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Learn More About Common Types of Loans Available Online
Secured loans are loans whose terms include the lender providing a collateral(for example a real estate property, a bank account or a valuable piece of jewelry) which is liquidated by the lender if the borrower defaults on the loan. Depending on the type of loan and the country/state in which he resides, the borrower may find himself still on the hook for the difference between the money recovered by the lender by liquidating the collateral and the outstanding amount.
Debt Consolidation Loans
Debt consolidation loans are loans that serve, as the name implies, to merge all your outstanding loans into a single one. Banks and other financial institutions typically offer lower rates for. The concept is similar to refinancing.
An installment loan is a loan that can be, if so desired, repaid with a number of repayments agreed with the lender, over time. Although one can repay it all at once, some contracts stipulate that at least two payments should be made. The duration of the repayment can be as long as 35 years. A mortgage is a typical example of an installment loan.
Signature loans are basically unsecured personal loans with no special features, the two are synonymous.
Faxless loans are loans that require little(or no, in some states) paperwork, proof of income or identity.
Guaranteed loans are loans in which a third party (i.e. neither the borrower, nor the lender) guarantees that the lender will get part or all of its money back in case the borrower defaults on the loan. The guarantor is usually a government, a government agency or a nonprofit and the purpose is usually to help a socially disadvantaged borrower to qualify for a loan of a size he wouldn't be able to access under normal conditions.
Small Dollar Loans For People With Bad Credit
These aren't actually anything or have to fall into a category, necessarily, although most of them fall in to the payday category. The “bad credit” part needn't scare you – different institutions have different definitions of what constitutes bad credit. If you're looking for the best place to get a loan with bad credit, make sure you check out our partners' offers.
Unsecured loans are loans that involve only the lender and the borrower – no 3rd party entity is involved and there is no collateral. These usually have a low maximum value and short repayment terms when compared to secured loans.
Emergency loans aren't a very clearly defined term, it's more up to your own intuition. They can be secured, unsecured, guaranteed, not guaranteed, payday or long-term. What emergency loans basically are are just that, loans taken out in case of an unforeseen event.
Fast Online Personal Loans
Fast online personal loans are typically unsecured loans with no collateral that involve some or most of the paperwork being sent via the internet, as opposed to faxing and face-to-face meetings. The pre-approval is usually automated, to reduce costs for the lender.
High Risk Loans
High risk loans are loans that pose a high risk to the lender. This is either due to the borrower being highly unlikely to repay the loan on time, or, a lot rarer, due to the loan being so large that they affect the liquidities required for the day-to-day operations of the lender. The term typically refers to the former.
A personal loan is a short-to-medium term loan that is, as the name implies, given out for personal uses and which doesn't usually require that the customer state its intended purpose. Its uses include financing a car, consolidating debt, renovating a home, financing a vacation and a lot of other things, but for most of them there are specialized loans that might fit the bill better.
Salary Loans With No Faxing
Salary loans with no faxing are loans that either let you e-mail in all the necessary documents to the lender or loan broker or do away with some, such as the proof of identity, altogether.
Payroll Loans With No Credit Checks
Payroll loans are basically payday loans, there is no actual difference between them, they are synonyms.
It therefore follows logically that payroll loans with no credit checks are the same as payday loans
with no credit checks: credits designed to tide you over from paycheck to paycheck, but not more than that
as interest rates climb steeply after one month.
Bad Credit Loans
Bad credits loans are credits given out to people who have bad credit. What actually constitutes a bad credit score. If you're wondering how to get such a loan, check out the lenders we selected and wonder no more.
Home Improvement Loans
Home improvement loans are loans taken out for the purpose of renovating a home, including repainting, . They can be of many types, but the most common ones are HELOCs(basically borrowing against the equity you have in your house, if any) and personal unsecured loans.
Small Business Loans
A small business loan is a loan specifically intended to be given out to small businesses. Common types include bank loans, mezzanine financing, invoice financing and asset-based financing.
