Bad Credit Loans: Compare Top Lenders, Rates for December 2022

Last updated on December 1, 2022

See if you pre-qualify for a personal loan – without affecting your credit score

Just answer a few questions to get personalized rate estimates from multiple lenders.
Learn more about pre-qualifying

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Featured partners
SoFi
SoFi

5.0

NerdWallet rating 
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

Happy Money Personal Loan
Happy Money Personal Loan

4.5

NerdWallet rating 
Happy Money offers loans and ongoing support to help fair- and good-credit borrowers consolidate credit card debt.

Happy Money offers loans and ongoing support to help fair- and good-credit borrowers consolidate credit card debt.

Here are 6 lenders for you

LendingClub

on NerdWallet

LendingClub

5.0

NerdWallet rating 
LendingClub

5.0

NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$1,000 - $40,000 

APR 
8.30-36.00% 

on NerdWallet

Min. credit

600

Qualifications

  • Minimum credit score: 600.

  • Maximum DTI: 60%; 40% for joint applicants.

  • Minimum credit history: 37 months and 2 accounts.

Pros

  • Joint loan option.

  • Direct payment to creditors with debt consolidation loans.

  • Option to pre-qualify with a soft credit check.

  • Option to change your payment date.

Cons

  • Origination fee.

  • Late fee.

  • No mobile app to manage loan.

Disclaimer

Between April 2022 and June 2022, Personal Loans issued by LendingClub Bank were funded within 44 hours after loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,980 for a term of 36 months, with an interest rate of 13.49% and a 6.00% origination fee of $1,019, for an APR of 17.89%. In this example, the borrower will receive $15,961 and will make 36 monthly payments of $576. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 8.30% to 36.00% and origination fee ranges from 3.00% to 6.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2022 and are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of NerdWallet Compare, Inc. which is an unrelated third party (“third party”). LendingClub Bank is not responsible for any products and services provided by this third party and may receive compensation if you visit the third party’s websites or use any of its products or services. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment before they can be funded or issued. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

Upstart

on NerdWallet

Upstart

4.5

NerdWallet rating 
Upstart

4.5

NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$1,000 - $50,000 

APR 
5.42-35.99% 

on NerdWallet

Min. credit

None

Qualifications

  • Minimum credit score: None.

  • Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.

  • Must have a full-time job or be starting a full-time job in six months.

Pros

  • Accepts borrowers new to credit.

  • Fast funding.

  • Option to change your payment date.

  • Option to pre-qualify with a soft credit check.

  • Offers free financial education

Cons

  • May charge origination fee.

  • No joint, co-signed or secured loans.

  • No mobile app to manage loan.

  • Only two repayment term options.

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000). The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 25.05% and 60 monthly payments of $25.80 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,478 including a $804 origination fee. APR is calculated based on 5-year rates offered in June 2022. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the Upstart.com website.

Best Egg

on NerdWallet

Best Egg

4.5

NerdWallet rating 
Best Egg

4.5

NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$2,000 - $50,000 

APR 
8.99-35.99% 

on NerdWallet

Min. credit

600

Qualifications

  • Minimum credit score: 600; borrower average is 700.

  • Minimum credit history: 3 years and 3 accounts.

  • Minimum income requirement is $3,500; borrower average is $80,000. Borrower must have enough cash flow to cover current financial obligations.

  • Maximum debt-to-income ratio: 40% or 65% including a mortgage; borrower average is 40%.

  • Employment: Must provide proof of income; part-time employees are eligible.

  • Must provide valid U.S. address and Social Security number.

Pros

  • Offers wide range of loan amounts.

  • Provides secured loan option for homeowners.

  • Offers direct payment to creditors with debt consolidation loans.

Cons

  • Origination fee.

  • No rate discounts.

  • No option to choose initial payment date.

Disclaimer

*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.

Universal Credit

on NerdWallet

Universal Credit

4.5

NerdWallet rating 
Universal Credit

4.5

NerdWallet rating 
Loan term 
3 to 5 years 

Loan amount 
$1,000 - $50,000 

APR 
11.69-35.93% 

on NerdWallet

Min. credit

560

Qualifications

  • Minimum credit score: 560.

  • Minimum number of accounts on credit history: 1 account.

  • Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.

  • Minimum length of credit history: 2 years.

  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Pros

  • Offers direct payment to creditors with debt consolidation loans.

  • Fast funding.

  • Offers multiple rate discounts.

  • Offers free credit score access.

Cons

  • Charges origination fee.

  • Borrowers can choose from only two repayment term options.

Disclaimer

Personal loans made through Universal Credit feature Annual Percentage Rates (APRs) of 11.69%-35.93%. All personal loans have a 5.25% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 36 to 60 months. For example, if you receive a $10,000 loan with a 36-month term and a 28.47% APR (which includes a 22.99% yearly interest rate and a 7% one-time origination fee), you would receive $9,300 in your account and would have a required monthly payment of $387.05. Over the life of the loan, your payments would total $13,933.62. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

Prosper Borrowers

on NerdWallet

Prosper Borrowers

4.5

NerdWallet rating 
Prosper Borrowers

4.5

NerdWallet rating 
Loan term 
2 to 5 years 

Loan amount 
$2,000 - $50,000 

APR 
31.81-32.13% 

on NerdWallet

Min. credit

560

Qualifications

  • Minimum credit score: 560; borrower average is 685.

  • Minimum income: No minimum requirement; borrower average is $86,000.

  • Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18.29%.

  • Must be at least 18 years old.

  • Must provide Social Security number and a U.S. bank account.

Pros

  • Option to change your payment date.

  • Offers joint loan.

  • Offers wide range of loan amounts. 


Cons

  • No rate discount.

  • Origination and late fees.

  • No direct payment to creditors with debt consolidation loans.

Disclaimer

APRs presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at Prosper.com. The estimated APR presented does not bind Prosper. The range of APRs available through Prosper is 6.99% to 35.99%. Only borrowers with excellent credit qualify for the lowest rate available. Your actual APR depends upon credit score, Prosper Rating, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. All personal loans made by WebBank. For example, a two-year $10,000 personal loan would have an interest rate of 11.5% and a 4.00% origination fee for an annual percentage rate (APR) of 15.64% APR. You would receive $9,600 and make 24 scheduled monthly payments of $468.40. A three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A four-year $10,000 personal loan would have an interest rate of 11.50% and a 5.00% origination fee for an annual percentage rate (APR) of 14.27% APR. You would receive $9,500 and make 48 scheduled monthly payments of $260.89. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 1%-5%. Personal loan APRs through Prosper range from 6.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. **You may receive your funds one business day after your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s ability to quickly process the transaction.

OneMain

on NerdWallet

OneMain

4.0

NerdWallet rating 
OneMain

4.0

NerdWallet rating 
Loan term 
2 to 5 years 

Loan amount 
$1,500 - $20,000 

APR 
18.00-35.99% 

on NerdWallet

Min. credit

None

Qualifications

  • Must have a Social Security number or taxpayer identification number.

  • Must be 18 or older in most states.

  • Minimum credit score: None.

  • Minimum number of accounts on credit report: None, but applicants with no credit history may not qualify.

  • Minimum income: None; this lender accepts income from employment, alimony, retirement, child support, Social Security payments, investments and public assistance.

Pros

  • Option to choose and change your payment date.

  • Joint and secured loans.

  • Fast funding.

  • Direct payment to creditors on debt consolidation loans.

Cons

  • Rates are high compared to other lenders.

  • Charges origination fee.

  • No rate discounts.

  • Pre-qualification does not allow borrowers to preview potential rates.

Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.


NerdWallet’s guide to choosing the best personal loan for bad credit

A bad credit score (629 or lower) may not prevent you from getting a personal loan. In fact, you may receive loan offers from multiple lenders despite having a low credit score. The best bad-credit loan is usually the one with the lowest annual percentage rate, but there are other factors to consider when applying.

This guide will help you decide which personal loan is right for you and walk you through the steps to get one.

Why trust NerdWallet? NerdWallet has rated and reviewed personal loans from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives, go through lenders’ pre-qualification processes and compare lenders with each other as well as other financial products. We do not receive compensation for our ratings. Read more about our personal loan star ratings methodology and our editorial guidelines.

What is a bad-credit personal loan?

