Having a poor credit score can affect many financial decisions in your life. Whether you’re looking to rent an apartment, access convenient insurance premiums, or borrow money from a loan, a bad credit history can hurt your chances of achieving various financial objectives that would otherwise work with a solid credit score. If you’re thinking about getting an unsecured loan, like a personal loan, you may wonder, “Can I get a personal loan with bad credit?” The answer will depend on the lender you’re working with, but some lenders may approve you for quick funding even if you have a less desirable score a the time of your application.⁵
However, qualifying for personal loans with low credit can result in higher interest rates and lower loan amounts compared to borrowers with good credit.¹ ⁴ ⁵ You may have the opportunity to get approved for a personal loan, but you may have to deal with several challenges that lenders put in place to minimize your credit risk. That’s why it’s important to shop around and stick with a lender that offers the best terms for your situation. If you have an asset you can pledge as collateral, you can consider applying for a secured personal loan that caters to applicants with bad credit.⁴ ⁵
Continue reading for more information about how you can get a personal loan with a poor credit score. Although there aren’t personal loans for bad credit with guaranteed approval, you can get connected to reputable lenders that cater to bad credit borrowers if you work with Max CashⓇ!² 5
How Can I Get a Personal Loan with Bad Credit?
Applying for a personal loan with bad credit can be a straightforward process if you follow key steps to enhance your overall loan experience. Suppose you’re curious about borrowing money through this popular loan option. In that case, ensure you keep the following guide in mind to access emergency cash without any issues during the application process:
- Check Your Credit Report: One of the first things you must do before submitting a loan request is to verify your credit history and look for any mistakes on your credit report. A lender can be turned off by any outstanding debts or payments that are marked as “late” or “delinquent” on your credit report, when you have already handled them previously. You are entitled to a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) by law, so don’t hesitate to request access to your credit history by visiting the Annual Credit Report website. Once you determine that everything is accurate on your credit report, you can feel confident about searching for a personal lender and applying for financial relief online or in person.
- Evaluate Your Finances and Loan Needs: Many applicants commit the mistake of applying for a loan without first examining their financial situation and determining the amount they really need. If you don’t have a plan in place before applying, you may end up with an expensive monthly payment that doesn’t fit your current budget.⁴ While many experts suggest you apply for a small loan amount to increase your approval odds, you must ultimately decide what money total works best for your circumstances. Just make sure you have a reliable source of income to make your monthly payments and help offset the risk you pose to a lender.
- Compare Bad Credit Lenders and Get Prequalified: As mentioned previously, it is essential to compare different lenders to determine which option works best for your credit position. If you have an account with a bank or credit union, you can check whether they offer discounts for existing customers to make the repayment period more affordable when borrowing cash. In the event that you opt for online lenders, you must verify each lender’s loan terms to work with the most advantageous option. Whichever method you choose to get a personal loan, you can use a lender’s prequalification process to get an idea of the interest rates you can access with your credit score.⁴ ⁵
- Strengthen Your Application: Consider implementing different strategies to strengthen your application before you apply with your chosen lender. You can add a co-signer with good credit and a high income to boost your eligibility chances and potentially earn a more competitive interest rate.⁴ If you’re willing to use an asset, like your home or car, as collateral for a loan, you can choose a safer option by applying for a secured personal loan. Lowering your debt-to-income (DTI) ratio and providing proof of stable income can increase your approval odds if you decide to apply for a personal loan with a bad credit score.⁵
- Submit Your Application: After you check the aforementioned factors, choose the best offer, and boost your eligibility chances, you can finally submit an application form to discover if you’re eligible for the funds you need for an emergency. Keep in mind that a personal lender may run a hard credit check that can knock your credit score down by a few points, but you can fix that issue by making timely payments on your loan. However, you must ensure you apply with your chosen lender to avoid multiple hard credit checks from various personal loan applications. If you’re approved for a loan, you can access your funds via direct deposit or a mailed check, which you can receive the same or next business day, depending on your lender.⁵
In the event that you’re eligible for a personal loan with bad credit, you can use your money on several large or unexpected payments that require your immediate attention. Whether you need funds for home renovations, medical bills, or debt consolidation, a personal loan can be a useful resource to consider to regain financial stability.⁵
Don’t forget to review your finances and compare your available loan options. You can always work with Max CashⓇ to find a convenient lender that can potentially give you the quick funding you need based on your circumstances.² ⁵
What is the Lowest Credit Score to Get a Quick Personal Loan?
