Top 25 Bad Credit Loans in 2019
(unsecured & secured)

We Find Lenders Who Lend To Bad Credit Borrowers

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Last updated on October 17 2018

Commentary for informational purposes only. See legal disclaimers here.
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Trying to get approved for a bad credit loan in 2019? The challenge can be daunting for sure. We've provided our top 25 list for the year, in an effort to help you make the best choice possible.

Criteria Used For Selection

We chose our top bad credit lenders based on the following:

  • social media activity
  • online reviews
  • loan products
  • website quality (ease of use)
  • loan approval time
  • expert opinions

Our list is not ordered best to worst. We don't really like that kind of list because there are too many factors involved. The best lender for you could be completely different than the right lender for someone else; based on where you live, how much you want to borrow, and what your credit rating is.

Our numbered list below corresponds to the lender headquarters map.

Before you begin browsing this list, we highly recommend using our borrower checklist, before considering a loan with one of these companies. Some of these lenders charge extremely high APR, so do your due diligence before using their products or services.

So let's go!

Best Bad Credit Lenders for 2019

Important Note: We do not receive compensation from any of the lenders in this list, and we do not guarantee your success in getting approved with any of them, as per our terms of service. If you believe any of these lenders are not conducting business as per the laws in your State please use our directory to launch your complaint.

Lenders' Headquarters Map

Courtesy of Google Maps - for informational purposes only. Lenders' corporate addresses rarely provide loans. These are administrative office locations only and don't disperse credit or loans. You can use their website when considering the products they have available in your State and area.

Tap Map Image to go Interactive

Bad Credit Lenders Headquarters Map - Initial Static Image


Bad Credit Lender Comparison Index

Bad Credit Loans by Max Amount

Important note: these maximum loan amounts are the average amounts
- maximum lending will be restricted by the laws in each State.


Loan Maximum Below $500

LendUp

Loan Maximum $1000

CashAdvance / CIC

Loan Maximum $2000-$2500

MaxLend / Blue Trust / Slam Dunk

Honest Loans / Jora / CashNet

Loan Maximum $5000

Speedy / OPP / BCL / CashStore

ACE / Finova

Loan Maximum $10,000-$15,000

NetCredit / CashUSA / LendYou

Learn more: Read Top Ten $10000 Loans

Loan Maximum $30,000-$35,000

PayOff / OneMain

Loan Maximum $50,000-$100,000+

LoanMart / MaxCash / WFL

UpGrade / Even / Monevo

 

Bad Credit Loans by Credit Score

Credit Scores in 300-550 Range

LendUp / CashAdvance / CIC

MaxLend / Blue Trust / Slam Dunk

Honest Loans / Jora / CashNet

Speedy / OPP / BCL / CashStore

ACE / Finova / WFL / OneMain

Loanmart

Credit Scores in 600-640 Range

Monevo / Upgrade / Even / NetCredit

MaxCash / PayOff / CashUSA / LendYou

 

Borrower Checklist

Bad Credit Borrower Checklist

 

We'll be right up front about it:

If you can avoid getting a bad credit loan, you should do so. These kinds of loans carry high interest rates (APR), so you should only consider this kind of loan product if you have no other options left.

So if that sounds like your situation, here is a quick checklist before you consider requesting credit.

It's possible to get approved for a loan even if your credit score is in the poor range (300 - 640). Yes...even if you've been applying with multiple lenders in your area with no joy.

Checklist Step 1: Know The Law

You should be fully aware of the laws in your State for bad credit lenders. To make this easy for you, we've included the legal statutes for every US state. You can visit our directory here and tap your State to see the legal codes and usury rates for your area.

We've also included contact information for the governing authorities in your state if you want to a launch a complaint against any lender that may be conducting business outside the confines of existing law.

Don't let your bad credit score be used against you by a lender who's main gig is profiting from your temporary financial misfortunes.

Checklist Step 2: Know Your Score

You will need to know what your credit score is, and what your credit classification is when viewed by lenders. As you can see in the image below, if your credit score is below 640, you will be classified as a borrower with bad credit. Your interest rate and resulting APR will be affected by your score.

