Bad Credit Loans
Credit score holding you back? If you need money in a pinch, learn how our process may work for you.
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.
Fortunately, there are options for those who don’t meet common FICO credit score requirements when it comes to personal loans. Unlike banks or credit unions that rely on credit scores to make decisions about potential borrowers, there are also reputable online lenders that look at the big picture to analyze your overall creditworthiness.
What is bad credit?
In a nutshell, bad credit is when your credit score is low enough to prevent you from qualifying for a loan.
Your credit score is determined by a variety of factors, including your payment history and the amount of available credit you are currently using. Incidences like missed payments, using a large percentage of your available credit, or filling out too many loan applications in a short period of time can put negative marks on your credit report and hurt your credit score.
A bad credit score is typically considered a FICO score under 670. Due to their low credit score, these borrowers have been flagged as being less likely to meet their repayment obligations, which can impact their credit card, line of credit, or loan eligibility.
Does any of this sound like you?
Fortunately, bad credit doesn’t have to hold you back forever. OppLoans will consider factors outside of your FICO credit score during the application process.2
Comparing bad credit loan options
Finding the best bad credit loan doesn’t have to be hard. Below are a few factors to consider when applying for a bad credit loan:
- Repayment terms: Is the repayment period reasonable? Will your monthly payments be manageable once the interest rate has been incorporated?
- Fees and penalties: Does the lender charge late fees, prepayment penalties, or origination fees?
- Annual percentage rate (APR): How much are you actually paying for your loan on an annual basis? Is the overall cost of the loan feasible for you to manage?
- Credit building opportunities: Your loan should work for you, too. Make sure your on-time payments are reported to the credit bureaus to help boost your credit score.
Are bad credit loans safe?
With the right lender, a bad credit loan can work just like a standard unsecured personal loan. OppLoans offers installment loans that typically have an 18-month repayment term, depending on the state you live in.4 You can check out the specific rates and terms in your state here.
OppLoans reports payment activity to the three major credit bureaus, so your on-time monthly payments could help you build positive credit history.6
What is an unsecured loan?
An unsecured loan does not 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?
Since OppLoans doesn’t conduct traditional FICO credit checks as part of the loan application process, your credit score will not be impacted when you apply for a loan with us.2
Can OppLoans help boost my credit?
OppLoans is committed to the financial health of its customers. All you have to do is make your loan payments on time! We report your payment history with us to the three major credit bureaus, so every on-time payment you make can help to 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 The loan amount for which you qualify will depend on your state of residence, your income and ability to repay, and your creditworthiness.5
For more information about the product options and lender(s) in your state, please visit our Rates and Terms page.