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Top Direct Lenders For Bad Credit Borrowers
We aim to help Americans with bad credit scores who need quick cash. With us, you can explore available options in one place, prequalify from multiple lenders in a few clicks, and choose the best loan offer. BadCredify makes borrowing easy and flexible even if you have poor credit.
Best Guaranteed Installment Loans For Bad Credit From Direct Lenders Only
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees, prepayment penalties, or other fees may be applicable
- Prequalification for multiple personal loans on one platforms
- Low minimum interest rates
- Fast funding (same-day direct deposit may be available)
- High maximum interest rates
- Extra fees may be applied
- The company’s partners may perform a hard credit check
- Data privacy concerns
One business day (same-day funding available)
Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.
LendingTree serves as a handy platform for seeking personal loans. It allows borrowers to explore a variety of loan offers in one place. Many lenders that partner with LendingTree can provide loans swiftly. However, borrowers with bad credit scores typically get high interest rates.
LendingTree has accreditation from the Better Business Bureau, a non-profit group dedicated to customer safety and trust. The BBB rates LendingTree as A+, a symbol of excellence. The BBB’s decisions are based on how a company reacts to customer gripes, truth in marketing, and openness about company procedures.
- The ability to compare multiple loan offers in one place
- Loan funds in one business day
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid bank account
- Provide income confirmation (the income should be received via direct deposit)
- Origination fees: None
- Late payment fees: None
- Prepayment penalties: None
- Non-sufficient funds fees: May vary by state
- Accepts borrowers with damaged credit
- Same-day funding is possible
- No origination, late, or prepayment fees
- Soft credit checks only
- Convenient loan minimums
- Very high APRs
- Low maximum loan amounts
- Suspected of loan term misrepresentation
- Not available in all states
Same-day or next-day funding, depending on the time you apply and get approved.
Bad credit borrowers looking for last-resort financing options
OppLoans offers small loans with fast funding, bad credit tolerance, and credit-building opportunities. However, it has APRs of up to 195% and was suspected of misrepresenting its loan terms.
OppLoans can help applicants with low credit scores get much-needed financial support and rebuild their credit. It offers fast and accessible loan options that can be a helping hand for people in a tight financial spot.
- Almost instant approval decisions
- Financial education
- TurnUp program
- Credit-building opportunities
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information and social security number
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Optional fees (up to 6%)
- Low interest rates
- Co-applicants are allowed
- No prepayment penalties
- Flexible loan amounts
- Interest rate discounts are available
- Multiple repayment options
- No origination fee
- Good credit is required for better loan terms
- Hard credit check if you continue your application
- Late fees might apply
- No co-signer option available
- No physical branches
One to three business days
Applicants with good to excellent credit scores who want to consolidate debt, make major purchases, or cover their long-term needs.
SoFi is a financial website that provides unsecured personal loans. The company doesn’t specify its minimum credit score requirements, but most of its borrowers have credit ratings of 680 and higher. Loans from SoFi are also accessible with a co-borrower with good to outstanding credit. Personal loan candidates need to have a sufficient income and a low debt-to-income ratio.
SoFi does not do credit checks on its customers when they prequalify for a loan. Instead, it examines applicants’ whole financial situation. The company offers reasonable interest rates and flexible repayment terms to qualified borrowers.
- No prepayment penalties
- No origination fees
- Low interest rates
- APR discounts
- Co-applicant option available
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card.
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Within one business day of approval via a direct deposit. Funding within several hours may be offered if you receive the funds on your debit card.
Borrowers with credit issues who want to avoid predatory lenders.
OneMain Financial is a reliable financial service that offers personal loans between $1,500 and $20,000 without minimum credit score requirements. With its joint applications, flexible repayment terms, and soft credit checks for pre-qualifying, it can suit borrowers with bad credit. Interest rates are usually high, though.
The company offers a wide range of secured, unsecured, and joint loan options with flexible repayment terms. Its personal loans are available to underbanked borrowers.
- Direct payment to creditors for debt consolidation
- Loan cancellation within 7 days
- Fast funding
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid email address
- Have a valid personal checking account
- Provide income confirmation
- Origination fees: 1% to 5%, depending on your state
- Cash advance fees: 10%
- Late payment fees: vary by state
- Non-sufficient funds fees: None
- Next-day funding
- No application fees or prepayment penalties
- Bad credit is accepted
- Flexible repayment terms
- Convenient minimum loan amounts
- Very high APRs
- Low loan maximums
- Origination and late payments fees may be charged
- Not available in all states
Next business day
Borrowers with bad credit in need of fast cash
NetCredit helps bad credit borrowers qualify for personal loans and credit cards. Despite fast approval and funding, APRs and fees are high. Additionally, NetCredit is unavailable in 14 states.
