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Best Personal Loans for Bad Credit for June 2022 – CNET

personal loan can help you consolidate high-interest credit card debt or secure financing for a large purchase. As an alternative to credit cards, personal loans offer lower rates and more flexible repayment terms. And, even if your credit score is lower than you might like, it’s possible to secure a personal loan with a low credit score or limited credit history.

We’ve evaluated major loan providers and highlighted the best personal loans for low credit below. We’ll update this list regularly as terms change and new loan products are released. Note that all of the starting annual percentage rates, or APRs, that are listed are based on a high credit score of 800 or above.


  • APR: 5.35% to 35.99%
  • Loan amount: $1,000 to $50,000
  • Loan terms: 36- and 60-month loans
  • Time to receive funds: 1 business day
  • Prequalification: Yes
  • Origination fee: 0% to 8%
  • Co-signer/joint applicant option: No
  • Prepayment penalty: No
  • Minimum credit score: No minimum requirement

Upstart is an artificial intelligence lending platform built on the premise of improving consumers’ access to credit. It is one of the only lenders to make loans available to those with limited credit history, with no minimum credit score requirement. Instead, Upstart considers alternative factors such as a job history and requires proof of a regular source of income. 

Upstart charges late fees and relatively high origination fees, in addition to a $10 fee for every requested paper copy of your loan agreement. Upstart does not offer loans to West Virginia or Iowa residents.


  • APR: 7.04% to 35.89%
  • Loan amount: $1,000 to $40,000
  • Loan terms: 36- or 60-month terms
  • Time to receive funds: 2 days
  • Prequalification: Yes
  • Origination fee: 3% to 6%.
  • Co-signer/joint applicant option: Joint applicant
  • Prepayment penalty: No
  • Minimum credit score: 600

LendingClub is a digital lender that offers credit card consolidation loans, balance transfer loans, debt consolidation loans and home improvement loans. It has a minimum credit score requirement of 600, making its loans accessible to those with below-average credit. LendingClub does charge late fees. 

LendingClub is a great option for those who want to apply with a joint applicant: If you don’t have long-standing credit history, or if your credit score is too low for you to apply, you can ask someone with good or excellent credit history to act as a co-borrower. As a co-borrower, they would hold equal ownership of the loan and equal responsibility for paying back the loan.