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Loans for Bad Credit

Borrowing money when you have bad credit is often a stressful experience because it limits your loan options.

However, through iPaydayLoans, we can quickly connect you with a large panel of reliable bad credit lenders that can provide you with online loans for bad credit, as well as offer you competitive rates and fees.

How Much Do You Need?

Want to borrow more than $5,000? Click here!

What Are Bad Credit Loans?

Bad credit loans are a form of short term lending that is catered especially to individuals with a poor credit score, who are struggling to secure loans from traditional lenders such as banks. Depending on the credit lender, you may be able to get installment loans for bad credit with a rating in or below the 580-669 range, but for those with even lower to no credit scores, there are other riskier options to consider like payday loans. And since they can be applied online, the application process tends to be fairly straightforward, which means their quick turnaround time for approval makes them a great option for those who need an urgent financial fix to deal with an unexpected emergency.

On the other hand, the downside to applying for personal loans with bad credit is that you will generally have to deal with lower loan limits, shorter repayment periods, as well as higher interest rates and fees, due to the increased risk to the lender. Aside from that, you will also need to present a detailed structure of your monthly income and expenditure, as most bad credit lenders will want to dive deeper and review your financial history, in order for them to effectively judge your repayment capabilities.

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Types of Loans for Bad Credit

Personal loans for bad credit

There are two types of personal loans, unsecured loans and secured loans, with the latter usually requiring you to put up some form of collateral in return for the loan borrowed. The benefit of these loans is that they often come with longer repayment periods and better interest rates since the risk to the lender is little. On the other hand, since unsecured loans don’t require any collateral, they have significantly higher interest rates and less flexible repayment terms.

Payday loans for bad credit

Payday loans are short term loans that are usually offered in small amounts and often come with extremely high interest rates. They also have significantly shorter repayment periods, since they usually need to be paid back in full once your next paycheck arrives. However, the benefit of these loans is that they are best suited for dealing with small emergencies, as the credit loan will be deposited in your account just minutes after your application has been approved.

Student loans for bad credit

Student loans help borrowers cover school expenses like tuition and books, as well as accommodation costs. However, these bad credit loans are rarely granted by lenders because many of them frown at financing educational expenses due to the high risks involved. However, if you do have a guarantor that is willing to co-sign the loan for bad credit, then this can often help increase the chances of approval.

Home equity loans for bad credit

A home equity loan is a secured loan that allows you to borrow money with your house as collateral. As a result, the benefit of these bad credit loans is that they are usually offered in large amounts, have longer repayment terms, lower interest rates and are often paid in fixed monthly installments. The downside with these bad credit loans is that should you be unable to keep up with your monthly payments, the lender can foreclose on your home.

HELOCs for bad credit

HELOCs are similar to home equity loans in that homeowners can borrow money against their home equity, but the difference is that while home equity loans provide a lump sum that can be repaid in fixed installments, HELOCs are like credit cards in that you have a line of credit that remains open for years and can be withdrawn as needed.

Cash advances for bad credit

Cash advances are short term loans that are offered by credit card providers and allow you to borrow against your line of credit. And while they can be an easy way to get cash fast, they also come with extremely high interest rates. This in turn can quickly lead you to rack up debt and can even damage your credit score even further, which is why they are only a good choice after you have carefully explored all other alternative options first.

More Loan Options for People with Bad Credit

Besides the bad credit loan types mentioned above, you can also get cash instantly with the options below. View more details and decide on which loan to apply for even with poor credit:

Advantages of a Bad Credit Loan

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The best thing about taking out a bad credit loan is that, unlike traditional loans, you don’t have to worry about your credit report affecting your ability to secure a personal loan, since most lenders are more concerned with your ability to pay the loan off in the future. Moreover, they often come with quick processing times, as well as high approval rates, compared to traditional loans, making them an ideal financial solution for dealing with urgent and unexpected expenses like car repairs, utility bills, medical costs, etc.

