Personal Loans for Bad Credit Guaranteed Approval

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Key takeaways

Personal loans offer flexible funding for a wide range of needs. They can help cover emergency expenses, consolidate debt, or fund major purchases.
Prequalifying with multiple lenders lets you compare rates and terms without damaging your credit.
Adding a cosigner or offering collateral can improve your chances of approval and help you secure better loan terms.

A bad credit personal loan can get you out of a tight spot when you need extra funds. You can use them for anything, from surprise medical bills and debt consolidation to unexpected travel or funeral expenses. Lenders generally send the money directly to your bank account within one to three business days. Some even offer same-day approval.

While many lenders cater to borrowers with scores below 600, you shouldn’t expect the best rates. Lenders tend to set higher interest rates and limit loan amounts for borrowers with poor scores. Always compare options before borrowing and be cautious of predatory lenders.

What are personal loans?

Personal loans give you a lump sum of money to use for almost anything you need. They are typically installment loans with fixed interest rates that you repay over two to seven years. The fixed interest rates mean your monthly payments remain consistent throughout the loan term.

Most personal loans are unsecured. They do not require collateral, such as your vehicle or property.

While no set limit exists on how many personal loans you can have at once, you should only have one at a time. The more loans you have, the harder it is to repay what you owe.

What are personal loans used for?

You can use personal loans for just about anything. Many borrowers turn to bad credit personal loans for $5,000 to cover unexpected medical bills, emergency expenses, or home repairs.

The most common uses are:

Debt consolidation: You take out a new loan to consolidate high-interest debts into a single monthly payment, ideally with a lower interest rate. Consolidating debt can be a good way to simplify payments, avoid late fees, and save money. Investopedia found that debt consolidation is the number one reason people take out personal loans.

Home improvements: Personal loans can help cover various home repairs that will increase the value of your property. They can be preferable since you don’t have to use your home as collateral, like with home equity loans.

Large purchases: The extra money can cover planned and unexpected major expenses. You can use it for medical expenses, car repairs, moving costs, vacations, etc.

Whether for debt consolidation, medical bills, or emergency travel, $2,000 bad credit loans with guaranteed approval can help when savings fall short. Be cautious – some lenders advertising personal loans for bad credit guaranteed approval online may have hidden fees or sky-high interest rates.

While personal loans are inherently flexible, there are certain restrictions on their use. Typically, they cannot be used for investments such as purchasing stocks or real estate. Nor can they be used for education or business expenses. You also cannot use them to put a down payment on a home. If you’re looking to finance a car, you’re better off taking out an auto loan.

How to get a personal loan with bad credit

Getting a personal loan with poor credit can be an uphill battle, but it’s doable. Understanding how to qualify for a personal loan is the first step toward securing the funds you need.

Here’s how to navigate the process and secure quick personal loans for bad credit.

Check your credit

Start by reviewing your credit report and score. Knowing your score prevents you from applying for loans you don’t qualify for.

You can request one free credit report per year from Equifax, Experian, and TransUnion through annualcreditreport.com. Look over the reports and dispute any errors dragging your score down.

If your score is lower, you may want to consider personal loan lenders for bad credit. These lenders look beyond your credit score, factoring in your income and employment history.

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Compare loan lenders for bad credit

The next step is to look for reputable lenders with a low minimum credit score requirement. The ideal lender will offer a sufficient loan amount, fast funding, and affordable repayment terms.

Focus on lenders that let you compare personal loan rates. Comparing rates will help you get the lowest annual percentage rate (APR) possible and avoid hidden fees.

Prequalify for a personal loan

Before applying, try to prequalify for a personal loan with bad credit. Personal loan prequalification allows you to view your potential rates and eligibility without impacting your credit score.

Lenders will do a soft credit inquiry. You’ll receive a snapshot of potential monthly payments, interest rates, fees, repayment terms, and other charges. Then, you can compare offers and select the best one for you.

Applying for personal loans with bad credit

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Once you’ve decided on the type of loan, lender, and are prequalified, you can formally apply.

