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5 Best Installment Loans for Bad Credit & Quick Cash

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Personal Loan
SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Personal Loan

Installment loans for bad credit make it possible for borrowers with bad credit to get access to cash when they need it most. Bad credit installment loans offer a fast and easy online application process, flexible loan amounts, and next-day or same-day funding in most cases.

However, choosing the best installment loans for bad credit is important, as the interest rates and payment terms can vary dramatically by lender.

To help you fight the right lender for your needs, we’ve reviewed the best installment loans for poor credit borrowers. Each of the installment loan providers below was evaluated on a variety of factors including application process, loan amounts, term lengths, speed of funds, and reputation.

5 Best Installment Loans Online for Bad Credit

BadCreditLoans: Best installment loans for bad credit

PersonalLoans.com: Best lender for debt consolidation, auto repairs, and medical bills

Upgrade: Best installment loans for fair credit

Upstart: Best loans for borrowers with no credit history

OneMain Financial: Best for secured loans and cosigners

#1. BadCreditLoans: Best Installment Loans for Bad Credit Overall

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: BadCreditLoans

Having bad credit can make it feel like you have limited options for getting installment loans, but BadCreditLoans dispels that myth by matching you with a long list of lenders. Instead of extending personal loans directly, BadCreditLoans serves as an aggregator and matches you with lenders who are willing to extend installment loans for bad credit applicants.


Not only do you get presented with multiple options, but you also get to compare them side by side in a single place and choose the loan that works best for you.

Applying for an installment loan doesn’t get any easier than it does with BadCreditLoans. The first step is to fill out some basic details in an online form. You’ll need to have your social security number, date of birth, and employment and bank account information at the ready, but the site operates fast and is mobile-friendly. You also have to be at least 18 years old and have a job with a regular income to qualify.

One of our favorite features of BadCreditLoans (besides having access to so many lenders under one umbrella) is that there are no minimum credit scores required to qualify. This means that if you have poor credit or a lack of credit history, you can still get approved. Plus, you’re not charged any additional fees for getting multiple quotes.

Of all the personal loan lenders on our list, BadCreditLoans offers the lowest loan amounts, so if you’re looking for a more significant loan amount to consolidate debt or get an auto loan, you might want to explore some of the other lenders on our list.

Key Stats about BadCredit Loans

● Minimum credit score: N/A

● APR range: 5.99% - 35.99%

● Loan amounts: $500 to $10,000

● Origination fees: Vary based on the lender

● Loan terms: 90 days to 6 years

Why We Like BadCreditLoans for Installment Loans

● No minimum credit score is required for approval

● Choose from multiple lenders in one place

● Get funding deposited in your bank account the next day

● Autopay discounts available

● No prepayment penalties

● Flexible loan repayment terms

Click Here to Learn More About BadCreditLoans

#2. PersonalLoans: Monthly Installment Loans for Poor Credit Borrowers

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: PersonalLoans.com

If you’re looking for a loan that’s relatively easy to get and even easier to apply for, Personal Loans claims a top spot as one of the best installment loans on our list.

The lender prides itself on helping people escape financial pickles, regardless of their credit history. Whether you need a few hundred bucks or several thousand dollars, Personal Loans can match you with a lender willing to give you the cash you need. There’s no additional fee for using this matching service, either.

Because Personal Loans leverages a network of lenders specializing in providing monthly installment loans, you have the best chance of getting approved for a loan with decent terms, even if you have fair credit or bad credit.

Keep in mind that even though the matching service is free to use, you will have to pay an origination fee to get your loan funds. There could also be other fees involved, but by law, the lender will disclose these fees before you accept any loan offers.

Even the most financially challenged loan applicants can potentially be approved for an unsecured loan. This is due to the vast network of lenders that Personal Loans works with. These third-party lenders have varying requirements for approvals, and it’s possible that you can find a lender through Personal Loans that believes you are creditworthy.

After you apply for an installment loan from Personal Loans, you are free to review the various offers without any obligation. If you are approved for a loan, but none of the offers strike your fancy because the loan amount is too low or the interest rates are too high, then you can always seek out a loan from one of the other providers on our list.

Key Stats about Personal Loans

● Minimum credit score: N/A

● APR range: 5.99% - 35.99%

● Loan amounts: $250 to $35,000

● Origination fees: Varies based on the lender

● Loan terms: 90 days to 72 months

Sponsored
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Why We Like Personal Loans for Installment Loans

● Vast network of lenders for a high likelihood of approval

● No fee for being matched with a lender

● Wide range of loan amount options available

● No prepayment penalties

● Flexible payment terms (either once or twice per month)

● Review loan offers without any obligation

Click Here to Learn More About PersonalLoans.com

#3. Upgrade: Best Personal Loans for Fair or Good Credit

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Upgrade

Whether you’re looking to refinance your credit cards, get debt consolidation, or get extra cash for home improvement projects or an unexpected expense, Upgrade has you covered.

This personal loan company offers installment loans to residents across the United States, though you can’t get an Upgrade personal loan if you live in Iowa, Vermont, or West Virginia.

Despite this limitation, Upgrade has extended installment loans to more than 10 million borrowers for a total of more than $3 billion. You can use the money for whatever your heart desires, including business expenses and debt consolidation. Plus, with a 4.6-star rating and close to 40,000 reviews on Trustpilot, you can trust Upgrade to do the right thing and not take advantage of you just because you have a lower credit score.

Upgrade helps individuals with bad credit get back on track by incentivizing them to make their monthly payments on time. When you adhere to the terms of the loan, Upgrade reports on-time payments to the credit bureaus, but if you’re late or have insufficient funds, you will be subject to late fees and penalties.

You can stay on track by having 24/7 access to the free mobile app, which allows you to keep your personal information up to date as well as check your loan balance and make payments. If you choose to pay your loan amount back early, and there is no prepayment penalty.

Getting started is easy. You can find out what your loan interest rate will be without having to commit or take a hard inquiry hit to your credit report. You’ll be presented with multiple personal loan offers, so that you can pick the one that works best for you. Once you’ve chosen your preferred personal loan, you can get the cash in your bank account within a day.