Auto loans are loans taken out with the purpose of purchasing a car. There usually is a down paymentand the car itself constitutes a collateral.
Not to be confused with leasing, where you basically pay for the depreciation and actually acquiring the car involves paying the residual value.
Loans For Unemployed People
Loans for unemployed people are, just as the name says, loans given out to people without a stable income/salaried job. Depending on your qualifications, credit rating, job history, potential qualities and, in the case of NINJA loans of 2007 fame, even government guarantees, they are not just a buzzword and can be taken out.
Payday loans are small, unsecured loans given out to employees, pensioners or other people with a fixed income cycle with a predictable minimum size. As the name implies, they're typically taken out by salaried people, usually in case of an emergency or otherwise unpredictable expenditure, and repaid the very next paycheck. Be especially careful with repaying the loan over more than a month, as the APR is typically large.
No credit check loans
No credit check loans are, as the name implies, loans that involve absolutely no credit checks. The problem is that, depending on country/state, this may not be possible. It's usually just postponed for later in the approval process. However, since some of our partners accept applicants with credit scores which may be considered bad elsewhere, we wouldn't worry too much if we were you.
Most Frequently Asked Questions
Q: How can I get a personal loan with bad credit?
A: First of all, you need to find out what constitutes bad credit for your lender of choice. Your credit score may not be as bad as you think it is. Check out our partners for the best offer.
Q: I'm wondering how to apply for a loan with bad credit, can you help me?
A: Sure. Just call/mail any one of our partners and they'll help you with the process.
Q: 5000 loan bad credit?
A: We assume you mean “I need a 5000 dollar loan with bad credit”. We and our partners actually received and still receive a lot of questions, pleas or requests that are variations on the theme:
- Does anyone know how to get 5000 dollars fast with bad credit?
- Can one take out bad credit personal loans for 5000?
- How can I get high risk loans no credit check?
- Please help me, I need to borrow 5000 with bad credit!
- Does anyone know how to get 5000 dollars fast with bad credit?
- Are there any guaranteed bad credit personal loans for 5000?
- I need to borrow 5000 with bad credit.
It's not surprising, a 5000 loan with bad credit is not far from the mean value for a personal loan and it's actually attainable. It doesn't fall into the category of small cash loans, but don't let that scare you There are more banks and non-banking financial institutions that give personal loans with bad credit than people think, because, as we've previously stated, what customers think is bad credit . Just don't panic and awkwardly ask for personal loans with terrible credit, don't get scared, our partners want to help you.
Q: How can i get a personal loan with bad credit?
A: See the previous answers. Just contact one of our partners for instructions on how to apply for a loan with bad credit.
Q: How can i get a loan with bad credit?
A: This question comes up a lot, doesn't it? For more info, visit our partners
Q: Where can i apply for a loan with bad credit?
A: Most of our partners offer quick loans for bad credit, check them out.
Q: I need a loan ASAP!
A: Then you've come to the right place: although we don't offer loans directly, we've spent a lot of time selecting the best lenders available
Q: What are the typical unsecured personal loan rates?
A: Please use our credit calculators or ask our partners directly for up-to-date information and special offers.
Q: I need a small loan with bad credit; please, please help me get a loan now with bad credit, they're going to foreclose on my house!
A: It can be hard, we know. But please, please don't panic, it's more than likely that there still are financing options you can use. Some of our partners specialize in giving out loans to people with bad credit history; there are classic banks that give personal loans with bad credit and loan companies for people with bad credit.
Q: Are there instant loans online?
A: Why yes, yes there are(well, the pre-approval is instant, depending on the offer and the country the process may take a couple of days).
Q: Why is looking for a personal loan with bad credit so hard?
A: It's not, actually. There are plenty of loans for really bad credit history out there, you just need to choose carefully. Fortunately, we've done the choosing for you: our partners are trustworthy and have very good offers. Some of them even specialize strictly in bad credit finance..