All lenders in our 2019 list service borrowers with credit scores in the 300 - 640 credit score range.

Credit score classification

This is important information you will need to know before applying for credit. We suggest using one of the following resources for getting an up-to-date report on your credit score:

Not ordered by best or worst. We are not affiliated with these companies and do not receive financial compensation when you use their service(s). Please read our terms of service.

AnnualCreditReport.com

Credit Sesame

Credit Karma

Quizzle

Checklist Step 3: Estimate APR

APR reporting tool

Wouldn't it be nice to get an estimate of your APR before you even start looking for a bad credit loan?

At WFL we've created our proprietary APR Estimation Tool (patent pending). We think it's pretty cool, and we think you will too. It's only used for estimation purposes, but it can give you a ballpark idea of your costs. It's still a work in progress, so we will be improving it in the future.

To use our tool, simply enter your credit score, your zip code, and tap the Get Estimate button.

Bingo! In a split second you will be provided with your own personal APR report for your area. Your specific report will be live on our servers for your viewing until midnight PST. You can create your custom reports any time you wish at no cost to you.

APR ESTIMATOR

A free tool from WeFindLenders.com
For estimation purposes only - read terms of service.

Checklist Step 4: Estimate Cost

So now we're getting somewhere:

By now you should know your credit score, credit score classification, and the estimated APR of your loan.

But you need something more:

You need to estimate your monthly payments, total interest you'll be paying, and how long your term will be.

We've provided our loan calculator below. Just enter the amount you want to borrow, your estimated APR (from above), and tap the calculate button.

Loan Calculator

A free tool from WeFindLenders.com
For estimation purposes only - read terms of service.

- - - - - - - - - - - - - - - - - - - - - Enter
  Loan Amount
  APR Estimate
  Term In Yrs
- - - - - - - - - - - - - - - - - - - - - Results
  Mo. Payment
  $$ To Lender
  $$ of Interest

Excellent!

Now you know your credit score, credit score classification, estimated APR, estimated monthly payments, estimated total payments to a lender for the term, and the estimated amount of interest paid out.

You are now armed with a whole lot of information, BEFORE you start looking for an approval - tap here to browse lenders

 

Recommended Reading

Recommended Reading for Bad Credit Borrowers

 

Loan Types

In our directory we've included lenders who provide different loan types. Here is a breakdown of these loan types for you.

Installment Loans / Unsecured Loans

The phrase "installment loan" was created at the dawn of the Internet era, when borrowers began searching for that exact phrase. What they were looking for (and often still looking for), are simply loans they pay back with monthly or biweekly installments (payments). Borrowers want their interest rates to be as low as possible, and they want their loan term to be over a year or more.

However, now the term "installment loan" has been used to describe short-term loans as well; ranging from 3 months up to 9 months depending on the lender. These loans don't always have low interest rates (or resulting APR); like traditional loans for good credit borrowers. Some installment loans have extremely high APR.

Payday Loans / Cash Advances

Payday loans and cash advances are pretty much self explanatory. Smaller cash loans you pay back on your next employer pay check, or other monthly income stream. These loans carry high APR as well, and should be used sparingly.

Title Loans / Secured Loans

Title loans, or secured loans, are loans whereby the borrower can provide some form of asset as collateral on the note (whether a larger loan or a smaller loan). For example, you can secure a loan with a title you have on a car or truck. You can of course secure a loan with a boat, RV, motorcycle, etc. (some lenders allow many different items to be used at collateral on their loans). And of course you can secure a loan or line of credit with real estate.

Should You Get a Bad Credit Loan?

Actually no, not if you don't have to. A bad credit loan should only be considered when you have absolutely no other alternative. A perfect example would be a medical emergency, or repairing of a vehicle you NEED to get to work with, and get you and/or your family members from point A to point B.

The resulting APR (annual percentage rate) charged on bad credit loans makes them very expensive forms of credit. If you can find an alternative you should pursue it.

It's more important that in the long run you learn to control all spending with good money management habits.

