Best Online Loans for Bad Credit Direct Lenders & No Hard Credit Checks

Best Online Loans for Bad Credit: Direct Lenders

Lenders will sometimes approve applicants’ loans with bad credit, but fees and interest rates can be high.

You should expect to pay higher fees and interest rates if you have poor credit but still need to borrow money for personal purposes. Before you sign, make sure to consider the total cost and your ability to repay it.

Best Loans for Bad Credit

These are the best loans sources for people with poor credit

Loan aggregators

Because they can connect you with lenders most likely to approve your loan application, loan aggregators can be a great source of financing for those with bad credit. Although loan aggregators don’t lend directly, they partner with loan providers to get your loan.

Because aggregators cater to all credit types, they can be matched with a loan through a loan aggregator with bad credit. You will need to submit a loan request to be approved by a loan aggregator. Lenders will then make offers based on your credit score.


is an excellent option for loan aggregators. Monevo allows you to compare up to 30 lenders in just seconds. You can apply for loans from $500 to $100,000, with interest rates between 2.49% and 35.99% APR. Monevo will run a credit check, but some lenders will take credit scores as low as 450. Read more about Monevo in our review.


Another popular aggregator is also available. Fiona allows you to submit a single loan request and access dozens of offers from various lenders in one place. Once you have chosen a lender and completed their application, your credit score will not be affected. We review Fiona.

Personal loan providers

These are direct-to-consumer lenders who offer products that specifically target lousy credit. These are not recommended for use in emergencies unless you have a plan to repay the debt quickly.


does not require a minimum credit score. Instead, they consider a range of factors. This includes information from other credit bureaus and bank data. OppLoans also reports your payment history on behalf of the three major credit bureaus, helping you improve your score.


They offer loans from 500 up to 50,000, and you can view your offers without affecting your credit score. Although the process can be a bit tedious, OneMain has been around for over 100 years. This means they are very familiar with what they do.

After submitting your application, you will meet with a loan specialist in a local branch to verify your income, employment, and identity. You’ll then sign the paperwork and have access to your funds!

It is a company that focuses on students and recent graduates who are still building credit histories. For everything, from school expenses to vacations, you can apply for loans ranging from $1,000 to $50,000.

Upstart does not require a credit score to approve loan applications. This gives the company a 27% approval rate which is higher than traditional methods.


provides personal loans from $2,000 up to $35,000 with interest rates from 9.95% up to 35.99%, depending on your credit score. You can apply online and receive funds quickly. You could get funds within one business day if your application is approved.


provides loans from $2,000 to $36,500. You can get your funds the next day after you are approved. In minutes, you can get a quote (with no effect on your credit score) and check your rates. LendingPoint is fast – you can get your funds the next day after you have been approved.

Peer-to-peer (P2P) lenders

Peer-to-peer lenders provide loans by using funds from thousands of investors. There are some terrible credit options — however, loans are granted case-by-case basis.

However, interest rates can reach up to 36%. These loans can be used for debt consolidation, business start-ups, and even car purchases.

LendingClub Bank

Is a peer-to-peer lending platform that allows you to borrow money from real investors and not a large corporation. It takes only minutes to check your rates and doesn’t affect your credit score. Their site states that their average APR for personal loans is 15.95%. This is not bad, especially when you consider high-interest credit cards.


is a website that focuses on personal loans. You can apply in just minutes and get approved for loans as high as $40,000. Prosper has a variety of terms that range from 3 to 5 years.

This allows you to choose the word that suits your needs. You don’t need to worry about the terms changing suddenly because all payments are made at a fixed rate.

What should you look for in a lender?

Understanding the terms of any loan and all associated costs is essential. These fees can be higher than the APR (interest rate). This is particularly true for loans for consumers with poor credit.

Consider these factors:


This will make up a large portion of your loan, so ensure you get the best rate possible. Do your research and shop around for the best rates. Your options are limited if you have poor credit.

However, you still have options and should not settle for the first lender who offers to lend. A slight variation in APR can result in extra interest payments of hundreds to thousands of dollars over many years.

What are your loan terms? How long will you need to repay the loan? You must be able to repay the loan on time without any penalty. Is the interest rate fixed (or variable, meaning it can go up at any moment)?


These fees can include origination fees, credit checks, and early payment fees. Late fees are standard, but they can be avoided if you pay on time.

How can you improve your chances of getting approved for a loan with poor credit?

Know your credit score before you apply for a loan. Your credit score will affect your loan terms and rates, whether you like it or not.

Find out how much you can afford each month. Don’t take out a loan you aren’t sure you can repay in a timely fashion. Excessive fees and interest will lead to further damage to credit and a more complex financial situation.

Check your loan rates.

Gather your documents.

You will need to submit specific documents when you apply for a loan. This depends on what type of loan you want.

These documents include your W-2(s), proof of Social Security income or pension income, copies of completed tax returns, the make, model, and value of your vehicle, and copies of completed tax returns. Before you begin the application process, check with your lender.

Find out if you require a cosigner.

Having a cosigner will significantly increase your chances of getting approved. A cosigner is someone with a better credit score prepared to pay the loan if you cannot make the payments.

Fill out the loan application.

It will usually take between 20 and 30 minutes. Although reviewing your application may take several business days due to the time involved, some lenders provide same-day or overnight approval. Usually, funds are transferred to your bank account within two days after approval.

Experian-Boost Disclaimer

Results can vary. Some individuals may not be able to see an improvement in their scores or chances of approval. All lenders do not use Experian credit files. Not all lenders use Experian Boost scores.


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My Name is Jay has and I have a passion for financial writing. I am the chief writer on this blog. I do my best to verify all the information but if there is anything amiss please let me know and I will do my best to correct it.

Author: Jay Batson

Kathy Jane Buchanan is a Certified Financial Planner, with more than two decades of experience in writing about personal finances. She has written a variety of articles for PaydayChampion and has helped to simplify lending, investing, banking and credit as well as other topics related to personal finance for consumers. Kathy has worked for major financial companies and also worked for small credit unions. she founded a fee-only financial planning firm, Approach Financial Planning, located in Houston, Texas.

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