Bad-credit borrowing is a different market than prime lending. The major prime lenders (SoFi, LightStream, Marcus, Discover) decline most applicants with FICO scores below 670; the lenders that will approve you charge meaningfully higher rates because the historical default rate at this credit tier is several times higher than for prime borrowers. The good news is that legitimate options exist, and shopping carefully — pre-qualifying at three lenders before formally applying anywhere — produces real rate improvement compared to taking the first offer.
Upstart's algorithm-driven underwriting often produces the best offers for borrowers with thin credit history but strong educational or employment credentials. Upgrade is more lenient with credit scores in the 580–620 band. OneMain Financial is the most established subprime lender and offers physical branches. Avoid payday loans, title loans, and lenders advertising "guaranteed approval" at standard personal-loan rates.
Compare lenders
The lenders below are ranked by editorial fit for this specific category, not by paid placement. APRs and product details reflect publicly available information at the time of research. Pre-qualifying with multiple lenders typically uses soft credit pulls and gives you the most accurate rate comparison.
| Lender · Best for | APR range | Loan amount | Min. credit | Fees | Funding | Terms | Soft pull? | |
|---|---|---|---|---|---|---|---|---|
| Upstart Best for thin credit files |
7.80% – 35.99% | $1,000 – $50,000 | 300 (effectively 580+) | 0% – 12% origination | Next business day | 3 or 5 years | Yes | Check rates → |
| Upgrade Fair credit · longer terms |
8.49% – 35.99% | $1,000 – $50,000 | 580 | 1.85% – 9.99% origination | Same to next business day | 2–7 years | Yes | Check rates → |
| LendingPoint Specialty fair-credit underwriting |
9.99% – 35.99% | $2,000 – $36,500 | 580 | Origination varies by state | Next business day | 2–6 years | Yes | Check rates → |
| Avant Fair credit · branch + online |
9.95% – 35.99% | $2,000 – $35,000 | 580 | Up to 4.75% admin | Next business day | 2–5 years | Yes | Check rates → |
| OneMain Financial Bad credit · branches available |
18.00% – 35.99% | $1,500 – $20,000 | No minimum | Origination varies | Same day in branch | 2–5 years | Yes | Check rates → |
| Best Egg Quick funding · fair to good credit |
8.99% – 35.99% | $2,000 – $50,000 | 600 | 0.99% – 5.99% origination | 1–3 days | 3–5 years | Yes | Check rates → |
APRs and product details reflect publicly available lender information; actual offers depend on credit profile, income, state, and lender underwriting. iLoans.ai may earn a commission if you apply through these links. Advertising disclosure.
Upstart
- APR range
- 7.80% – 35.99%
- Loan amount
- $1,000 – $50,000
- Min. credit
- 300 (effectively 580+)
- Fees
- 0% – 12% origination
- Funding
- Next business day
- Terms
- 3 or 5 years
Upgrade
- APR range
- 8.49% – 35.99%
- Loan amount
- $1,000 – $50,000
- Min. credit
- 580
- Fees
- 1.85% – 9.99% origination
- Funding
- Same to next business day
- Terms
- 2–7 years
LendingPoint
- APR range
- 9.99% – 35.99%
- Loan amount
- $2,000 – $36,500
- Min. credit
- 580
- Fees
- Origination varies by state
- Funding
- Next business day
- Terms
- 2–6 years
Avant
- APR range
- 9.95% – 35.99%
- Loan amount
- $2,000 – $35,000
- Min. credit
- 580
- Fees
- Up to 4.75% admin
- Funding
- Next business day
- Terms
- 2–5 years
OneMain Financial
- APR range
- 18.00% – 35.99%
- Loan amount
- $1,500 – $20,000
- Min. credit
- No minimum
- Fees
- Origination varies
- Funding
- Same day in branch
- Terms
- 2–5 years
Best Egg
- APR range
- 8.99% – 35.99%
- Loan amount
- $2,000 – $50,000
- Min. credit
- 600
- Fees
- 0.99% – 5.99% origination
- Funding
- 1–3 days
- Terms
- 3–5 years
Detailed lender reviews
Click a lender's "Check rates" button to be directed to that lender's site. Pre-qualifying typically uses a soft credit pull that does not affect your credit score; the lender's site will indicate the type of credit check used.
Upstart
What we like
- Algorithm-driven underwriting considers education and employment
- Approves thin-file borrowers other lenders decline
- Soft-pull pre-qualification
- Competitive rates for borrowers with strong credentials
What to watch for
- Origination fees up to 12% can dramatically raise effective APR
- Only 3-year or 5-year terms — no flexibility
- Late fees of $15 or 5% of payment
A different kind of underwriting model that produces unexpectedly strong offers for borrowers with educational or employment credentials but limited credit history. Origination fees can be significant — read the rate offer carefully.
Upgrade
What we like
- Approves credit scores down to 580
- Term lengths up to 7 years for lower payments
- Direct creditor payment available
- Free credit monitoring for borrowers
What to watch for
- Origination fees up to 9.99%
- Higher APR floor than prime competitors
- Customer service mixed in independent reviews
A reasonable choice for borrowers with credit scores in the 580–650 range who need longer terms. The origination fee structure means the all-in cost is meaningfully higher than the headline rate suggests.
