5 Best Secured Loans for Bad Credit in 2020

Finding the best secured loans for bad credit is not impossible. You just need to figure out how to understand the way they work from the perspective of the lender.

For this, they often use two assessment tools. First, they might check your financial history that can be summed up in your credit score.

Second, they will request you to submit an asset (collateral) as a guarantee that you will honor your part of the arrangement. Loans that actually require collateral are known simply as secured loans.

Here are several bad-credit collateral lenders worth looking into.

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Top 5 Secured Loans for Bad Credit for 2020

1. OneMain Financial

OneMain loan is a perfect way to get the best secured bad credit personal loan for emergency expenses. Debt consolidation, medical expenses, and wedding expenses all fit into this category. It is great for people who want to avoid a hard credit inquiry. Full Review

  • APR: 18.00%–35.99%
  • Loan Amount: $1,500–$20,000
  • Min. Credit Score: Not disclosed
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OneMain loan is a perfect way to get the best secured bad credit personal loan for emergency expenses. Debt consolidation, medical expenses, and wedding expenses all fit into this category. It is great for people who want to avoid a hard credit inquiry. Full Review

APR:

18.00%–35.99%

Loan Amount:

$1,500–$20,000

Minimum Credit Score:

Not disclosed

Loan Term:

2–5 years

Origination Fee:

Yes

Type of collateral:

Vehicles

Credit Check:

Yes

2. Avant

When it comes to companies that focus on collateral loans with bad credit, Avant is probably the biggest name in the industry. This credibility gives the borrowers more confidence in the lending platform. Full Review

  • APR: 9.95%–35.99%
  • Loan Amount: $5,000–$25,000
  • Minimum Credit Score: 580
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When it comes to companies that focus on collateral loans with bad credit, Avant is probably the biggest name in the industry. This credibility gives the borrowers more confidence in the lending platform. Full Review

APR:

9.95%–35.99%

Loan Amount:

$5,000–$25,000

Minimum Credit Score:

580

Loan Term:

2–4 years

Origination Fee:

Yes

Type of collateral:

Vehicles

Funding time:

One business day

Credit Check:

Yes

3. Mariner Finance

Mariner Finance is unique because it has both a digital and online branch. This gives it more credibility, and prospective clients get a chance to file for the best secured loans in a traditional way. A chance to explain the situation to a representative may be a game-changer. Full Review

  • APR: 18.00%–35.99%
  • Loan Amount: $1,000–$25,000
  • Min. Credit Score: Not disclosed
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Mariner Finance is unique because it has both a digital and online branch. This gives it more credibility, and prospective clients get a chance to file for the best secured loans in a traditional way. A chance to explain the situation to a representative may be a game-changer. Full Review

APR:

18.00%–35.99%

Loan Amount:

$1,000–$25,000

Minimum Credit Score:

None

Loan Term:

2–5 years

Origination Fee:

No

Type of collateral:

Car, other assets

Funding time:

2 business days

Credit Check:

Yes

4. Upgrade

Out of all the loans with collateral for bad credit applicants, Upgrade’s is probably one of the most versatile options. The purpose of this direct lender is to reduce the total cost of credit for the borrowers. Full Review

  • APR: 7.99%–35.97%
  • Loan Amount: $1,000–$35,000
  • Minimum Credit Score: Not disclosed
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Out of all the loans with collateral for bad credit applicants, Upgrade’s is probably one of the most versatile options. The purpose of this direct lender is to reduce the total cost of credit for the borrowers. Full Review

APR:

7.99%–35.97%

Loan Amount:

$1,000–$35,000

Minimum Credit Score:

620

Loan Term:

3–5 years

Origination Fee:

Yes (2.9%–8%)

Type of collateral:

Vehicles

Funding time:

One business day

Credit Check:

Yes

5. LoanCenter

LoanCenter is a lender that specializes in helping those with an immediate shortage of cash. These are usually a tad more modest amounts aimed at those who are in desperate need of a quick cash injection. The application process for this vehicle-secured loan is easy and simple. Full Review

  • APR: 35.99%–149.99%
  • Loan Amount: $2,000–$50,000
  • Minimum Credit Score: Not disclosed
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LoanCenter is a lender that specializes in helping those with an immediate shortage of cash. These are usually a tad more modest amounts aimed at those who are in desperate need of a quick cash injection. The application process for this vehicle-secured loan is easy and simple. Full Review