They are also a great way to get started on improving your own credit score, since making timely payments on bad credit personal loans will allow you to start adding positive information to your credit report. Additionally, since most bad credit lenders allow you to repay your debt through flexible payment methods, this ensures that you can pay back the loans in a manner that you are most comfortable with. Furthermore, bad credit loans can allow you to consolidate a lot of small debts, so that all owed capital remains with the same lender. This in turn makes it easier to pay off what you owe and also allows you to significantly reduce the average interest rate across different lenders.

How to Get a Loan With Bad Credit?

In order to qualify for a bad credit loan, it is important that you first ensure that you meet the eligibility requirements expected of you by the credit lender. And while these requirements can sometimes vary from lender to lender, the general consensus is that you must:

  • be of legal age in your home state
  • have a valid government ID
  • be employed and have a steady income stream
  • have an active bank account and debit card
  • have an active phone number and email address
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Complete the online application

As with all short term loans, you can conveniently apply for bad credit loans online by filling out one simple form that allows us to quickly connect you with one of the multiple lenders, any time of the day or night. And even if you are unemployed, as long as you can prove that you have a steady income stream that is easily verifiable, our panel of bad credit lenders will be willing to consider your application.

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Get an instant decision on approval

Once you have submitted your personal information, the lenders will quickly review your application and send you a decision in as fast as 5 minutes. At this point, it will be up to you to decide if you want to accept their repayment terms or not. It is also important that you review the offer carefully before accepting it, as most loans for poor credit come with fixed interest rates, so be sure that you can repay the amount you wish to borrow on time.

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Receive your cash fast

If you decide that you are fully satisfied with the terms offered, you can e-sign the document to accept your loan for bad credit. The lender will then transfer your desired amount to your bank account as soon as the next business day, with some bad credit loan lenders even offering same-day deposits.

How to Compare Bad Credit Loans?

When applying for loans for bad credit, you need to compare their interest rates because personal loan bad credit lenders usually come with their own rates, terms and conditions. And since these rates are not normally flexible, this means that you won’t be able to reduce the interest charges even if you make your repayments on time. Therefore, you must always carefully assess what is on offer from different providers and then calculate the loan’s monthly payment against your budget to determine if you can actually afford it.

Furthermore, you should consider the repayment periods, as a longer term may translate to lower monthly payments, but also means a higher total interest over the long run. As a general rule, it is always best to get a loan with bad credit that keeps your monthly payments affordable, but also manages to help you pay them off quickly. Additionally, you should always keep an eye out for what the lender’s late fees or prepayment penalties may be, as the stricter they are, the higher the risk of an even bigger debt. And finally, make sure that you apply for online loans for bad credit from a lender that is willing to report your on-time payments to the credit bureaus, as this can significantly help you to boost your credit score.

Things to Consider When Choosing a Bad Credit Loan

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When choosing bad credit loans, it is important that you remember that fast loans for bad credit will usually come with high fixed interest rates and fees. And as such, you will need to consider how much money you intend to borrow and then look at what competitive interest rates are on offer for the loan with bad credit. You also need to consider what you intend to borrow the money for, as small expenses like utility bills can be covered by small payday loans for bad credit, instead of installment loans for bad credit, for example.

Additionally, when you try to find bad credit loans near me, take care to choose a lender that has a good amount of positive reviews from past customers before you sign on the dotted line. And last but not least, some no credit loans lenders will provide multiple payment options, or even flexibility with your payment date, so look out for online loans bad credit lenders that offer you such repayment options, as this can often help make the whole repayment process much easier for you to handle.


  • 1. Are bad credit loans safe?

    Bad credit loans are a safe and legitimate loan alternative for those looking to access funds quickly, but are unable to satisfy the requirements of a traditional bank loan. However, when determining which loan company is best for bad credit, it is essential that you apply only to reliable lenders to avoid being scammed, which is why an online broker service like iPaydayLoans can be useful, as we can match you with one of several trustworthy lenders. However, do keep in mind that bad credit loans tend to come with high interest rates and fees, so make sure to only accept lending terms that you are confident you can afford, in order to avoid falling into serious debt.