Q: Are there any bad credit personal loans that are not payday loans?
A: It's hit or miss. As we've stated countless times, don't be afraid to contact multiple companies(we recommend the ones on our sidebar) – your credit may not be as bad as you think
More About Common Types of Online Loans
Loans for unemployed people
Most people view giving loans to unemployed people as a huge risk on part of the banks and point back to the 2007 crisis, in which NINJA(no job, no income, no assets) loans played a not insignificant part.
However, a loan for certain types of unemployed can be prudent and mutually beneficial. Take for instance a qualified professional in a field that's doing well, who has taken a sabbatical. He's got good credit, good credentials and doesn't need or want a job for the time being. Most banks are happy to do that, and financial non-banking institutions would be even happier to take up such cases. It is not, however, a widespread practice nowadays and you need to do your research before trying to get a loan while unemployed. Basic precaution should also play a role in your decision to get a loan for unemployed people, because it's easy to misjudge one's own ability to repay loans, such as being overly optimistic about one's job prospects or market value. Having a property to put up for collateral when taking out a loan as an unemployed person is also more important than for people with a stable salary-based income
Salary Loans With No Faxing
A salary loan with no faxing is a loan that does away in part or almost completely with the bureaucracy involved with standard loans. Salary loans that don't involve faxing are usually small dollar ones, typically around the size of a monthly salary or less, and large banks aren't usually the ones giving them out. The law doesn't let you do away with all documents, at least in the US. However, there are lenders, especially smaller ones, which let you apply for a loan by simply scanning and attaching the required documents. Some brokers might say those are not required, but if the lender they set you up with want faxed documents, they might go back on that promise.
Payroll Loans With No Credit Checks
Payroll loans with no credit checks are, as the name implies, small loans that are taken out to fill a financial void from one paycheck to another which involve superficial checks, if any. First off, if you are required by the lender for a credit check authorization, they're almost always going to do one.
It might seem unfair as, for example, becoming a personal banker doesn't always involve a credit check, but that's the way it is now and the debate is too complicated for our purposes. Smaller financial institutions might eschew credit checks for categories of people with a , such as pensioners(but not always, in the US), professors with tenure and other people who benefit from complicated or nonexistent dismissal procedures and therefore are very likely to always have some sort of stable income. You may also find similar loan subcategories under “payday loans” with no credit checks, which are basically the same thing since payday loans are the same as payroll loans. For a list of reputable payday lenders, check out our partners' offers.
Small Dollar Loans For People With Bad Credit
Bad credit is a problem most people face at one point or another during their lifetime. It's important not to feel guilty because you're in that situation, and it's more important not to lose hope – small dollar loans are still something you can get, even with bad credit. There are some potential downsides, such as a lower maximum amount and a larger collateral, but, apart from borrowing from friends and relatives, they are still a decent alternative, should you need financing. A distinctive feature of small dollar loans for people with bad credit is that they're usually given out by non-banking financial institutions, like the ones specialized in payday loans. One might still be able to get one from a large bank, but taking a small dollar loan with bad credit from a proper bank necessarily involves a lengthier process, worse repayment conditions, higher interest rates, or a government guarantee/large collateral. The minimum credit rating also varies widely between financial institutions, so you might be able to get a normal loan even if you think your credit is bad – it might not be for some lenders.
Guaranteed loans are loans where a third party(i.e. A government or other type of association) puts up a collateral which guarantees(hence the name) to the lender(i.e. bank or similar organizations) that it has an easy way of recovering some or most money in case the loan isn't repaid on time.
Guaranteed loans are often a way to minimize social inequality and a helping hand given to disadvantaged persons, so they're more often that not given out for education and low-cost housing
The upside for you, the customer, is that a guaranteed loan typically has better lending conditions, lower rates and a higher ceiling than a non-guaranteed loan. Furthermore, since liquidating the collateral involves significant costs and complications, the lender doesn't usually hurry to do it if the loan turns sour and you can usually negotiate a repayment plan for a guaranteed loan after failing to pay.
