Bad Credit Loans - Apply Online Today
We connect you with lenders even if your credit score is low. Lenders look at your income and ability to repay, not only your score. Learn what to expect, compare choices, and apply in minutes.
What Are Bad Credit Loans?
Bad credit loans are personal loans for people with lower credit scores. Many banks may decline these applications, but some online lenders will consider you if your income is steady and the payment fits your budget.
Most options here do not require collateral. You won't have to use your car or savings during the loan process.
Helpful read: Learn the credit score basics and how scores are set.
Who Qualifies?
To qualify, you usually need to be 18 or older, live in the United States, have steady income, and have an active checking account. Lenders look for a budget that can handle the payment.
Even with past late payments, you may still qualify if your current income supports the payment.
Tip: Review your file ahead of the application process. For a breakdown of the components of a report, see the credit report sections. Amending simple mistakes may actually help.
Loan Types for People With Bad Credit
Through our platform, you can apply for unsecured personal loans, installment loans, and payday loans.
| Type | How It Works | Pros | Risks | Available at SlickCashLoan? |
|---|---|---|---|---|
| Unsecured Personal Loan | Borrow a set amount and repay it in fixed monthly installments. No collateral is needed. | No asset at risk. Predictable payments lead to easier planning. | Rates may be high for low credit. | Yes |
| Installment Loan | Repaid over months with a consistent schedule and due date. | Spreads the cost over time. | Longer terms increase total interest. | Yes |
| Payday Loan | A short-term loan due on your next payday. Small amounts for quick access. | Fast access. | High costs. Only for true emergencies. | Yes |
| Secured Loan (general market) | Collateral such as a car or a savings account is required. | It can be cheaper than an unsecured loan. | Missed payments can lead to loss of collateral. | No – not offered here |
Costs, Risks, and Safer Borrowing
Loans for lower credit scores usually cost more. Read the agreement carefully. Compare the payment terms and total cost with your budget. Missing payments add fees and can lower your score.
Important: Only borrow what you need. If possible, set up auto-pay to avoid late fees. A shorter term adds to the payment but can cut down the total interest paid.
See how score models differ in FICO vs. VantageScore. It explains how lenders may view your file.
Rates and Payment Examples (Sample Scenarios)
These are general examples of how loan amount, length of time, and APR affect the overall price. The amount of the offer usually varies based on the lender, your income, and state regulations.
| Loan Amount | APR (Example) | Term | Estimated Monthly Payment | Estimated Total of Payments | Estimated Total Interest |
|---|---|---|---|---|---|
| $500 | 29% | 6 months | $90.52 | $543 | $43 |
| $1,000 | 35% | 12 months | $99.96 | $1,200 | $200 |
| $2,000 | 45% | 18 months | $154.79 | $2,786 | $786 |
| $3,000 | 59% | 24 months | $215.65 | $5,176 | $2,176 |
How to interpret this: Longer terms will lower the monthly payment but raise the total interest. Fixing the rate at a lower level or paying off a loan faster will cut the total cost. Select the plan that you can stick to and make sure you will be able to make the monthly payment on time.
How the Application Works
- Fill out the form: Provide personal details, income, and bank information.
- Get a prompt answer: Many lenders respond quickly after review.
- Receive funds: If approved, funds are sent to your bank; timing varies by lender and your bank.
How This Can Affect Your Credit
On-time payments can help your credit. Missed payments can hurt and add fees. If you plan to pay other debts with a new loan, check the total cost and make sure you won’t need to borrow again soon.
Discover further: See credit bureaus explained to find out how the loan accounts are recorded on your reports.
Alternatives to Bad Credit Loans
If a loan is not the right call today, try:
- Asking a creditor to negotiate a new installment plan with you.
- Investigating choices with credit unions in the area.
- Finding a cosigner who has a better credit record.
- Entering into a discussion with a nonprofit credit counselor.
Need larger amounts with steady repayments over longer terms? See our personal loans. Prefer fixed payments over a few months? See our installment loans. Need very small amounts for urgent needs? payday loans may fit short-term emergencies.
Why Borrowers Choose SlickCashLoan
We help you find lenders who look at your current earnings and budget. Our online request is simple, and we aim to make a stressful time easier by giving you practical choices to compare.
FAQs
What is the score that would be considered "bad"?
Many lenders view scores that are less than 580 as bad credit. Your outcome can still be different depending on the lender and the state's rules.
What is the possible amount of the loan?
Loan amounts vary by lender and state. Your income and state rules set the limits.
How fast are the funds processed?
After approval, funds are sent to your bank. Timing varies by lender and bank.
Will it help me rebuild my credit score?
Yes, that is possible. If you make all your payments on time, it could, over time, have a positive effect. Conversely, late payments could do the opposite by adding fees.
Do I need collateral?
Bad credit loans offered here are unsecured. Secured loans exist in the market, but are not offered on this site.
What will I require when applying?
A standard ID, income particulars, and an active checking account are among the needed documents.