DollarGeek Presents:
Best Bad Credit Loans - April 2021
DollarGeek's goal is to help you make the best financial decisions. To help us do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations or ratings.
We get it, life can get tough and it sometimes leads to poor financial decisions. If you find yourself with a low credit score and in need of some cash, you still have some options. Whether you need to consolidate debt or pay for a financial emergency, DollarGeek will help you find the best lender for bad credit.
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A bad credit loan will usually have a high interest rate, but it won’t be anywhere near a payday loan’s rate (high 100 percents – yes, payday loans have sky high interest rates). Make sure to have an understanding of what your credit score is and how much you will need to borrow before you start shopping lenders.
The Best Bad Credit Loan Providers:
Estimated APR
10.68% - 35.89%
varies on creditMax Loan Amount
$40,000
Min Credit Score
600
Geeky Insight:
- LendingClub is a well-known peer-to-peer lender based in San Francisco that has been offering loan solutions to borrowers since 2007. The beauty of peer-to-peer lending is it connects borrowers with individual investors. Rather than borrowing from a typical bank or financial institution, LendingClub is a marketplace where borrowers get funding from other consumers, as well as corporations and businesses.
- According to LendingClub, the marketplace has helped facilitate the lending of over $33 billion and has served over 2 million customers. In this LendingClub review, we’re going to dive into how borrowing from LendingClub works.
Perks
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No Monthly Fees
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No Prepayment Penalty
Fees
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Min. Credit Score:600
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Origination Fee:1%-6%
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Late Payment Fee:None
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Prepayment Fee:None
Estimated APR
9.95% - 35.99%
varies on creditMax Loan Amount
$35,000
Min Credit Score
580
Geeky Insight:
- Originally launched under the name AvantCredit, Avant is an online lender that was founded in 2012 in Chicago. Avant has helped over 600,000 customers by providing access to over $3.5 billion in personal loans. Whether you need to improve your home, make a major purchase, or consolidate your debts into one simple monthly payment, Avant may be able to provide you access to the funds you need as soon as next business day
- Avant primarily issues loans that can be used for debt consolidation, emergency expenses or home improvement costs. It’s unique in that it is willing to work with borrowers who have poor credit.
- Over the past several years, the company has been awarded much industry recognition, including being listed as No. 6 on Forbes’ “America’s Most Promising Companies” list in 2015, and No. 5 on PitchBook’s list of fastest companies to reach a $2 billion valuation in 2017.
Perks
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No Monthly Fees
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No Prepayment Penalty
Fees
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Min. Credit Score:580
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Origination Fee:4.75%
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Late Payment Fee:Varies
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Prepayment Fee:None
The Best Bad Credit Peer-To-Peer Lenders:
Peer-to-peer lenders help match up borrowers with individuals willing to lend money. Peer-to-peer lenders take traditional banks out of the process and in return can sometimes offer lower fees because they have less overhead. Peer-to-peer lending can help borrowers receive multiple loan offers.