Video on Money Management: Dave Ramsey

Tap image to watch video.

Dave Ramsey Video on money management - Initial Static Image

7 Alternatives to Bad Credit Loans

These are just some of the alternatives to a bad credit loan. If you put your mind and creativity into it, I'm sure you can come up with others:

  1. borrow money from family member
  2. borrow money from friend
  3. borrow money from employer
  4. downgrade home to lower cost
  5. downgrade vehicle(s) to lower cost
  6. sell non-essential items (RV, boats, etc.)
  7. increase your income (add income streams)

How To Avoid Scams

With our 2019 list of bad credit lenders we've researched each company in depth, in our very best effort to ensure that none of them are unsavory and/or fraudulent companies.

When you are looking for a bad credit loan online (or maybe on a street or avenue where you live), there are ways to tell if a loan provider is legitimate, and trustworthy.

Here are some good quotes from experts regarding loans scams that are unfortunately being used by dishonest players:

"A study conducted by the University of Pennsylvania’s Wharton School of Business said that seniors are easy targets. Using the Health and Retirement Study, a nationally representative survey of Americans 50-and-over, Wharton researchers found that nearly 33% of 1,260 respondents indicated they had been exposed to financial scams during the past five years, while one-third said that outsiders had used (or attempted to use) their accounts without permission."

- from Bill Fay @ Debt.org

"In a bad credit loan scam, the "lender" often promises to send you a loan, but only after you first send a fee to obtain the loan. They may be as low as $50 or up to several thousand dollars depending on the amount you're borrowing.

The "lender" might call this a loan origination fee, loan insurance fee, or even collateral for the loan. You send the money and wait for your bad credit loan, but you never receive it. Unfortunately, by the time you realize what's going on, your money's long gone and the lender is nowhere to be found..."

- from Latoya Irby over @ The Balance

"Remember to check a wide range of reviews across Google, Facebook, the Better Business Bureau, and sites that specialize in lending reviews. Some scam lenders might try to fake reviews on one or two sites, but if their reviews are consistent across many different internet locations, there’s a better chance the perception reflects reality."

- from Maggie Germano @ Opp Loans


Struggling With High Interest Loans?

This video with Dave Ramsey may be helpful to watch and listen to - this girl was struggling with a $38% loan that she used to pay off her student loan debt.

Tap image to watch video.

Dave Ramsey Video on high APR loans - Initial Static Image


Case Studies: Bad Credit Borrowers

These case studies may be useful in that you might see yourself in these stories and get a better understanding on what you can do to deal with bad credit and money management.

Case study #1 for bad credit loan in New York State

Case study #2 for bad credit loan in Texas

 

2019 List of Best Bad Credit Lenders

1.

Ace Cash Express

Service Description:
Ace
Cash Express Payday Loans

Head Office:
Ace Cash Express
1231 Greenway Dr #600 Irving
TX 75038

Website:
www.acecashexpress.com

Loan Maximum:
as per state law

Loan Minimum:
as per state law

Term:
as per state law

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per state law

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, not military personnel

Tap for their list of states serviced and more...

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2.

Service Description:
Speedy Cash Short Term Loans
(From CURO Financial Technologies)

Head Office:
3611 N Ridge Rd, Wichita, KS 67205

Website:
www.speedycash.com

Loan Maximum:
$5000 or as per state law

Loan Minimum:
$100

Term:
as per state law

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per state law

Requirements:
over 18 years old, valid ID, have checking account, prove your steady income, active phone #

Tap for their list of states serviced and more...

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3.

Service Description:
Slam Dunk Loans

(From Round Sky, Inc.)

Head Office:
848 N Rainbow Blvd #326, Las Vegas
NV 89107 -

Website:
www.roundsky.com

Loan Maximum:
$2500 or as per state law

Loan Minimum:
$100

Term:
depending in lender and state law

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per state law

Requirements:
over 18 years old, USA citizen, checking account, steady income minimum $800 per mo.

Tap for their list of states serviced and more...

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4.