APR:

35.99%–149.99%

Loan Amount:

$2,000–$50,000

Minimum Credit Score:

Not disclosed

Loan Term:

2–4 years

Origination Fee:

Yes (5%)

Type of collateral:

Car

Funding time:

Not disclosed

Credit Check:

Yes

Detailed Reviews

OneMain Financial
OneMain Financial

BEST FOR

fast funding

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  • APR: 18.00%–35.99%
  • Minimum Credit Score: Not disclosed
  • Loan Amount: $1,500–$20,000
  • Loan Term: 2–5 years
  • Origination Fee: Yes
  • Type of Collateral: Vehicles
  • Funding Time: 1-2 business days
  • Credit Check: Yes

OneMain Financial is renowned for its willingness to look past the credit score. These loans are, therefore, commonly used for debt consolidation, weddings, or even medical expenses.

It’s one of the best secured loans for bad credit that’s available to the broadest possible profile of borrowers, which makes it even more popular. The fact that it takes a short time for the score to be processed, application approved, and the money deposited on the borrower’s account further adds to its reputation.

Still, just because credit score isn’t as important as elsewhere doesn’t mean that OneMain Financial ignores it completely. This lender has their own algorithm that they base on three major metrics. First, there’s the ability to repay. Second, there’s the matter of credit stability. Third, there’s the issue of collateral, which is why the loan falls under the secured category.

Loan Requirements

Loan requirements are quite straightforward, even from the perspective of average secured loans online.

You need to start with a copy of a valid, government-issued ID. This can be a driver’s license, passport or a state-issued photo ID.

Next, you need to submit your social security card, which is also relevant for the personal secured loan application.

Third, you need to submit proof of residence. Your driver’s license, utility bill, or even a signed lease would do the trick. Lastly, you need to submit proof of income. That way, OneMain Financial will be able to estimate your ability to pay (which we already mentioned as one of its three main criteria). Here, one can submit either their tax returns or their pay stubs.

Loan Agreement Terms

APR: Depending on general circumstances, the APR for OneMain Financial usually moves in the range of 18.00%–35.99%. This depends on the applicant’s circumstances. Due to a presumed financial situation that is less than perfect, most people looking for a secured bad credit personal loan are more likely to be close to the latter number. As we’ve already mentioned, the minimum credit score is not disclosed.

Loan Amount: While it is true that you can borrow $1,500–$20,000, the maximum available amount may be determined by OneMain Finance’s check of your financial capabilities.

Loan Term: The loan term for OneMain Financial secured bad credit personal loan is 2–5 years. Depending on the amount borrowed, this could be a sum that’s relatively easy to pay off and one that might not be as noticeable in the borrower’s household budget.

Origination Fee: OneMain Financial has a flat origination fee, which depends on the state in which the loan is applied for. The cost ranges between $25 and $400, which is a significant difference.

Type of Collateral: OneMain Financial only accepts vehicles as collateral for bad credit loans as a guarantee. In addition, any vehicle used as collateral has to be insured against the damage at least for the term of the loan. Other terms and restrictions may apply and may depend on the local branch.

Funding Time: Because the application is automatic and completely in agreement with OneMain Financial’s algorithm, the decision can be made in a matter of minutes (about 10 minutes). The funds can be received on the same day.

Credit Check: One thing that a lot of people are worried about is the fact that OneMain financial performs a hard credit inquiry. While they don’t insist on a certain credit score in order to approve a collateral loan for bad credit applicants, they still have to check.

Repayment: Paying off the loan before the end of the term is possible, and OneMain Financial doesn’t charge a prepayment fee. Still, paying off debt before the term’s end is not the way to improve one’s credit score. On the other hand, it can’t hurt the credit score either. What it does do is save money and helps one get out of debt faster.

Pros and Cons

Like any lender, OneMain financial has a list of its own strengths and weaknesses.