A bad-credit personal loan is for borrowers with low credit scores or thin credit histories. Lenders that offer these loans may accept borrowers with good or excellent credit scores (690 or higher) but have underwriting that’s flexible enough to accept those with low credit scores, too.

Like all personal loans, bad-credit loans have fixed rates and are repaid in fixed monthly installments over a period of two to seven years. Loan amounts range from about $1,000 to $50,000. These loans typically aren’t backed by collateral — they're unsecured.

Though you may qualify for a personal loan with bad credit, your rate will likely be on the high end of a lender’s range, and your approved loan amount may be smaller than what you request.

What is a bad credit score?

A bad credit score is generally from 300 to 629, but individual lenders may define bad credit differently. Many lenders use the credit scoring company FICO, which defines bad credit as 580 or lower. Some lenders use FICO’s competitor, VantageScore, which puts “subprime” scores between 300 and 600.

What makes up a bad credit score?

FICO groups your credit information into five categories, and each category has a different impact on your score. Here are the five FICO categories and how much each contributes to your credit score.

  • Payment history: 35%.

  • Amounts owed: 30%.

  • Length of credit history: 15%.

  • Credit mix: 10%.

  • New credit: 10%.

The most important category is your payment history, which tells creditors how often you’ve made on-time payments to other creditors. Missed credit card or loan payments can have a negative impact on your credit score and may cause lenders to offer a higher APR or decline your loan application.

How to choose the best loan for bad credit

Qualification requirements and cost are the most important features to consider when choosing a bad-credit personal loan. Here are some tips to compare loans for bad credit.

Check the lender’s borrowing requirements. Bad-credit lenders consider many factors on a loan application, including:

  • Credit score: If a lender has a minimum credit score requirement, you’ll need at least that score, but ideally a higher one, to qualify.

  • Debt-to-income ratio: This is the percentage of your monthly income that goes to debt repayment. Lenders typically like to see that you can cover your monthly bills, including any other loan or credit card payments, and have money left over after your new personal loan payment.

  • Co-applicant and collateral: If the lender offers a co-signed or secured loan, the person or item you add to the application becomes a factor in deciding whether you qualify.

Review the annual percentage rate. A loan’s APR consists of the interest rate plus any fees a lender charges. Many bad-credit online lenders charge an origination fee — a percentage of the loan the lender takes out before giving it to you — and it is included in the APR. The highest APR an affordable loan should have is 36%, according to most consumer advocates.

Calculate the monthly payments. Review your budget to determine what an affordable monthly payment would be. Then, use a personal loan calculator to see what rate and repayment term you’d need to get that monthly payment.Compare other loan features. If you have two or more competitive offers, compare loan features like funding time, whether the lender provides credit-building assistance and if you’re allowed to change the payment date.

Compare bad-credit lenders

Lender

Best for

Minimum credit score

Full APR range

Minimum loan amount

Maximum loan amount

5.0

NerdWallet rating 

Overall bad-credit loans.

560.

7.96% - 35.97%.

$1,000.

$50,000.

4.5

NerdWallet rating 

Borrowers with limited credit history.

None.

5.42% - 35.99%.

$1,000.

$50,000.

5.0

NerdWallet rating 

Credit card consolidation.

600.

8.30% - 36.00%.

$1,000.

$40,000.

4.0

NerdWallet rating 

Secured and joint loans.

None.

18.00% - 35.99%.

$1,500.

$20,000.

4.5

NerdWallet rating 

Credit-building tools.

560.

11.69% - 35.93%.

$1,000.

$50,000.

3.5

NerdWallet rating 

Small loans.

None.

20.05% - 35.99%.

$300.

$12,000.

4.5

NerdWallet rating 

Midsize expenses and home improvement projects.

600.

7.99% - 35.99%.

$2,000.

$36,500.

Pre-qualify to compare offers

Many lenders let you pre-qualify for a personal loan online to check your potential loan amount, rate and repayment term. The process doesn’t require a hard credit check, so pre-qualifying won’t hurt your credit score.

You can pre-qualify for a personal loan on NerdWallet. It takes a few minutes and requires you to enter some personal information and answer questions about the loan you want.

Where can I get a loan for bad credit?

Online: Some online lenders offer personal loans specifically for bad-credit borrowers. These lenders may consider information beyond your credit and income to qualify you, though those are still major factors in a loan decision.