Key Stats about Upgrade

● Minimum credit score: 560

● APR range: 8.49-35.99%

● Loan amounts: $1,000 to $50,000

● Origination fee: 1.85 – 9.99%

● Loan terms: 3 or 5 years

Why We Like Upgrade for Installment Loans

● Choose from multiple personal loan options with varying interest rates and terms

● Use the money for any purpose

● Includes Credit Health tool to track your credit score

● Free mobile app

● No prepayment penalties

● Fast funding available

● Autopay discounts available

● Preapproval with no credit report impact

Click Here to Learn More About Upgrade

#4. Upstart: Best for No Credit History

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Upstart

If you’ve exhausted all of your possibilities for getting a personal loan and you keep getting denied, Upstart may still be an option for you. Upstart made our list of the top bad credit installment loans because they actively promote offering loans for bad credit score applicants.

Therefore, Upstart is best for those with fair credit as opposed to a bottom-of-the-barrel bad credit score. More than 2.6 million people with questionable credit scores have secured loan funds through Upstart, and the company has an impressive 4.9 start out of 5 stars on Trustpilot.

Many reviewers note that they return to Upstart for multiple installment loans thanks to the lender’s easy approval process and fair rates.

So, what is Upstart’s secret? Two words: Artificial Intelligence.

Upstart uses AI to qualify applicants for personal loans, and the company boasts that this method allows more borrowers to qualify for bad credit installment loans. A whopping 82% of Upstart loans are approved without having to deal with a human, so you can finish the installment loan application process in as little as 10 minutes.

Instead of looking at merely a minimum credit score requirement and other traditional statistics that providers of unsecured installment loans check, Upstart’s use of AI is able to consider more variables and make better decisions about who is qualified to receive personal loan funds. Apparently, machines are better at assessing risk than humans are at doing it manually!

Other features we like about Upstart are that you can get approved with a soft credit check instead of a hard credit inquiry that goes on your credit report, and you can also choose a custom date for your monthly payments.

Key Stats About Upstart

● Minimum credit score: 300

● Apr range: 5.35 – 35.99%

● Origination fee: 0% – 12%

● Loan amounts: $1,000 to $50,000

● Loan terms: 3 or 5 years

Why We Like Upstart for Installment Loans

● Fast and easy approval process

● Friendly user interface

● AI algorithm approves more borrowers

● Decent interest rate loans for bad credit

● Choose the date of your monthly payment

● Checking your rate does not affect your credit score

● Loan funds are usually available in 1 business day

Click Here to Learn More About Upstart

#5. OneMain Financial: Best for Secured Loans

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: OneMain Financial

As an established lending institution, OneMain Financial has the infrastructure to offer a variety of installment loans, including both secured loans and unsecured loans.

As a reminder, a secured loan is a loan that is backed by collateral. Auto loans, for example, use the vehicle you got the loan for as backing or security in case you don’t pay back the loan amount. In those situations, the lender can repossess the item to “secure” the funds needed to recoup the amount of money invested in your loan.

Unlike some of the other online lenders on our list, OneMain Financial takes a more personal approach to personal installment loans. For example, this lender isn’t purely an online player. OneMain Financial has been around for more than 100 years, and they have more than 1,400 physical branches across the United States.

Being able to visit a physical branch isn’t the only advantage when it comes to borrowing money from OneMain Financial. You’ll also get paired with a loan specialist to discuss various loan options (including debt consolidation loans), and that can ultimately help you improve a bad credit score. After all, getting free credit counseling from an expert is a major perk!

While the typical minimum loan amount at OneMain Financial is $1,500, the actual loan amount varies based on the state where you’re located. For example, if you are in California, you must request a loan amount of at least $3,000 instead of the posted $1,500.

There are also maximum loan amount thresholds for new borrowers in some states regardless of whether you have good credit or bad credit. Because the terms vary so drastically by state, we recommend visiting the website and beginning the loan application process to see how your location affects these terms.

Key Stats about OneMain Financial Loans

● Minimum credit score: N/A

● APR range: 18.00% - 35.99%

● Loan amounts: $1,500 - $20,000

● Origination fee: 1% - 15%

● Loan terms: up to 5 years

Why We Like OneMain Financial for Installment Loans

● Transparent loan terms

● Get prequalified without a credit check

● Local branches provide in-person service

● No loan application fees

● Easy online application process

● Get money in your savings account the same day

● Ability to get approved with a co-signer or co-borrower

Click Here to Learn More About OneMain Financial

What Are Bad Credit Installment Loans?

You might already be familiar with installment loans. Installment loans are personal loans that are paid off on a monthly payment schedule. In other words, you get a lump sum upfront, and you’ll pay that money back to a lender over time. The average loan term length for personal installment loans tends to be from two to seven years.

Usually, the installment schedule is set up so that you submit monthly payments, and you’ll also be assigned an interest rate. In some instances, there will also be an origination fee, which is a one-time fee that is deducted from your loan proceeds.

Bad credit installment loans are like any other installment loan except for the fact that they’re structured for people with a low credit score reported by the major credit bureaus (Experian, Equifax, and TransUnion).

Usually, bad credit installment loans are unsecured loans, meaning that you don’t need any assets or collateral to be approved. Personal loans, however, can also be secured loans. This often happens if you get an installment loan as an auto loan or a home mortgage.

You can get installment loans from virtually any lending institution, including a bank or credit union. Installment loans for bad credit are also provided by online lenders, which can be advantageous because you can get approved quickly, and you don’t have to meet with someone face-to-face if you don’t want to.

Installment loans for bad credit are often the preferred (and sometimes only) option if you have a low credit score or little credit history. Though these emergency loans are often freely available, keep in mind that you’ll often pay higher interest rates, get approved for lower loan amounts, and be subjected to shorter repayment terms.

The good news is that you can have the loan amount paid to you in a lump sum of cash upfront. From there, as long as you make on-time payments, you can improve your credit score while having access to the cash you need.