Advantages:

  • It is possible to receive the funding on the very same day, which is incredible even in the world of fast loans.
  • There are numerous loan options, ranging from joint loans all the way to secured bad credit loans options. This way, the borrower always has something to resort to.
  • Free credit score access is an advantage that shouldn’t be overlooked

Disadvantages:

  • The first thing worth mentioning is the fact that OneMain Financial charges an origination fee. For people in desperate need of some immediate cash, this can be quite problematic, especially for those who are in a rush to use this lender.
  • When compared to some other (similar) lenders, the loan rates are a bit higher. In other words, if rates are the top priority, there are somewhat more competitive options.
Avant
Avant

BEST FOR

home renovation and debt consolidation

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  • APR: 9.95%–35.99%
  • Minimum Credit Score: 580
  • Loan Amount: $5,000–$25,000
  • Loan Term: 2–4 years
  • Origination Fee: Yes
  • Type of Collateral: Vehicles
  • Funding time: 1 business day
  • Credit Check: Yes

Avant is a huge name in the lending industry and providing the best secured loans for bad credit prospective borrowers is very much in their wheelhouse. The fact that it’s a household name when it comes to online lenders attracts a lot of borrowers with decent credit, as well.

One more thing worth mentioning is the fact that while Avant insists on a 580 minimal credit score, the majority of its customers have credit scores between 600 and 700.

A large percentage of Avant borrowers are typical middle-class people who represent the backbone of the US economy. These loans are most commonly used for home remodeling projects. Other than this, many borrowers take advantage of the best personal loans with collateral for bad credit applicants offered by Avant in order to consolidate debt.

Loan Requirements

Because an Avant loan only requires a credit score of 580, the company is a popular direct lender for bad credit secured loans.

The requirements in order to apply for an Avant loan are a US residence and a social security number.

Second, you need to be at least 18 years old. During the process, Avant will proceed to evaluate their credit history, as well as the application information that they’ve submitted. The ability to repay will also be evaluated and will carry a lot of weight.

Loan Agreement Terms

APR: The Avant APR range is 9.95%–35.99%. Since this is the total annual cost of the loan that the borrower will have to face for the length of the amount, it’s incredibly important to figure out where one falls into this bracket.

Loan Amount: The loan amount is between $5,000 and $25,000. This massive discrepancy makes the loan suitable for emergencies and minor investment ideas. The amount available will be determined by the results of your screening process.

Loan Term: Avant’s secured bad credit loans have a term of 2–4 years. Stretched over this period of time and with a relatively decent APR, this should be quite a favorable situation for the borrower.

Origination Fee: The origination fee for Avant’s origination fee is 4.75%. Unlike with a fixed fee, the number may be lenient or problematic, depending on the amount that the borrower intends to lend.

Type of Collateral: Most common secured Avant loans are the auto title loans. Like all the other car collateral loans for bad credit customers, this type of a secured loan allows you to borrow against the value of your vehicle.

Funding Time: All of Avant’s processes are fully automated, which allows for unprecedented expediency. Funding is incredibly fast, and it’s quite likely that the money will be deposited the next business day after approval.

Credit Check: Avant performs a soft credit inquiry for the application, and a hard inquiry is performed only after the application is taken further. This step-by-step system encourages a lot more people to submit their applications.

Repayment: Amongst the most important factors lies the fact that Avant doesn’t require additional repayment fees. This means that a person in a position to pay the debt off early can do so without any downsides. While it may sound trivial, it’s an important factor for a lot of people seeking the best personal loans with collateral for bad credit applicants. You don’t want to be charged extra for managing your money well, after all.

Pros and Cons

Before deciding to apply for the Avant’s loan, it’s important to get familiar with its advantages and disadvantages.

Advantages:

  • Like with other quick-funding lenders, you’ll get access to the best secured personal loan despite bad credit in a single business day. This is great for those who are in desperate need of some fast cash.
  • The credit inquiry is a soft check, and the minimum that they agree on is the score of 580, which is acceptable for the majority of lenders. As we’ve already mentioned, it’s unlikely that this type of credit check will affect your credit score.
  • You also have an option to change your payment date, which is the type of flexibility that people in need of bad credit loans need quite often.

Disadvantages:

  • Some borrowers prefer to add a co-signer in order to add more credibility to their lending requests. In return, this increases their approval rate and ensures that they get better terms. With Avant’s secured bad credit personal loan, this isn’t an option.
  • Avant charges the origination fee, which might put people with an income deficit in a rough spot.
LoanCenter
LoanCenter

BEST FOR

emergency expenses

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  • APR: 35.99%–149.99%
  • Min/Max Loan Amount: $2,000–$50,000
  • Minimum Credit Score: Not disclosed
  • Loan Term: 2–4 years
  • Origination Fee: Yes (5%)
  • Type of collateral: Car
  • Funding time: Not disclosed
  • Credit Check: Yes

When it comes to finding the best vehicle secured personal loan, LoanCenter is simply second to none.

