Loans for People with Bad Credit: Top Lenders in the US 2023

Do you often find yourself in a troubling financial situation and have no one to turn to for a loan or a financial institution that can lend you money? You are not alone. Many Americans go through the same issue day in and day out.

However, worry not! We have created a list of lenders who can come to your aid, regardless of your credit score. These recommended lenders willingly provide loans for people with bad credit and extend the loans to the borrowers in the shortest time possible to help meet their needs.

Review our list of the top companies that offer loans for people with bad credit in the US in 2023, and find the best rates for amounts ranging from $100 to $5000+.

Top Loans for People with Bad Credit

The above lenders are the best providers of loans for people with bad credit in the US in 2023. They are quick to provide financial aid regardless of one’s credit history or rating. 

To help you make an informed decision and one that best meets your needs, we have further discussed the features of each lender. Read on to get the best match to your financial needs.

1. Fast Loans Group: Best for fast approval

Fast Loans

Fast Loans Group stands out as a premier lender in the US, specializing in providing loans for people with bad credit. What sets them apart is their commitment to speedy service, with online decisions typically made within minutes.

Additionally, if your loan is approved by one of the lenders in Fast Loans Group's extensive network, you'll have the opportunity to receive up to $50,000 deposited directly into your account, with the possibility of accessing the funds as early as tomorrow.

Here are some more compelling reasons why Fast Loans Group is an excellent lending choice for people with bad credit:

  • Generous loan limits.
  • Outstanding customer support.
  • Rapid loan approvals.
  • Wide array of loan options.
  • Competitive interest rates.
  • Simple and seamless application procedure.
  • Instant approval within the same day.


With Fast Loans Group, you can obtain loans to address a range of needs, from home repairs and unexpected expenses to holiday shopping and bill payments. 

2. Credit Clock: Fast approval process

Credit Clock

Credit Clock falls is one of the top lenders for loans for people with bad credit in the US in 2023. The company is dedicated to their customers and offers the best loan terms in the market. Borrowers have longer repayment periods at no extra costs and hidden fees.

Here are some reasons to choose Credit Clock as your number one lender of loans for people with bad credit:

  • Fast approval process
  • Short loan processing times
  • All processes done online
  • Flexible repayment terms
  • They are reputable lenders

With Credit Clock, you can get same day approvals for loans despite poor credit, and thus meet your emergency financial needs

3. Big Buck Loans: Quick fund transfers

Big Bucks Loan

Big Buck Loans offer loans for people with bad credit from as littles as $200 to $5000. The company does not carry out credit checks, which means that most loan applicants qualify as long as they meet the minimum eligibility criteria.  With Big Buck Loans it is possible to get yourself out of a financial dilemma in as short as 15 minutes.

Below are some of the reasons to choose Big Bucks Loans as a top provider of loans for people with bad credit:

  • Get loans in as short as 15 minutes
  • No credit check required
  • Fair repayment terms
  • Easy to apply
  • Have minimum lending requirements

If you are looking for loans for people with bad credit, Big Bucks Loans should be amongst your top priorities as they never disappoint.

4. Heart Paydays: Accepts all FICO scores

Heart Payday

The beauty about Heart Paydays is that this lender accepts all forms of FICO scores and therefore a recommendable choice for loans for people with bad credit. Borrowers are guaranteed loans ranging between $100 and $5000with long repayment periods of up to 24 months.

The benefits of choosing Heart Payday loans as a provider of loans for people with bad credit include the following:

  • No upfront fees or costs
  • Have relatively low APRs compared to competitors in market
  • Long repayment period between 3 and 24 months
  • Easy process of fund request
  • Allows all FICO scores

With Heart Paydays, you can easily sort your financial emergency without going through the hassle of applying for a loan in rigid financial institutions.  

5. Low Credit Finance: Same day instant transactions

Low Credit

Low Credit Finance acts as a lender that gives loans for people with bad credit, without considering their credit background or credit scores. Low Credit Finance is known for their quick loan processing times as a borrower can have their money in their account in as short as 60 minutes once approved. All  FICO scores are welcome making it easier for you to secure a loan even with a bad credit history.

Benefits of choosing Low Credit Finance:

  • All credit types are welcomed
  • Repayment terms that suit your needs
  • Same day decisions
  • Loan deposited instantly to account once approved
  • Secure application process

Low Credit Finance fiancé provides a top alternative to you as a borrower with a bad credit score. It uses other criteria to approve loans other than the creditworthiness or history of the borrower

6. Honest Loans: Reliable broker

Honest Loans

Just as their name suggests, Honest Loans are one of the most reliable brokers for loans for people with bad credit. The company makes it easy to apply for their loans and has a swift application process that takes a few minutes to complete. Honest Loans ensures that their consumers get the best value based on their financial needs. 