The credit score requirements among personal loan lenders vary. Logically, you’ll get better interest rates and the option for more affordable monthly payments if the score on your credit report is higher, but you can still be approved for a bad credit installment loan with a poor credit score.

If you are still struggling to get approved for a personal installment loan, you can arrange for a co-signer or a co-borrower to sign the loan agreement. Another option is to seek out secured personal loans, which require collateral. You can more easily get approved with a lower credit score because the collateral serves as security on the personal loan, making it less risky for the lender.

Benefits of Installment Loans for Bad Credit

Despite the obvious of getting money when you need it most, there are several other advantages to getting an installment loan when you have bad credit, including:

● Get fast and easy access to cash, even with bad credit

● Have fixed monthly payments, which helps keep your finances predictable

● Consolidate high-interest credit card debt, and get your finances back on track

● Use the money for virtually anything

● Enjoy an easy application process

● Get approved fast, even if you’ve been turned down by banks and credit unions

● Get a more affordable alternative to payday loans

● Choose from a wide range of loan amounts and flexible loan repayment terms

● Improve your credit score by making on-time payments

How to Choose a Good Installment Loan for Bad Credit

More online lenders for installment loans for bad credit are popping up, so you have choices. You’re no longer limited to traditional institutions like banks or credit unions, but that doesn’t mean every online lender is a good fit.

Don’t necessarily settle for the first installment loan you find in an online search. Because of the vast differences in interest rates and loan terms, comparing installment loans can potentially save you thousands of dollars, especially if you have bad credit.

Here are our top tips for choosing the best installment loans for bad credit:

Check lender qualifications

The last thing you want to do is waste your time applying for a personal loan that you can’t get approved for.

Check the requirements for each installment loan lender, including the minimum credit score requirement for approval and whether you need to have a bank account.

Compare interest rates

As you probably noticed in the list of the various installment loan providers, interest rates vary drastically, especially for unsecured personal loans for bad credit.

While you might not necessarily get a single-digit interest rate, we recommend comparing the rates you get from multiple lenders (specifically the ones on our list). Then, choose the installment loan that gives you the best rate and loan term timeframe that you’re comfortable with.

Prequalify with a lender

Before you begin applying for online installment loans, make sure that you’re not being subjected to a hard credit inquiry. These credit inquiries can ding your credit score by several points.

Instead, fill out a preliminary installment loan application in a prequalification process to get an idea of the loan amount, what the interest rate is, and what the loan term will be. Once you find favorable terms, you can begin the official application process.

Check fees

Before accepting a loan because you were able to get a decent loan amount lump sum, be sure to check for other fees, which can make installment loans more expensive. These include origination fees, late payment penalties, and fees for insufficient bank account funds.

Compare monthly payments

It can be challenging to figure out which personal loan is best when you’re trying to compare a lot of different numbers and rates. One of the best ways to be able to compare apples to apples is to use an online loan calculator to see how much your monthly payments will be based on the loan amount, the interest rate, and the loan terms.

Ideally, the lower the monthly payment, the better, but you should also consider the total cost of the loan to determine which one is the best installment loan.

Check online reviews

Some online lenders that offer installment loans for bad credit are a nightmare to work with, and some could even be unscrupulous. Fortunately, there are several review sites that you can access for free to see how various online lenders stack up.

We recommend checking out the Better Business Bureau (BBB) and Trustpilot to see what other people have to say. Look for reviews that talk about the level of customer support and complaints about bait-and-switch tactics. If you see reviews about a high origination fee or a lengthy loan approval process, continue looking elsewhere!

The Impact of Bad Credit Installment Loans on Your Credit Score

No matter what financial situation you’re in, there’s always a silver lining. While you might be bemoaning the financial gods about the state of your finances, the truth is that a bad credit loan can actually have a significant positive impact on your credit score.

Here’s why: You can establish or rebuild your credit by making on-time payments and demonstrating that you can responsibly handle credit. If you’ve made mistakes in the past, this is your chance to get back on track. Or, if you’ve never had credit before, you can demonstrate that you’re a worthy credit risk.

While installment loans have the potential to improve your credit score, they can also adversely impact it. It all depends on how you manage the loan. For example, if you make late payments or default on the loan, this activity will be reported to the credit bureaus, and your score will suffer.

To maximize the positive impact on your credit score, follow these helpful tips:

● Enroll in autopay to keep you on track

● Don’t borrow more money than you need

● Compare interest rates to and monthly payments to ensure you can afford to pay back the loan

● Use installment loans to vary your credit mix and build your credit history

Alternatives to Bad Credit Personal Installment Loans

The best installment loans will give you low personal loan rates and repayment terms, but there are some alternatives to consider. Every person’s financial situation is different, so one of the options below might be an adequate fit for securing a loan.

Payday Loans

Payday loans can be a tempting option for people with lower credit scores, but they can also be a very expensive option. Instead of making a loan payment once per month over a longer period, a payday loan is typically paid off in full within a couple of weeks.

When you get a payday loan, you’re usually charged a percentage of the amount borrowed, often 15% to 20%. At first glance, it might seem like you get a decent interest rate (at least comparable to a credit card), but nothing could be further from the truth.

It all has to do with how payday lenders calculate interest over the life of a loan, expressed as a number called “APR,” or Annual Percentage Rate. This figure represents how much you’re actually paying for your loan.

An installment loan for a candidate with bad credit tends to have a relatively high APR, but a 17%+ interest rate is nothing compared to the average APR of a payday loan. Because of the compressed amount of time that you have to pay back these payday loans, the interest rates can be astronomical, ranging from 390% to more than 600%.

Peer-to-Peer Lending Sites

Also referred to as “crowd lending” or “social lending,” peer-to-peer lending sites match you with a group of individuals that provide you with the funds. A peer-to-peer model cuts out the traditional financial institution as the middleman, so you get funds directly from other members of the community.

There still, however, is something of a middleman because the peer-to-peer lending site facilitates the transaction and takes its cut of the action.

Compared to personal loans from financial institutions like banks or credit unions, peer-to-peer lending sites can sometimes offer more favorable interest rates, though on average, you can expect to pay about 19%.

