Best personal loans for people with bad credit scores in the USA in 2024

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4 ай бұрын

If you have a bad credit score, it can be difficult to find a personal loan that will work for you. This is a real problem. There are a lot of companies out there and not all of them would be good to work with. So, I am going to walk you through the best personal loan companies for people with bad credit in 2024.
Most companies that lend to people with bad credit do so under state regulations. Very few offer loans through a bank partner. That means that what you can borrow will depend on which state you live in. Your state will also impact the cost of the loans and the kinds of fees that can be charged.
In this part of the lending market, the amount you need to borrow can also have huge implications on the kind of loan you can get…and how much that loan would cost you. For instance, if you are looking for a small-dollar loan-say, something under $500-the APR can be 2, 3, or 4 times higher than for larger loans. That is a very different kind of loan than if you need a $2,000 loan over 3 years. For short-term lending, pay close attention to the total interest paid and not just the APR.
Personal loans for people with bad credit can be very expensive. Why? Well, they have to compensate for people who default on their loans. The truth is that a vast majority of borrowers will not default and will pay off their loans, but the ones who do default can cost the company a lot of money. If the lender could predict who would have a hard time repaying and who wouldn’t, they could lower the price for everyone. But, that is much harder to do than it sounds.
People with bad credit are the most vulnerable to bad loans. Don’t ever take the first loan you apply for. Shop around! Every lender has a different criteria for deciding who to lend to. You can check up to 40 lenders at once at TheYukonProject. Pick a lender and apply. We will check your rates with other lenders and then bring you the best offers.
So, what are the best personal loans for people with bad credit? I’m going to tell you what to like about each one as well as what to look out for.
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Пікірлер: 81

@mdkayes3224 Ай бұрын

I applied every single one of them no one offered me a penny I've a 630 credit score such a shame...for just $5,000

@theyukonproject Ай бұрын

That is frustrating. One of the most confusing things about the lending industry is identifying qualification standards, especially because one part of the equation is the lenders' business objectives. You can be denied simply because they are tightening up their balance sheet. It can feel like a moving target. Thanks for sharing your experience (even though it wasn't what you needed).

@AlmightyKes 4 ай бұрын

Would this be a good choice to not be credit debt anymore? And just pay the loan off and that be the only worry?

@theyukonproject 4 ай бұрын

Not necessarily. While it could feel nice to bring all of your debts into one payment, it could actually lengthen the time you are in debt or increase the amount you pay in interest. The most important thing is to get a lower interest rate and then use the money you save toward paying off extra principal. I recommend checking out this video on how to calculate when it is a good idea to consolidate credit card debt: kzfaq.info/get/bejne/jc2Ko5eSybKslKs.html

@KingLeRoy79 Ай бұрын

I've applied for every loan in the links, no results. Feel like Im banned from getting a loan. Looking to obtain an $800-$1100.

@theyukonproject Ай бұрын

We are hearing that more and more. I think the industry is tightening the standards. Makes me wonder if they are worried about their profitability. The amount of money you are looking for isn't unreasonable. If you truly can't find a lender who will take a chance on you, there are a couple of other things you can consider: calling lender you might already have a loan with and seeing if they will refinance for you, call other bills and ask if you can get an extension (so you can hobble together what you currently need), see if you can focus on boosting your credit score for a month or so and then reapply.

@KingLeRoy79 Ай бұрын

@theyukonproject I've done everything in the book from asking family and friends for help. Bill extensions. 211 help. Charities are overwhelmed & backed up. Working overtime at a part-time job. Payday advances. Bank loans. Taking out a loan in this avenue has been neverending with constant denials or the neverending lender windows. I have reached out to the lenders I had previously, but as you said, they have new requirements that are stricter than 8 years ago. Life is soon about to change for me.

@theyukonproject Ай бұрын

Our experience has been that you are absolutely correct about non-prime lenders being stricter than they were before. The pandemic and the year or two after it really blew things up for the industry and they have been a bit squeamish since then. Sounds like they might be tightening up again. Sounds like you've done everything you can, so I can totally understand your frustration.

