The best personal loans when you have bad credit but still need cash


We research fees, interest rates, and flexible repayment options for different credit ratings to find the best personal loan for non-ideal borrowers.

Getting a loan can be difficult when you have bad credit or no credit history. As with most financial products, borrowers must submit an application detailing their income information and agree to a credit check before accepting a loan.

Lenders prefer to work with clients who have a good track record of paying their bills on time and making enough money to keep debt under control while adhering to all terms and agreements.

A good credit score starts at 670 on the FICO scale (661 on the VantageScore). Any score above 740 is considered very good, and a FICO® score above 800 (or 781 VantageScore) is considered excellent.

If your credit score is below 670, you may feel that your credit score is a barrier to accessing quality financial products.

However, there are also lenders that work with such candidates, helping them borrow money to cover emergency expenses like medical bills and car repairs, refinance high-interest debt, and even consolidate debt payments.

But proceed with caution: Lenders may charge higher interest rates or impose processing fees, prepayment penalties and late fees on borrowers they deem "riskier".

So, unless you have perfect credit, it's important to do your homework before signing on the dotted line to make sure you accept the terms of the loan. CNBC Select has rounded up the best personal loans for bad credit, inspection fees, interest rates, and flexible repayment options for different credit ratings. We try to prioritize loans with no processing or application fees, but since this listing is for borrowers with lower credit scores, many of the loans below have additional fees. (Read more about our approach below.) For loans with no processing fees, see our list of the best personal loans.

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