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If you have a bad credit score, you can still get a personal loan if you need it. Bad credit personal loans for $5,000 and up aren’t payday loans, and they don’t charge such high fees that they’re unaffordable.
When you know where to look, you can get personal loans for just about any need, even with a low credit score.
Let’s take a closer look at what options are available for bad credit personal loans with guaranteed approval and $5,000 and up.
PersonalLoans.com is an online loan marketplace. It matches borrowers with lenders based on their qualifying factors. Once you apply, you may receive multiple offers from different lenders, allowing you to choose. PersonalLoans.com offers loan amounts up to $35,000, but they may limit your loan amount if your credit is too low. They offer APRs from 5.99% – 35.99%.
>> More: Personalloans.com Review
Payoff focuses on borrowers who are in over their heads in credit card debt. You need ‘decent’ credit to qualify, usually around 640, and you must pay the creditors yourself with the proceeds of the loan. Payoff takes 3 to 6 business days to fund your loan, but they offer loan amounts up to $40,000 to help borrowers get out of credit card debt.
>> More: Payoff Personal Loans Review
BadCreditLoans.com is another online loan marketplace that matches borrowers with lenders based on their qualifying information.
They offer loans up to $5,000, but like any lender, the loan amount you qualify for depends on your credit score and income (what you can afford). Most lenders fund your loan by the next business day from BadCreditLoans.com, and the APRs range from 5.99% – 35.99%.
>> More: Badcreditloans.com Review
CashUSA is also an online loan marketplace matching borrowers with lenders based on their qualifying factors. CashUSA has some strict guidelines you must meet to use the marketplace, including earning at least $1,000 per month. Borrowers may apply for a loan amount up to $10,000, but the amount you get depends on your credit score and current debt ratio. They offer APRs from 5.99% – 35.99%.
>> More: CashUSA Personal Loans Review
Avant specializes in bad credit personal loans. They offer loan amounts up to $35,000 and don’t have a minimum monthly income requirement. Avant charges a hefty origination fee, which they take out of your loan proceeds, and their interest rates range from 9.95% – 35.99%.
>> More: Avant Personal Loans Review
Upstart looks at the big picture when approving a borrower rather than just the credit score. This makes it easier for borrowers with bad credit to secure a personal loan.
Upstart looks at your job history, education history, and earning potential when assessing your application. Upstart offers loans from $1,000 – $5,000 with APRS ranging from 8.27% – 35.99%.
>> More: Upstart Personal Loans Review
Best Egg offers personal loans to borrowers for any purpose, whether you need debt consolidation, home improvements, or to pay for medical bills. Best Egg offers loans from $2,000 – $50,000, but every loan has an origination fee starting at 0.99% – 5.99%.
>> More: Best Egg Personal Loans Review
SoFi is an online lender that offers personal loans to borrowers with bad credit to use for any purpose.
They have higher credit score requirements, requiring at least a 680 to get approved but offer lower APRs starting at just 5.99% and up to 20.69%. Depending on your credit score and income, you can apply for loans up to $100,000.
>> More: SoFi Personal Loans Review
Upgrade offers personal loans for people with bad credit. They offer loans up to $50,000 that you can use for just about any purpose, including home improvement, debt consolidation, or covering an emergency expense.
They offer low-interest rates starting at 6.94% up to 35.97%. All loans have an origination fee from 2.9% to 8%.
>> More: Upgrade Personal Loans Review