A peer-to-peer lending site is also likely to have a loan origination fee. For example, Lending Club, a popular peer-to-peer lending provider, charges a loan origination fee ranging from 2.00% to 6.00%. This vast range will vary based on the loan amount you’re seeking, your credit history, and other factors.

Home Equity Loans

If you own a home, you can take out a personal loan against the equity you’ve established in your home. These loans are often extended to homeowners through credit unions or banks even if they have bad credit because home equity loans are secured loans.

A secured loan is a personal loan that is backed by collateral. Here, your home acts as security, so if you fail to pay back the loan, the lender can foreclose on your home. This prospect is scary, but the good news is that many lenders offer home equity loans at more favorable interest rates than the average online installment loan.

To get approved for a home equity loan, even with a low credit score, lenders will look at the following:

How much equity you have in your home

If you’ve owned your home for a while, you have probably built up a decent amount of equity. However, if you have recently purchased your home, you might have little to no equity established. If the value of your home has gone up during a hot real estate market, you could have established equity in that way.

You can determine the amount of equity you have in your home by subtracting the amount you currently owe on your mortgage from the appraised value of your home. For example, if you owe $300,000 on your loan but the value of your home is $400,000, then you have $100,000 in home equity.

Debt-to-income ratio

Also referred to as DTI for short, your debt-to-income ratio reflects how much of your income is needed to service your debts, i.e., auto loans, credit card debt, student loans, etc.

Many lenders look for low debt-to-income ratios to ensure that you have enough cash on hand to make your monthly loan payments.

Income and savings

Cash is king, and if you have a decent nest egg in your savings account, you’re more likely to be approved for an installment loan, even with a low credit score. If you’re able to get a decent interest rate, it might be better to hang onto your cash and take the installment loan.

Payment history

Both traditional and online lenders will evaluate your payment history to ensure that you’re not an overly high credit risk. The rationale is that if you have shown that you can be responsible by making on-time payments, you have demonstrated that you’re not a high credit risk for the lender.

Frequently Asked Questions About Installment Loans for Poor Credit

So far, we’ve provided a lot of information about some of the best lenders for personal loans and debt consolidation options. If you still have questions about how installment loans work and the nitty-gritty details, keep reading. We answer the most common questions below.

What credit score do I need to qualify for an installment loan?

The short answer to this question is that it depends. On average, an installment loan may require a credit score ranging from 550 to 720, but these requirements can potentially be lower.

Some of the best installment loan providers take other financial indicators into account other than your credit score. They may look at your overall credit history, your income, your assets, and whether you have someone who can cosign for the loan.

It’s important to remember that if you have bad credit, your interest rates will be higher, and you might have shorter loan repayment terms to minimize lender risk. Because of this, some installment loan lenders will offer credit repair services that can allow you to improve your credit score before taking on a loan.

Do any installment loan lenders offer autopay discounts?

Yes! Many installment loan lenders, including several on our list, offer autopay discounts.

Autopay discounts are a win-win for both you and the financial institution. You get the benefit of saving money and ensuring that your monthly payments are submitted on time (which can boost your credit score!), and the lender has extra assurances that they’ll get their money.

You already have to pay back the loan, anyway. Why not save a few bucks and sign up for autopay, especially if there’s a discount! BadCreditLoans and Upgrade both offer autopay discounts.

How much money can I borrow with a personal installment loan for bad credit?

The amount of money you can borrow with a personal installment loan for bad credit will depend on several factors, including your credit score, debt-to-income ratio, credit utilization, and overall income.

Further, each lender on our list has varying ranges that they’re willing to extend to borrowers with bad credit. Some lenders max out their loan amount at $10,000, while others are willing to lend $50,000.

When you apply for an installment loan, be realistic about how much money you need and how long it will take for you to pay it off. While it might be tempting to request the maximum amount of money that you qualify for, this option can get expensive because a higher loan principal equals higher interest rates.

Can installment loans help me rebuild my credit score?

Yes, absolutely! Installment loans can help you rebuild your credit score when you treat the loan responsibly. This means not borrowing more than you need and making on-time monthly payments. When you demonstrate that you can take on a loan responsibly, this will naturally raise your credit score.

Late payments can cause a drop in your credit score by as much as 180 points, which can spell the difference between getting a substantial loan with a low interest rate or being denied everywhere you turn. Logically, when you pay your bills on time, you can see a corresponding 180-point rise!

Can you use installment loans for debt consolidation?

Yes, if you have accumulated a lot of debt across various creditors, you can use installment loans for debt consolidation purposes. This avenue can be helpful to get your financial health back on track because it simplifies your financial obligations. Instead of paying multiple creditors each month and having to keep track of varying payment due dates, you only have to pay one creditor on a specific date.

Further, many people find that installment loans for debt consolidation give them a fresh start by allowing them to get a lower overall interest rate. Instead of falling behind with high-interest credit card debt or unforgiving payday loans, an installment loan can provide you with a more manageable monthly payment that helps you get out of debt faster.

Final Thoughts on Online Installment Loans

If you’ve been looking for installment loans online, you might have been overwhelmed by the choices and not sure if you can even qualify by meeting the minimum credit score requirements.

While not every lender on our list will guarantee you an unsecured personal loan, the lenders on our list are known for extending bad credit loans with decent terms in a variety of situations.

As you compare the various loans you can get from the installment loan providers on our list, don’t forget to compare the following:

● Interest rate

● Monthly payment

● Loan fees

● Loan term

Armed with these numbers, you’ll be able to find online loans that best fit your needs, whether you’re looking for debt consolidation loans or you just want some extra cash. If you start with the bad credit installment loans on our list, you’re likely to find a good fit.

Summary of the Best Personal Loan Lenders

BadCreditLoans: Best installment loans for bad credit

PersonalLoans.com: Best lender for debt consolidation, auto repairs, and medical bills

Upgrade: Best installment loans for fair credit

Upstart: Best loans for borrowers with no credit history

OneMain Financial: Best for secured loans and cosigners

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SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Personal Loan
SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Personal Loan

Installment loans for bad credit make it possible for borrowers with bad credit to get access to cash when they need it most. Bad credit installment loans offer a fast and easy online application process, flexible loan amounts, and next-day or same-day funding in most cases.

