Best Installment Loans for Bad Credit in July 2024

Upstart is a loan aggregator that connects interested borrowers to more than 100 potential lenders, including banks and credit unions. Instead of leaning into your credit score as a qualifying factor, Upstart leverages artificial intelligence to examine criteria such as your job, education and where you live. This model tends to be more generous to borrowers who may receive high interest rates or be rejected by more traditional lenders. And even though Upstart caters to borrowers with poor credit or no credit, its starting interest rate (7.80% as of this writing) is lower than many of the best lenders on the market.

Upstart offers personal loans ranging from $1,000 to $50,000. Borrowers can choose either a three- or five-year term. Interest rates depend on personal factors like your credit score and income, plus loan-specific details like the amount borrowed and repayment term. Upstart offers a wide range of interest rates and their lowest rate is similar to other top providers.

Upstart’s minimum credit score is 300. However, the company claims that it considers other factors besides income and credit score, such as your education level and your current job. It does not specifically state if there is a minimum required education level. You do need to be a U.S. citizen or permanent resident to qualify.

Upgrade offers personal loans with terms between 24 and 84 months, which is a wider range than what many lenders offer. Loan amounts vary between $1,000 and $50,000, but some states have different minimum personal loan amounts.

The company stands out for its wealth of available discounts and bonuses, including for using autopay and for opening an Upgrade checking account. Upgrade also says that customers who choose to have the lender pay off their existing loan or credit card balances directly will get a discount on their interest rate.

Upgrade’s personal loans have a relatively high maximum amount of $50,000, which is comparable with some of the best personal loan companies. Upgrade charges an origination fee between 1.85% and 9.99%, which is on the higher end of the industry.

Upgrade does not provide a minimum credit score or income requirement online. However, you must be the age of majority in your state (18 for most states), be a U.S. citizen, a permanent resident or be in the United States on a visa. You must also have a bank account and an email address.

Avant offers unsecured personal loans for eligible borrowers. The loan amount window is between $2,000 and $35,000, whereas many other companies offer up to $50,000 or more. Available terms are between 12 and 60 months, which is fairly standard in the industry.

Universal Credit offers a maximum loan amount of $50,000, and you can often get your loan money by the next day after you’re approved. However, the lender charges substantial origination fees and interest rates (11.69% to 35.99% as of this writing) are not very competitive.

Universal Credit offers loans between $1,000 and $50,000, which is on par with comparable lenders on this list. Repayment term options vary between 36 and 60 months. With a range between 5.25% and 9.99%, Universal Credit’s origination fee is higher than Upstart’s, for example, with an origination fee starting at 1.85%.

OneMain Financial is a lender that offers installment loans and credit cards to eligible borrowers. OneMain Financial’s qualification terms are more lenient than other lenders, but its interest rates are higher and available loan amounts are lower than those of some competitors.

he loan amount ranges from $1,500 to $20,000, which is almost half the upper limit of what the top lenders on this list offer. Borrowers can select a 24-, 36-, 48-, or 60-month loan term. You’re eligible to apply with a co-applicant, which may help you receive a larger loan amount.

OneMain Financial charges an origination fee that may be either a flat amount or a percentage of the loan. The flat amount fee is between $25 and $500, while the percentage varies between 1% and 10%.

To apply for a OneMain Financial loan, you’ll need to provide your Social Security Number, government-issued form of ID, proof of employment, income and residence.

Residents of the following states are not eligible for OneMain Financial loans:

• Alaska
• Arkansas
• Connecticut
• Massachusetts
• Rhode Island
• Vermont
• Washington D.C.
• U.S. territories