Service Description:
OppLoans Installment Loans
(From Opportunity Financial, LLC)

Head Office:
130 E Randolph St #3400, Chicago
IL 60601

Website:
www.opploans.com

Loan Maximum:
$5000 or as per state law

Loan Minimum:
$500

Term:
9 mos. to 3 years or as per state law

Collateral:
unsecured loans

Funding Time:
next business day

APR/Total Costs:
as per state law

Requirements:
over 18 years old, have checking or savings account active for over 3 months, steady income and employed for over 3 months with minimum income of $1300 (varies by State), paid by employer via direct deposit, not in military

Tap for their list of states serviced and more...

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5.

Service Description:
NetCredit Installment Loans
(From Enova International)

Head Office:
175 W Jackson Blvd, Chicago, IL 60604

Website:
www.enova.com

Loan Maximum:
$10,000 as per state law

Loan Minimum:
$1000

Term:
6 months - 5 years and/or as per state law

Collateral:
unsecured and secured loans

Funding Time:
varies by borrower & loan type

APR/Total Costs:
35 percent to 160% or as per state law

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, USA social insurance #, credit score > 550

Tap for their list of states serviced and more...

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6.

Service Description:
MaxLend Installment Loans

Head Office:
217 3rd Ave NE, Parshall

Website:
www.maxlend.com

Loan Maximum:
$2000 or as per state law

Loan Minimum:
$50

Term:
6 months maximum

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
varies as per state law

Requirements:
over 18 years old, have checking or savings account, steady income

Tap for their list of states serviced and more...

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7.

Service Description:
Max Cash Title Loans

Head Office:
1270 E Broadway Rd Suite 208, Tempe
AZ 85282

Website:
www.maxcashtitleloans.com

Loan Maximum:
$50K or as per state law

Loan Minimum:
$100

Term:
as per state law

Collateral:
secured with vehicle title for collateral

Funding Time:
next business day (usually)

APR/Total Costs:
APR between 30 and 310 percent

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, proof of steady income, own a vehicle free of liens

Tap for their list of states serviced and more...

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8.

Service Description:
LoanMart Car Title Loans

Head Office:
1843 E Southern Ave, Tempe
AZ 85282

Website:
www.loanmart.com

Loan Maximum:
$50,000 or as per state law

Loan Minimum:
$1000

Term:
12 mos. - 60 mos.

Collateral:
secured with vehicle for collateral

Funding Time:
next business day (usually)

APR/Total Costs:
next business day

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, proof of steady income, own a vehicle free of liens, must live in AL, AZ, IL, MO, NM, SC or UT

Tap for their list of states serviced and more...

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9.


Service Description:

Bad Credit Loans

Head Office:
2661 N Pearl St #431, Tacoma
WA 98407

Website:
www.badcreditloans.com

Loan Maximum:
$5000 or as per state law

Loan Minimum:
$500

Term:
3 mos. to 3 years

Collateral:
unsecured

Funding Time:
next business (usually)

APR/Total Costs:
varies by customer finances and laws of state

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking account, provable monthly income, social security number

Tap for their list of states serviced and more...

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10.

Service Description:
Blue Trust Loans

Head Office:
9790 N, Co Rd K, Hayward, WI 54843

Website:
www.bluetrustloans.com

Loan Maximum:
$2000 or as per state law

Loan Minimum:
$100

Term:
six months

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per state law

Requirements:
over 18 years old, have a back account, steady income

Tap for their list of states serviced and more...

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11.

Service Description:
CashAdvance.com Payday Loans

(From Arrow Hawk, LLC)

Head Office:
278 E 1875 S, Roosevelt
UT 84066

Website:
www.cashadvance.com

Loan Maximum:
$1000 or as per state law

Loan Minimum:
$100

Term:
12 mos. at most or as per state law

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per borrower credentials and local laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income over $1000 monthly after taxes, not in military

Tap for their list of states serviced and more...

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12.