This lending platform specializes in title loans, auto loans, and refinancing, making it universally appealing to bad credit borrowers across the globe. The automation of the lending process enables complete customization of one’s lending process from their home. Options for loan personalization are also quite numerous, and the application process doesn’t affect the credit score.

All of this makes LoanCenter a safe and versatile option. Since its title loans can lend up to $50,000, they can even be used to finance entrepreneurial ideas.

Loan Requirements

LoanCenter specializes in car title loans and takes pride in the fact that they don’t have a minimum credit score requirement. This makes it quite unique amongst other providers of the best collateral loans online.

Due to the fact that LoanCenter focuses heavily on collateral, you’ll have to submit a lot of information about the vehicle itself. Key information is the vehicle’s year of manufacturing, make, model, and trim. Other than this, mileage is also important. After this, the applicant is required to enter the desired loan amount and some personal contact info.

Loan Agreement Terms

APR: This part is a bit tricky, and it heavily depends on the borrower’s permanent residence. The APR starts at a high 35.99% and can go all the way up to 149.99%. The latter is preposterously high for a secured personal loan for bad credit, but decent collateral can mitigate it.

Loan Amount: With a car title loan, one can borrow anywhere between $2,000 and $50,000 from LoanCenter. The key thing is that the value of the submitted collateral can back that up.

Loan Term: The loan term of LoanCenter’s secured bad credit loans is between 24 and 48 months. This is the industry standard for the majority of car title loans.

Origination Fee: The origination fee is at 5% of the loan’s value. Depending on the amount borrowed, this could either be quite affordable or relatively high.

Type of Collateral: LoanCenter specializes in car title loans. This is why a personal vehicle is the preferred type of collateral for their loans for bad credit with collateral.

Funding Time: The time that the borrower has to wait for the funds is relatively short because the application process is simple and streamlined.

Credit Check: One interesting option that LendingCenter offers is a chance to pre-qualify for a bad credit loan report without actually hurting one’s credit score. A hard credit inquiry is performed only on rare occasions.

Repayment: The key thing to look out for is the fact that there are no prepayment penalties. This makes the LoanCenter’s secured loans even more viable as a short-term financial solution.

Pros and Cons

LoanCenter is quite unique amongst bad credit lenders, and the simplest way to assess its position amongst them is to take a look at its pros and cons.

Advantages:

  • Applying for a car title loan is simple, and the processing is quick.
  • There are no prepayment penalties, which is nice if you think you can pay off the loan quickly.
  • This particular feature can also be used strategically. You can look for a secured loan to build up your credit rating.

Disadvantages:

  • The vehicle needs to pass an evaluation, which is why its value might be different from what you believe it’s worth.
  • The APR rate for this type of loan can be quite high, which is definitely something worth keeping an eye out for.
Mariner Finance
Mariner Finance

BEST FOR

poor credit borrowers

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  • APR: 18.00%–35.99%
  • Loan Amount: $1,000–$25,000
  • Minimum Credit Score: Not disclosed
  • Loan Term: 2–5 years
  • Origination Fee: No
  • Type of collateral: Car, other assets
  • Funding time: 2 business days
  • Credit Check: Yes

Mariner Finance has almost 100 years of pedigree in the lending industry. It has over 470 branch locations in 24 states, making it easy to chat with an agent and submit an application in person.

There are a lot of applicants who believe that they can convince the representative of the lender to give them a chance, despite their poor appearance on paper. This could potentially make a difference to a lot of those applying for secured loans for poor credit.

Other than this, it’s worth mentioning that Mariner Finance offers a loan insurance option. While this does somewhat increase the total loan cost, the majority of borrowers (unsure about the future) see it as a great bargain. Because unexpected events might have caused the original financial trouble, preparing for this eventuality in the future is a reasonable precaution.

Loan Requirements

There’s some good news for people intending to apply for a secured personal loan with bad credit. Mariner Finance doesn’t list a minimum credit score requirement.

Lenders need to have a minimum net monthly income that will guarantee that they will be able to pay the loan in the future. Other than this, the lender will also take a look at the credit history of the borrower. Most importantly, the customer should be at least 18 years old and they need to have a verifiable source of income.

Loan Agreement Terms

APR: Mariner Finance offers secured personal loan rates of 18.00%–36.00%. Even though some may be discouraged by this rate, it’s far superior to any rate offered by payday lenders. It’s a great option that those with a poor credit rating need to consider.