However, choosing the best installment loans for bad credit is important, as the interest rates and payment terms can vary dramatically by lender.

To help you fight the right lender for your needs, we’ve reviewed the best installment loans for poor credit borrowers. Each of the installment loan providers below was evaluated on a variety of factors including application process, loan amounts, term lengths, speed of funds, and reputation.

5 Best Installment Loans Online for Bad Credit

BadCreditLoans: Best installment loans for bad credit

PersonalLoans.com: Best lender for debt consolidation, auto repairs, and medical bills

Upgrade: Best installment loans for fair credit

Upstart: Best loans for borrowers with no credit history

OneMain Financial: Best for secured loans and cosigners

#1. BadCreditLoans: Best Installment Loans for Bad Credit Overall

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: BadCreditLoans

Having bad credit can make it feel like you have limited options for getting installment loans, but BadCreditLoans dispels that myth by matching you with a long list of lenders. Instead of extending personal loans directly, BadCreditLoans serves as an aggregator and matches you with lenders who are willing to extend installment loans for bad credit applicants.


Not only do you get presented with multiple options, but you also get to compare them side by side in a single place and choose the loan that works best for you.

Applying for an installment loan doesn’t get any easier than it does with BadCreditLoans. The first step is to fill out some basic details in an online form. You’ll need to have your social security number, date of birth, and employment and bank account information at the ready, but the site operates fast and is mobile-friendly. You also have to be at least 18 years old and have a job with a regular income to qualify.

One of our favorite features of BadCreditLoans (besides having access to so many lenders under one umbrella) is that there are no minimum credit scores required to qualify. This means that if you have poor credit or a lack of credit history, you can still get approved. Plus, you’re not charged any additional fees for getting multiple quotes.

Of all the personal loan lenders on our list, BadCreditLoans offers the lowest loan amounts, so if you’re looking for a more significant loan amount to consolidate debt or get an auto loan, you might want to explore some of the other lenders on our list.

Key Stats about BadCredit Loans

● Minimum credit score: N/A

● APR range: 5.99% - 35.99%

● Loan amounts: $500 to $10,000

● Origination fees: Vary based on the lender

● Loan terms: 90 days to 6 years

Why We Like BadCreditLoans for Installment Loans

● No minimum credit score is required for approval

● Choose from multiple lenders in one place

● Get funding deposited in your bank account the next day

● Autopay discounts available

● No prepayment penalties

● Flexible loan repayment terms

Click Here to Learn More About BadCreditLoans

#2. PersonalLoans: Monthly Installment Loans for Poor Credit Borrowers

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: PersonalLoans.com

If you’re looking for a loan that’s relatively easy to get and even easier to apply for, Personal Loans claims a top spot as one of the best installment loans on our list.

The lender prides itself on helping people escape financial pickles, regardless of their credit history. Whether you need a few hundred bucks or several thousand dollars, Personal Loans can match you with a lender willing to give you the cash you need. There’s no additional fee for using this matching service, either.

Because Personal Loans leverages a network of lenders specializing in providing monthly installment loans, you have the best chance of getting approved for a loan with decent terms, even if you have fair credit or bad credit.

Keep in mind that even though the matching service is free to use, you will have to pay an origination fee to get your loan funds. There could also be other fees involved, but by law, the lender will disclose these fees before you accept any loan offers.

Even the most financially challenged loan applicants can potentially be approved for an unsecured loan. This is due to the vast network of lenders that Personal Loans works with. These third-party lenders have varying requirements for approvals, and it’s possible that you can find a lender through Personal Loans that believes you are creditworthy.

After you apply for an installment loan from Personal Loans, you are free to review the various offers without any obligation. If you are approved for a loan, but none of the offers strike your fancy because the loan amount is too low or the interest rates are too high, then you can always seek out a loan from one of the other providers on our list.

Key Stats about Personal Loans

● Minimum credit score: N/A

● APR range: 5.99% - 35.99%

● Loan amounts: $250 to $35,000

● Origination fees: Varies based on the lender

● Loan terms: 90 days to 72 months

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Why We Like Personal Loans for Installment Loans

● Vast network of lenders for a high likelihood of approval

● No fee for being matched with a lender

● Wide range of loan amount options available

● No prepayment penalties

● Flexible payment terms (either once or twice per month)

● Review loan offers without any obligation

Click Here to Learn More About PersonalLoans.com

#3. Upgrade: Best Personal Loans for Fair or Good Credit

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Upgrade

Whether you’re looking to refinance your credit cards, get debt consolidation, or get extra cash for home improvement projects or an unexpected expense, Upgrade has you covered.

This personal loan company offers installment loans to residents across the United States, though you can’t get an Upgrade personal loan if you live in Iowa, Vermont, or West Virginia.

Despite this limitation, Upgrade has extended installment loans to more than 10 million borrowers for a total of more than $3 billion. You can use the money for whatever your heart desires, including business expenses and debt consolidation. Plus, with a 4.6-star rating and close to 40,000 reviews on Trustpilot, you can trust Upgrade to do the right thing and not take advantage of you just because you have a lower credit score.

Upgrade helps individuals with bad credit get back on track by incentivizing them to make their monthly payments on time. When you adhere to the terms of the loan, Upgrade reports on-time payments to the credit bureaus, but if you’re late or have insufficient funds, you will be subject to late fees and penalties.

You can stay on track by having 24/7 access to the free mobile app, which allows you to keep your personal information up to date as well as check your loan balance and make payments. If you choose to pay your loan amount back early, and there is no prepayment penalty.

Getting started is easy. You can find out what your loan interest rate will be without having to commit or take a hard inquiry hit to your credit report. You’ll be presented with multiple personal loan offers, so that you can pick the one that works best for you. Once you’ve chosen your preferred personal loan, you can get the cash in your bank account within a day.