LendingPoint
What we like
- Specifically targets fair-credit borrowers
- Considers cash flow alongside credit history
- No prepayment penalty
- Same- or next-day funding common
What to watch for
- Maximum loan amount only $36,500
- Fees vary substantially by state
- High starting APR even for upper end of fair credit
A specialty lender that has carved a niche underwriting fair-credit borrowers based on broader factors than credit score alone. Worth pre-qualifying alongside Upstart and Upgrade for borrowers in this credit tier.
Avant
What we like
- Lends to credit scores starting at 580
- Fast online application and funding
- Late-fee refund after on-time payments
- Loan modifications available for hardship
What to watch for
- Up to 4.75% administrative fee
- Maximum loan amount only $35,000
- No co-signer option
A long-established fair-credit lender. Approves borrowers other prime lenders decline, but the all-in cost is meaningfully higher due to admin fees.
OneMain Financial
What we like
- Approves credit scores below 600
- Secured options (auto, savings) for lower rates
- Physical branches in most US states
- In-person application and same-day cash
What to watch for
- Higher rates than online competitors
- Maximum unsecured loan only $20,000
- Origination fees apply
The most-established subprime personal-loan lender in the country. The branch network is genuinely useful for borrowers who want to talk to someone, and secured options can produce meaningfully lower rates for those with collateral.
Best Egg
What we like
- Approves credit scores starting at 600
- Fast funding — usually next business day
- Secured option available for lower rates
- No prepayment penalty
What to watch for
- Origination fees up to 5.99%
- Maximum 5-year term limits payment flexibility
- Reduced rates require minimum income thresholds
A solid mid-tier option for fair- and good-credit borrowers. The secured loan option (using your vehicle as collateral) can lower rates meaningfully for borrowers willing to pledge an asset.
How to choose the right loan
The bad-credit lending market is full of legitimate lenders charging high but fair rates, and predatory products charging usurious rates. Knowing the difference is the most important skill at this credit tier.
- Pre-qualify with three lenders before applying anywhere. Soft-pull pre-qualification is free and doesn't affect your credit. The variance among lenders for the same fair-credit borrower is routinely 5–10 percentage points — a 25% APR vs 18% APR difference on a 5-year, $15,000 loan is roughly $4,000 in lifetime interest.
- Consider a secured option seriously. Backing a loan with a vehicle, savings account, or other asset typically lowers the rate by 5–10 percentage points at the same credit tier. The trade-off is real (you can lose the collateral), but for fair-credit borrowers it often produces the best math.
- Avoid products with effective APRs above 36%. Payday loans, title loans, and "tribal" online loans charge effective APRs in the 100–500% range. They are designed to keep borrowers in debt indefinitely and are almost always the wrong answer.
- Improve credit before applying if you can wait. Paying credit-card balances below 10% of limits and disputing errors on your credit reports can move scores 30–60 points in 60–90 days. The improvement can shift your APR by 5+ percentage points — worth the wait if there's no emergency.
- Don't apply to all six lenders at once. Pre-qualify (soft pull) at three; pick the best offer; formally apply only at the winner. Multiple hard inquiries in a short period further dent your score and signal financial distress to lenders.
- Read the origination fee carefully. Fair-credit lenders often charge origination fees of 5–10%, which dramatically increases the effective APR. The headline rate matters less than the all-in APR.
- Consider a co-signer with prime credit. A creditworthy co-signer can lower your rate by 5–10 percentage points and dramatically expand the lender pool. The co-signer is legally responsible if you default, so this is not a casual ask, but for family-supported borrowers it's the highest-impact move.
Methodology
Frequently asked questions
Can I get a personal loan with a 580 credit score?
Yes, but options are limited and rates are high. OneMain, LendingPoint, Upstart, Upgrade, and Avant all approve scores starting at 580. Expect APRs in the 26–35.99% range. A secured option (against a vehicle or savings) typically offers better terms.
What rates should I realistically expect with a 620 credit score?
Expect APRs between 18% and 30% from the lenders above. The variance among lenders for the same borrower at this credit tier is routinely 5–10 percentage points, so pre-qualifying at three lenders is meaningful.
Are there personal loans with no credit check?
No legitimate personal-loan lender approves loans without any credit check. Lenders advertising "no credit check" loans at standard rates are typically misrepresenting the product, charging usurious fees, or being deceptive. Avoid them.
Should I improve my credit before applying?
If you can wait 60–90 days, yes. Paying down credit-card balances aggressively can move a score 30–60 points and dramatically change available rates. The 90-day investment can save thousands in interest.
Are secured personal loans easier to get?
Yes. Secured loans (backed by a vehicle, savings account, or other asset) are easier to qualify for and price 5–10 percentage points lower than unsecured loans for the same borrower. The trade-off: you can lose the collateral if you default.
What is the difference between fair credit and bad credit?
FICO defines fair credit as 580–669 and poor credit as 300–579. The lender pool, available rates, and approval odds differ meaningfully between these tiers. The lenders above span both, with OneMain reaching the lowest credit tiers.
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