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Personal Loans for Bad Credit

Best Personal Loans for Bad Credit in 2023.

COMPARE TOP PERSONAL LOAN LENDERS

TOP LENDERS

Compare personal loan rates from top lenders

upstart personal loans
4.6
4.6/5

Rates from (APR)

5.40-35.99%

Loan term

3, 5, or 7 years

Loan amount

Up to $50,000

lightstream personal loans
4.9
4.9/5

Rates from (APR)

5.99-23.99%4

Loan term

2 – 7 years

Loan amount

Up to $100,000

best egg personal loan
4.5
4.5/5

Rates from (APR)

8.99-35.99%

Loan term

2 – 5 years

Loan amount

Up to $50,000

discover personal loans
4.4
4.4/5

Rates from (APR)

6.99-24.99%

Loan term

3 – 7 years

Loan amount

Up to $35,000

penfed credit union personal loan
4.7
4.7/5

Rates from (APR)

7.74-17.99%

Loan term

1 – 5 years

Loan amount

Up to $50,000

axos bank personal loan
4.6
4.6/5

Rates from (APR)

7.99-15.19%

Loan term

3 – 6 years

Loan amount

Up to $50,000

sofi personal loan
4.9
4.9/5

Rates from (APR)

7.99-23.43%3

Loan term

2 – 7 years

Loan amount

Up to $100,000

Achieve Personal Loan
4.1
4.1/5

Rates from (APR)

7.99-35.99%

Loan term

2 – 5 years

Loan amount

Up to $50,000

lendingpoint personal loans
4.7
4.7/5

Rates from (APR)

7.99-35.99%

Loan term

2 – 6 years

Loan amount

Up to $25,000

upgrade personal loans
4.8
4.8/5

Rates from (APR)

8.24-35.97%

Loan term

2 – 7 years

Loan amount

Up to $50,000

Calculate your savings with Capital for Business

Use our debt consolidation calculator to see how different terms and interest rates can change what you pay over time.

EASY, SIMPLE, FREE

Why Capital for Business?

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Find a loan from a reputable lender in minutes

Whether you want to consolidate debt or cover an emergency expense, Capital for Business makes it easy to find a personal loan that works best for you.

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Checking your prequalified rates from multiple lenders on Capital for Business is 100% free. We don’t sell your data to lenders.

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We are unbiased and transparent

We don’t get paid to rank products higher, and we don’t hide fees. You’ll know exactly what your cost breakdown is before selecting a lender.

OUR PROCESS

How Capital for Business Works

Fill out our simple form and we’ll match you with offers from our network of 100+ lenders.

It’s fast, free and there’s no risk to your credit.

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100+ providers in 60 seconds

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What Our Clients Say

They advocated so brilliantly for my account and are a huge reason for my renewed success with Capital For Business.
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Jonathan N. Craig

a trusted partner when your business does not work properly.
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Geoffrey E. Avila

If you have business problems you have to be part of your recovery plan.
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Debra R. Daley

They helped me with a business loan and now we’re thriving 🙂 thank you!
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Edson Romero

Quite a pleasureable experience!
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Lisa B. McClean

I had a really great experience getting funding for my business through Capital for business . Would highly recommend it.
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Aaron S. Devlin

this review wants to be of benefit to those who have trouble with their business and to trust their services.
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Lillie Martinez

Your staff and business associates were professional and efficient. I was treated with respect and they took the time to understand my business needs.
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Trammy R. Young

Jeff is absolutely the best. We are a small company and have been in business for less than 2 years. We reached out because we needed capital to give
us that extra boost to make more money. We received the application right away and as soon as I sent it back he worked on a funding solution for our company. We had the money in our account the same day we signed off on the loan. Thank you!!! will recommend.
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Smaat Money

I do truly recommend them. I enjoyed working with them, easy to talk too and they explain all the process for what you need.
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Cory Z. Sciortino

It's such a professional company. I enjoyed the collaboration we had
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Florence B. West

Great experience. Great customers services. Great over all.
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Harold M. Joseph

I am really satisfied. Very helpful!
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Maria Kincer

They were recommended by a co-worker. I am pleased by the services and taking his advice.
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A Google User

I am really happy with Capital for Business services. Great ethics.
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Angela Nagy

They give their best to give your perfect solution. Fast, easy and without a lot of papers involved.
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Charles V. Fraizer

The thing that impressed me the most is that they try to find the best solution for you and they explain it to you step by step.
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Benjamin G. Blast

perfect for small business. They are trustworthy.
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Carol T. Moir

I thank them so much! Their customer service is impeccable.
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Edwin C. Sims

I recommend them. They are the best!
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George L. Dodson

I just started a new business and this company helped me sooooo much!
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Roxanne J. Chambell

Their loan saved my business. Thank you so much!
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Marlene A. Esposito

The greatest help for the small businesses community.
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Michele R. Carrigan

The thing I appreciate most about this company is that it's moral and client oriented.
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James H. Fauver