Loan Amount: The loan amount ranges from $1,000 to $25,000, which makes it ideal for minor emergency expenses. When dealing with household repairs, emergency payments, and facing similar expenses, it’s a superior alternative to the majority of payday lenders.

Loan Term: The loan term is standard 2–5 years, which provides quite a bit of leniency and flexibility. The potentially lengthy loan term is great for anyone in need of very bad credit loans that can be paid off over a long period.

Origination Fee: One more thing that puts Mariner Finance ahead is the fact that there’s no origination fee required. This can be quite a relief for those in a tight spot.

Type of Collateral: Mariner Finance accepts a broad spectrum of different assets as collateral. A personal vehicle, ATV, motorcycle or (in some instances) even a trailer can be used for secured personal loans.

Funding Time: Most commonly, it takes Mariner Finance about two business days to deposit funds to their borrowers’ accounts. In some cases, the funds will be deposited within the first 24 hours.

Credit Check: Mariner Finance performs a credit check but puts more value in debt-to-income ratio and length of credit history.

Repayment: In addition, there’s no prepayment fee for people who want to pay off their bad credit secured personal loan early. That’s great news for everyone who expects their financial situation to improve significantly before their loan term is up.

Pros and Cons

In order to see where Mariner Finance belongs on the list of lenders who offer the best secured personal loans, we need to examine its advantages and disadvantages.

Advantages:

  • Fast funding is a tremendous advantage, seeing as how most applicants for it desperately need some quick cash.
  • There’s a co-sign option, which might make more people eligible for the loan they need. It could also provide them with substantially better terms.
  • Also, it’s important to mention that there’s no prepayment fee, which gives you the option to pay off the loan a lot quicker.

Disadvantages:

  • Compared to some other types of collateral loans with bad credit on this list, Mariner Finance tends to have somewhat APR. Still, this can be somewhat mitigated with the above-discussed co-sign option.
  • A far bigger problem is the fact that the lender may charge the origination fee (based on their assessment of the borrower).
Upgrade
Upgrade

BEST FOR

debt consolidation

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  • APR: 7.99%–35.97%
  • Loan Amount: $1,000–$35,000
  • Minimum Credit Score: Not disclosed
  • Loan Term: 3–5 years
  • Origination Fee: Yes (2.9%–8%)
  • Type of collateral: Vehicles
  • Funding time: 1 business day
  • Credit Check: Yes

Upgrade offers great terms for applicants looking for the best collateral loans for bad credit that can be used for potential debt consolidation,  putting them well ahead of their competitors. Even the borrowers with poor credit scores can get much better terms thanks to co-signing and joint loan options. Borrowers who go for the autopay option may see a sizable monthly rate discount, which reduces the total debt amount for those looking to consolidate.

Another reason why Upgrade loans are so popular is the hardship program. Namely, Upgrade is quite understanding if their customer is going through a rough patch and offers to temporarily halt debt repayments.

Loan Requirements:

A minimum credit score for Upgrade borrowers is 580, which means you can get a secured personal loan even with bad credit.

As for the other requirements, there’s the age limit of 18 (or 19 in states like Alabama). The borrower/applicant needs to have a verifiable bank account. They also need to submit their email address, seeing as how the majority of information is communicated this way.

Loan Agreement Terms

APR: Upgrade APR is 7.99–35.97%, which is relatively low when compared to other representatives in this industry. Even the 35.97% is fairly standard for the industry and can be acceptable to some with a particularly bad credit score.

Loan Amount: Upgrade lends between $1,000 and $35,000 to their borrowers, which makes the loan quite versatile. We’ve already mentioned how Upgrade’s secured loans for people with bad credit can be used to improve one’s free cash flow. This is usually what these smaller loan amounts are meant for.

Loan Term: The loan term is 3–5 years, which may give a tad more leniency. The fact that the term starts with 36 months instead of standard 24 usually means lower rates and loans that are more easily repayable.

Origination Fee: The origination fee of Upgrade’s loan may go from 2.9% to 8% of the loan’s value. Depending on the amount of money borrowed, this could amount to a significant sum.

Type of Collateral: Upgrade accepts vehicles as collateral for their personal secured loans. Depending on the information, make, model, and mileage, the vehicle in question will be evaluated by trusted and impartial experts. Then, the applicant may borrow money against the value of the vehicle that they own.