NetCredit offers cheaper alternatives to regular personal loans and provides bad credit individuals with more flexibility. Additionally, it has fast funding times and allows borrowers to improve their credit.
- The ability to change the due date;
- Refinancing with the same lender in some states;
- Credit-building opportunities.
What Are Online Direct Lenders For Bad Credit Consumers?
Online direct lenders are companies that give loans directly to bad credit individuals through websites and apps. They focus on helping people who might not get money from regular banks. Direct lenders for bad credit offer a wide range of loan options, including personal, installment, payday, and title loans.
Direct Online Lenders Vs. Brokers
A direct lender is the one that lends money directly to borrowers without any middlemen. They are fully involved in the loan process, from making loan decisions to transferring money and collecting payments.
Brokers are different. They connect borrowers and loan providers instead of lending themselves. Such services get information from applicants and find lenders who might want to work with them. Borrowers sometimes need to pay brokers a fee for their work.
Benefits Of Using Direct Loan Providers For Bad Credit
Getting loans directly from lenders can make some parts of the process easier. You may get approved faster without paying any middleman fee and sharing your sensitive information with third parties. Here are other significant benefits to consider:
- Easy loan application process. Filling out applications is usually more straightforward as it’s tailored to the requirements of a particular lender.
- Personalized customer care. With a direct lender, you may get more personalized help if you have questions about your loan. They also disclose all their rates, fees, and policies so borrowers know what they’re getting into.
- Reasonable interest rates. Unlike brokers, direct lenders can offer lower interest rates, as there will be no fees for finding a suitable loan offer.
- Security. Reliable direct lenders don’t share your personal and financial information with third parties. This means that your data is better protected.
Disadvantages Of Dealing With Direct Lenders That Provide Bad Credit Loans
Direct lenders for bad credit loans offer multiple advantages but also have their downsides. Check them below:
- Limited options. While brokers have a wide range of loan options from multiple loan providers in one place, direct lenders only offer their own products.
- Missed opportunities. When you deal with a particular direct loan provider, you potentially miss better loan terms that may be offered through brokers with their extensive network of lenders.
- More time to find the best deal. It’s more difficult to compare offers from direct lenders as you need to prequalify from each loan provider separately.
- Less flexibility. By applying for a loan from a direct lender, you have to meet its strict requirements. Brokers are more flexible and work to find a loan provider with suitable criteria.
How To Apply For Bad Credit Loans From A Direct Lender?
To qualify for a bad credit loan, you must be an adult US citizen, have a valid bank account, and provide proof of steady income. However, it’s recommended to check out the requirements set by your particular lender. If you meet the criteria, you can start a loan request process.
- Shop around. Look for lenders that specialize in bad credit loans. Search online or ask people for recommendations.
- Check the eligibility criteria. Before applying, check the lender’s requirements regarding age, income, job status, credit score, etc. to see if you qualify.
- Gather any documents lenders require, such as your ID card, pay stubs, and bank statements.
- Fill out an application and provide accurate info to avoid issues and loan denials.
- Get a loan decision. The lender will review your application details and decide if they can give you the loan. You will get a response via email in about a few hours.
- Receive the funds. If approved, read and sign a loan agreement to accept an offer. The money will be deposited into your account in 1-3 business days, depending on the lender.
Terms & Conditions Of Direct Lender Loans For Bad Credit
Bad credit loan terms and conditions highly depend on your FICO rating, income, DTI, job status, state, and your lender’s policies. Direct lenders that consider people with bad credit usually have higher interest rates than banks because they are taking on a more significant risk. The annual percentage rate may be up to 35.99% or even higher.
Lenders may charge an origination fee (up to 10%) when the loan is given out. The repayment periods can be from 6 to 84 months. You typically need to make fixed monthly payments during the entire loan life. The amount you can borrow is determined based on your income and can be anywhere from $500 to $100,000.
If you’re late on a payment, you may have to pay a late fee. Other charges, such as prepayment fines or fees for bounced checks, may also apply.