Key Stats about Upgrade

● Minimum credit score: 560

● APR range: 8.49-35.99%

● Loan amounts: $1,000 to $50,000

● Origination fee: 1.85 – 9.99%

● Loan terms: 3 or 5 years

Why We Like Upgrade for Installment Loans

● Choose from multiple personal loan options with varying interest rates and terms

● Use the money for any purpose

● Includes Credit Health tool to track your credit score

● Free mobile app

● No prepayment penalties

● Fast funding available

● Autopay discounts available

● Preapproval with no credit report impact

Click Here to Learn More About Upgrade

#4. Upstart: Best for No Credit History

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: Upstart

If you’ve exhausted all of your possibilities for getting a personal loan and you keep getting denied, Upstart may still be an option for you. Upstart made our list of the top bad credit installment loans because they actively promote offering loans for bad credit score applicants.

Therefore, Upstart is best for those with fair credit as opposed to a bottom-of-the-barrel bad credit score. More than 2.6 million people with questionable credit scores have secured loan funds through Upstart, and the company has an impressive 4.9 start out of 5 stars on Trustpilot.

Many reviewers note that they return to Upstart for multiple installment loans thanks to the lender’s easy approval process and fair rates.

So, what is Upstart’s secret? Two words: Artificial Intelligence.

Upstart uses AI to qualify applicants for personal loans, and the company boasts that this method allows more borrowers to qualify for bad credit installment loans. A whopping 82% of Upstart loans are approved without having to deal with a human, so you can finish the installment loan application process in as little as 10 minutes.

Instead of looking at merely a minimum credit score requirement and other traditional statistics that providers of unsecured installment loans check, Upstart’s use of AI is able to consider more variables and make better decisions about who is qualified to receive personal loan funds. Apparently, machines are better at assessing risk than humans are at doing it manually!

Other features we like about Upstart are that you can get approved with a soft credit check instead of a hard credit inquiry that goes on your credit report, and you can also choose a custom date for your monthly payments.

Key Stats About Upstart

● Minimum credit score: 300

● Apr range: 5.35 – 35.99%

● Origination fee: 0% – 12%

● Loan amounts: $1,000 to $50,000

● Loan terms: 3 or 5 years

Why We Like Upstart for Installment Loans

● Fast and easy approval process

● Friendly user interface

● AI algorithm approves more borrowers

● Decent interest rate loans for bad credit

● Choose the date of your monthly payment

● Checking your rate does not affect your credit score

● Loan funds are usually available in 1 business day

Click Here to Learn More About Upstart

#5. OneMain Financial: Best for Secured Loans

SPONSORED CONTENT 5 Best Installment Loans for Bad Credit and Quick Cash: OneMain Financial

As an established lending institution, OneMain Financial has the infrastructure to offer a variety of installment loans, including both secured loans and unsecured loans.

As a reminder, a secured loan is a loan that is backed by collateral. Auto loans, for example, use the vehicle you got the loan for as backing or security in case you don’t pay back the loan amount. In those situations, the lender can repossess the item to “secure” the funds needed to recoup the amount of money invested in your loan.

Unlike some of the other online lenders on our list, OneMain Financial takes a more personal approach to personal installment loans. For example, this lender isn’t purely an online player. OneMain Financial has been around for more than 100 years, and they have more than 1,400 physical branches across the United States.

Being able to visit a physical branch isn’t the only advantage when it comes to borrowing money from OneMain Financial. You’ll also get paired with a loan specialist to discuss various loan options (including debt consolidation loans), and that can ultimately help you improve a bad credit score. After all, getting free credit counseling from an expert is a major perk!

While the typical minimum loan amount at OneMain Financial is $1,500, the actual loan amount varies based on the state where you’re located. For example, if you are in California, you must request a loan amount of at least $3,000 instead of the posted $1,500.

There are also maximum loan amount thresholds for new borrowers in some states regardless of whether you have good credit or bad credit. Because the terms vary so drastically by state, we recommend visiting the website and beginning the loan application process to see how your location affects these terms.

Key Stats about OneMain Financial Loans

● Minimum credit score: N/A

● APR range: 18.00% - 35.99%

● Loan amounts: $1,500 - $20,000

● Origination fee: 1% - 15%

● Loan terms: up to 5 years

Why We Like OneMain Financial for Installment Loans

● Transparent loan terms

● Get prequalified without a credit check

● Local branches provide in-person service

● No loan application fees

● Easy online application process

● Get money in your savings account the same day

● Ability to get approved with a co-signer or co-borrower

Click Here to Learn More About OneMain Financial

What Are Bad Credit Installment Loans?

You might already be familiar with installment loans. Installment loans are personal loans that are paid off on a monthly payment schedule. In other words, you get a lump sum upfront, and you’ll pay that money back to a lender over time. The average loan term length for personal installment loans tends to be from two to seven years.

Usually, the installment schedule is set up so that you submit monthly payments, and you’ll also be assigned an interest rate. In some instances, there will also be an origination fee, which is a one-time fee that is deducted from your loan proceeds.

Bad credit installment loans are like any other installment loan except for the fact that they’re structured for people with a low credit score reported by the major credit bureaus (Experian, Equifax, and TransUnion).

Usually, bad credit installment loans are unsecured loans, meaning that you don’t need any assets or collateral to be approved. Personal loans, however, can also be secured loans. This often happens if you get an installment loan as an auto loan or a home mortgage.

You can get installment loans from virtually any lending institution, including a bank or credit union. Installment loans for bad credit are also provided by online lenders, which can be advantageous because you can get approved quickly, and you don’t have to meet with someone face-to-face if you don’t want to.

Installment loans for bad credit are often the preferred (and sometimes only) option if you have a low credit score or little credit history. Though these emergency loans are often freely available, keep in mind that you’ll often pay higher interest rates, get approved for lower loan amounts, and be subjected to shorter repayment terms.

The good news is that you can have the loan amount paid to you in a lump sum of cash upfront. From there, as long as you make on-time payments, you can improve your credit score while having access to the cash you need.

