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How to Choose the Right Loan With Bad Credit

Nothing is more frustrating than going to apply for a personal loan only to be turned down because of your credit score. When you need a loan to pay emergency bills or to help cover business expenses, you do not have time to wait for your credit score to recover. Plus, one of the fastest ways to improve your credit score is to take out a loan and pay it off in a timely fashion.

But how can you build credit when lenders keep turning you down? The answer is to turn to a bad credit personal loan.

What are Bad Credit Loans?

Loans for bad credit are lending products available to borrowers with credit scores which are defined as “bad”. In this case, that means 630 or under.


FICO Credit Score Ranges

FICO Score Ranges and Credit Ratings
Credit Score:Rating:
750-850Excellent Credit
680-719Good Credit
630-679Fair Credit
550-629Subprime Credit
300-549Poor / Bad Credit

If a consumer’s credit score ranges between 300 and 549, that is considered “poor” credit. A score between 550 and 629 is better, but still “bad” in the grand scheme of things.

Whether you have subprime or poor credit history, you would be in the market for a personal loan with bad credit.

Don’t have any credit at all? Bad credit loans are designed for customers without credit as well.

Borrowers with “fair” credit may qualify for regular prime loans. If your score is above 630, try looking into these types of loans before falling back on loans for people with bad credit.

What To Expect with a Loan With Bad Credit

Bad credit loans make it possible for people with bad credit or no credit to establish or build credit while getting the loan they need for life’s urgent expenses.

That being said, there are some strings attached. All of these conditions are necessary for the lenders to protect themselves while offering financing to high-risk borrowers.

If you shop around however, you can find lower interest rates and terms.

On the upside, with a loan for bad credit, you can enjoy the benefits listed in the table.

The Benefits and Drawbacks of Loans For Bad Credit
Pros of Bad Credit Loans:Cons of Bad Credit Loans:
Fast application processA higher APR
Easy and quick approvalStricter terms
Rapid disbursement of fundsHigher fees
Chance to improve your credit scoreA possible requirement for collateral

Steps to Choose the Best Personal Loan With Bad Credit

Now that you know the basics of bad credit loans, let’s take a look at the steps involved with selecting one which will be right for your needs.

1. Find out your credit score.

Credit scores are a somewhat more complicated matter than many consumers realize. Technically, you have more than one credit score. But the one you are most concerned with is the one which is assigned by FICO. Your FICO score is based on your payment history, the amounts of your existing debts and credit cards, the length of your credit history, and the diversity of your credit portfolio.

Many borrowers confuse their credit scores with their credit reports. Credit reports and credit scores are actually different.

Each year, every consumer is entitled to a free credit report from each of the three major credit bureaus: Equifax, TransUnion, and Experian. The report does not include a numerical score. It simply lists a consumer’s borrowing and payment activities.

Credit scores are generated by computers based on credit report data. Ordering a free credit report is a great start to figuring out what types of loans you may qualify for, but you probably will want to find out your exact FICO score. You can do this by paying a small fee to any of the credit bureaus.

2. Think about the purpose of your loan.

After determining one’s credit score, the next step a borrower needs to take is to think about loan purpose. One of the best things about loans for bad credit is that they are incredibly versatile. Both the purpose of the loan and the consumer’s situation are essential considerations when selecting a loan.

Say for example that you need to borrow $1,000 to cover medical bills, and you have a reasonably stable income. You may not need nearly as much time to pay off your loan as you would if you were borrowing $2,000 to fund a start-up, and your income is still a bit spotty.

3. Decide whether to risk collateral.

Personal loans for bad credit can be classified as secured or unsecured.

A secured loan is one which is bound to collateral. A great example would be a title loan which is bound to an automobile. A consumer who has two cars and isn’t too attached to one of them may find that it is easy to qualify for a secured loan with minimal inconvenience by offering up the vehicle as collateral.

On the other hand, a borrower with only one vehicle and a lot of financial uncertainty could be taking far too great a risk by offering the car as collateral. There are also consumers with no property of value to act as collateral. These borrowers have no choice but to apply for unsecured bad credit loans.

Which is best? It depends entirely on your individual situation and needs. In general, an unsecured loan poses less risk to the consumer. If you can find one which you can qualify for, it is generally the most suitable choice.

4. Determine how much you need to borrow and what timeframe you need to pay it back.

After determining whether to choose a secured or unsecured loan, the next step in the process is to figure out the amount and loan term required. A wise rule of thumb is to borrow just a little bit more than what you think you will need. The reason is that it is easy to under-budget, and you may very well require the extra funds.

Why not take out significantly more? Remember, you will be paying interest on the loan. The more you borrow, the higher the risk to the lender. This can drive up rates and fees. Taking longer to pay back the loan also means paying more interest over time.