  • 2. What is considered a bad credit score?

    A bad credit score is any rating that is less than 640. This is a poor credit score that can often make it very difficult to secure a personal loan from a traditional lender. However, even with a bad credit score, you can still qualify for the best personal loans for bad credit from a wide variety of lenders, although the catch with these loans is that they will usually be offered at high interest rates. Moreover, the lower your credit score is, the higher you can expect the interest rates you are offered will be.

  • 3. How can I improve my credit?

    Making timely payments on a bad credit loan can actually be a great way to improve your credit score, as some credit lenders will report this to the relevant credit bureaus, which can have a positive effect on your final credit rating. However, you should also remember that shopping around for loans from multiple lenders can have a negative effect on your credit rating, as each time they conduct a hard credit check to determine your creditworthiness, it can cause a slight temporary dip in your score. Luckily, lenders for easy loans for bad credit usually prefer to conduct a soft credit check, which won’t hurt your credit rating.

  • 4. Is there risk in bad credit loans?

    Any bad credit loan that you take out will undoubtedly come with some level of inherent risk. And while most small personal loans for bad credit are usually unsecured - meaning no collateral is needed - there is still a risk of you not only falling deeper into debt if you default, but also damaging your credit score significantly for failing to make your repayments on time. It is for this reason that you should only apply for loans for bad credit online when you are confident that you can repay the borrowed amount and interest without fail.

  • 5. How to get a personal loan with bad credit?

    It is not difficult to get a personal loan with bad credit since most of these loans can often be applied for online through an easy and straightforward application process that can be completed using a mobile phone or computer. All you need to do is to check your credit score to confirm your current rating, then use an online broker service like iPaydayLoans to compare lenders and pick out a loan option. Once you’ve chosen the right lender, you can fill out the application form, submit it and if they approve you for a bad credit loan, then you may receive the funds in your account in as little as 24 hours.

  • 6. Can I get a bad credit loan without a credit check?

    No. Credit checks are mandatory under most state regulations, which is why many lenders will implement a “soft credit check” on all quick loans for bad credit applications. However, the good news is that unlike a hard credit check, this one will not affect your credit score. Moreover, since most bad credit loan lenders are more interested in your ability to repay the loan, this means that they will be looking deeper into your monthly income and expenditure, rather than your credit score to determine if you can afford to repay the borrowed amount and ultimately, whether or not to grant you the personal loan for bad credit.

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Get a Bad Credit Loan in Minutes!

If you have no idea how to get a loan with bad credit and want to know the best place to start, then look no further than iPaydayLoans, as through our online broker service, we can connect you to a reliable bad credit loan lender in as fast as 5 minutes, so take action now and let us help you get one step closer to securing that bad credit loan!

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iPaydayLoans is a company committed to connecting borrowers to hundreds of reputable online lenders to apply and get small-dollar payday loans quickly, easily, and securely, helping cope with life emergencies like paying medical bills, home, or car repairs, and so on.

Customer Note: A payday loan is traditionally used to help people borrow a small sum of money until the next upcoming payday. It's a short-term solution to cover unexpected expenses when people have no savings or deep pockets. Those who find themselves in a bind with their budget and want to refill it with credits should seek the advice of a professional financial assistant. A borrower also has to peruse local regulations related to a payday loan.

Availability: The service of this platform may not be accessible to people based in restricted states. Please check the local regulations to find out its availability in the area. Rules of this website are subject to change without notifications.

NOT A LENDER Disclosure: iPaydayLoans is not a lender but a broker and does not charge you any fees for our broker services. The lenders or other broker services we introduce to our customers through this website may pay us commissions if customers enter into a credit agreement with them.

Disclaimer: iPaydayLoans is not a lender, does not take applications or make loans or credit decisions. We are not an agent, representative or broker of any lender. We provide a service to connect you to a lender from our network. We do not control and are not responsible for any lender's actions or decisions.