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Best Online Loans For Bad Credit

Best Online Loans For Bad Credit

When searching for the ideal online loans, it’s essential to carefully explore all your options. Multiple loan applications could damage your credit rating but doing your homework will allow you to find an economical personal loan for bad credit.

OneMain Financial is an ideal lender for borrowers with fair or poor credit, boasting an easy application process with minimal minimum credit score requirements and offering debt consolidation, unemployment insurance and membership-exclusive perks.


LightStream offers unsecured loans between $5,000 and $100,000 with competitive interest rates and no fees attached, flexible repayment terms and an application process designed for ease of use. In addition, LightStream’s unemployment protection program will suspend monthly payments in case you lose your job through no fault of their own – an ideal solution for people with good credit who require funding quickly for medical emergencies or unexpected expenses.

To apply, visit a company’s website and provide personal and financial data. Once that has been submitted, they will conduct a hard credit check; depending on your credit score you may receive an approval decision within 24 hours or even same-day funding if approved! Applying from home or the office makes this loan process straightforward and fast!

There are certain restrictions on how you can spend your money. When borrowing through LightStream loans, your funds cannot be used for higher education tuition fees, stocks or investing in your home. Furthermore, they don’t accept all forms of employment and perform credit checks when someone is denied for a loan.

The lender requires a minimum loan amount of $5,000, which could be too costly for certain borrowers. Furthermore, its minimum credit score requirement is quite stringent – though no exact number has been revealed by them, multiple third-party sources indicate you must possess at least an FICO score above 660 in order to meet it. Furthermore, other requirements of this company include multiple account types with strong payment histories as well as sufficient income sources.

Customers of LightStream vary in their opinions about it as a lender. Though it has earned decent marks from TrustPilot, users report a quick and smooth application and funding process with low interest rates and no fees making it an attractive choice for people with good to exceptional credit looking to fund large purchases or debt consolidation – however borrowers should still shop around to find their ideal rates.


SoFi is a leading online bank and finance company, offering personal loans and financial services like student loan refinancing, mortgages, personal loans and investment and banking services. Their user-friendly website and mobile app feature numerous useful tools that help manage finances more easily – plus unique benefits not available with other banks!

Since 2008, SoFi has developed from a student loan refinancing company into a comprehensive financial services provider offering multiple consumer and business financial products ranging from personal loans and credit cards to mortgages, wealth management services, investing and mobile apps for consumer use. Their services are supported by an extensive investor network including private equity funds.

SoFi’s personal loan products feature low interest rates, fast approval times and flexible repayment terms. SoFi utilizes an innovative underwriting process to assess applicants based on free cash flow, credit score and professional credentials; their products are available to students, graduates of four-year colleges/universities as well as those holding two-year associate’s degrees – there are even loan bundles specifically tailored towards helping graduates pay off debt in as few as five years!

Bank of America offers FDIC insured checking and savings accounts with competitive annual percentage yield (APYs). Members can earn up to 4.20% APY on their combined balances, plus roundups and vaults that help customers set savings goals and automate savings. Furthermore, its mobile app enjoys high customer ratings on both Google Play and Apple App Store.

SoFi offers personal loans as well as student and auto loan refinancing, mortgages, credit cards, investing and banking services through both its mobile app and desktop interfaces. Backed by an extensive investment fund, SoFi’s services have attracted over 1.5 million members. SoFi’s business model relies heavily on revenue streams such as loan securitization fees, FDIC sweep programs, payment processing fees, referral fees and more to generate its profits.


Avant is an online lender specializing in personal loans that offers quick and straightforward loan applications with funding as quickly as the next business day. They also provide fixed interest rates that won’t fluctuate throughout your loan, helping you budget your monthly payments easier.

This lender provides loans with flexible loan terms such as six-month, 12-month, and two-year loans. Their application requires basic personal information like name and address as well as income details to prescreen eligibility using a soft credit inquiry that won’t impact your score. After prescreening eligibility with this soft inquiry method, loan offers will then be provided – you can then preview them before selecting one that best meets your budget needs. As they report all payments made timely to all three major credit bureaus so on-time payments help build credit while late or missed payments can damage it further.

Avant’s flexible underwriting guidelines allow it to accept borrowers with diverse credit scores, typically between 600 and 700; it doesn’t disclose a minimum credit score requirement, however. You will require your own bank account in your name in order to qualify for an Avant loan; they don’t accept prepaid cards as qualifying accounts.

Start off by visiting Avant’s website and filling out their prequalification form. It collects personal information such as your name, address, date of birth, Social Security Number and income details before conducting a soft credit check to determine your eligibility for a loan. Should you decide to go forward, they’ll conduct a hard inquiry when providing you with their final loan offer.

Avant’s application process is quick and straightforward, enabling you to apply from the comfort of your own home or office. Simply submit documents either electronically or via mail; Avant will notify you if any additional documentation is needed; they may ask for copies of your driver’s license, income verification documents and bank statements – in some states they may even need proof that employment was verified through knowledge-based authentication (KBA).

Happy Money

Happy Money is an online lender offering personal loans to consumers. Specializing in debt consolidation and employing experts from data, psychology, and technology fields to assist borrowers in creating healthy relationships with their money, Happy Money provides financial education as well as tools designed to increase borrowers’ FICO scores and boost FICO scores for free. Their services are offered nationwide with various payment options available.

Happy Money personal loan applicants must possess at least a credit score of 640 and a debt-to-income ratio below 50 percent in order to be considered for one. In order to complete the approval process, proof of income such as W-2s and pay stubs are also required, along with proof of identity verification and hard credit checks that could temporarily lower their score during approval process. Once approved, borrowers will receive loan offers and can review terms and fees before making their decision; payment history is reported back to all three major credit bureaus which means on time payments can build your score while missed ones will lower it significantly

Happy Money personal loans may be an effective solution for borrowers looking to pay off high-interest credit card debt. Their unsecured loans feature fixed rates and flexible repayment periods with an easy online application. It should be noted, however, that customer service from Happy Money may be lacking; customers have reported slow funding times and long waits for refunds from this lender.

Happy Money provides flexible loan terms at competitive rates. Their personal unsecured loans can help those looking to consolidate multiple credit card bills into a single monthly payment, yet are limited solely for this purpose. Furthermore, an origination fee that could reach up to 5 percent of total loan amount must also be considered when selecting an online lender for debt consolidation purposes. Finally, Happy Money does not permit joint applications or co-signers, making qualifying more challenging.

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