The credit score requirements among personal loan lenders vary. Logically, you’ll get better interest rates and the option for more affordable monthly payments if the score on your credit report is higher, but you can still be approved for a bad credit installment loan with a poor credit score.

If you are still struggling to get approved for a personal installment loan, you can arrange for a co-signer or a co-borrower to sign the loan agreement. Another option is to seek out secured personal loans, which require collateral. You can more easily get approved with a lower credit score because the collateral serves as security on the personal loan, making it less risky for the lender.

Benefits of Installment Loans for Bad Credit

Despite the obvious of getting money when you need it most, there are several other advantages to getting an installment loan when you have bad credit, including:

● Get fast and easy access to cash, even with bad credit

● Have fixed monthly payments, which helps keep your finances predictable

● Consolidate high-interest credit card debt, and get your finances back on track

● Use the money for virtually anything

● Enjoy an easy application process

● Get approved fast, even if you’ve been turned down by banks and credit unions

● Get a more affordable alternative to payday loans

● Choose from a wide range of loan amounts and flexible loan repayment terms

● Improve your credit score by making on-time payments

How to Choose a Good Installment Loan for Bad Credit

More online lenders for installment loans for bad credit are popping up, so you have choices. You’re no longer limited to traditional institutions like banks or credit unions, but that doesn’t mean every online lender is a good fit.

Don’t necessarily settle for the first installment loan you find in an online search. Because of the vast differences in interest rates and loan terms, comparing installment loans can potentially save you thousands of dollars, especially if you have bad credit.

Here are our top tips for choosing the best installment loans for bad credit:

Check lender qualifications

The last thing you want to do is waste your time applying for a personal loan that you can’t get approved for.

Check the requirements for each installment loan lender, including the minimum credit score requirement for approval and whether you need to have a bank account.

Compare interest rates

As you probably noticed in the list of the various installment loan providers, interest rates vary drastically, especially for unsecured personal loans for bad credit.

While you might not necessarily get a single-digit interest rate, we recommend comparing the rates you get from multiple lenders (specifically the ones on our list). Then, choose the installment loan that gives you the best rate and loan term timeframe that you’re comfortable with.

Prequalify with a lender

Before you begin applying for online installment loans, make sure that you’re not being subjected to a hard credit inquiry. These credit inquiries can ding your credit score by several points.

Instead, fill out a preliminary installment loan application in a prequalification process to get an idea of the loan amount, what the interest rate is, and what the loan term will be. Once you find favorable terms, you can begin the official application process.

Check fees

Before accepting a loan because you were able to get a decent loan amount lump sum, be sure to check for other fees, which can make installment loans more expensive. These include origination fees, late payment penalties, and fees for insufficient bank account funds.

Compare monthly payments

It can be challenging to figure out which personal loan is best when you’re trying to compare a lot of different numbers and rates. One of the best ways to be able to compare apples to apples is to use an online loan calculator to see how much your monthly payments will be based on the loan amount, the interest rate, and the loan terms.

Ideally, the lower the monthly payment, the better, but you should also consider the total cost of the loan to determine which one is the best installment loan.

Check online reviews

Some online lenders that offer installment loans for bad credit are a nightmare to work with, and some could even be unscrupulous. Fortunately, there are several review sites that you can access for free to see how various online lenders stack up.

We recommend checking out the Better Business Bureau (BBB) and Trustpilot to see what other people have to say. Look for reviews that talk about the level of customer support and complaints about bait-and-switch tactics. If you see reviews about a high origination fee or a lengthy loan approval process, continue looking elsewhere!

The Impact of Bad Credit Installment Loans on Your Credit Score

No matter what financial situation you’re in, there’s always a silver lining. While you might be bemoaning the financial gods about the state of your finances, the truth is that a bad credit loan can actually have a significant positive impact on your credit score.

Here’s why: You can establish or rebuild your credit by making on-time payments and demonstrating that you can responsibly handle credit. If you’ve made mistakes in the past, this is your chance to get back on track. Or, if you’ve never had credit before, you can demonstrate that you’re a worthy credit risk.

While installment loans have the potential to improve your credit score, they can also adversely impact it. It all depends on how you manage the loan. For example, if you make late payments or default on the loan, this activity will be reported to the credit bureaus, and your score will suffer.

To maximize the positive impact on your credit score, follow these helpful tips:

● Enroll in autopay to keep you on track

● Don’t borrow more money than you need

● Compare interest rates to and monthly payments to ensure you can afford to pay back the loan

● Use installment loans to vary your credit mix and build your credit history

Alternatives to Bad Credit Personal Installment Loans

The best installment loans will give you low personal loan rates and repayment terms, but there are some alternatives to consider. Every person’s financial situation is different, so one of the options below might be an adequate fit for securing a loan.

Payday Loans

Payday loans can be a tempting option for people with lower credit scores, but they can also be a very expensive option. Instead of making a loan payment once per month over a longer period, a payday loan is typically paid off in full within a couple of weeks.

When you get a payday loan, you’re usually charged a percentage of the amount borrowed, often 15% to 20%. At first glance, it might seem like you get a decent interest rate (at least comparable to a credit card), but nothing could be further from the truth.

It all has to do with how payday lenders calculate interest over the life of a loan, expressed as a number called “APR,” or Annual Percentage Rate. This figure represents how much you’re actually paying for your loan.

An installment loan for a candidate with bad credit tends to have a relatively high APR, but a 17%+ interest rate is nothing compared to the average APR of a payday loan. Because of the compressed amount of time that you have to pay back these payday loans, the interest rates can be astronomical, ranging from 390% to more than 600%.

Peer-to-Peer Lending Sites

Also referred to as “crowd lending” or “social lending,” peer-to-peer lending sites match you with a group of individuals that provide you with the funds. A peer-to-peer model cuts out the traditional financial institution as the middleman, so you get funds directly from other members of the community.

There still, however, is something of a middleman because the peer-to-peer lending site facilitates the transaction and takes its cut of the action.

Compared to personal loans from financial institutions like banks or credit unions, peer-to-peer lending sites can sometimes offer more favorable interest rates, though on average, you can expect to pay about 19%.