@erikacain5707 23 күн бұрын

I’ve used Opp loans and Net credit. Yes the rates were high but they helped when no one else would

@theyukonproject 23 күн бұрын

Thanks for sharing your experience!

@shelbyridley86 16 күн бұрын

How much did they allow you to get? Opp loans was that a personal loan and was Net credit a CC?

@freidamartin3281 15 күн бұрын

Yes opploan is very good 👍🏽

@theyukonproject 15 күн бұрын

Both Opploans and NetCredit offer personal loans for people with less-than-perfect credit.

@samualjohnson5450 Ай бұрын

I’m a disabled veteran on a fixed income but have to get my car out of the shop today. I’m struggling to find a loan as well.

@theyukonproject Ай бұрын

We hope it all works out. It would be nice if it were clear what the lenders' criteria is so you can go straight to the lender who will work with you. Unfortunately, that's not how it works.

@brendankeegan1645 7 күн бұрын

This is me right now my car got hit and the other insurance is only paying 90 percent for some reason, so my car is in the pound. I’m tryna get it out so I can get the money I’m just trying to find a good place I could go to, to get a loan because they are paying me back 90 percent of the amount of the time in the pound and my car which is totaled. Any tips on where I should apply for a loan?

@anaramon8033 2 ай бұрын

They make it seem like coming back. Credit is a crime when it’s not they should focus on the income that the person gets every month that they have the money to pay back.

@theyukonproject 2 ай бұрын

Many lenders do look at affordability standards to see if you can afford the payments. They look at credit history to measure volatility.

@path1400 Ай бұрын

I tried one of the companies, but I need at least $5000 to fix my car. But they will only OK $1700 so I did not take it. Which company is most likely to give me the full amount I need? I have a low credit of 600.

@theyukonproject 29 күн бұрын

As you can imagine, it is impossible for us to be able to predict the companies that would approve you. But, here is a list of companies that claim to lend to people with credit scores as low as 620ish and also lend $5,000: Achieve, Best Egg, 60MonthLoans, Lending Club, Lending Point, Mariner Finance, Prosper, Upgrade, and Upstart. You can also try our marketplace where you can apply to any one of our featured lenders and we will check your rate with up to 40 lenders at the same time. You can find it here: theyukonproject.com/product-comparison/compare-personal-loans/

@kingham305 25 күн бұрын

What company allowed u 1700 thats wht i could use

@Freedomisfree.. 4 күн бұрын

@@kingham305I’m trying to figured that out to.. I need to pay my lawyer asap

@jeffzawislak1737 17 күн бұрын

What the hell am I supposed to do here? I'm trying to get another car to get back to doing giga economy work. I'm working at a job making $2000 a month after-tax. I can't even afford an apartment. I can't even get alone for $200. At 300% interest. There's not a single cash advance app. That would give me more than $40 and I gotta pay them $5 to find out if even though give me that. What the hell am I supposed to do? I'm trying to come up with 3 grand to pay for a car. And I can't even do that. What the the point in all of this. I live with friends and I use a commercial address for mailing purposes and when I can afford it?I live in hotels.So I don't have to deal with my friends And I use speech to talk to do this.

@theyukonproject 17 күн бұрын

That is a tough situation. Nothing can be more frustrating than needing a little credit and not being able to get it. It sounds like your focus is in the right place: finding a way to make more money. There are some gig opportunities that don't necessarily need a car. Depending on your skills, you might want to start investigating some of those.

@azizahmoore9415 Ай бұрын

I believe loan profiles people 😮

@theyukonproject Ай бұрын

These companies do indeed profile applicants. They are attempting to predict the likelihood that an individual will default on a loan. But, they can't really predict that at the individual level. So, they categorize applicants and predict the percentage of customers in each category that will default. It's easier for them to predict in the aggregate. If they are predicting too many will default in a certain group, they tighten up their underwriting. This is why it can seem so unfair. A vast majority of the applicants will pay the loan back, but since the lending company doesn't know which individuals won't, the companies have to raise the interest rate or deny loans to people.

@anaramon8033 2 ай бұрын

At least is better applying for loans and just telling your situation to a human that doesn’t want to help you at the end

@theyukonproject 2 ай бұрын

It is definitely frustrating to not be approved.

