Top 5 Best Personal Loans for Bad Credit in 2021
Are you struggling to get a personal loan due to a low credit score? Don’t worry; you’re not alone. Many people face the same problem, and it’s understandable to feel frustrated and overwhelmed. But the good news is that there are personal loan options available for people with bad credit scores. In this article, we will outline the top 5 best personal loans for bad credit in 2021.
1. OneMain Financial
OneMain Financial is a well-established lender that offers personal loans for borrowers with poor credit. They have a minimum credit score requirement of 600, which is lower than most banks. OneMain Financial offers both secured and unsecured personal loans, with loan amounts ranging from $1,500 to $20,000. The interest rates vary depending on the borrower’s creditworthiness, but they typically range from 18.00% to 35.99%. Keep in mind that OneMain Financial charges an origination fee, which ranges from 1.00% to 10.00%.
2. Avant
Avant is another lender that specializes in personal loans for people with poor credit. They have a minimum credit score requirement of 580, making them a viable option for many borrowers. Avant offers personal loans ranging from $2,000 to $35,000, with interest rates ranging from 9.95% to 35.99%. They also charge an administration fee, which ranges from 0.95% to 4.75%.
3. LendingPoint
LendingPoint is a lender that provides personal loans to borrowers with credit scores as low as 585. They offer personal loans ranging from $2,000 to $36,500, with interest rates ranging from 9.99% to 35.99%. LendingPoint also charges an origination fee, which ranges from 0.00% to 6.00%. One unique aspect of LendingPoint is that they offer same-day funding, which can be a significant advantage for those who need funds quickly.
4. PersonalLoans.com
PersonalLoans.com is a lending network that connects borrowers with lenders willing to work with poor credit scores. They have a minimum credit score requirement of 580, and loan amounts range from $1,000 to $35,000. Interest rates range from 5.99% to 35.99%. PersonalLoans.com partners with several lenders, so borrowers can choose the best option for their needs.
5. NetCredit
NetCredit is a lender that provides unsecured personal loans to borrowers with credit scores as low as 550. They offer personal loans ranging from $1,000 to $10,000, with interest rates starting at 34%. NetCredit also charges an origination fee, which ranges from 0.00% to 5.00%. One significant advantage of NetCredit is their repayment flexibility, as they offer customizable monthly payment options.
Conclusion
Having a low credit score can make it challenging to get a personal loan, but there are still options available. OneMain Financial, Avant, LendingPoint, PersonalLoans.com, and NetCredit are five lenders that specialize in personal loans for people with poor credit. Remember to compare the interest rates, fees, and repayment terms of different lenders before making any decisions. With the right lender, you can get the personal loan you need to achieve your financial goals.
