Having a credit score of 580 or lower can make it challenging to get approved for financing, but it doesn’t mean you’re out of options. Many lenders in the USA specialize in bad credit personal loans, offering flexible requirements, fast approvals, and funding for various needs such as debt consolidation, medical bills, or emergency expenses.
Here are 4 personal loan options that are accessible to borrowers with low or poor credit scores.
1. Upstart
Upstart uses AI-powered underwriting that looks beyond your credit score.
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Loan Amount: $1,000 – $50,000
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APR Range: 6.5% – 35.99%
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Minimum Credit Score: 300+
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Funding Speed: 1 business day
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Best For: Borrowers with limited credit history or fair/poor credit.
2. OneMain Financial
OneMain Financial offers secured and unsecured personal loans, making it easier for those with low credit to qualify.
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Loan Amount: $1,500 – $20,000
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APR Range: 18% – 35.99%
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Minimum Credit Score: No strict requirement
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Funding Speed: Same-day in some cases
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Best For: Borrowers willing to use collateral for better rates.
3. Avant
Avant is known for working with borrowers who have scores in the 500–600 range.
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Loan Amount: $2,000 – $35,000
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APR Range: 9.95% – 35.99%
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Minimum Credit Score: 580 (some approvals possible below)
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Funding Speed: 1–2 business days
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Best For: Quick access to funds with flexible repayment terms.
4. LendingPoint
LendingPoint focuses on applicants with credit scores as low as 580 and emphasizes income and repayment ability.
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Loan Amount: $2,000 – $36,500
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APR Range: 7.99% – 35.99%
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Minimum Credit Score: 580
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Funding Speed: Next-business-day funding
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Best For: People rebuilding credit and needing mid-size loans.
Tips for Getting Approved with a 580 or Lower Credit Score
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Provide Proof of Income – Stable income can outweigh a poor credit score.
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Consider a Secured Loan – Using collateral can improve approval chances.
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Apply with a Co-signer – This may lower interest rates and increase loan limits.
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Limit Applications – Multiple applications can temporarily lower your score.
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Check Lender Requirements Before Applying – This avoids unnecessary denials.
Frequently Asked Questions (FAQs)
Can I get a personal loan with a credit score of 580? Yes, lenders like OneMain Financial, LendingPoint, and Avant specialize in low-credit borrowers.
Will applying for multiple loans hurt my credit? Yes, each hard inquiry can lower your score slightly; apply selectively.
Are bad credit loans more expensive? Generally, yes—expect higher interest rates compared to borrowers with good credit.
Can I improve my loan terms with collateral? Yes, secured loans often have lower interest rates and higher approval chances.
How fast can I get funds with bad credit? Some lenders, such as Upstart and OneMain Financial, offer same-day or next-day funding.