Here are some reasons to choose Honest Loans amongst your top lenders for loans for people with bad credit:

  • Reliable broker
  • Fast loan processing
  • High loan amounts up to $50000
  • Accessible to everyone
  • Easy application

Honest Loans also offers a high loan limit that can go up to $50000 depending on the qualification status of the borrower. 

7. FastMoney Source - High loan amounts of up to $50,00

Fast Money Source

Are you looking for an online lender that you can trust to offer loans with poor credit? FastMoney Source fits the description. The company is registered under the Online Lenders Alliance making it a more trustworthy loan partner for people with bad credit. FastMoney Source creates a way to clear those pending bills and repay later at terms that have your interest at heart.

The following are some of the benefits of choosing FastMoney Source as a lender for loans to people with bad credit in the US in 2023:

  • No hidden or upfront costs
  • High loan limits of up to $50000
  • User friendly interface
  • Does not require credit checks

FastMoney Source treats all their clients with dignity and respect despite their credit status. It thus makes it among the top choices on our list of lenders for loans to people with bad credit. 

Eligibility criteria for getting a loan for people with bad credit

Potential borrowers of loans for people with bad credit will have to meet the following criteria to get loans from the recommended online lenders:

  • They must be US citizens or have permanent resident permits
  • They have to be above 18 years
  • They need to have proof of a job or source of income for repayment purposes
  • They must have a personal bank account

A failure to meet the minimum requirement makes it harder for people with bad credit to secure loans from most lenders. 

How to get a loan with bad credit

Even with a poor credit score, getting a personal loan has been made easier in the US in 2023. As you take your time to work on your credit, it is necessary to consider the following tips to finding the best loan options when you have a bad credit score or history:

Checking your credit score

It is important to be up to date with your credit score which helps gauge the type of lenders that would be willing to extend their loans to you. Online sites can help in checking your credit score, or you can do the same through your financial institution. The credit score report is used to generate the credit score and it is possible to request for such reports through bureaus such as 

Check whether you prequalify for loan

Loan prequalification tests help you understand the possibility of getting a loan with a bad credit history or score. The process of inquiring for qualification does not in any way affect your credit score. It is also a way of knowing how much it would cost you if you obtained a loan for people with bad credit from the recommended online lenders.

Comparing loan offers

Different companies offer different rates on their loans. It is necessary to compare such offers to ensure that you get the best offer that best meets your financial needs within the market

Submitting an application

After inquiry on the pre-qualification, narrow down your options and submit a formal application for the loan. It will trigger a hard inquiry which has the possibility of affecting your credit score.

Who offers loans for people with bad credit?

Various institutions offer loans to people with poor or bad credit. Below are some of the lending institutions that are likely to offer such loans:

Banks- in most cases banks rely on the credit history to extend loans to consumers. However, some banks such as Wells Fargo offer personal loans. They might however require the lender to go to the bank in person at their nearest branch for further application.

Online lenders- they are the easiest way of getting a loan with poor credit. The process is solely done online and can be done from the comfort of your home. Once you have applied, you will be requested to verify some information such as your identity and income status. 

Credit unions- they also provide personal loans but have a drawback as an individual has to be a member of the institution. Individuals with bad credit can get personal loans from credit unions if they have guarantors who must also be members of the credit union.  

Knowing your credit score category

If you desire to take out a loan and have poor credit, it is important to understand the different categories of credit score as it influences the loan repayment loan terms. Individuals with a poor credit score fall between the 300 and 579 marks. Below is a schedule of different categories of credit scores and the estimated interest rate on loans for each category:

Credit Score Table

The data on the table shows that individuals with the lowest credit score are likely to get loan terms that are expensive, ten times more than an individual with a high credit score. 

How to compare Loans for people with bad credit

The repayment terms

The repayment terms determine the amount of money that the borrower pays back to the lender. It is important to have the most favorable loan terms that are within your financial capabilities. That would ensure repayment of the loan without the stress of getting deeper into debt. Longer repayment terms are most advisable as they reduce the principal and interest amounts that are paid each month. It is however necessary to note that a higher repayment period leads to a higher rate of interest (APR) in the loan.

Additional fees

Most borrowers fail to understand additional fees that are associated with a loan, and that make the loan unnecessarily expensive. The lender selected might charge a fee on loans in addition to the annual interests earned on the loans. Some of the hidden costs of loans lenders fail to communicate about include administrative fees that are deducted upfront from the amount borrowed, loan origination fees, late payment fees and prepayment penalties. A lender with unnecessary loan fees should always be the last resort.

