An installment loan is a loan that you borrow all at once and repay in fixed monthly payments, or installments.
If you have a bad credit score (below 630), lenders that offer installment loans for bad credit will gather other information — including how much debt you have, your monthly transactions and how much money you make — to understand your financial behavior and help qualify you.
Payday lenders, however, usually don’t check your credit or assess your ability to repay the loan. To make up for that uncertainty, payday loans come with high interest rates and short repayment terms. Avoid this type of loan if you can.
Here’s a list of lenders that offer installment loans to people with bad credit. Some will check your credit score, while others won’t.
3 Quick Steps to get Bad Credit Installment Loans (Guaranteed Approval)
Getting a bad credit individual loan with guaranteed approval during economic crisis happens to be easier and simpler than previously. QuickFundUSA’s bad credit payment that is monthly with guaranteed approval is not just for those who have imperfect credit rating also for the very first time borrowers without any credit experience. It involves 3 steps that are simple the application form procedure barely takes three full minutes.
Applying Does never Affect Your Credit Rating
1. Apply On Line
The program for the faxless installment loans is wholly safe and. It that is secure convenient to put on from anywhere because it’s 24/7 accessible
2. Get Authorized
As a no teletrack installment loans direct lender, only we be sure that you meet with the eligibility criteria despite having a reduced earnings, and get loan decision that is instant.
3. Get Funded
Get upto $1000 along with your month-to-month installment loan without any credit check into the exact same time that get straight deposited into the account electronically via ACH.
Top Guaranteed Installment Loans Providers for Bad Credit
Personal installment loans can be used for a wide range of financing needs, from auto repairs to debt consolidation. They’re repaid through monthly payments over the course of the loan term, which makes them ideal for large purchases that you need to pay off over months or years.
1. MoneyMutual
- Short-term loans up to $2,500
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2,000,000 customers
- Not available in NY or CT
| Loan Amount | Interest Rate | Loan Term |
|---|---|---|
| Up to $2,500 | Varies | Varies |
MoneyMutual is a loan-matching service that requires you to have a job with a monthly income of at least $800 to access its lender marketplace. Requesting a loan of up to $2,500 is simple and takes only a few minutes. MoneyMutual circulates your loan request to its lender network where one or more lenders may invite you to fill out a loan application.
The lender will set the rate and term of the loan. You’ll need a checking account to qualify for a loan, as the lender will deposit your loan proceeds there. MoneyMutual is one of the largest loan-matching services, with more than 2 million customers since inception. Residents of New York are not eligible for this lending service.
2. CashAdvance.com
- Short-term loan of $100 to $1,000
- Bad credit is welcomed
- Large network of lenders
- Loan decision as fast as a few minutes; funding as soon as next business day
- Required: Income of $1000+/month and at least 90 days on job
| Loan Amount | Interest Rate | Loan Term |
|---|---|---|
| $100 to $1,000 | 200% – 2,290% | Varies |
CashAdvance.com requires borrowers to have a monthly after-tax income of at least $1,000. You also must be a U.S. citizen age 18 or older and have a checking account and email address. This lending service specializes in short-term loans that are due on your next pay date, but you can also get a longer installment loan.
Loan amounts range from $100 up to $999, with rates set by the lenders on the CashAdvance.com network. If you’re approved, you can have the loan proceeds deposited into your checking account as quickly as the next business day. This lending service is not available in some states.
3. CashUSA.com
- Loans from $500 to $10,000
- All credit types accepted
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
| Loan Amount | Interest Rate | Loan Term |
|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months |
CashUSA.com can help you find a loan of $500 or more. Even with bad credit, you can qualify if you earn at least $1,000 per month after taxes, have a checking account, are at least 18 years old, and are a U.S. citizen or permanent resident. It takes just a few minutes to request a loan.
CashUSA.com dispatches your loan request to its lender network, where a direct lender can contact and work with you. Typical APRs range from 5.99% to 35.99%, with terms of three to 72 months. After filling out an application with a direct lender, expect a speedy decision, and, if approved, a quick deposit of loan proceeds into your checking account.
4. CreditLoan.com
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
| Loan Amount | Interest Rate | Loan Term |
|---|---|---|
| $250 to $5,000 | Varies | Varies |
CreditLoan matches you to lenders offering loans from $250 up to $5,000 for folks with all types of credit, including scores below 630. This lending service has connected more than 750,000 borrowers to lenders since 1998. To qualify, you’ll need a bank account to receive loan proceeds.