The downside is that loans might not be guaranteed in their entirety and you might still be on the hook for a portion of the loan after the guarantee is liquidated, the difference from standard loans being that you might now owe money the third party and not just the primary lender.
A lot of people want guaranteed payday loans and, while that isn't something that exists right now, it is a working proposal in some countries.
A loan is secured when the borrower pledges something (e.g. real estate, a vehicle, intellectual property, a business) as a loan collateral, which will be liquidated in the event of a default. When possible, it is usually a good idea to get a secured loan instead of an unsecured one, as the interest rates are lower and the repayment time can usually be a lot longer. The most common type of secured loan is the mortgage loan. A liquidation of a mortgaged real estate property is called a foreclosure while other types of liquidations are usually called repossessions. Depending on the country/state, the borrower can still be on the hook for the difference between the amount he's managed to pay back and the outstanding debt(in which case the loan is called “non-recourse”) or he can walk away from the loan, any losses incurred by the lender being its responsibility (recourse loans).
Unlike secured loans, an unsecured loan is one where the debt is not protected by collateral, a lien or a guarantor. Since there’s nothing for the creditor to liquidate in case of a default or bankruptcy, the interest rates are nearly always higher. Some common types of unsecured loans are emergency loans, cash advance loans (also called “payday loans”) and doorstep loans. The interest rate on unsecured loans will vary a lot, depending on what your credit score is, but it's typically higher than that of a secured, long term loan.
The number of necessary documents is typically higher, as, without a collateral, the individual's history itself assumes its role The effective interest rate is also typically higher, as there is a greater risk involved for the lender and there exists another balancing act between losses and profits.
As jobs pay less and life costs more, payday loans are extremely popular for a growing number of people, which is why more and more lenders are offering them to their clients. A payday loan is essentially this: a small, short term loan that is offered in small sums to people who are in need of a loan that is going to get them through from payday to payday. It is meant as a “stopgap” of sorts so that those who are at a tight spot can pay their bills, afford groceries and face unexpected events until that next paycheck comes in. The re-payment rates aren't usually fixed, the interest is usually on the high side and it adds up quickly. These are great to consider if you're in a tight spot and are reasonably sure you can repay them within a month, but better alternatives exist if you need longer durations. They've helped people from all walks of life and are accessible through all sorts of big fish and little fish lenders out there. Some loan lenders have such offers listed under “instant cash advance”.
No Credit Check Loans
These kinds of loans are popular due to the fact that they do not do a credit check for those applying for them. For those with bad or little credit, this can help make the difference in the short run. These are usually short term loans, but the actual length can vary depending on the lender’s terms. Most of the time, these are done exclusively online and are known for being fast and convenient. That being said, you must always make sure that you are not getting roped into a scam, especially since they are more common online. The size of this kind of loan is always small, too, so the term comes up more often in the context of payday loans or emergency loans. It must also be said that in some cases the credit check just goes on later in the process, so be sure to read the fine print.
Debt Consolidation Loans
Debt is something that impacts us all, so it makes sense that we can have a loan that would help us get out of it. A debt consolidation loan is a loan that merges all your outstanding debt into one bigger. As this is a loan meant for those who are already in debt, there is normally no credit check required or it's done late in the process and bad credit is less often a factor than in other types of loans. The exact characteristics of this type of loan greatly vary depending on what kind of situation you are in and the lender you are borrowing from. You know what the bank gets: income, so you're probably asking yourself what's in it for you: the borrowed amount can go pretty high and the interest rates tend to be manageable, as the main purpose of the bank is to gain new customers - the interest rate is almost always lower than what you were paying on the separate loans you had before consolidating them.