At a credit union: Credit unions rely more on traditional information like credit and income but may also consider your standing as a member. A member who has a good relationship with the credit union may qualify for a personal loan despite a low credit score.

At a bank: Banks base loan decisions primarily on your credit score, history and income. Major banks are less flexible on qualification requirements, but having a good relationship with a local bank may help you qualify.

Even if your bank or credit union doesn’t have pre-qualification, you can bring in a pre-qualified offer and ask if it will beat that offer.

6 types of loans for bad credit

The most common type of personal loan is unsecured with fixed rates and payments. Other loans are available to bad-credit borrowers, such as joint and “buy now, pay later” loans. Compare loan types to find the right one for your situation.

Unsecured personal loans

An unsecured loan doesn’t require collateral. Instead, a lender determines whether you qualify based on factors like your credit score, income and cash flow.

It may be difficult for bad-credit borrowers to qualify for an unsecured loan because many banks, credit unions and online lenders weigh credit scores heavily when approving this type of loan.

Secured personal loans

Credit standards are typically lower for secured loans, which require collateral, so it may be easier to qualify if you have bad credit.

Adding collateral to an application lowers the lender’s risk because it has something valuable to take if you don't repay the loan. Banks and credit unions usually accept a savings or investment account as collateral, while online lenders often accept a vehicle.

Though it may be easier to qualify or get a lower rate on a secured loan, weigh the importance of getting the loan against the risk of losing your collateral.

Co-signed personal loans

A co-signer with better credit and higher income may improve your chances of qualifying for a loan or get you a lower rate. Having a co-signer tells the lender that if you don’t make the loan payments, someone else likely will.

A co-signer doesn’t have access to the loan funds or information about your payments. If you fail to make a payment, both of your credit scores will be affected.

Joint personal loans

A joint personal loan is one that you borrow with another person. It works similarly to a co-signed loan: The lender usually considers both borrowers’ credit and income on an application.

Once approved, both borrowers are equally responsible for repayment, and both borrowers have access to the loan funds and payment information.

Buy now, pay later

Buy now, pay later” companies like Affirm and Afterpay let consumers split a purchase into smaller installments.

These companies don’t do a hard credit pull, so consumers with bad credit can often qualify. BNPL can help you cover an urgent purchase, but it’s best to wait until you’ve paid off one purchase before using it on another.

Cash advance apps

A cash advance app lets you borrow a few hundred dollars from your next paycheck before you receive it. These apps typically don’t consider your credit score when you request an advance. Instead, they review deposits and expenses in your bank account to determine whether you qualify for an advance.

They often withdraw repayment on your following payday. These apps may charge fees for things like subscriptions or fast funding, and some ask you to tip them for the service.

Next steps: Apply for a bad-credit loan

Here are the steps to get a bad-credit personal loan:

  1. Check your credit. Review your credit reports from the three major credit bureaus to ensure the information is accurate and up to date. Fixing errors on your report before applying may improve your chances of qualifying. Many financial companies, including NerdWallet, provide free access to credit scores.

  2. Pre-qualify to compare offers. No two lenders have the same borrowing requirements, so it pays to pre-qualify with multiple lenders and compare rates, terms, monthly payments and loan features.

  3. Consider adding a co-signer or collateral. If you don’t get a good offer by pre-qualifying, consider strengthening the application with collateral or a co-signer. Some lenders won’t offer these options unless you fail to pre-qualify for an unsecured loan.

  4. Submit an application. Once you’ve found the right lender, gather documents, including proof of income and employment, a government-issued ID and bank statements. Most lenders have online personal loan applications, but your local bank or credit union may require an in-person application. The lender will do a hard credit check when you submit an application, causing your score to temporarily drop. Expect a decision within a few days.

  5. Add the new loan payment to your budget. On-time loan payments can build your credit. Add loan payments to your monthly budget and set up autopay to avoid missing any.

NerdWallet’s personal loan rating methodology

NerdWallet writers and editors conduct a full fact check of our personal loan ratings and reviews annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable.

Frequently asked questions


About the author: Annie Millerbernd is a personal loans writer. Her work has appeared in The Associated Press and USA Today.


Disclaimers

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.