You can use the CreditLoan online calculator to explore possible monthly payments. The lender that CreditLoan matches you with will have you fill out an application and, if approved, specifies a loan amount, interest rate, and repayment terms. Expect quick funding to your bank account after approval.
5. BadCreditLoans.com
- Loans from $500 to $5,000
- Helping those with bad credit since 1998
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next business day
| Loan Amount | Interest Rate | Loan Term |
|---|---|---|
| $500 to $5,000 | 5.99% – 35.99% | 3 to 60 Months |
Bad Credit Loans has been in business since 1998. Its job is to find you a lender that offers loans from $500 to $5,000. You start by filling out a short loan request form. Bad Credit Loans then invites the members of its lending network to work with you. After filling out a loan application form, the lender will render a decision. If it approves the loan, you can expect the proceeds as early as the next business day.
Typical APRs range from 5.99% to 35.99%, with repayment periods from three to 60 months. However, the actual interest rate and term will be determined by the lender. You must be a U.S. citizen and at least 18 years old with a regular income, checking account, and valid email address.
6. PersonalLoans.com
- Loans from $500 to $35,000
- All credit types welcome
- Large lender network
- Available in all 50 states
- Use the loan for any purpose
- Fast loan decision and funding (as soon as 1 business day)
| Loan Amount | Interest Rate | Loan Term |
|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 3 to 72 Months |
If you need a loan between $500 and $35,000, you can request a loan from PersonalLoans.com, which operates in all 50 states. You must be a U.S. citizen or resident age 18 or older with monthly income, a bank account, and a Social Security number.
PersonalLoans.com works with an extensive network of lenders, including many that specialize in subprime installment loans. Most loans, but not all, charge 5.99% to 35.99% APRs and have repayment periods from three to 72 months. Normally, your loan proceeds will be available in your bank account as quickly as the next business day.
7. Total Visa Card
- Checking Account Required
- Fast and easy application process; response provided in seconds
- A genuine Visa credit card accepted by merchants nationwide across the USA and online
- Manageable monthly payments
- $300 credit limit (subject to available credit)
- Reports monthly to all three major credit bureaus
| Application Length | Interest Rate | Reports Monthly |
|---|---|---|
| 9 Minutes | See terms | Yes |
The Total Visa® Card is marketed to folks with bad credit. You can use it to get a cash advance that begins charging interest on the transaction date. The card charges an initial set-up fee, an annual fee, and after the first year, a monthly servicing fee. There is no cash advance fee for the first year.
The Total Visa® Card reports your transactions to the three national credit bureaus, which allows you to improve your credit score by making timely payments. You must have a checking account to apply for this card. The card is available in several designs.
8. First Access Visa Card
- Checking Account Required
- Reporting monthly to all three major credit reporting agencies
- Perfect credit not required for approval; we may approve you when others won’t
- Easy and secure online application
- $300 credit limit (subject to available credit)
- The First Access Visa Card is issued by The Bank of Missouri pursuant to a license from Visa U.S.A. Inc.
| Application Length | Interest Rate | Reports Monthly |
|---|---|---|
| 10 Minutes | See Terms | Yes |
The First Access Solid Black VISA Card welcomes applicants with bad credit who are U.S. residents over the age of 18 with a checking account. The card is not available in New York or Wisconsin. When you qualify for the card, you can select one of several different card designs for free.
The card doesn’t charge a cash advance fee for the first year. It does charge a one-time program fee and an annual fee. After the first year, you’ll face a monthly servicing fee. The First Access Solid Black VISA® Card is issued by the Bank of Missouri.
9. Surge Mastercard
- All credit types welcome to apply!
- Free access to your Vantage 3.0 score From TransUnion* (When you sign up for e-statements)
- Monthly reporting to the three major credit bureaus
- See if you’re Pre-Qualified without impacting your credit score
- Fast and easy application process; results in seconds
- Free online account access 24/7
- Checking Account Required
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 9 Minutes | 25.90% – 29.99% (Variable) | Yes | 8.5/10 |
The Surge Mastercard® is designed to help folks with bad credit build or establish credit. It reports your card activity to the three national credit bureaus, which means you have an opportunity to improve your credit score by making timely payments. When you apply for the Surge Mastercard®, you’ll be reviewed for an unsecured card, but instead may be approved for a secured card that requires a refundable deposit.
