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Bad Credit Loans

Small loans for poor credit, from $250-$5,000

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  • All Credit Types Welcome — Good Or Bad
  • Quick Answers and Fast Lender Approvals
  • Funds Deposited Directly Into Your Account
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Your Questions and Answers

  • How does it work?
    1. Submit Your Information Securely

      We'll ask you a few questions in order for you to find a lender that offers small personal loans.

    2. Accept Your Loan

      If a lender chooses to work with you, you will be taken to the lender's website to review and accept your loan.

    3. Use Your Funds

      After accepting, your funds could be deposited into your account in as little as 24 hours. Money transfer times may vary between lenders and may depend on your individual financial institution.

  • Does it cost anything to find a lender?

    There is no cost to find a bad credit loan!Our service is completely free and all repayment terms are between you and the lender. If you have any questions, pleasecontact us.

  • Can I get approved today?

    If you submit your information today, you will receive an immediate response. If approved, your funds could be in your account in as little as 24 hours. Money transfer times may vary between lenders and may depend on your individual financial institution.

  • When will my funds be available?

    Your funds will be deposited into your account in as little as 24 hours. Please note that money transfer times vary by lender and may depend on your individual financial institution.

  • What's my interest rate and when do I need to pay back the loan?

    It varies and depends on the lender. Once approved and matched with a lender, you'll be transferred to their website where you can review their terms and repayment schedule.

  • I don't have a bank account. Can I still get a loan?

    No, you need a bank account to get a loan.

  • How will I know if I'm approved?

    After your information is submitted, will we try to match you with a lender in our network. If successful, you'll be taken to an electronic signature page to complete the process.

  • Will I qualify for more than one loan at a time?

    If you already have an existing loan, you may not qualify for another one until your existing loan is paid.

  • Can I get a loan if I'm currently in bankruptcy?

    Probably not. If you are currently in bankruptcy, chances are low that you will qualify for a loan.

  • Can the lender take out money from my account without asking?

    No. No-one can withdraw money from your account without permission.

  • Can I get approved for a loan to pay child support?

    Yes. You can use your loan for whatever reason you need to. Having to pay child support will not affect loan approval.

  • I just got denied, what can I do?

    People can be denied for many reasons, including a high debt-to-income ratio, bad credit history or low credit score. However, there may be solutions if you need a loan right away and know why you were denied. You may consider a debt consolidation loan if debt is an issue. There are many other steps you can take as well that can improveyour credit score and reduce your debt.

  • The form doesn't let me finish. What should I do?

    Look at your screen — if there is a message such as "required field," you need to complete the area on the form. If you do not have a bank account, you will not be able to submit your information.

A bad credit loan is a personal loan taken out by a borrower with bad credit. Even though consumers with high credit scores will have more favorable terms, it is possible for borrowers with bad credit to obtain a loan. Whether you’re looking to consolidate credit card debt, build up your savings account, or pay off bills, CreditLoan.com can help you get the funds you need.

Get a Personal Loan Despite Having Bad Credit

Sooner or later, everyone needs help financially. When you have bad credit and are applying for a personal loan, it can feel like the cards are stacked against you. Borrowers with high credit scores are more likely to be approved and typically get better terms. But it isn’t all bad news. Even if you have bad credit, it is still possible to obtain a loan. You just need to shop around to make sure you find the best loan for your circumstances.

In the past, this meant going to various banks and credit unions, but now you can explore options on websites that connect borrowers to lenders. Keep reading to learn how to improve your chances of being approved.

How Bad Credit Affects Your Loan

If you have bad credit, you're not alone. In fact, 30% of Americans have low credit scores. You may encounter a few speed bumps along the way, but that doesn't mean you won't get a bad credit loan in the end.

Credit scores typically range between 300 and 850 (the higher the score, the better). Anything below 630 is generally considered “bad credit.”

Lenders use your credit score when evaluating your application. Borrowers with bad credit are viewed as a higher risk making it more likely that the lender will deny your application or offer you a loan with unfavorable terms.

Of course, bad credit impacts your life in other ways too. As this Dallas Morning News article explains, your credit score can even affect your car insurance rates and utility bill.

How Credit Scores are Calculated

If you don’t know your score, you can check it for free once a year at AnnualCreditReport.com.

Equally important to knowing your score is understanding how it is calculated. Here are the factors that make up your credit score.

35% Payment History: Paying bills on time boosts your score and missed or late payments will harm it.

30% Credit Utilization: Amount of available credit you use. To calculate, add up what you owe on each credit card and the limits. Divide the total balance by the total limit and multiply by 100.

15% Length of Credit History: How long your accounts have been open, and when each was last used.

10% Types of Credit Used: What credit cards, loans, and accounts a person has.

10% New Credit: How many accounts you have applied for and/or recently opened. Too much new credit can be seen as risky and hurt your overall score.

Video - Learn More About Bad Credit

In this video, we'll explain how credit scores work and how you can start repairing your credit.

Benefits of a Bad Credit Loan

As long as you can afford the monthly payments, a loan can improve your credit score by contributing positively to your payment history.

If you used a credit card instead of a loan to make a large purchase or pay for an emergency you could max out your cards. This would drive up your credit utilization rate, harming your score further.

Plus, even though it is only about 10% of your credit score, a loan diversifies your credit mix. Having a positive track record of paying back different types of debt may cause your score to improve.

Negative Side Effect

One drawback is that when you apply for a loan, lenders will do a “hard” pull to check your credit history. This can hurt your credit, but you can mitigate the risk by only applying for one loan at a time.

Hard pulls typically only happen when you apply. As you explore options, make sure sites are doing a “soft” pull which does not hurt your score and lets you see potential loan rates.

How to Improve Your Chances of Getting Approved

A higher credit score is the best way to improve your chances of approval, and CNN Money has great tips on how to improve your credit score.

But that will take time. Here are five other ways to approve your chances of being approved

1. Prepare Your Documents

pencil with application pad

Lenders will want to know things like proof of income, identity, etc. Get your documents ready now so that when you apply you can provide requested items like recent tax returns or pay stubs.

2. Get a Cosigner

magnifying glass with gears

If you know someone with good credit who is willing to be a cosigner on your loan, it might boost your chances of being approved. Plus, since the lender considers your cosigner’s credit score, you could get better terms.

3. Only Ask for the Amount You Need

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If you need $5,000 don't apply for a $20,000 loan, especially if you have bad credit. A larger amount is riskier, and the lender will question your ability to repay the loan.

4. Only Apply for One Loan at a Time

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Applying for multiple loans at once can make your bad credit score worse and hurt your approval chances. Lenders will be able to see that you’re applying for other loans and this may make them less likely to loan you money.

5. Pay Off Debt

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Lenders often look at your debt-to-income ratio when evaluating you for a loan, which is your monthly debt payments divided by your monthly gross income. Aim for a debt-to-income ratio of 36% or less to increase your chances of approval.

Extra Resources and Tips

When sharing personal information online, be sure the site is secure. Look for it to start with https, not http.

Regularly check your credit report for errors. If you do find mistakes, follow the instructions outlined by the Federal Trade Commission and file a dispute.

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Always make sure your lender is linked to a bank and registered with bureaus like Equifax. Look at reviews, accreditations, and rankings on ConsumerAffairs.com and The Better Business Bureau (BBB) to see what past customers have to say.

Now that you know everything about bad credit loans, why not apply for one? Since 1998 we've been a resource that over 750,000 consumers have used to get the funds they've needed and we can help you too. In fact, you could have access to the funds in as little as 24 hours, and CreditLoan® charges absolutely no fees for this service.