Best Installment Loans for Bad Credit of August 2022 – NerdWallet
Upgrade
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on Upgrade’s website
5.0
/5
Best for Bad-credit installment loans for debt consolidation
6.95 -35.97%
$1,000 -$50,000
560
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on Upgrade’s website
Universal Credit
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on Universal Credit’s website
4.5
/5
Best for Bad-credit installment loans with credit-building tools
11.69 -35.93%
$1,000 -$50,000
560
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on Universal Credit’s website
Upstart
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on Upstart’s website
4.5
/5
Best for Bad-credit installment loans for borrowers with thin credit histories
5.42 -35.99%
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 21.4% and 60 monthly payments of $24.62 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $14,775 including a $582 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
$1,000 -$50,000
None
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on Upstart’s website
LendingPoint
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on LendingPoint’s website
4.0
/5
Best for Bad-credit installment loans with fast funding
7.99 -35.99%
Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 7% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) The $15,575.04 total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to the loan amount. Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.
$2,000 -$36,500
600
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on LendingPoint’s website
OneMain Financial
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on OneMain Financial’s website
4.0
/5
Best for Secured or co-signed bad-credit installment loans loans
18.00 -35.99%
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
$1,500 -$20,000
None
Average score is 600 – 650
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on OneMain Financial’s website
Oportun
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3.0
/5
Best for Bad-credit installment loans with no credit score requirement
27.74 -35.95%
This is an advertisement for a consumer loan, subject to credit eligibility. Not available in CO, DC, GA, HI, IA, MA, MD, ME, NY, and WV. Loans in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI are originated by Oportun Inc. California loans made pursuant to a California Financing Law license. NV loans originated by Oportun, LLC. In all other states, loans are originated by MetaBank, N.A., member FDIC. Terms, conditions, and state restrictions apply. See oportun.com for details.
$300 -$10,000
None
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SeedFi Borrow & Grow Personal Loan
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on SeedFi’s website
4.5
/5
Best for Bad-credit installment loans that build savings
7.42 -29.99%
$1,200 -$7,000
520
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on SeedFi’s website