Personal loans for bad credit, decided on more than a score
Scores under 580 are approved every day in our network because lenders weigh income, banking history and recent payment behaviour, not just a three-digit number. Request $200–$5,000, see offers with a soft check, and know the full cost before you sign.
Who a bad-credit personal loan is for
"Bad credit" usually means a FICO score below 580, or a thin file with a few late payments. That does not close the door; it changes what a sensible offer looks like.
- You have steady income of roughly $800+/month from work, self-employment or benefits
- You need $200–$2,500 for a specific bill, repair or to consolidate a card
- You can pay monthly over 3–24 months and want on-time payments reported
- You have been declined by a bank or credit union and want to avoid payday loans
- You need under $200 for a few days — a cash advance app is cheaper
- You cannot cover the payment from regular income — a loan will make the hole deeper
- You have an active bankruptcy or recent returned payments — most lenders will decline
- You can qualify for a 0% balance-transfer card or a credit union PAL — cheaper options
What each score band typically gets
FICO ranges from 300 to 850. Lenders in our network price and size offers by band; income can move you up one band in practice.
Real monthly payments for bad-credit amounts
What $500, $1,000 and $2,500 cost per month at the APRs each tier is typically offered. Bad-credit borrowers should plan around the bottom rows.
| Credit tier · term | $500 | $1,000 | $1,500 | $2,500 |
|---|---|---|---|---|
| Good credit (670+)9.99% APR · 12 months | $43.96 | $87.91 | $131.87 | $219.78 |
| Good credit (670+)9.99% APR · 24 months | $23.07 | $46.14 | $69.21 | $115.35 |
| Fair credit (620–669)17.99% APR · 12 months | $45.84 | $91.68 | $137.51 | $229.19 |
| Fair credit (620–669)17.99% APR · 24 months | $24.96 | $49.92 | $74.88 | $124.80 |
| Average (580–619)24.99% APR · 12 months | $47.52 | $95.04 | $142.56 | $237.60 |
| Average (580–619)24.99% APR · 24 months | $26.68 | $53.37 | $80.05 | $133.42 |
| Bad credit (<580)35.99% APR · 12 months | $50.23 | $100.46 | $150.69 | $251.14 |
| Bad credit (<580)35.99% APR · 24 months | $29.52 | $59.04 | $88.56 | $147.61 |
Getting a bad-credit loan through True Finance
One two-minute request reaches lenders that specialise in sub-600 scores. Nothing is sent to a credit bureau as a hard inquiry until you accept an offer.
- Tell us the amount and your incomePick $200–$5,000. Enter income from any regular source, your pay frequency and your bank details.
- Lenders run a soft checkParticipating lenders review your income, banking history and credit file without a hard inquiry.
- Compare offersIf a lender can help, you see the APR, monthly payment and total cost. Compare it with the table above.
- E-sign and get fundedAccept, e-sign, and most lenders deposit funds the next business day.
- Government ID and Social Security number
- Proof of income: pay stubs, bank statements or benefit award letter
- Active checking account (routing and account number)
- Current address and phone number
Why a 550 score can still be approved
Bad-credit lenders use "ability to repay" underwriting: they care whether your next payment will clear more than what happened two years ago.
Three things move the decision most: consistent deposits, no recent overdrafts or returned payments, and a debt-to-income ratio that leaves room for the new payment.
- Recent 90 days of banking matter more than old collections
- Income of $800+/month, any legal source, is the usual floor
- Smaller amounts and shorter terms raise approval odds
- A cosigner or collateral can move you to a lower APR tier
Bad-credit loan vs. the alternatives
Where a bad-credit installment loan sits against the options people with low scores are usually offered.
| Option | Typical amount | Typical cost | Credit check | Best for |
|---|---|---|---|---|
| Bad-credit installment loan (True Finance) | $200–$2,500 | 30–35.99% APR, fixed | Soft to view, hard to accept | Bills, repairs, small consolidation |
| Payday loan | $100–$500 | 300–400%+ APR | Often none | Avoid if any alternative exists |
| Cash advance app | $50–$500 | No interest; $1–$8 fees | None | Under $200 for a few days |
| Credit union PAL | $200–$2,000 | ≤28% APR | Soft/hard | Members with a month of history |
| Secured loan (savings/vehicle) | $500–$5,000 | 15–25% APR | Hard | Larger amounts, better rate |
How to accept a bad-credit offer safely
Compare APR, not the payment
A longer term makes the payment look small while doubling the interest. Compare total cost over the same term.
Ask about origination fees
Some lenders deduct 1–8% from the funds. It is included in the APR, but it changes the cash you receive.
Confirm payments are reported
A loan that reports to the bureaus is the fastest way to move from bad credit to fair credit.
Check for a prepayment penalty
Most network lenders allow early payoff at no cost; confirm it in the agreement.
Never pay to release a loan
Legitimate lenders do not ask for a fee before funding.
Bad credit loan questions
What borrowers with scores under 600 ask before requesting.
What credit score do I need for a personal loan?
There is no fixed minimum in our network. Many lenders approve scores in the 500s when income is steady and banking history is clean. Scores under 500 are harder but not impossible at smaller amounts.
Will checking offers hurt my credit?
No. Lenders use a soft inquiry to show offers, which does not affect your score. A hard inquiry happens only if you accept a loan, and one inquiry typically costs a few points for a short time.
How much can I borrow with bad credit?
Most first-time approvals for scores under 580 are $200–$2,500. With income above $2,000/month, a cosigner or collateral, offers up to $5,000 are possible.
What APR should I expect with bad credit?
Usually 30%–35.99% APR. That is far below payday products (300%+), and a 12-month $1,000 loan at 35.99% costs about $205 in interest.
Can I get a loan with a 500 credit score?
Possibly, for smaller amounts. Lenders will lean heavily on income and the last 90 days of banking activity. Expect $200–$1,000 and a 3–12 month term.
Does a bad-credit loan help my credit?
If the lender reports to the bureaus and you pay on time, yes. Payment history is 35% of a FICO score; six on-time payments can visibly lift a thin or damaged file.
Can I get a bad-credit loan without a bank account?
No. Lenders in our network deposit funds and collect payments through an active checking account in your name.
What if I am declined?
Try a smaller amount, add a cosigner, or consider a secured loan or credit union PAL. A decline does not affect your score.
See what your credit can get today
Request $200–$5,000 and see offers from lenders that work with scores under 580. Soft check only, no obligation.