To apply, you must be a U.S. citizen or resident over the age of 18. The card charges an annual fee but waives the monthly maintenance fee for the first year. Cash advance interest is charged beginning with the transaction date.
10. Marcus by Goldman Sachs
Min. Credit Score 660
Key facts
Marcus loans stand out for low rates, no fees, and flexible loan terms and payment options.
Pros
- No fees.
- Competitive rates among online lenders.
- Wide variety of repayment term options.
- Rate discount for autopay.
- Offers direct payment to creditors for debt consolidation loans.
Cons
- No co-sign, joint or secured loan option.
- Funding could take up to four business days.
Qualifications
- Minimum credit score: 660.
- Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.
- Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.
- May need to provide proof of income, including recent pay stubs or bank statements.
Available Term Lengths 3 to 6 years
Fees
- Origination fee: None.
- Late fee: None.
11. LendingClub
Min. Credit Score 600
Key facts
LendingClub is a pioneer of peer-to-peer lending and a good option if you want to consolidate your debt.
Pros
- Offers co-signed and joint loan options.
- Offers direct payment to creditors with debt consolidation loans.
- Soft credit check with pre-qualification.
Cons
- Borrowers can only choose from two repayment term options.
- Rates are high compared to other online lenders.
- Charges an origination fee.
Qualifications
- Minimum credit score of 600. LendingClub uses FICO 8 credit scoring model.
- Minimum credit history of three years.
- Debt-to-income ratio of less than 40% for single applications, 35% combined for joint applicants.
Available Term Lengths 3 to 5 years
Fees
- Origination fee: 1% to 6%
- Late fee: Greater of $15 or 5% of payment after 15-day grace period.
12. Upgrade
Min. Credit Score580
Key facts
Upgrade offers personal loans plus credit-building tools; you’ll need strong cash flow to qualify.
Pros
- Allows secured, co-signed and joint loans.
- Offers rate discount with direct payment to creditors on debt consolidation loans.
- Rate discount for autopay.
Cons
- Charges origination fee.
- Charges late fee.
Qualifications
- Minimum credit score: 580.
- Minimum annual income: None; average borrower income is $87,000.
- Minimum credit history: 3 years.
- Minimum number of accounts on credit history: 2.
- Minimum monthly free cash flow: $800.
- Maximum debt-to-income ratio: Varies between 55% and 65% including the loan you’re applying for and mortgage payments. To see your post-loan DTI, calculate your monthly payments on a personal loan, and then add them to your debt-to-income calculation.
- Average loan amount is $10,000.
- Average repayment term is 40 months.
Available Term Lengths3 to 5 years
Fees
- Origination fee: 2.9% to 8%.
13. Upstart
Min. Credit Score 580
Key facts
Upstart is a good option for those who have short credit histories and promising financial futures.
Pros
- Accepts borrowers new to credit.
- Able to fund loans within one business day.
- Offers direct payment to creditors with some debt consolidation loans.
Cons
- Borrowers can choose from only two repayment term options.
- Charges origination fee.
Qualifications
- Minimum credit score: 580.
- Minimum credit history: none, this lender accepts borrowers with credit history too limited to produce a FICO score.
- Minimum gross income: $12,000.
- Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.
- Must have U.S. residential street address where borrower resides (unless military personnel on active duty).
- Must be at least 18 years old.
- Valid email account required.
- Personal bank account with U.S. routing number required.
Available Term Lengths 3 to 5 years
Fees
- Origination fee: 0% – 8%.
- Late fee: 5% of past due amount or $15, whichever is greater.
14. OneMain Financial
Min. Credit Score None
Key facts
OneMain is an option for bad-credit borrowers, but it comes with high starting rates and an origination fee.
Pros
- Option to choose your payment date.
- Offers joint and secured loans.
- Able to fund a loan the same or next business day.
- Offers online educational resources.
Cons
- Rates are high compared to other online lenders.
- Charges origination fee.
- Does not offer direct payment to creditors on debt consolidation loans.
Qualifications
- Minimum credit score: None.
- Maximum debt-to-income ratio: None.
- Minimum income: Not disclosed; average is $45,000.
Available Term Lengths 2 to 5 years
Fees
- Origination fee: $25 to $400 or 1 – 10%
15. Avant
Min. Credit Score 550
Key facts
Avant’s low starting rates make it a good option for borrowers with low credit scores and income.