They were recommended by a close friend. Reliable company 100%
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Bettie Nelson

I do recommend this company! It is worthy!
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Werner D. Seely

Such great experience! I encourage everyone to come to Capital for Business!
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Raymond S. McDermott

Capital for Business was a recommendation and now I recommend them too!
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Marjorie Fitch

awesome place for small loans
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Jamie M. Deming

They were recommended by a close friend. Reliable company 100%
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Bettie Nelson

Very helpful, even helping me after hours with questions and help. I highly recommend them!
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Mark G

Half a year ago our business was falling into a pit but thanks to the loan from Capital for Business we are on track again.
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Carmella A. McGregor

Jeff is absolutely the best. We are a small company and have been in business for less than 2 years. We reached out because we needed capital to give
us that extra boost to make more money. We received the application right away and as soon as I sent it back he worked on a funding solution for our company. We had the money in our account the same day we signed off on the loan. Thank you!!! will recommend.
Read more
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Hamili Milligan

Awesome to work with!
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J&D Construction LLC

Jeff was amazing and very attentive to my funding needs for my business! I had a couple hiccups but he did not give up and delivered on exact what I n
eeded. I can’t appreciate Capital for Business enough
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Ashley Johnson

Easy process, superb communication!!!!! Looking forward to future endeavors!!!
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William Richardson

COMMONLY ASKED QUESTIONS

There’s no such thing as too many questions

While many personal loan lenders require borrowers to have good to excellent credit, several lenders also offer personal loans designed for borrowers with bad credit. Because bad credit personal loans are more of a risk to the lender, their interest rates are usually higher compared to the rates on good credit loans — meaning you’ll pay more overall for one of these loans.

A good way to understand what a bad credit loan will end up costing you is to look at the annual percentage rate (APR). This percentage represents both the total amount of interest plus any fees — such as origination or late fees — that you’ll pay on a yearly basis for your loan.

Also, keep in mind that taking out a personal loan might help your credit in the long run. For example, if you’re able to reduce your credit utilization by consolidating debt with a personal loan and make all your payments on time, you could see a gradual improvement of your credit score.

A bad (or poor) credit score is generally considered to be a score below 640. Here are the typical credit score ranges:

Poor (less than 640): It can be hard to qualify for a personal loan if you have a score in this range — unless you work with a lender that offers bad credit loans. You might also be able to get approved by applying with a cosigner. Borrowers with poor credit are typically offered the highest available interest rates.

Fair (640 to 699): While you might have a somewhat easier time getting a personal loan with fair credit, you can generally expect to pay higher interest rates. Applying with a cosigner might help you qualify for a better interest rate.

Good (700 to 749): Having a good credit score will help you get approved for personal loans with most lenders, as well as get you better interest rates. If you have a good credit score, it’s unlikely that you’ll need a cosigner to qualify for a loan — though having one might help you get a better interest rate than you’d get on your own.

Excellent (750 and above): With an excellent credit score, you’ll likely qualify for the vast majority of personal loans and be offered the lowest interest rates advertised by lenders.

If you’re ready to apply for a personal loan, follow these four steps:

Check your credit. When you apply for a personal loan, lenders will check your credit to determine your interest rate — so it’s a good idea to see what shape your credit is in before you apply. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureau to potentially boost your score.

Compare lenders and pick a loan option. Be sure to compare as many lenders as possible to find the right loan for your needs. Consider not only interest rates but also repayment terms, any fees the lender charges, and qualifying requirements. After researching your lender and loan options, choose the loan that works best for you.

Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation — such as tax returns or pay stubs.

Get your funds. If you’re approved, the lender will have you sign for the loan so the money can be released to you. The time to fund a personal loan is usually about one week — though some lenders will fund loans as soon as the next business day after approval.

Credit bureaus calculate your credit score based on a number of factors in your credit history. Your payment history is the most important, making up 35% of your FICO Score. That means late and missed monthly payments — or having no payment history at all — damage your score more than any other factor.

This depends on the lender. For example, online lenders are usually the fastest option, sometimes offering approval decisions within minutes. Traditional banks and credit unions, on the other hand, could take longer.

The time to fund a personal loan also varies by lender. Here are the funding times you can typically expect:

Online lenders: Less than five business days

Banks: One to seven business days

Credit unions: One to seven business days

Some lenders provide fast personal loans with quicker funding times. For example, several Credible partner lenders offer next- or even same-day personal loans.

If you want to get your funds as soon as possible, here are a couple ways to avoid delays:

Fill out your loan application as accurately as you can.

Provide any required documentation in a timely manner.

When you apply for a personal loan, the lender will likely ask you to submit some documentation. The specific documents requested will depend on the lender but could include:

Personal identification, such as a government-issued ID

Social Security card, to verify your identity

Income verification, such as tax returns or pay stubs

Bank statements, to further demonstrate your income

Be sure to read any documentation requests from the lender carefully — this way, you can make sure you submit the most accurate information possible.

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