Service Description:
CashNetUSA Loans
(From CNU Online Holdings)

Head Office:
175 W Jackson Blvd #1000, Chicago, IL 60604

Website:
www.cashnetusa.com

Loan Maximum:
$2,250 or as allowed by state law

Loan Minimum:
$200 or as allowed by state law

Term:
112 - 180 days or as allowed by state law

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per borrower credentials and local laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, drivers license, and proof of permanent United State citizenship

Tap for their list of states serviced and more...

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13.

Service Description:
LendYou Payday Loans

Head Office:
1125 E Broadway #545, Glendale, CA 91205

Website:
www.lendyou.com

Loan Maximum:
$15,000 or amount allowed by state law

Loan Minimum:
$100

Term:
variable and/or allowed by state law

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per borrower credentials and local laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, not in military, with income $1000 or greater before taxes

Tap for their list of states serviced and more...

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14.

Service Description:
LendUp Payday Loans
(From Flurish Inc.)

Head Office:
11, 225 Bush St, San Francisco, CA 94104

Website:
www.lendup.com

Loan Maximum:
$250 or amount allowed by state law

Loan Minimum:
$100 or amount allowed by state law

Term:
1 week to a month

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
as per borrower credentials and local laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking for receiving direct deposit, steady income, not in military, social security #

Tap for their list of states serviced and more...

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15.

Service Description:
Cash Store Short Term Loans

Head Office:
1901 Gateway Dr, Irving
TX 75038

Website:
www.cashstore.com

Loan Maximum:
$5000 or as per state law

Loan Minimum:
$100

Term:
as allowed by state law

Collateral:
unsecured loans

Funding Time:
next business day (usually)

APR/Total Costs:
dependant on borrower's score & state

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking account, steady income, not in military, state issued driver's license

Tap for their list of states serviced and more...

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16.

Service Description:
CashUSA Installment Loans

Head Office:
848 N Rainbow Blvd #4422, Las Vegas, NV 89107

Website:
www.cashusa.com

Loan Maximum:
$10,000 or as allowed by state law

Loan Minimum:
$500

Term:
3-72 months or as allowed by state law

Collateral:
unsecured & secured loans

Funding Time:
minimum one full business day

APR/Total Costs:
dependant on borrower's score & state

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income of $1000 per month after taxes paid, proof of permanent United States citizenship

Tap for their list of states serviced and more...

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17.

Service Description:
Check into Cash Payday Loans

Head Office:
201 Keith St SW #80, Cleveland, TN 37311

Website:
www.checkintocash.com

Loan Maximum:
$1000 or as allowed by state law

Loan Minimum:
$50

Term:
as allowed by state law

Collateral:
unsecured

Funding Time:
one full business day (usually)

APR/Total Costs:
dependant on borrower's score & state

Requirements:
over 21 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, not in military, checking account at least 3 months active, working phone number for contact

Tap for their list of states serviced and more...

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18.

Service Description:
Finova Financial Auto Title Loans

Head Office:
4521 PGA Boulevard #226, Palm Beach Gardens, FL 33418

Website:
www.finovafinancial.com

Loan Maximum:
$5,000 or as allowed by state law

Loan Minimum:
$750

Term:
1-2 years or as allowed by state law

Collateral:
secured loans

Funding Time:
minimum one full business day

APR/Total Costs:
dependant on borrower's credit score & state

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, insurance on vehicle with pre-paid comprehensive collision coverage, must live state they service

Tap for their list of states serviced and more...

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No Physical Location

Service Description:
HonestLoans Online Installment Loans

Head Office:
no physical address published (yet)

Website:
www.honestloans.net

Loan Maximum:
$2,500 or as allowed by state law

Loan Minimum:
$500

Term:
as allowed by state law

Collateral:
unsecured

Funding Time:
minimum one full business day

APR/Total Costs:
dependant on borrower's score & state

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking account, steady income of $800 dollars monthly, not in military

Tap for their list of states serviced and more...

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19.