Gather necessary financial documents:

Proof of identity (driver’s license, passport, military ID, state-issued ID)
Verify address (utility bills, lease agreements, bank statements)
Proof of income (recent pay stubs, W2 form, tax returns)
Employment verification (employment letters, contact information for your employer)
Additional financial information (debts, assets, and other sources of income)

Lenders use this information to verify your identity and assess your ability to repay the loan.

Submit your application. Double-check that everything is correct to reduce delays. Lenders tend to make a decision within a few hours to three business days.

Once approved, you’ll need to read and sign the loan agreement. The lender will then send funds directly to your bank account.

One way to increase your chances of approval is to consider personal loans for bad credit with a cosigner. A cosigner with good credit can help you qualify for better rates and terms since the lender views the loan as less risky. Just make sure your cosigner understands they’re equally responsible for repayment.

Pros and cons of personal loans for bad credit

Pros:

Use the funds for almost anything
Fixed interest rates make budgeting predictable
Amounts range from $500 to $50,000
Receive the money in one lump sum
Lower APRs than credit cards
Same-day or next-day funding
Unsecured loans that don’t require collateral
Long repayment period of 2-7 years

Cons:

You cannot use it for business or school expenses
Need good to excellent credit for a low APR
Borrowers with fair or bad credit may receive a high APR
Missed or late payments will hurt your credit score
Additional fees like an origination fee or a prepayment penalty
Potential hidden fees

Where can I get a personal loan with bad credit?

If you have poor credit, you still have multiple options for securing a personal loan.

Online lenders are often the go-to source for the best bad credit loans. These lenders offer quick approvals, flexible terms, and lenient requirements. Many lenders even offer a personal line of credit for bad credit. A line of credit provides you with ongoing access to funds as needed, like a credit card.

Credit unions are member-owned organizations that offer loans with more lenient requirements. Look into federal credit unions that cap interest rates at an 18% APR.

Community banks may be an option if you have a relationship with them. They may place more emphasis on your banking history than your credit score.

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There are plenty of bad credit loan options. The best personal loans for people with bad credit come with minimal fees, a low interest rate, and a reasonable repayment term.

Cash advance app

Cash advance apps offer small loans you can access directly from your smartphone. You link your bank account, and the app determines how much to lend based on your transaction history. They usually do not charge interest but may require a tip or subscription fee.

Cash advances can be helpful for short-term needs without affecting your credit. You typically must pay them back in full within 14 days, but many apps allow you to change the due date if necessary.

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Emergency loans

Emergency personal loans for bad credit can be a lifeline. These loans come with fast funding and minimal requirements. The catch is that most emergency loans for bad credit have high interest rates.

No credit check loans

Marketers often promote loans with no credit check to people with poor scores. These loans typically carry high interest rates and short repayment terms. Before taking out a no-credit-check loan, make sure you can repay it.

Payday alternative loan

Some federal credit unions offer Payday Alternative Loans (PALs) as a lower-cost alternative to traditional payday loans. PALs offer lower fees, longer repayment periods, and competitive interest rates capped at 28%. To qualify, borrowers must be credit union members for at least one month and provide proof of income.

Pawnshop loan

Pawnshop loans provide cash by using a personal item as collateral. They do not affect your credit score, as there is no hard inquiry, and the lender doesn’t report to the credit bureaus. Once again, the interest rates can be high, and the repayment term is short, at 30 days. Failure to repay may result in losing your pawned item.

Car title loan

Car title loans use your vehicle’s title as collateral. You’ll typically receive 25% to 50% of your vehicle’s appraised worth and can continue driving your car. The downside is that they are short-term loans with APRs in the triple digits. You must repay the money within 30 days or risk losing your vehicle.

Frequently asked questions

1. Are personal loans bad for credit?

Personal loans are not inherently bad for your credit. In fact, they can help improve it. Make payments on time every month, and your score should improve. Adding a personal loan can also help diversify your credit profile if you’ve only used credit cards.