The APRs

The annual percentage rate (APR) is considered as the cost of the loan and signifies the amount the lender will charge you on top of the principal amount. A lower APR leads to a lower cost of the loan and the vice versa applies. As a borrower, understand all the possible lenders and their APRs and choose the one offering the lowest APR on their loans for people with bad credit.

Can I be conned by lenders online?

The simple answer is, yes! It is possible to get scammed online by individuals posing as legit lenders. Such people understand your urgent need for cash and take advantage of the same. Loans for people with bad credit seem too good to be true. It is therefore necessary to lookout for the following signs to avoid being scammed:

Demand for upfront fees to get a loan-legitimate lenders do not need the borrower to pay an upfront fee to process a loan. The legitimate lenders do not ask for payments before you are approved and have received your loan. In the case that a legit lender requires application fees, they are taken directly from the amount that you borrow. 

Unregistered lender- all lenders have to be registered as per the federal law of the US. The Federal Trade Commission requires all lenders to be registered within their state of operations. To find out whether your lender of choice is registered, contact the state attorney general’s office.

Lender communicates first- in such a scenario, it is like a doctor looking for the patient other than the patient seeking for the doctors’ services. If you did not initiate the contact, there is a high probability of being scammed. Credible lenders do not call borrowers to ask for their personal information with the promise of offering loans to the borrower.

Types of loans for people with bad credit

Secured loans

A borrower that takes a secured loan will have to provide the lender with a collateral such as a car or a home mortgage. The collateral is valuable and that makes it easier for the borrower to get a loan and at a better rate despite their poor credit score status.

It is the best form of loan for people with poor credit but won valuable collateral they can afford to lose if they default on their loan. In default of a loan, the lender may legally confiscate the collateral and use it to recover owed amounts and any additional damages. 

Unsecured loans

Such loans do not rely on the availability of collateral and therefore consider other factors such as the credit history of the borrower or their ability to pay back the loan. On default of the unsecured loan, the lender cannot seize the lender's assets and thus such loans attract high interest rates making them more expensive. We have listed the best options for Unsecured Loans Here

Payday loans

They are alternative loans for people with bad credit.  They are considered as dubious loans due to their high fees and interest rates. The lender relies on the income of the borrower to pay back borrowed amounts, which are often taken directly from the paycheck. The high interest rates lead to borrowers taking additional loans to service existing ones thus tying them in a circle of debt. Payday Loans are a great way for getting short term funds, see our recommended lenders Here

Cash advances

They are small short-term loans that an individual with a poor credit score can get from their credit company. They are mostly appropriate for individuals with emergencies or quick need for cash. Most lenders do not carry out a credit check on borrowers making it easier to get approved and receive funds as an individual with poor credit.. See here the list for the best cash advance options

How can I improve my credit score

Loans for people with bad credit attract high interest rates and poor repayment terms compared to loans extended to people with better credit scores. It is therefore important to improve on credit ratings to ensure access to better loans and loan terms in the future. The following are some of the ways that you can improve your credit score:

  • Register as a voter- it increases the credit score in that it confirms your address to the lender
  • Sign up for a credit report Here
  • Check the credit reports regularly- it helps identify the mistakes on the report which hurt credit ratings. For errors contact the credit reference agency to make amendments. 
  • Pay bills on time
  • Avoid making too many loans applications
  • Keep utilization ratio of your credit low by trying not to use more than 50% of the credit limit
  • Close any unused credit card accounts


How easy is it to get a loan with a bad credit score?

It is fairly easy to get a loan with a poor credit score. However, one should excel in other factors that determine the ability to repay the loan. The easiest way to get loans for people with bad credit is through payday loans and getting pawn shop loans. 

What is the best personal loan company in the US?

Our list above provides information on the best companies that offer loans for people with bad credit in the US in 2023. It is necessary to go through the pros and cons of each of the lenders and carry out due diligence and further research to understand the lender that best meets your financial needs. 

How much money can I borrow with a poor credit score?

Depending on other factors other than your credit score, the amount of loans offered to borrower’s changes from lender to lender. Loans can range from $200 to as much as $50000

Are there risks associated with bad credit loans?

Unfortunately, there are huge risks associated with loans for people with bad credit. For instance, it becomes hard to get out of debt especially when you are already struggling financially when taking out the loan. 

What happens if I miss loan repayment?

Missing a loan repayment is likely to attract additional loan fees and interests. It would also have a negative impact on your credit score making it harder to get loans at better offers when in dire need of emergency cash.