How to Get a Loan with Bad Credit

How to get a loan with bad credit

If you have bad or no credit, getting a personal loan may seem like a daunting task. However, with some effort, it is possible to secure a loan even with less-than-perfect credit. Working on improving your credit score can save you money in the long run by allowing you to qualify for lower interest rates. But if you need a loan right away, here are some tips to help you find the best personal loan for bad credit:

Check Your Credit Score

Knowing your credit score can help you understand which lenders you are likely to qualify with. You can use services like LendingTree Spring to check your score and find ways to improve it. It’s also a good idea to request your credit reports from the bureaus through

Seek Lenders that Consider More Than Just Your Credit

Some lenders take into account factors beyond just your credit score when assessing your creditworthiness. They may consider your income, employment history, and education level. Look for lenders who have a more holistic approach to loan qualifications.

Prequalify for Loans Online

Prequalifying for loans allows you to check whether you are likely to be approved and what rates you may qualify for. The prequalification process only generates a soft inquiry, which does not impact your credit score. This can give you an idea of what you could qualify for and the associated costs.

Compare Loan Offers

Once you have received a few personal loan offers, compare them to find the best option for your needs. Review the interest rates, lender fees, and available terms. Consider the overall cost of the loan and choose the option that works best for you.

Submit an Application

After narrowing down your options, submit a formal application. This will trigger a hard credit inquiry, which may temporarily lower your credit score. Be patient and wait for the lender’s decision. If your application is denied, the lender will typically provide information about the factors that contributed to the denial.

Where to Find Bad Credit Loans

There are various types of institutions where you can find personal loans for bad credit. At Instant Global News, you can browse our personal loan marketplace to compare eligibility requirements, interest rates, terms, and loan amounts. Here are a few different types of lenders you can consider:

  • Banks: Some banks, such as Wells Fargo Bank, offer personal loans. While online applications are convenient, visiting a branch can provide a personal touch and assistance throughout the application process.
  • Credit unions: Getting a personal loan through a credit union often requires membership. For example, with PenFed Credit Union, you don’t have to be a member to apply, but you’ll need to become a member to close the loan.
  • Online lenders: When applying for an online personal loan, the process is typically 100% remote. You’ll fill out an online application and submit documentation to verify your identity, income, and address.


Q: Can I get a personal loan with bad credit?
A: Yes, it is possible to get a personal loan with bad credit. However, it may be challenging to qualify for favorable terms or lower interest rates. Taking steps to improve your credit score can increase your chances of securing a loan.

Q: How can I improve my credit score?
A: To improve your credit score, make sure to pay your bills on time, reduce your debt-to-income ratio, and check your credit reports for errors. Additionally, avoiding new credit applications and keeping your credit utilization low can positively impact your score over time.

Q: Are there alternatives to personal loans for bad credit?
A: Yes, there are alternative options for individuals with bad credit, such as secured loans or loans with a cosigner. Additionally, some nonprofits and community organizations offer assistance programs for those in need.


While it may seem challenging to get a loan with bad credit, it is not impossible. By following these tips and exploring different lenders, you can find the best personal loan for your situation. Remember to check your credit score, consider lenders that look at more than just your credit, prequalify for loans, compare offers, and submit an application. With patience and persistence, you can secure the loan you need.