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"What is a personal loan?" is the first logical question to answer before you apply. Experts describe a personal loan as an unsecured loan — meaning no collateral is required — with a fixed rate, provided for almost any personal need and repaid in monthly payments over a term of 2 to 7 years.
That's just the general definition. For exact loan amounts, rates, and terms, you'll need to contact a lender and discuss what they can offer.
What do you need it for? Emergency money for a large purchase? Consolidating debts? A car repair? Any of these is a good enough reason to consider a personal loan. Here's how to apply and what can improve your chances of approval for the amount you need, based on your credit score, income, and other criteria.
The first and most important step is to check your rates and compare offers from several lenders to find a loan with a competitive interest rate.
Check whether you're eligible online using a simple application form — it won't affect your credit score, so there's nothing to worry about.
If you have bad or fair credit, it's worth looking at options from online lenders that serve borrowers with less-than-perfect credit, weighing income alongside credit history.
If your request is successful and you're approved, your personal loan can be deposited into your bank account as soon as the next business day.
Nothing is impossible. Getting a personal loan with a less-than-perfect history isn't a miracle. If you shop around and choose affordable options, you may still qualify for financing even without a strong credit score. What to do:
Follow this advice and spend a little time on research to protect your finances — or leave most of the work to Maggie Loans, and we'll gladly help you request a bad-credit personal loan quickly and with no headache.
You can choose any type of personal loan to suit your needs. Whatever you borrow for, lenders' requirements are likely to be much the same:
These are just the basic eligibility criteria, which most borrowers find easy to meet.
The interest rate you're charged usually depends on your credit score — the higher your rating, the lower the APR you can expect. Find your score range below to see what personal loan rates you're likely to get.
| Score range | Estimated APR |
|---|---|
| 720 – 850 | 13.9% |
| 690 – 719 | 18.0% |
| 630 – 689 | 21.8% |
| 300 – 629 | 27.2% (lowest scores unlikely to qualify) |
To get lower rates, consider the following factors that can raise or lower the cost of your loan:
The fastest way to estimate your monthly cost is an online personal loan calculator.
There's no single perfect lender for everyone, but here are some tips for finding a good match for your situation. Your choice will depend on:
Your decision may also come down to how you prefer to do business. Online, you can find convenient terms and competitive rates; if you prefer in-person service, you may want to consider banks. For a fast, easy application, online lenders are hard to beat.
To borrow safely from a legitimate lending company, read this quick guide on how to spot bad-credit loan scams. Predatory lenders and scams often share a few features:
Avoid borrowing from any lender showing these traits — apply online only for safe, reputable personal loans for bad credit.
What is a Personal Loan?
What are the requirements for obtaining a Personal Loan?
Can you get a Personal Loan with bad credit?
How much can I get with a Personal Loan?
What are the repayment terms for a Personal Loan?
This calculation is just a representative example. The estimates are preliminary and may vary in some cases. You'd better get advice from a finance professional. Using this calculator isn’t a guarantee that you will be eligible for a loan. Your lender will need to approve you.
If you've faced financial difficulties even once, you know how hard they can be to overcome. Bad things often happen at once, and many people don't have emergency savings to fall back on. Family and friends may not be able to lend the amount you need, and a bank loan isn't always an option — especially if your credit rating is weak or nonexistent. In cases like these, people often look for online personal loans that don't depend heavily on a credit check.
Some people assume no such loans exist. In fact, there are lenders that place less weight on a standard credit check and look more at other factors. These loans can be harder to obtain, and the option is worth understanding — including its downsides, which are significant.
For a lender, a solid credit history is evidence you're likely to repay. When they see a record of regular payments, they can treat you as a reliable borrower, and the stronger your credit rating, the better the loan terms tend to be. With good credit, you're far more likely to be approved — though approval is never certain.
If your credit rating is poor, the terms will usually be worse. The lender may ask for proof of income and a stable address before lending. But even with income, approval isn't guaranteed — different lenders weigh different factors.
Loans made with little or no credit review are among the riskiest for lenders. If they can't assess your credit history, they can't gauge whether you'll repay on time — so when a lender does offer such a loan, the interest rate is usually very high. You can end up overpaying a large amount, which often makes this kind of loan an expensive and unprofitable choice. Weigh it carefully against other options before you commit.
To qualify, you generally must:
One tip: it's better to provide whatever credit history you have — even if it's bad — than none at all.
Get access to loan amounts that work for you – from small advances to larger loans, with simple terms and credit-friendly options.
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Hi there!
I'm Maggie, the financial aid virtual assistant. How can I help you today?
Maggie MillarTo apply for any loan amount on maggieloans.com just complete the application form online. As you submit it the lender will contact you.
Yes, there're numerous loan offers for borrowers with bad credit. However, keep in mind that interest rates can be higher than on traditional loans.
No, applying for a loan online doesn't damage your score.
As soon as you've completed the loan request, the lender will verify it and contact you by phone or e-mail. It usually takes a fw hours.
If you apply and get approved before noon, you are likely to get financing fast same day. If the bank doesn't manage to make a money transfer today, you can get the loan on the next business day.
Yes, you can apply for a loan online at the weekend, but you will hardly get the money as most banks don't work during the weekend. If you apply on Sunday, you will get the funding on the next business day.