Best Personal Loans for Bad Credit - August 2023


Getting a personal loan for bad credit is never easy, but it can be done. A few months ago, we published a guide to the best personal loans for bad credit. Since then, we’ve found that many of those lenders have improved their offerings and lowered their rates. In this updated guide, you’ll find our top picks from five popular lenders based on market competition and customer feedback (plus fees!).

How We Chose the Best Personal Loans for Bad Credit

We looked at the top personal loans for bad credit from five different lenders. We researched and compared their interest rates, fees, and other terms and conditions. We also took into account customer reviews and ratings. Finally, we looked at how many applicants have been approved in total to see which lenders are more likely to approve your application if you have less than perfect credit history.

5 Best Personal Loans for Bad Credit

Marcus by Goldman Sachs

Marcus is a good option if you have a steady income, but your credit score is low. You can apply for the Marcus Personal Loan or the Marcus Student Loan. The Personal Loan offers two different options: the Fixed APR (APR) and variable APR. The fixed APRs are based on your creditworthiness, but all variable APRs are based on LIBOR rates plus an additional margin. With each loan type, you choose how much money to borrow up to $40,000—the higher your credit rating, the more that amount will be.

Best Egg

Best Egg is a new online lender that offers personal loans from $1,000 to $35,000. The minimum qualifying amount is $2,500 and the maximum loan amount is $35,000. Best Egg’s fixed rates are between 7.99% APR and 29.99% APR with a minimum of 4 payments and a maximum of 60 payments. Their variable rates range from 7.99% to 29.99%, also with a minimum of four payments and maximum of 60 payments.


Upstart is a good option for borrowers with a high income, as the company offers a personal loan for bad credit. It has flexible repayment plans and a low minimum credit score requirement.

Upstart has a low interest rate and its application process is straightforward.


If you have a credit score above 550 and an income of at least $1,250 per month, you could be eligible for Upgrade’s personal loans. You’ll need to make at least $500 in monthly payments on time and have a credit limit of at least $1,000. The annual percentage rate (APR) is competitive at 18%. There is no origination fee or prepayment penalty to worry about.


LendingClub is a peer-to-peer lender that offers personal loans from $1,000 to $35,000. These loans have flexible repayment terms and a low minimum credit score requirement.

Here’s how you can use the LendingClub website to find out if you qualify for a loan:

  • Go to and click “Submit” at the bottom of the page after answering all of their questions about your financial situation and employment history (you’ll need your social security number).
  • Complete their online application by providing information about yourself including your name, address, contact information (phone number), birth date and income level so they can determine if you’re eligible for financing with them. You may also choose how much money you would like to borrow: up to 35% of what they estimate what’s possible given everything in your application; anything between $1,000 – $35k depending on how big or small their assessment was based off everything else submitted during this process (if it looks like they won’t approve any amount less than around $10k then just go somewhere else).


We hope this list of the best personal loans for bad credit has been helpful to you. If you’re looking for a loan, we recommend starting with our top picks first. You can check out our other articles on personal loans if you want more information or need help deciding which option is right for your situation.

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