@lissettecubas8829 Ай бұрын

One main is the worse

@theyukonproject Ай бұрын

What is it that you dislike about them? Share your perspective so others can be better informed on whether they want to use them.

@vickietalley6795 2 ай бұрын

They don't give me a loan

@theyukonproject 2 ай бұрын

I'm sorry to hear that. It can be incredibly frustrating.

@josephberkeley2316 Ай бұрын

Cap onemain is not giving you a loan with bad credit

@theyukonproject Ай бұрын

One Main is definitely a unique lender on this list. If you have damaged credit, they may push you to put up your motor vehicle as collateral. If your credit is really bad, they may not even approve you with collateral.

@jadesmith7983 Ай бұрын

@theyukonproject You are right about OneMain. I tried to get a loan with them, and they wanted to use my vehicle for collateral.

@blabla-ff8jg 22 күн бұрын

@@theyukonproject They also ask for last tax return

@JamshiDb-zd9ob 24 күн бұрын

Personal loan

@user-lc9ez4hr3w Ай бұрын

Off topic wassup wit the whip in back 🤔🤔🤔

@chelseypayne9478 Ай бұрын

I guess this question won’t be answered 🙃

@theyukonproject Ай бұрын

The whip comes from my home when I was growing up. It was part of the "costume box" that my parents had. I would play with growing up. Much of the stuff behind me holds different meaning for me. The whip is a reminder to play.

@user-lc9ez4hr3w Ай бұрын

@@theyukonproject yea it was passed down from their great grandparents to you and you play master slave

@user-lc9ez4hr3w Ай бұрын

@@chelseypayne9478 oh he responded

@user-lc9ez4hr3w Ай бұрын

@@theyukonprojectyea it was passed down from your great grandparents to you and you play master and slaves. Ok cool good to know

@Daflavors 13 күн бұрын

Chances of getting A $1500 loan With 538 credit score

@theyukonproject 13 күн бұрын

We have seen people get approved with similar range of credit scores BUT it is likely to come with a very high interest rate.

@rubenluvsmig Ай бұрын

Sounds like bs

@theyukonproject Ай бұрын

We would love to hear about what you specifically disagree with so we can either correct, research, or expand on to help you and others.

@rubenluvsmig 7 күн бұрын

@@theyukonproject nothing your saying is true it’s bs don’t you think any people have tried it and nothing happens your click bait all KZfaqrs on this subject are click baiters

@rubenluvsmig Ай бұрын

Click bait

@theyukonproject Ай бұрын

We have spent years in the financial services industry and know quite a bit about these lenders. People with bad credit do struggle to get access to the credit that they need. It would be nice if there was a guarantee of where they could go to get credit. But non-prime credit is really volatile. These lenders will lend into the non-prime space, but you've got to shop around to see who would approve you.

@rubenluvsmig Ай бұрын

@@theyukonproject still bs

@tjpoe4695 14 күн бұрын

Don’t not get a loan is the best option

@theyukonproject 14 күн бұрын

Agreed! If you can avoid debt, you should.

@dai787 Ай бұрын

None of these shits work. I’m tired of these videos making it seem like we can approved with bad credit

@theyukonproject Ай бұрын

Yeah, in the lower credit score space, it's super hard to predict. You really can't be sure just because of your credit score whether a lender in this space would approve you. Some of these lenders have average credit scores of 580. But they don't actually use credit score to underwrite, so it will entirely depend on other parts of your credit history.

@A.Moniriqbal Ай бұрын

Stop lying! It’s not 1-5 not even 10%APR it’s 35.99% for average to bad credits. STOP MISLEADING PEOPLE.

@theyukonproject Ай бұрын

The 1-5% that you mentioned is not the APR but the origination fee which is a fee that comes out of the proceeds of the loan. The APRs for these loans can be quite high (for instance, over 100%). It is really important that people have access to accurate information about lenders before they accept a loan. We hope that this video gives people the insights that they need to make an informed decision.

@jayk5114 Ай бұрын

Did you even listen to what he said? It wasn't the APR that was 1-5%, but the origination fee. The APR was upwards of 100% he said.

@rubenluvsmig Ай бұрын

@@theyukonproject see your click bait stop your bs