Explore the top lenders offering installment loans for bad credit in 2024. Upgrade, LendingPoint, Universal Credit, Upstart, and Avant provide opportunities for individuals with poor credit to access the funds they need and improve their credit scores.
Upgrade: Accessible Installment Loans for Bad Credit
Upgrade is an online lender that specializes in providing installment loans for individuals with bad credit. Since its launch in 2017, Upgrade has made over $3 billion in credit available to more than 10 million applicants. While their maximum APRs may be higher compared to other lenders, Upgrade offers loans to individuals with credit scores between 580 and 600.
( Credit to: Forbes )
Loan amounts range from $1,000 to $50,000, with repayment terms of two to seven years. Upgrade also provides a mobile app for easy account management and offers a Credit Health tool to track credit scores. With Upgrade, borrowers with bad credit can access the funds they need while also having the opportunity to improve their credit scores over time.
LendingPoint: Quick Funding for Below-Average Credit
LendingPoint is an Atlanta-based online lender that offers personal loans to borrowers in 48 states. With quick funding and low credit score requirements, LendingPoint is an accessible option for individuals with below-average credit.
Loan amounts range from $2,000 to $36,500, with repayment terms of 24 to 60 months. While LendingPoint charges origination fees and high maximum APRs, it provides an efficient online application process. LendingPoint is committed to helping individuals with bad credit access the funds they need in a timely manner.
Universal Credit: Flexible Qualification Requirements
Universal Credit is an online lending platform that partners with various lenders to offer personal loans ranging from $1,000 to $50,000. With flexible qualification requirements and next-day funding, Universal Credit provides opportunities for individuals with bad credit to access the funds they need.
However, borrowers should be aware of the high APRs and origination fees charged by Universal Credit. Despite this, Universal Credit remains a viable option for those with bad credit who require quick access to funds.
Upstart: AI-Based Borrower Qualification
Upstart stands out with its AI-based approach to borrower qualification. It estimates that it has approved 27% more borrowers compared to traditional lending models.
Upstart offers loans to individuals with fair credit, with a minimum credit score requirement of 600. Loan amounts range from $1,000 to $50,000, with repayment terms of three to five years. While Upstart charges an origination fee, it provides prequalification with a soft credit check and fast funding.
Avant: Secured and Unsecured Personal Loans
Avant is a Chicago-based lending platform that specializes in providing secured and unsecured personal loans to individuals with fair to good credit. With a minimum credit score requirement of 580, Avant offers loan amounts up to $40,000 and repayment terms of two to five years.
While Avant charges an upfront administrative fee and high APRs, it provides options for borrowers with bad credit who need quick access to funds. Avant aims to help individuals with bad credit improve their financial situation through responsible borrowing and timely repayments.
Conclusion: Accessing Installment Loans for Bad Credit
While borrowers with bad credit may face higher interest rates and stricter qualification requirements, there are lenders who specialize in providing installment loans to individuals in this credit category. Upgrade, LendingPoint, Universal Credit, Upstart, and Avant are some of the top lenders offering installment loans for bad credit in 2024.
It is important for borrowers to compare lenders based on interest rates, fees, repayment terms, and customer reviews to find the best option that meets their needs. By responsibly managing these loans, borrowers can improve their credit scores over time and gain access to more favorable loan terms in the future.
