Top 5 Personal Loan Lenders for Low Credit Scores
For those with credit scores of 580 or lower, obtaining a personal loan can be challenging. However, some lenders specialize in offering loans to individuals with fair or poor credit. Here are five personal loan lenders that accept applicants with credit scores of 580 or lower:
- Upstart Personal Loans
Best for: People without a credit history
Key features:
- Minimum credit score: 300 (also accepts applicants with no credit history)
- Loan amounts: $1,000 to $50,000
- APR range: 7.8% – 35.99%
- Loan terms: 36 and 60 months
Upstart is ideal for those with limited or no credit history. They use alternative data to evaluate applicants, making it possible for those with low or no credit scores to qualify.
- OneMain Financial Personal Loans
Best for: Flexible terms
Key features:
- Minimum credit score: Not specified (accepts poor/fair credit)
- Loan amounts: $1,500 to $20,000
- APR range: 18.00% to 35.99%
- Loan terms: 24 – 60 months
OneMain Financial offers flexible terms and allows co-applicants, which can be beneficial for those with lower credit scores.
- Avant Personal Loans
Best for: Quick funding
Key features:
- Minimum credit score: 580
- Loan amounts: $2,000 to $35,000
- APR range: 9.95% to 35.99%
- Loan terms: 24 to 60 months
Avant stands out for its quick funding process, often providing funds by the next business day after approval.
- Universal Credit Personal Loans
Best for: Small business purposes
Key features:
- Minimum credit score: 560
- Loan amounts: $1,000 to $50,000
- APR range: 11.69% – 35.99%
- Loan terms: 36 to 60 months
Universal Credit allows personal loans to be used for business purposes, making it a good option for entrepreneurs with low credit scores.
- Oportun
Best for: Low borrowing amounts
Key features:
- Minimum credit score: No credit history required
- Loan amounts: $300 to $10,000
- APR range: Up to 35.99%
- Loan terms: 12 to 54 months
Oportun offers small loan amounts and doesn’t require a credit history, making it accessible for those with low or no credit scores.When considering these lenders, be aware that lower credit scores often result in higher interest rates. Always compare offers, read the terms carefully, and borrow responsibly.
