Best Personal Loans for Credit Score Under 550 of November 2024

• Pros:
  • No prepayment penalty
  • Next day funding
• Cons:
  • Origination Fee
  • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

• Pros:
  • Quick, easy online application
  • Fast funding
• Cons:
  • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

• Pros:
  • Fast approval and funding
  • Low minimum credit score requirements
  • No prepayment fees
• Cons:
  • Fees
  • No Autopay discount
  • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

• Pros:
  • Secured and unsecured options
  • Poor-credit applicants considered
• Cons:
  • Origination fee
  • Extra Fees
  • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

• Pros:
  • Fast and convenient service
  • Works in all 50 states
  • Personal loans for any purpose
• Cons:
  • No direct loans

CashUSA offers quick personal loans. If a lender makes you a loan offer, you will have an opportunity to review the offer before deciding to accept it. In most cases, your funds can be deposited directly into your bank account via electronic fund transfer in as little as 1 business day.

CashUSA personal loans range between $500 to $10,000. The APR range is from 5.99% to 35.99%.

Whether you need to consolidate debt, remodel your home, or take a vacation, a personal loan may be a viable option.

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• Pros:
  • Fast payment
  • No prepayment fees
  • Flexible repayments
• Cons:
  • Late Payment Fee
  • No autopay discount
  • High APR

LendingPoint™ loans range from $2,000 to $36,500, APRs from 7.99% to 35.99%, with loan terms of 24 to 60 months.

Your loan could be subjected to an origination fee of up to 6% and a late payment fee of up to $30.

• Pros:
  • No prepayment fees
  • No origination fee
• Cons:
  • No autopay discount

Navy Federal Credit Union offers loans ranging from $250 to $50,000. Personal loans are available only to Navy Federal members.

The APR range is from 7.49% to 18.00%.

• Pros:
  • No origination fees
  • No closing fee
  • No prepayment penalties
• Cons:
  • Not available in all states

Santander offers personal loans ranging from $5,000 to $50,000 with flexible terms of 3 to 7 years. Rates range from 6.99% to 24.99%. Save 0.25% on your rate when you set up automatic payments from any deposit account.

• Pros:
  • Low, fixed rates
  • No application fees, origination fees or prepayment penalties
  • No payments for up to 45 days
• Cons:
  • No autopay discount

First Tech FCU offers personal loans of up to $50,000 with rates starting at 6.70%.

First Tech does not charge a prepayment penalty. It also has no origination or application fees.