Representative Example
Suppose that you’re going to borrow $3,000 from a direct lender. Your monthly payments and the total loan cost will depend on the APR offered by a lender and the repayment period you choose:
| APR | Loan Term | Monthly Payment | Total Cost |
|---|---|---|---|
| 7.99% | 12 months | $260.95 | $3,131.42 |
| 7.99% | 36 months | $94.00 | $3,383.83 |
| 12.4% | 12 months | $267.11 | $3,205.30 |
| 12.4% | 36 months | $100.22 | $3,607.81 |
| 18.7% | 12 months | $276.04 | $3,312.48 |
| 18.7% | 36 months | $109.51 | $3,942.49 |
These are examples provided based on the advertised rates. You specific APRs and payment amounts may differ from those provided on the table. You can determine your particular loan cost based on the personalized terms by using our loan calculator.
Loan calculator
ESTIMATED MONTHLY PAYMENT
TOTAL LOAN AMOUNT PAID
TOTAL INTEREST PAID
TOTAL COST OF LOAN
Factors To Consider Before Choosing A Direct Lender
Choosing a direct lender is a big decision that requires thoughtful consideration. Here’s a quick rundown of the critical things you need to look at when you weigh your options:
- Interest rate. Rates can make a big difference over a loan’s lifetime, so look at what each lender is advertising. Lower is better, generally, but watch for variability, too.
- Fees. Review the origination charges, application fees, and early repayment penalties. Lenders can get you with hidden costs if you don’t pay attention.
- Loan terms. Check the repayment timeline, monthly minimums, and the ability to shift a due date or repay your loan early. Longer terms are reasonable because of lower monthly payments, but they come with a higher total loan cost.
- Lender’s reputation. Read reviews, verify licenses, and check the lender’s reliability via consumer protection agencies. Look for transparency and good feedback.
Tips For Getting Approved For Urgent Loans For Bad Credit From A Direct Lender
Getting a loan can be tricky when you need cash fast but have bad credit. Here are some tips to increase your chances:
Verify Your Credit Score
Check your credit score to see where you stand and figure out what kind of loan you may actually get approved for. Also, dispute the mistakes if you find any.
Improve Your Credit History
Even though improving your credit history takes some time, it will help you out down the road. Pay your bills on time, pay down high-interest credit card balances, and limit new credit checks to see progress.
Rely On A Co-Signer
If you have a family member or friend with solid credit, ask if they can co-sign the loan. Having a co-signer can make your application less risky, meaning you may get a lower rate or higher loan amount.
Shop Around For Bad Credit Direct Lenders
Look at offers from different lenders. Compare interest rates and fees to find the best terms for you.
Opt For Secured Loans
If you have assets like a car or house, consider using them as collateral on a secured loan. As a pledge provides an extra repayment guarantee and can be repossessed in case of default, lenders are more likely to approve you even with bad credit.
Prove Your Steady Income
Lenders want to see a steady source of income that is high enough to make your monthly payments. Show pay stubs, tax returns, etc., to prove your earnings. It will help convince them you can handle the payments.
Why Choose Us
BadCredify makes it easy to find the right personal loan from a suitable direct lender. We observe an extensive database of trusted loan providers, allowing you to access offers from the lending companies with the requirements you can meet. Whether you have good or bad credit, we can help you get an option that will work for you. All you need is to complete our simple form and choose the product with the best terms offered.
Our team is always here to help you make an intelligent choice by providing expert guides on personal finance, money borrowing, and debt management. We also create useful and unbiased lender reviews so you can better understand their distinguishing features and figure out whether they meet your needs.
FAQs
How do you find direct lenders for bad credit personal loans when no one will approve you?
You can search for them online through BadCredify. We will help you find suitable no-denial payday or installment loans you’ll receive in your bank account from the comfort of your home. Can’t get a personal loan with a guaranteed approval decision from traditional banks? We will find you online lenders that also offer instant funding options.
Why would I not get approved for a payday loan?
Two of the most common reasons are a low income or bad credit. Lenders also look at your other debt, your job stability, age, and where you live. Recent bankruptcy or military service can decrease your chances, too.
What are the alternatives if you can’t get a loan?
You can rely on payday alternative loans from credit unions. You can also get financial assistance from government programs or borrow money from friends and family members.
Can I get a secured loan from a bad credit direct lender?
Of course. Providing collateral will decrease the interest rates and show the lender you are less risky. However, not all lenders offer this option.
Where can I find direct lenders for poor credit?
You can find them on our platform. Provide personal details, and we will find you loan providers that match your needs. If you pre-qualify through our website, it won’t affect your credit score.
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