A peer-to-peer lending site is also likely to have a loan origination fee. For example, Lending Club, a popular peer-to-peer lending provider, charges a loan origination fee ranging from 2.00% to 6.00%. This vast range will vary based on the loan amount you’re seeking, your credit history, and other factors.

Home Equity Loans

If you own a home, you can take out a personal loan against the equity you’ve established in your home. These loans are often extended to homeowners through credit unions or banks even if they have bad credit because home equity loans are secured loans.

A secured loan is a personal loan that is backed by collateral. Here, your home acts as security, so if you fail to pay back the loan, the lender can foreclose on your home. This prospect is scary, but the good news is that many lenders offer home equity loans at more favorable interest rates than the average online installment loan.

To get approved for a home equity loan, even with a low credit score, lenders will look at the following:

How much equity you have in your home

If you’ve owned your home for a while, you have probably built up a decent amount of equity. However, if you have recently purchased your home, you might have little to no equity established. If the value of your home has gone up during a hot real estate market, you could have established equity in that way.

You can determine the amount of equity you have in your home by subtracting the amount you currently owe on your mortgage from the appraised value of your home. For example, if you owe $300,000 on your loan but the value of your home is $400,000, then you have $100,000 in home equity.

Debt-to-income ratio

Also referred to as DTI for short, your debt-to-income ratio reflects how much of your income is needed to service your debts, i.e., auto loans, credit card debt, student loans, etc.

Many lenders look for low debt-to-income ratios to ensure that you have enough cash on hand to make your monthly loan payments.

Income and savings

Cash is king, and if you have a decent nest egg in your savings account, you’re more likely to be approved for an installment loan, even with a low credit score. If you’re able to get a decent interest rate, it might be better to hang onto your cash and take the installment loan.

Payment history

Both traditional and online lenders will evaluate your payment history to ensure that you’re not an overly high credit risk. The rationale is that if you have shown that you can be responsible by making on-time payments, you have demonstrated that you’re not a high credit risk for the lender.

Frequently Asked Questions About Installment Loans for Poor Credit

So far, we’ve provided a lot of information about some of the best lenders for personal loans and debt consolidation options. If you still have questions about how installment loans work and the nitty-gritty details, keep reading. We answer the most common questions below.

What credit score do I need to qualify for an installment loan?

The short answer to this question is that it depends. On average, an installment loan may require a credit score ranging from 550 to 720, but these requirements can potentially be lower.

Some of the best installment loan providers take other financial indicators into account other than your credit score. They may look at your overall credit history, your income, your assets, and whether you have someone who can cosign for the loan.

It’s important to remember that if you have bad credit, your interest rates will be higher, and you might have shorter loan repayment terms to minimize lender risk. Because of this, some installment loan lenders will offer credit repair services that can allow you to improve your credit score before taking on a loan.

Do any installment loan lenders offer autopay discounts?

Yes! Many installment loan lenders, including several on our list, offer autopay discounts.

Autopay discounts are a win-win for both you and the financial institution. You get the benefit of saving money and ensuring that your monthly payments are submitted on time (which can boost your credit score!), and the lender has extra assurances that they’ll get their money.

You already have to pay back the loan, anyway. Why not save a few bucks and sign up for autopay, especially if there’s a discount! BadCreditLoans and Upgrade both offer autopay discounts.

How much money can I borrow with a personal installment loan for bad credit?

The amount of money you can borrow with a personal installment loan for bad credit will depend on several factors, including your credit score, debt-to-income ratio, credit utilization, and overall income.

Further, each lender on our list has varying ranges that they’re willing to extend to borrowers with bad credit. Some lenders max out their loan amount at $10,000, while others are willing to lend $50,000.

When you apply for an installment loan, be realistic about how much money you need and how long it will take for you to pay it off. While it might be tempting to request the maximum amount of money that you qualify for, this option can get expensive because a higher loan principal equals higher interest rates.

Can installment loans help me rebuild my credit score?

Yes, absolutely! Installment loans can help you rebuild your credit score when you treat the loan responsibly. This means not borrowing more than you need and making on-time monthly payments. When you demonstrate that you can take on a loan responsibly, this will naturally raise your credit score.

Late payments can cause a drop in your credit score by as much as 180 points, which can spell the difference between getting a substantial loan with a low interest rate or being denied everywhere you turn. Logically, when you pay your bills on time, you can see a corresponding 180-point rise!

Can you use installment loans for debt consolidation?

Yes, if you have accumulated a lot of debt across various creditors, you can use installment loans for debt consolidation purposes. This avenue can be helpful to get your financial health back on track because it simplifies your financial obligations. Instead of paying multiple creditors each month and having to keep track of varying payment due dates, you only have to pay one creditor on a specific date.

Further, many people find that installment loans for debt consolidation give them a fresh start by allowing them to get a lower overall interest rate. Instead of falling behind with high-interest credit card debt or unforgiving payday loans, an installment loan can provide you with a more manageable monthly payment that helps you get out of debt faster.

Final Thoughts on Online Installment Loans

If you’ve been looking for installment loans online, you might have been overwhelmed by the choices and not sure if you can even qualify by meeting the minimum credit score requirements.

While not every lender on our list will guarantee you an unsecured personal loan, the lenders on our list are known for extending bad credit loans with decent terms in a variety of situations.

As you compare the various loans you can get from the installment loan providers on our list, don’t forget to compare the following:

● Interest rate

● Monthly payment

● Loan fees

● Loan term

Armed with these numbers, you’ll be able to find online loans that best fit your needs, whether you’re looking for debt consolidation loans or you just want some extra cash. If you start with the bad credit installment loans on our list, you’re likely to find a good fit.

Summary of the Best Personal Loan Lenders

BadCreditLoans: Best installment loans for bad credit

PersonalLoans.com: Best lender for debt consolidation, auto repairs, and medical bills

Upgrade: Best installment loans for fair credit

Upstart: Best loans for borrowers with no credit history

OneMain Financial: Best for secured loans and cosigners

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