Service Description:
Jora Installment Loans
(From Jora Credit)

Head Office:
7701 Las Colinas Ridge Suite #650 Irving TX 75063

Website:
www.joracredit.com

Loan Maximum:
$2,600 or as allowed by state law

Loan Minimum:
$500

Term:
120 days to 30 months or as allowed by state law

Collateral:
unsecured

Funding Time:
minimum one full business day

APR/Total Costs:
dependant on borrower's score & state

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, proof of steady income

Tap for their list of states serviced and more...

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20.

Service Description:
We Find Lenders Bad Credit Loans

Head Office:
35400 Bob Hope Drive, Rancho Mirage, CA 92270

Website:
www.wefindlenders.com

Loan Maximum:
$200K or as per state law

Loan Minimum:
$300 or as per state law

Term:
1 year - 30 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
as per lender

APR/Total Costs:
as per lender & state laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, proof of steady income, proof if USA citizenship

Tap for list of states serviced and more...

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21.

Service Description:
Upgrade Personal Loans

Head Office:
275 Battery St Fl 23, San Francisco, CA 94111

Website:
www.upgrade.com

Loan Maximum:
$50K or as per state law

Loan Minimum:
$1000 or as per state law

Term:
3 - 5 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
approx. 7% - 36% as per lender & state laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income over $1000 clear, USA citizenship, debt to income ratio no more than 40%

Tap for their list of states serviced and more...

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22.

Service Description:
Even Financial Personal Loans

Head Office:
43 West 24th Street, New York, NY 10010

Website:
www.evenfinancial.com

Loan Maximum:
$100K or as per state law

Loan Minimum:
$1000 or as per state law

Term:
2 - 7 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
5% - 36% as per lender & state laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, USA citizen

Tap for their list of states serviced and more...

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23.

Service Description:
Monevo Personal Loans

Head Office:
8910 University Center Lane, Suite #1100, San Diego, CA 92122

Website:
www.monevo.us

Loan Maximum:
$100K or as per state law

Loan Minimum:
$1000 or as per state law

Term:
3 months - 12 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
4% - 36% or as state law requirements

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, United States Citizen

Tap for their list of states serviced and more...

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24.

Service Description:
Payoff Personal Loans

Head Office:
3200 Park Center Drive, Suite #800, Costa Mesa, CA 92626

Website:
www.payoff.com

Loan Maximum:
$35K or as per state law

Loan Minimum:
$5000 or as per state law

Term:
2 years - 5 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
6% - 25% or as per applicable state laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, USA citizenship, credit score of 640+ (barely in the bad credit upper range), no delinquencies with other creditors in past 90 days, 3 years credit history with debt to income % not greater than 50%, must not be carrying installment loans with other creditors at the time of application process with them

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25.

Service Description:
OneMain Financial Personal Loans
(From OneMain Financial Holdings, LLC)

Head Office:
601 Northwest Second Street, Evansville, IN 47708

Website:
www.onemainfinancial.com

Loan Maximum:
$30K or as per state law

Loan Minimum:
$1,500 or as per state law

Term:
2 years - 60 months or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
17% - 36% or as applicable by state law

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, proof if USA citizenship

Tap for their list of states serviced and more...

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Bad Credit Borrower Case Studies

Bad Credit Loan Case Study #1: $20K

Kitty wants to purchase a used car from a friend and consolidate some credit card debt at the same time. She lives in Manhattan NY and needs a car to get back and forth from work.

She has been taking the bus every day to get to work and it takes her over two hours one way just to get from her place to where she has worked for the past five years.

If she cannot get a loan large enough to purchase the car she will just continue taking the bus every day. It is not something she really wants to do, but she needs to work and this is the only job she has been able to find.

She is actually looking for something closer, but so far there has been nothing with the hours she needs and the salary she currently is making.

She is wondering if this is really the right decision for her since she will also have to pay for car insurance and gas to operate the car along with tolls each day. Riding the bus takes a lot longer, but it is much less expensive than owning a car.

She also has credit card debt of about $3000 that she will consolidate as part of her loan. She is hoping to find a good car for $17000 and just pay one monthly payment.

She will also avoid the high interest rate that comes with any unpaid balance on a credit card.