There isn’t a definitive minimum credit score to qualify for a personal loan. Many lenders that offer favorable loan terms may have a general credit range for loan approval, but there isn’t an ultimate minimum score that will determine your eligibility for a personal loan online. If you want to be on the safe side, you can potentially qualify for a personal loan if you have a FICOⓇ score of 580 and above. However, some lenders may approve applicants with a minimum credit score of 300, so the lowest credit score you can have will depend on the lender you decide to work with.⁵
It’s important to remember, though, that your credit history can affect your loan terms if you’re approved for financial relief. You may have to deal with exorbitant interest rates and increased fees that can complicate your repayment experience, and you may face challenges in getting approved for higher loan amounts. Some lenders charge applicants an origination fee to cover the costs involved with making a loan. A personal lender may not charge this fee to applicants with good credit, but may likely put them in a loan agreement with applicants with a lower credit rating.⁴
If you’re thinking about getting a personal loan with bad credit, you must review the credit score criteria from different lenders and see which one is the most beneficial for your current credit standing. Don’t forget that you have the option to pledge an asset as collateral for a personal loan if you find it difficult to find a good loan offer from a personal loan online.⁴ ⁵
How Can I Improve My Chances of Getting a Personal Loan with Bad Credit?
Getting personal loans with low credit doesn’t have to feel intimidating if you implement strategies to strengthen your application. You might have read different methods to increase your eligibility chances for an unsecured personal loan, but there are several other ways you can improve your likelihood of accessing the funds you need for financial assistance.⁵
Check out some effective techniques you can use to boost your chances of getting personal loans for terrible credit:
- Pay Down Any Outstanding Debt Prior to an Application to Reduce Your DTI
- Apply for a Reasonable Loan Amount That Seems Stable to a Lender
- Increase Your Income Through a Side Hustle or Freelance Gig to Boost a Lender’s Confidence in Your Ability to Pay Off the Loan
- Raise Your Credit Score By Covering Your Entire Credit Balance Often or Maintaining a Low Credit Utilization Ratio
- Find a Convenient Lender That Offers Optimal Loan Terms and Favorable Interest Rates⁴
Speak with a loan agent at 833-207-9052 if you want additional tips to enhance your chances of getting loan approval. If a personal loan sounds like the right option for urgent loans for bad credit, you can prepare yourself by following effective tactics that can make the loan process suitable for your financial position.
FAQs About Getting Fast Personal Loans with Poor Credit
Do you have any questions about getting personal loans with a poor credit score? Take a look at some of the most commonly asked questions about getting this loan type with bad credit that can help you decide whether it is the right option for you:
What’s a Good Credit Score for a Personal Loan?
A FICOⓇ credit score in the “good” range of 670-739 or higher is generally considered ideal for a personal loan. Not only can a good credit score significantly improve your chances of approval, but it can also increase your prospects of accessing favorable loan terms and lower interest rates.⁴ However, as mentioned previously, you can still qualify for a personal loan with low credit if a lender offers that convenience. Just make sure you find a lender who can provide suitable loan terms or implement different methods to access the best repayment period.⁴
How Much Money Can I Get Through a Personal Loan with Bad Credit?
According to the Q1 2025 TransUnion Report, an applicant with a FICOⓇ credit score below 600 can generally get a personal loan of $1,700. Personal lenders typically cap their amounts at $50,000 for subprime borrowers, but may offer considerably lower loan totals if you have a credit score of 580 or less.¹ Of course, the exact amount will depend on the lender and your overall financial profile. If you lower your DTI, use collateral, or execute other fruitful strategies, you can qualify for a larger loan amount when applying for a personal loan with a poor credit score.¹ ⁵
How Can I Access My Personal Loan Cash?
You can easily access your personal loan cash by having the funds deposited directly into your bank account. After approval and signing the loan agreement, the lender will electronically transfer the money to your designated checking or savings account, where it will become available to use. However, if you prefer a different delivery method, you can try asking your lender for a mailed check to your address. As mentioned previously, you can receive your funds as soon as the same or the next business day, but that will ultimately depend on your chosen lender.⁵
Which Lenders Accept Credit Scores Under 580?
If you’re searching for a personal lender that works with FICOⓇ credit scores below 580, you will find several options that fit your current credit standing. You can choose from lenders, like Upstart, that have a minimum score of 300 or Universal Credit, which requires a minimum score of 560. If you choose to get a personal loan through Avant, you may qualify for emergency funding with a minimum credit score of 550. However, you won’t have the opportunity to apply with a co-signer through that loan option if you want to increase your chances of getting approved.⁵
Fortunately, various other bad credit lenders allow co-signers in their applications, such as Upgrade and OneMain Financial. If you want to apply for a personal loan on your own, though, you can opt for many alternative choices that can potentially meet your credit range. Whether you opt for the abovementioned options or find another lender, you must ensure you verify their available offers. Don’t settle for the first lender you find and compare the various personal loans that work with bad credit so you can receive the best loan terms that suit your situation.⁴
Consider inquiring about a personal loan for poor credit by working with Max CashⓇ. No matter your financial objectives, you can potentially connect with a lender that funds individuals with similar credit positions. If you want to access a more convenient repayment process, you can use the aforementioned strategies to strengthen your application. Building your credit history is an effective way to access optimal loan terms, or you can pledge an asset as collateral to access lower interest rates if you’re approved for a secured personal loan.⁴ ⁵