As the name suggests, emergency loans are there for when you are in an emergency situation and are in need of some money to tide you over. The definition of an “emergency” can differ from lender to lender. Also, emergency loans are not exactly a class of loans all by themselves, as they can be payday loans, HELOCs, installment loans. It's less of an internal bank term and more of an end-user term. These loans vary in many ways, but are meant to help the person who is in need of financial support immediately. They can be offered quickly and with minimal paperwork, making them great for those that are truly in a bind due to unforeseen circumstances. Normally, there is no minimum credit rating requited, and can be up to $1 000 for most companies out there. These usually take the form of payday loans, so they have a higher interest rate and are meant to be repaid in a shorter amount of time. These should only be used in emergency situations, as the interest might and will quickly become a problem.
Bad Credit Loans
No one is perfect, and we all have moments in our lives where we are not able to be as financially stable as we'd like, leading to bad credit. This can often impact all of us in terms of getting a loan, but fret not, bad credit loans are not just a dream. These loans have set restrictions, especially on the amount of money to be loaned, but they're great for those who have been turned down for regular loans due to bad credit scores. If the lender accepts a meeting to discuss such a loan it's implied that you have an objectively small credit score, so you won't encounter hostility and outright rejections aren't that common. The lender will work with you to find a solution that meets all of your needs as well as theirs, and, as the definition of a bad score varies from institution to institution, there is almost always a second chance. These are becoming more and more popular as time goes on. For more information on how to apply for low interest personal loans for bad credit, check out our partners' offers.
This term is a broad one that often changes depending on the terms of that particular lender that you will be using. Generally speaking, they tend to have a large open concept in terms of the opening and closing date spanning from a few weeks to several years. This kind of loan is meant in the same way that a payday loan is, but the amounts are larger and they have a specific contract that makes them close to a more traditional loan. As the name suggests, this kind of loan is paid out in set up installments, at regular intervals, and not in one large lump sum, like, say, a payday loan(although one can make advance payments to avoid paying interest for that sum in case or just straight out close the loan). The interest rates tend to be lower on these ones, too, seeing as the payment is done over a large interval, so, in absolute numbers, the bank gets a bit more money out of the interest anyway. They are popular for those who need the money for a longer time frame. 36 Month loans, for instance, are quite popular and actually close to the mean duration for a personal loan with monthly installments.
Fast Online Personal Loans
As you can probably imagine, personal loans online are getting more and more popular due to their anonymity and ease of access. They are granted quickly and can be accessed no matter where you are, without putting a face to the name. If you are worried about your approval for typical loans, these are your best option right now, since they are going to be available almost instantly. The amounts are small and there is not much personal information needed in order for you to get the loan approved and into your bank account. You do need to watch for sketchy websites, though, as they are hard to detect at times. The general rule of thumb is to use a trusted website as a starting point and that will direct you to the safe and online forms that will get you the money you need. We highly recommend you use our partners, as they have a proven track record and are reliable.
Home Improvement Loans
If you want to make improvements to your own home, a vacation home or a rental property, the cheapest way to finance it is via drawing on your equity with a home equity loan (HELOC).
However, if you are one of the many people that found themselves underwater after the 2007 financial crisis, you may find yourself needing a more expensive alternative that doesn't take equity into account: a home improvement loan.
Your home is an investment that you need to spend time and money on to make sure that it lives up to your expectations. Home improvement loans are perfect for this sort of thing. These are specifically designed out for those who are looking to do large renovations (or small ones) on their homes and properties in order to put more value into the property in the future.
These loans usually have clauses that have the customer list the improvements he/she wants to make beforehand. They are available in large amounts, with a generous repayment plan, so that they are accessible to most home owners but, again, if you have enough equity we recommend a HELOC, as it is usually cheaper.
A signature loan is a broad term that is used to describe a loan that is more commonly known as a “character loan” or a “good faith loan”. This means that it goes entirely off of a person's moral code and there is nothing other than the basic credit/income check that goes on with most regular loans. While a cosigner can sometimes be required to make the loan valid, the main difference between this kind of loan and a more typical one is that it goes off of a signature alone, essentially.