So borrow just slightly more than the minimum you think you will need, and plan to pay it back as quickly as possible.

5. Figure out if bad credit loans are the best option.

A bad credit personal loan is the sub-prime equivalent of a prime personal loan, also sometimes called an installment loan for poor credit.

There are other types of bad credit loans as well. Here is a quick rundown:

  • Payday loans. Also known as “cash advances” they usually carry an APR of around 400%. These loans are fast and easy to apply for, and funds are often disbursed within one business day. They are for small amounts only (usually around $50-$1,000), and carry high fees and short repayment terms. These loans do not help you build credit.
  • Car title loans. These loans are secured by a vehicle. The average APR is around 300%. It is possible to get significantly more money with a car title loan; the limit will depend on a variety of factors, among them, the value of the vehicle. This type of loan typically does not build credit.
  • Personal loans. Also called “installment loans,” these are the bad credit loans with the lowest APR—around 100%. They are available in higher amounts. Paying back them on time and in full can help with building credit. The longer loan term offers more flexibility but can mean the interest will add up over time. Personal loans are good to cover big expenses and for paying off high-interest credit card debt.

Payday loans are really only ideal for borrowing small sums of money you know you can pay back within a couple of weeks. Personal loans for bad credit are the least risky and most rewarding loan type for most scenarios.

6. Educate yourself on what to look for in a bad credit lender

Look for lenders with these advantages:

  • Fast online application.
  • “Soft” credit check.
  • Zero upfront fees.
  • No collateral.
  • No hidden fees or charges.
  • High approval rates.
  • Flexibility in approval, loan terms, interest rates, and more.
  • Excellent customer service.

Avoid lenders with the following red flags:

  • No income verification.
  • No credit check.
  • Upfront fees.
  • Aggressive lenders who cold-call or cold-email you.
  • Unregistered lenders.
  • A loan term which is inappropriate given the amount.
  • Lenders with no background, street address, and reputation.
  • Emails with grammar and spelling issues or suspicious sender addresses.

7. Apply online for a bad credit loan. Check the Requirements.

Your last step is to apply! To qualify for a bad credit loan, you need to meet the following basic requirements:

  • Be age 18 or older.
  • Apply for a loan which is in the same state where you live.
  • Verify your email address, phone number, bank account, and income.

Applying is as simple as filling out a quick online form and selecting an offer. In many cases, it is possible to receive funding within 24 hours.

Why Choose Us?

Here at, we know that when you need money fast, the last thing you want to be doing is going from lender to lender in search of the right loan for bad credit. That is why we make it possible for you to send out your application to our entire network of registered lenders with a single click.

We Help You Build Credit

When you apply through, you can rest assured your credit score is safe. Our lenders use a soft “alternative” check, never a hard credit check. This does not damage your score.

The lenders we work with, report to the credit bureaus. So if you make payments on time and in full, you can work on establishing or boosting your credit score.

We Work With a Wide Network of Lenders to Bring You Accessible Rates and Terms

Our nationwide network includes only with registered, transparent and reputable lenders. All have earned our trust and that of our customers through consistent fair lending practices and excellent customer service. Our lenders are flexible and willing to overlook bad credit or no credit, which means the approval rate is very high.

Because all of our lenders receive your application, you will likely receive multiple offers. You can choose the lowest interest rate and the terms and amounts which are most suited to your needs.

No Collateral and No Upfront Fees

We never require collateral, and we never charge any upfront fees.

We’ve Got Your Back

We take pride not only in offering some of the most competitive loans for bad credit, but also in providing the best customer service around. Contact us any time you need assistance and we will be glad to answer your questions and help you out.

Apply in 3 Easy Steps

Ready to get the money you need? We make it fast and easy to apply:

  1. Fill out our easy online application in minutes.
  2. Get the confirmation of your eligibility.
  3. Select the loan offer you want, sign and receive the funds.

That’s it! Once your application receives final approval, your funds will be disbursed. Choose direct deposit, and the money could be in your bank account within one business day.

Thank you for choosing for your bad credit lending needs. Apply now, and you could be paying your bills and rebuilding your credit as soon as tomorrow!



Application is completely free of charge.

Responsible Borrowing & Legal Implications to Consider

We remind you that SDL365 promotes a policy of Responsible Borrowing and Responsible Use of Loans. Note that loans are an expensive financial solution, and approval is not guaranteed. Everyone who gets a loan should read over the terms and conditions before signing and submitting the contract. This contract will include the specific date when you must pay the loan back. If you don’t pay back your loan on time, the lender has every right to charge you late fees until you have covered the full amount of debt. Failing to repay the loan in full, may result in legal actions.

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