2. What is a good credit score for a personal loan?

A good score for a personal loan is anything above 670. You can get a loan with a 500 credit score, though your options will be limited. Having a stable income, a low debt-to-income ratio, or adding a cosigner can improve your chances.

3. Is lending for bad credit legit?

Many lending options for bad credit are legitimate. Predatory lenders and scams do exist. Avoid lenders that guarantee approval, ask for upfront fees, or pressure you to act immediately. Always check for licensing and read customer reviews before applying to ensure you work with a trusted source.

4. What is the best reason to give when applying for a personal loan?

There isn’t a single best reason to take out a personal loan. Lenders want to know that the loan will be used responsibly and for something they allow. Common reasons include consolidating debt, covering emergency expenses, or financing home repairs.

5. How can I borrow money with bad credit?

To borrow money with bad credit, look for lenders with low or no minimum credit score requirement. Consider applying with a cosigner or opting for a secured loan to boost approval chances.

6. What is the easiest loan to get with bad credit?

The easiest loans to obtain with bad credit are those that don’t require a hard inquiry. Many of these loans come with high fees and are risky. A better option is to look into borrowing from online lenders or credit unions.

Bottom line

Personal loans are incredibly useful in a pinch. They can help you pay off high-interest debt, cover a major purchase, or cover an emergency. If you don’t have good credit, don’t despair; you can still borrow money. You may receive less-than-ideal terms, so compare offers and only borrow what you can afford to repay.

Better yet, wait to borrow until you’ve improved your credit score and paid down your existing debts. A higher score and lower debt-to-income ratio will increase your approval odds. You’ll get more offers with favorable terms and potentially save thousands.

Whichever option you choose, ensure the loan aligns with your financial goals.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Paycheck Advance is an earned wage access service and is not a loan or credit product.

3. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC. The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current debit account is required to apply for the Current Visa® secured charge card. Independent approval required.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Debit card: Fees may apply, including out of network cash withdrawal fees, third-party fees, cash load fees, inactivity fees, account closure fees, international transaction fees, replacement card fees, express mail fees and escheatment fees. Build Card: Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

6. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

7. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

8. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

9. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC.

10. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank.

11. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

12. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Eligible Direct Deposits into your Current Account over the preceding 35-day period and fulfill other requirements subject to Current’s discretion. Negative balances must be repaid within 60 days of the first Eligible Transaction that caused the negative balance. For more information, please refer to Fee-free Overdraft Terms and Conditions. Individual Current Accounts only.

13. For eligible customers only. You may earn Points in connection with your Build Card purchases at retailers whose merchant code is classified as: Dining (e.g., restaurants) and Groceries (e.g., supermarkets) and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. Points will expire 365 days after they settle. For more information (including specific eligibility criteria), please refer to the Current Points Terms and Condition.

14. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

15. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. No minimum balance required. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. To earn a Boost rate of 4.00%, the sum of your Eligible Payroll Deposits over a rolling 35-day period must be $500 or more, with at least one Eligible Payroll Deposit equalling a minimum of $200. For more information, please refer to Current Boost Terms and Conditions.

16. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

17. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

18. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

20. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

22. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

23. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

24. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

25. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

26. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

27. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

28. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

29. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

30. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

31. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

32. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

33. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

34. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

35. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

36. Tipping or not tipping has no impact on your eligibility for SpotMe®.

37. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

38. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

39. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

40. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

41. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

42. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

43. Not affiliated with Empower Annuity Insurance Company of America (www.empower.com). Not everyone will qualify. Offers range from $10-$300 for first-time customers; $10-$400 for all others. Offers are based on our eligibility requirements and can go up with on-time payments. In Feb 2025, the average offer was $95 for first-time customers; $187 for all others. Instant delivery is optional—see fees in Empower’s Terms. Empower offers a 14-day trial for first-time customers followed by an auto-recurring $8/month subscription fee. Cancel anytime.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Personal Loan Options for People with Bad Credit

Key takeaways

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What are personal loans?

What are personal loans used for?

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