Best Personal Loans for Bad Credit over $5,000

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Bad credit is not something that can be solved overnight. Although you can work to repair your credit, progress usually takes time. Sometimes, you do not have time to wait for your credit score to improve because you need a loan right now.

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Life has a habit of throwing unexpected expenses in your path, such as an unexpected medical bill or car repair. Whatever has you seeking a personal loan, it is likely something you need the money for soon. It might be ideal to wait for your credit score to improve, but that is not always possible.

Luckily, many online lenders are willing to provide bad credit personal loans for $5,000 or more. Let’s take a look at some of the best lenders who provide personal loans to people with bad or fair credit.

Best Personal Loans for Bad Credit

You can absolutely secure a personal loan with a bad credit score. However, you should keep in mind that you will likely not receive the best terms. With bad credit, lenders are likely to charge you a higher interest rate for unsecured loans. Make sure you truly need a personal loan before moving forward.

CashUSA

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CashUSA serves as your one-stop shop to connect with online lenders that offer personal loans with bad credit. With a quick request process, CashUSA will connect you to a lender willing to work with you.

CashUSA lenders provide personal loans with a loan amount of $500 to $10,000. APR can vary widely based on the individual lender and your credit score, but it can range between 5.99% to 35.99%. The interest rate is variable with terms between 90 days and 72 months. Funds are deposited directly into your personal bank account.

Full review of CashUSA

BadCreditLoans.com

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Overview

As the name suggests, BadCreditLoans.com is a place to find unsecured personal loans if you have bad credit. BadCreditLoans.com is not a direct lender, but the site will connect you to lenders that can offer you a personal loan with bad credit.

Lenders in the BadCreditLoans.com network offer loan amounts up to $10,000. Although most of the personal loans through these lenders are smaller than $10,000, it is possible to obtain the full $10,000.

The APR on personal loans can range between 5.99% and 35.99%. Interest rates are variable but generally shorter, starting at just three months. There is no minimum credit score requirement. You can get the money deposited in your bank account as soon as the next business day.

Full review of BadCreditLoans.com

PersonalLoans.com

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PersonalLoans.com connects borrowers with personal loan offers between $500 and $35,000. You should not expect to be approved for the maximum $35,000 loan amount if you have bad credit. Although not everyone is able to qualify for the maximum amount, every applicant can request the amount they are seeking.

The APR on personal loans ranges from 5.99% to 35.99%. The APR you qualify for will be primarily based on your credit score. One significant benefit offered by PersonalLoans.com is the flexibility of repayment terms which range from 6 to 72 months. You’ll have the ability to choose the timeframe you’d like to repay the loan.

A final benefit of these personal loans is no prepayment penalty. You’ll be able to repay your debt as quickly as you’d like without any repercussions.

Full review of PersonalLoans.com

Avant

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Although Avant typically works with borrowers of average to above-average credit, it is still a company worth looking into. You do not need good credit to apply for an Avant personal loan.

The company offers personal loans with loan amounts between $1,000 and $35,000 with APRs that range from 9.95% to 35.99%. Many Avant borrowers are using their personal loans for debt consolidation. If you are using this strategy to rebuild your credit, the Avant may be the right choice for you.

Full review of Avant

OneMain Financial

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Overview

You can obtain a personal loan from OneMain Financial with a loan amount of between $1,500 and $25,000. However, the company has set slightly different limits for each state, so you must confirm your state’s limit with your local office.

As an applicant, you’ll have the option to pursue a secured or unsecured personal loan. A secured loan may be the better option if you have poor credit scores.

The interest rates will vary significantly based on your credit history, but you can expect an APR range from 25.10% to 36%. The maximum loan term we’ve seen in 60 months. Make sure you ask about the origination fee as it varies per state.

One thing to note about these personal loans is that they will need to be executed after communication with a loan officer. That means you’ll need to make an appointment with a loan officer and talk to them in person or over the phone.

Full review of OneMain Financial

NetCredit

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This Chicago-based lender works with borrowers across the country to provide bad credit personal loans. The company offers unsecured personal loans with a loan amount of $1000 to $10,000.

NetCredit evaluates each loan application on a case-by-case basis. As a result, your loan offer will likely vary greatly based on your credit score and the state you live in.

Since the company works in many states, the APR range is extensive, from 36% to 155%. You’ll need to check out NetCredit in your state to better understand what this company can offer you. There may also be an origination fee depending on where you live.

Full review of NetCredit

Bottom Line

A personal loan can seem difficult to obtain at a bank or credit union if you have bad credit. However, the lenders above can help you get approved for a loan to fund whatever life throws your way.

While it is possible to obtain a personal loan with a poor credit score, it may not be the best financial move, especially if you want to use it to consolidate credit card debt. It is more than likely that you will be offered unfavorable loan terms and high interest rates, which could cost you thousands over the course of your loan.

You could be using those funds to pay down other debts to improve your credit score. With a higher credit score, you’ll be able to obtain more favorable personal loan terms in the future. With that said, bad credit installment loans are still usually a better option than payday loans. Just make sure you can afford the monthly payments before moving forward with a personal loan.

Before applying for short-term loans, think of other ways that you could fund the immediate emergency. For example, you could sell belongings, pick up a side hustle, or find a way to fix the problem yourself. In addition, if you are interested in rebuilding your credit score, take advantage of our free DIY credit repair guide.

Sarah Sharkey
Meet the author

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions. Sarah enjoys traveling, hiking and reading when she is not writing.