It is relying on the fact that you are agreeing to pay off the amount of the loan in full if there is a problem and that you are responsible for doing this in a desired amount of time. These are often sought after by people who don't have much credit history to their names, or those who don't have much in collateral to offer in comparison to what they are looking to borrow.
High Risk Loans
A lot more loans fall into this category these days these days as people get into debt more, or rely on credit cards for their personal needs. A high risk loan is any loan taken out by people who don't have “good enough” credit history, or a “high enough” credit score to be approved for a regular personal loan. These loans are flexible so that they are accessible to those who can't normally get any kind of approval.
Since the people applying for these loans are still considered “high risk”, there are still limitations set on the loan, usually in terms of collateral or the amount. It is not perfect for everyone out there, but it can often make the difference between getting a loan and not when it comes to those who are disqualified using the regular channels. Most banks and non-banking financial institutions have a separate range of loans entirely meant for people with low credit scores.
Small Business Loans
Most people know that business loans are meant for corporations, big or small, and a small business loan is certainly no different. It offers all of the same perks, conditions and needs that businesses would be able to take advantage of, all wrapped up with the knowledge that it is just a small loan that is meant for those businesses that are smaller in size.
These are popular options for those that need help financing some sort of business that qualifies as "small" according to country/state rules. Due to the fact that it is meant for small businesses in particular, there is often some wiggle room, as well, in the payback time, rate, and the terms of the loan itself. This makes it a great option for those who need a personalized option for their business.
Lots of self-employed people with bad credit choose to opt for small business loans instead of personal loans, as their companies look sounder, financially, than themselves.
A faxless loan is a relatively new way of applying for a loan than involves doing some or most of the communication with the lending entity online or via e-mail. As you may know, a regular loan is done by communicating with a bank associate, or at least through faxes and phone conversations to figure out terms that work for everyone. With a faxless loan, as the name suggests, there is as little as possible of that “sit down, talk it out” idea. These are short-term loans that are meant to be done through emails and the scans that go along with them. As such, they're popular due to their relative anonymity and the fast pace in which they can be approved and given to those who need them.
Typically, loans that fall into these categories are payday loans and small cash personal loans in general. They have a smaller maximum limit, so the lender can keep the default rate low(which is important, given their tendency to be unsecured). When used in the right way, they're very useful.
A personal loan, simply put, is one where the borrower doesn't have to specify the exact purpose of the funds. This in itself is a broad term, but is easy to differentiate when put side by side with its counterpart (a business loan). Where a business loan is used for a company or business affairs, a personal loan is used for personal reasons with no connection to a business.
Personal loans vary in their amount, rate of interest and payment plan because the term itself is so vague and needs to be narrowed down on a more level playing field with the person or bank that is putting together the details of the loan.
Personal loans are usually unsecured, and they are often use for medical reasons, vacations or small purchases. They are also called “consumer loans” and are usually paid in fixed monthly or weekly installments.
These are loans used, obviously, to purchase vehicles. After that, that vehicle will also be the loan’s collateral. Since this is a secured loan, it’s nearly always a better idea to get one when trying to purchase a car, instead of a cash advance or a personal loan, especially if your credit is not great. Going into the meeting with the agent, you should have the details on the car you are looking for so that they can query their database and obtain a starting point of the loan’s amount. Some of the lenders will also need a proof of insurance. If you don't have a specific car in mind, you should at least know the make and model, as these are critical before sitting down with a loan specialist.
Several car manufacturers have created their own car finance departments, so you might want to read their offers before choosing your car brand. Auto loans are not to be confused with auto leasing, which involves financing the depreciation, buying the car at the end of the leasing involving a large residual payment that might be too large for some people – not paying it means the car goes back to the leasing company.