Bad Credit Loans
You're more than just a credit score. A better financial future is in reach. A personal loan can help you get there.
Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with OppLoans.
What is a bad credit loan?
Your creditworthiness is more than a number. But not all lenders see it that way. The good news is that there are reputable lenders who look beyond your FICO credit score. Some lenders look beyond a bad credit score to analyze your overall creditworthiness when it comes to a personal loan.
What is bad credit?
In a nutshell, bad credit is when your credit score is too low for you to qualify for a standard loan.
A bad credit score is typically considered a FICO score under 670.
Your payment history and credit utilization are two of the major factors used to determine your credit score.
Missed payments, maxing out your credit cards, and filling out too many loan applications are unhealthy financial habits that can hurt your credit score and stand in the way of obtaining credit. Unfortunately, lenders view borrowers with low credit scores as less likely to pay back their debts.
But bad credit scores don't have to hold you back. At OppLoans, we look at a borrower's whole financial picture, not just their FICO credit score.2
Choosing the best bad credit loan
You don’t have to struggle to find a bad credit loan. Below are a few factors to consider when applying for loans for bad credit:
- Repayment terms: Your monthly loan repayments should fit nicely into your budget. Affordable repayments can help you successfully pay off your loan.
- Fees and penalties: Prepayment penalties, late fees, and origination fees.
- Annual percentage rate (APR): Check to see if your lender charges prepayment fees, late fees, or origination fees.
- Credit building opportunities: Paying on time should earn you the credit you deserve. Choose a lender who reports repayments to the credit bureaus.
Recommendations on loans for bad credit
Doing your homework before applying for a bad credit loan can make getting a loan hassle-free.
- Learn your credit score: Banks and credit card companies may be able to provide your score for free. Otherwise, you can obtain it from FICO.
- Research lenders: No two lenders are the same. Every lender will have their own criteria for qualifying. Find the best deal by comparing lenders that work with your credit score.
- Ready your application materials: Details like your annual income, Social Security number, and employer information will help expedite your application process.
Now let’s apply for a loan!
Are bad credit loans safe?
When matched with the right lender, a bad credit loan is comparable to a standard personal loan. OppLoans offers online personal loans designed to give you an affordable monthly repayment. Most of our loans typically have an 18-month repayment term, depending on the state you live in.4 Find out the specific rates and terms in your state here.
What is an unsecured loan?
Unsecured loans don't require collateral to guarantee a loan offer. OppLoans does not require collateral for loan approval or payment.
Will a bad credit loan through OppLoans hurt my credit score?
OppLoans does not do a hard credit inquiry during the loan application process. When you apply for a loan with us, your credit score is not affected.2
Can OppLoans help boost my credit?
OppLoans is committed to the financial health of its customers. We report your payment history with us to the three major credit bureaus, so every on-time payment you make may help boost your credit history.6
How much money can I qualify for?
Depending on your state and your income, you may qualify for a loan between $500 and $4,000.4 Your loan amount will be determined by several factors, including your state of residence, income, ability to repay, and creditworthiness.5
For a state-by-state guide, please visit our Rates and Terms page.