 TITLE: Best Personal Loan Lenders for Bad Credit CONTENT: OneMain Financial\n-----------------\n[](;site=exp&placement=ae-single-embed&sessionid=E6BA5CF2-D08A-A03D-6AF5-6E97A8696A86&pageid=blogs:ask-experian:best-personal-loan-lenders-for-bad-credit&previouspageid=&ecsstaticid=5C9B4095-2284-BC37-6F8C-5A92AE1FA106)[Apply](;site=exp&placement=ae-single-embed&sessionid=E6BA5CF2-D08A-A03D-6AF5-6E97A8696A86&pageid=blogs:ask-experian:best-personal-loan-lenders-for-bad-credit&previouspageid=&ecsstaticid=5C9B4095-2284-BC37-6F8C-5A92AE1FA106)\non OneMain Financial's website\n**Recommended FICO® Score\\***\nPoor - Exceptional\nAmount\nAvailable loan amounts: $1,500 to $20,000\nEst. monthly payment: $54 to $905\nGrace period: 7 days\nApplication fee: $0\n##### Loan Details\n*   Fixed rate and monthly payments\n*   No prepayment fees\n*   Easy online loan application\n*   Over 15 million customers served\n*   A trusted lender for more than 100 years\n*   Personalized service in nearly 1,400 locations\nDisclosure\nOneMain Financial offers unsecured personal loans and auto title loans for up to $20,000. You can check your loan offers online, but you may need to visit a OneMain Financial branch to complete the loan application. There are nearly 1,400 branches in 44 states, but visiting a branch in person is still an additional step over other lenders that have a fully online application process.\nIf you're approved for a loan, you may be able to choose repayment terms ranging from two to five years. The loans may be expensive because even the low end of the loans' interest rate range is high compared with what other lenders offer. There could also be a large origination fee—up to 10% in some states—and you may be offered several types of credit insurance, which could increase your cost.  \nHow Personal Loans Work\n-----------------------\nPersonal loans are often installment loans with fixed interest rates. With an unsecured personal loan, you won't need to use a vehicle, home or other property as collateral for the loan. But that's also why it can be more difficult—and expensive—to get a personal loan when you have bad credit.\nIt may be easier to get a secured personal loan and you may qualify for more favorable terms if you offer collateral, but you also risk losing your property if you can't afford the payments.\nWhen you take out a personal loan, you'll receive the entire loan right away—often via a direct transfer into your bank account. Some lenders charge an upfront fee that's taken out of the loan proceeds, but you repay the entire loan amount, generally with monthly payments.\nYou can find personal loans from different types of lenders, including traditional banks and online-only lenders. Some lenders may focus on lending to specific types of borrowers (such as those with bad credit) and also may offer personal loans for specific reasons, including consolidating credit card debt.  \nHow to Choose a Personal Loan Lender\n------------------------------------\nThere are a few considerations to keep in mind as you try to identify a good lender and get a personal loan:\n*   **Review minimum requirements.** Your creditworthiness can impact your eligibility, rates and loan amount, but lenders also often have minimum requirements you'll have to meet to be considered at all. For example, some lenders might not offer loans in your state—you can rule these out right away. Regardless of your credit score, you also might need to have a minimum debt-to-income ratio and a verifiable bank account.\n*   **Learn about the fees.** Lenders may charge upfront origination or administration fees that are taken out of your loan amount. Consider how the fee will impact how much you have to borrow and your total cost of borrowing. The fee will be incorporated in your loan offers' annual percentage rates (APRs), which makes it easier to compare offers.\n*   **Check loan offers.** Many personal loan lenders let you check your estimated loan offers with a soft credit inquiry—the type that doesn't impact your credit scores. Start with these lenders to see if you're likely to qualify and to determine which lender may offer you the best loan.\nOnce you've gotten several loan offers, you can complete an application with the lender that gives you the most favorable terms. Generally, you'll need to agree to a hard credit check at this point. You may also need to share verification documents, such as copies of a government-issued ID and pay stubs.  \nQuickly Compare Multiple Lenders and Offers\n-------------------------------------------\nRather than going lender by lender to compare loan terms yourself, Experian's CreditMatch™ personal loan marketplace lets you quickly compare partner lenders and loan offers. You can sort the results by lowest interest rate, monthly payment and repayment term.\nIf you create an account and log in, you may also be able to submit a single soft credit prequalification request. Experian will then show you personalized loan offers from multiple lending partners. You'll have up to 30 days to compare these offers and choose the best fit. END