6 Best Installment Loans for Bad Credit [September 2024] (2024)

The easiest loans to get approved for with bad credit are secured loans because you can use collateral to compensate for your bad credit score. You could also get a co-signed or joint loan and use another person's creditworthiness to increase your chances for approval. Payday loans, pawnshop loans, and car title loans are easy to get as well, but they're extremely expensive.

Alternatively, personal loans may offer the lowest rates among loan options that are relatively easy to qualify for. Some personal loans won't even check your credit when you apply. The easiest personal loan to get with bad credit is a no credit check loan from OppLoans, which offers loan amounts of $500 - $4,000, payoff periods of 9 - 18 months and APRs of 160% - 179%. To qualify for a loan fromOppLoanswith bad credit, you will need to have an income that's high enough to pay the loan back.

Easiest Loans to Get with Bad Credit in 2024

• Best for No Credit Check: OppLoans Personal Loans (160% - 179%)
• Best for a Low APR: Upstart Personal Loans (7.8% - 35.99%)
• Best for Flexible Terms: OneMain Financial Personal Loans (18% - 35.99%)
• Best for Small Loan Amounts: Oportun (35.95% - 35.99%)
• Best for Fast Loan Funding: Avant (9.95% - 35.99%)

Types of Loans That Are Easy to Get With Bad Credit

A no-credit-check loan is the easiest type of personal loan to get with bad credit and no co-signer, joint applicant or collateral, but it's bound to be a lot more expensive than loans from lenders that do a credit check. Among lenders that do a credit check,LendingPointis a great choice. It requires a credit score of 580 to qualify and offers $1,000 - $36,500 in funding for 24 - 72 months. The APR range is 7.99% - 35.99%.

Another easy type of loan to get with bad credit is a secured personal loan. This type of loan requires you to put up collateral that the lender can keep if you default on the loan. Because there's little risk for the lender, it's often easy for people with bad credit to get approved.

Alternatively, you could consider borrowing from a friend or family member. They may not care about your credit score at all. A friend or family member with good credit could co-sign your application or apply jointly with you, too.

Finally, one of the easiest types of loans to get with bad credit is a payday loan, which is a small, short-term loan to be paid back with your next paycheck. You should avoid payday loans unless they're your only option, however, because they charge extremely expensive fees.