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8 Best Online Unsecured Loans for People with Bad Credit
Growing up, my brother never seemed to completely grasp the concepts behind the game of Monopoly. He’d sail his little metal ship around the board, purchasing properties all willy-nilly, then have to go to my grandmother for a loan to cover the cost of staying in my luxurious Illinois Avenue hotel. Unfortunately for my brother, at a certain point my grandmother would have to cut him off — usually after the third “loan” he couldn’t repay.
Like my brother, many consumers have made financial mistakes on their way around the board, but they still need financing for other important expenses. Finding unsecured loans with bad credit can be tough (especially if grandma isn’t an option), but it isn’t impossible. While you should be prepared to pay higher interest rates than your good-credit comrades, you can often still find the loan you need regardless of credit status.
The Best Unsecured “Installment” Loans for Bad Credit
Installment loans are those that are repaid in regular installments, typically monthly payments, over a period of six months or more and often extending for several years. Unsecured personal installment loans can be obtained for amounts ranging from $500 up to $35,000 and can have term lengths as long as 72 months (six years).
It’s critical to compare rates when looking for a personal loan, especially an installment loan you may be repaying for years to come. Since finding a great loan deal can sometimes be a matter of playing the numbers, those with poor credit may have the best luck using an online lending network to shop for loans. Online lending networks, such as our top-rated picks below, connect borrowers with lenders from across the country.