Best Places to Get a Bad Credit Loan in August 2022

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If you don’t have the best credit, bad loans should be on your radar. Find out where to get them and how to apply. (Shutterstock)

If you don’t have the best credit but need a loan, you have options. Some lenders specialize in working with borrowers with bad credit, and they can look beyond your credit score to provide you with the funds you need to cover just about any expense.

Here’s what you need to know about loans for bad credit.

Where to get loans for bad credit

You may be able to get a bad credit loan from an online lender, bank, or credit union. But you will probably have to settle for a higher interest rate which increases the overall cost of the loan. This is because lenders reserve the lowest rates for borrowers with good credit, as they are considered less risky and more likely to repay what they borrow.

Online lenders

Online lenders allow you to apply for a loan and receive funding online without ever setting foot in a physical location. Fortunately, many online lenders offer loans for bad credit. Some even offer loans without credit check.

Depending on the lender, you may be able to prequalify and verify your loan offers online without affecting your credit score. If you find an offer you like, you can complete the formal application from the comfort of your own home, often within minutes.

If you are approved, you may receive your funds by direct deposit as soon as the same day, within 24 hours or within a few working days. Although loans for bad credit from online lenders are quick and convenient, they lack the one-on-one service that you can get from an in-person lender, such as a bank or credit union.

Credible, it’s easy to compare personal rates from various lenders, all in one place.

Banks and credit unions

Banks and credit unions offer a variety of financial products and can provide bad credit loans to their current customers and members. Many institutions offer you the option of an online or in-person application process. If you are approved, you can expect to receive your funds within a few business days or a week (although funding may take longer in some cases).

While banks and credit unions are generally slower with loan approvals and funding than online lenders, they are known for their personal service. If you already use a bank or belong to a credit union, you may find it convenient to turn to them for a bad credit loan. Many banks and credit unions offer interest rate discounts for being an existing customer.

You can also get a bad credit loan from a bank or credit union if you prefer to apply for and service your loan in person at a local branch. This is especially true if you do not wish to submit your personal information online.

How to get a personal loan for bad credit?

Follow these steps to get a personal loan with bad credit:

If you’re ready to apply for a personal loan, head over to Credible for a quick and easy view your prequalified personal loan rates.

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