A $20000 consolidation loan with a seven-year term and 8.5% interest rate for Kitty would cost her the following per month:

• Loan Amount (principal) = $20000
• Interest Rate = 8.5%
• Term Length = 7 year
• Monthly Payment = $316.00
• Total Paid Back = $26605.30
• Total Interest = $6605.30

Kitty was approved for her loan and she quickly was able to find a car for less than she thought it would cost. She paid off her credit card, and also paid for her car insurance from the loan.

She still had money left over, which she promptly repaid to her lender. She will pay less interest over the term of the loan and it will be paid off a few months faster.

It gets even better for Kitty. Now that she has a car, she has a lot more flexibility in finding a job. Before she found her car, she always had to look for jobs that were close to a bus route or subway.

Now that she has a car she looked for jobs in other locations. She quickly found a job which is only 20 minutes by car from her home!

She never could have even considered this job before with no transportation. This job also pays a little better so she has extra money now to pay off her loan and also treat herself once and awhile.

No one wants to go into debt. But in this case it made a lot of sense for Kitty and allowed her to improve her life immensely. The loan was worth it to just avoid that long commute by bus!

Bad Credit Loan Case Study #2: $60K

Doug is an entrepreneur trying to develop his online business and trying to take it to the next level.

He has been working full time at a regular job for the past several years while he developed his business at night and on weekends.

He knows that if he can ramp up the services that he offers, he will be able to push into the six figure income level, but he needs some capital to purchase more equipment and pay staff to help him develop online content and build websites to market his company.

He is not quite ready to quit his day job just yet. His current job is an ok job, that does not really excite him, but it pays the bills and there is no need to work overtime which leaves him lots of time to work on his real interest.

He has given up a lot of personal interests in order to make this work and wants to expand by hiring help to make his expansion.

While he is only applying to borrow $60k, it can be quite difficult for small business owners to arrange for consolidation loans.

The usual issue is that it is difficult to substantiate continued income from the business. Doug needs, or would like $60k, based on current plans that he has developed to take his business to the next level.

A $60k loan with a ten-year term and 12.3% interest rate for Doug would cost him the following per month:

• Loan Amount (principal) = $60000
• Interest Rate = 12.3%
• Term Length = 10 year
• Monthly Payment = $871.26
• Total Paid Back = $10,4551.59
• Total Interest = $44,551.59

Fortunately for Doug he has a regular job that provides him with a stable income. Based on this income and his current credit score, it would be difficult for a lender to approve a loan as large as this one.

He simply does not make enough money and the lenders are unwilling to lend money on the basis of his expansion plans. While this is not the answer Doug wanted to hear, all is not lost.

Doug has several choices at this point. He can spend some time flushing out his business plan to bring it up to a standard acceptable to lenders. He needs to demonstrate where his income will come from, perform risk analysis on it, and show his revenue / expense ratios.

You have to spend money to make money and sometimes in the initial years you spend a lot more money than you have coming in.

He needs to show his growth curves for both revenue and expenses and be able to support the numbers with as much data as he can.

The second approach is to apply for a smaller loan based on his current full time job. He has a few debts at this time, which he could consolidate.

He would still have some funds that he could invest in the business. Doug has some decisions to make before he proceeds with his planned business expansion.

Final Wrap-Up For 2019 Report

This report will be updated throughout 2019 with more additions, such as more videos, expert quotes, and updated lender information.

In order to make this page as helpful as possible, we've included expert images and videos. If you are one of these experts, and you would like your reference, image, or content removed, please contact us, and we will comply within 72 hours.

If you are one of the lenders featured here, and would like something changed or removed, please do the same.

As mentioned at the top of this post, we are not affiliated with any of the providers in this 2019 report, and we do not make money from the links to their websites. If that changes in the future, we will post notice at the top of this page immediately.

We hope you find this information to be helpful in your quest to get your financial house back in order.

Sincerely,

Lance Somerest M.S.F


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Lance Somerset holds a Master of Science degree in Finance and is the founder of the WeFindLenders.com website. He lives with his wife in Rancho Mirage, CA - his favorite activity is writing (when he's not traveling)

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