Virginia.

• Interest rates: 4.6% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment terms: 3 or 5 years.
• Fees: Origination fee (0% to 10%), late fee ($15 or 5% of past-due amount, whichever is greater) and returned payment fee ($15).
• Min. credit score: 300.
• Can apply with a co-signer: No.

While many lenders have limited customer service hours, Avant’s team is available Monday through Friday from 7 a.m. to 10 p.m. Central Standard Time (CST) as well as Saturday and Sunday from 7 a.m. to 8 p.m. CST. You also have multiple options for contacting Avant, including by email, phone or mobile app or through the online dashboard. This will make it easier to get ahold of support during a time that suits your needs.

Avant’s personal loans range from $2,000 to $35,000 and come with terms from one to five years. While the average Avant borrower has a credit score between 600 and 700, you might qualify with a score as low as 580. If you’re approved, you could get your funds as soon as the next business day.

Keep in mind that this lender doesn’t permit co-signers or joint applicants and is not available in Massachusetts, Michigan, Montana, Vermont, Virginia and West Virginia. Avant also charges an origination fee as well as fees for late and dishonored payments.

• Interest rates: 9.95% to 35.99%.
• Loan amounts: $2,000 to $35,000.
• Repayment terms: 1 to 5 years.
• Fees: Origination fee (up to 4.75%), late fee ($25) and dishonored payment fee ($15).
• Min. credit score: 580.
• Can apply with a co-signer: No.