Funding Time: The question of funding time is not that easy to answer. Why? Because while Upgrade will transfer funds within a single business day, it may take as much as four business days for the borrower to access the money.

Credit Check: As soon as the potential borrower applies for Upgrade loans with collateral for bad credit, Upgrade will start with a soft credit pull. Later on, they will perform a hard pull when the borrower proceeds to the next stage of the application.

Repayment: Not only does Upgrade offer a pre-payment option with no extra fees, but it also offers free payoff quotes that can be quite useful. This specialized tool offers one to select the date when they intend to pay off their loan and get a free and accurate estimate of their repayment plan.

Pros and Cons

Upgrade is often regarded as the go-to place if you need the best collateral personal loans with bad credit. A brief list of its pros and cons may reveal why this is the case.

Advantages:

  • The option of co-signed joint loans is a huge advantage that just cannot be overlooked or stressed out enough. It’s something that benefits both the lender and the borrower.
  • Direct payment to creditors with a debt consolidation program is probably one of the reasons why a lot of people go to Upgrade when they need the best secured personal loan.
  • The hardship program can help alleviate some financial burden from the borrower, helping them get through a rough patch.

Disadvantages:

  • Upgrade charges an origination fee, which is the expense that the majority of fast cash loan borrowers are trying to avoid.
  • This lender also insists on charging late fees. Sure, being late with your payments is something that you want to avoid anyway, but in a rough financial spot, even this can happen.

How to Choose the Best Lender for a Secured Loan

The best way is for the borrower to assess their own situation and go from there. If their credit score is 600 and above, it’s better to go with a lender that offers favorable terms at that threshold.

Ultimately it depends on the type of collateral that they have (if any) and the amount they need to borrow. For really large loans, they might decide to go with a home collateral loan they can get with bad credit. The origination fee may be unavoidable but for someone who is in a really tough spot, even the percentage of the loan needed can be a huge issue.

Most importantly, one should look at the APR, the loan term, and any other miscellaneous expenses. A decent APR average is irrelevant unless the borrower manages to get to the more favorable side of the scale. Getting a vehicle secured loan or another type of collateral secured loan can ameliorate the problem with a bad credit score. In other words, the number of variables is incredibly high, so thorough research and weighing of options is a must.

Wrap Up

In the 21st century, it’s virtually impossible to imagine running a household without occasionally resorting to loans. The problem lies in the fact that a lot of people are financially irresponsible. As a result, their credit score suffers quite a bit. Once they apply for a loan, they find that they don’t have that many options.

That’s where our picks for the best secured loans for bad credit come in.

Regardless of one’s credit score or the value of their collateral, shopping for loans is always a good idea. Even with the same value of the collateral and the same credit score, different lenders will offer different terms. Therefore, it’s crucial to assess one’s means and needs carefully and choose accordingly.

FAQ

What Is a Secured Personal Loan?

There are two types of personal loans—secured and unsecured.

Every lender needs a guarantee that they’ll get their money back. Secured loans are the ones where the lender requires collateral (an asset of a certain value) to vouch for the borrower.

If the borrower fails to return the money borrowed, the lender can get their money back from the value of the collateral.

This is the way that the majority of secured loans operate.

How Do I Get a Secured Loan with Bad Credit?

The key thing you need to keep in mind is the fact that some lenders don’t insist on lending only to borrowers with good credit.

They do, however, increase the rates in order to make this risk worth their while. S

till, when looking for a secured loan, you’re still offering collateral as a guarantee. For instance, you can put up your vehicle or even a house as collateral and get significantly better terms.

Can I Get a Loan With a 500 Credit Score?

The vast majority of lenders start issuing loans at a credit score of 580.

Even those who are a tad more lenient tend to avoid giving loans to applicants with credit scores below 500.

Still, there are lenders who specialize in providing personal loans without credit checks, but they tend to insist on some form of collateral or have their own methods of assessing the applicant’s creditworthiness.

What's the Easiest Loan to Get with Bad Credit?

Generally speaking, getting a secured loan is far simpler than getting an unsecured one, regardless of your credit score. Still, if your credit score isn’t that great, going for a secured personal loan is the only sensible solution.

Otherwise, APR is likely to be ruinous, and you may have trouble repaying the loan. Unless you’re desperate and have no collateral to put up,  our picks for the best secured loans for bad credit are your safest bet.