Pros
- Able to fund loans the next business day.
- Option to change your payment date.
- Soft credit check with pre-qualification.
- Offers secured loan option.
Cons
- Charge an origination fee.
- Does not offer direct payment to creditors with debt consolidation loans.
- No co-sign or joint loan option.
Qualifications
- Minimum credit score of 550.
Available Term Lengths 2 to 5 years
Fees
- Administrative fee: Up to 4.75%.
- Late fee: $25 (most states).
- Unsuccessful payment fee: $15 (most states).
Bad Credit Loans Alternatives
Yes, there are limited alternatives that you can consider before opting for a bad credit loan. These options are:
- Speaking to your current financial provider to offer you a tailored loan considering your circumstances. The current financial provider may be able to help you out in this regard than you going to a new provider for a loan.
- You can get an overdraft on your current account at 0% interest rate for a certain amount. Never cross your limit on the overdraft as the unarranged overdraft fee will turn out be very expensive.
- Credit unions that are community operated can offer a real alternative to banks to those going through financial difficulty. You need to be a member of the credit union to avail the loan. These organisations are supportive and their main intention is to serve their members.
- Credit cards are another option that is available to those with a bad credit history. There are dedicated cards for the people with bad credit ratings. Though they may have lower credit limits or with higher interest rates. Also remember a failed application will damage your credit card further.
- There are payday loans. But it is advisable not to take this loan.
- Use your own savings for as long as you can. It is better to have used your saving than to pay the high interest that are being charged on loans.
- The government also offers interest-free budgeting loans to those who can’t afford their rent. But those with urgent requirements only will receive the loan.
- Turn to your family and friends for a loan. You can work out a mutually beneficial deal out and they will be much more understanding than any financial body. You can agree on a feasible interest. Be clear as to how you will make the repayment as there is a good chance that the relationship may be affected due to this. Agree on a certain time frame and commit to it.
Whatever the problems are, stay away from the loan sharks. Consult with your existing lender and work out a deal that will avoid you from defaulting your payments and saving you from a bad credit history. The lender will always assist you and advise you how to go about your current financial status.
Bad Credit Loans FAQs
What credit score indicates bad credit?
If your credit score is 624 and below then it qualifies as a bad credit score. In this case, it will be impossible for you to avail a loan from a lender. If your credit score is between 625 and 699, your credit score is rated as fair. In this case, you may either get a loan or not get a loan at all from the bank since there is still a possibility that you will find it difficult to repay the loan on time. Hence, it is always recommended that you must maintain a credit score of 750 and above in order to avail a loan without any problems.
Who can apply for a bad credit loan?
Ans: In most cases you can apply for a bad credit loan if you meet the following criteria:
- You are aged 18 years and above
- You are a citizen of India
- You are a salaried or self-employed person
- You have the ability to repay the loan amount on time
What are the documents I will have to submit in order to apply for a bad credit loan?
The list of documents you will have to submit in order to apply for a bad credit loan is given below:
- PAN Card
- Passport/Aadhaar Card
- Salary account statement for the last two months
- Salary slips for the last two months
- Passport size photographs
- Copy of rental agreement if you reside in a rented house
How much loan amount can I avail for?
The loan amount that you can avail will differ from lender to lender. The lender based on your credit score, monthly income, expenses, and other factors will decide the amount that they should be lending to you. Generally, the lender will lend you an amount which they feel you will be able to repay on time. The loan amount that generally you can avail is between Rs.50,000 and Rs.5 lakh.
How long does it take to get the loan?
The lender may take up to 30 minutes to process your application. However, it would take up to 24 hours for the loan amount to be disbursed to your bank account.
How can I apply for a bad credit loan?
You can visit the official website of the lender from whom you wish to avail a bad credit loan. You will have to provide the necessary documents and submit the relevant details. You can then choose the loan amount you wish will be suitable for you and the tenure. The lender will then review the documents and details submitted by you, and if they are found to be correct, the loan amount will be disbursed to your bank account within 24 hours.
Can I take further loans on my existing one?
Generally, lenders who offer bad credit loans would not offer a top-up loan to you. Hence, if you avail a bad credit loan from a lender, it is recommended you repay the loan amount on time. Once you have cleared the loan, you can then apply for a fresh loan as per your requirement.
