Top 3 Banks Offering Loans for People with Bad Credit
Are you struggling with bad credit but need a loan?
Don’t worry! Several banks and lenders offer personal loans tailored specifically to those with less-than-perfect credit.
Here are three banks in the United States that offer loans to people with bad credit, along with the loan limits, application processes, and timing for receiving the money :
1. Wells Fargo
Loan Types: Personal loans (unsecured), home equity loans, secured loans.
Loan Limits:
Unsecured personal loans: Typically range from $3,000 to $100,000, though higher amounts require better credit.
Secured loans (with collateral): Can go up to higher amounts based on the value of the collateral.
How to Apply:
Apply online via the Wells Fargo website, by phone, or by visiting a local branch.
You'll need to provide personal details like income, employment history, and your credit score (Wells Fargo may consider a lower score, but higher rates may apply).
How Long to Receive Money:
Personal loans: Typically within 1 to 3 business days if approved.
Secured loans: Processing can take a bit longer, depending on collateral verification.
Note: Wells Fargo offers loans to people with bad credit, but your approval may depend on other factors like your income and debt-to-income ratio. You may face higher interest rates for a low credit score.
2.OneMain Financial
Loan Types: Personal loans (secured and unsecured).
Loan Limits:
Secured loans: Range from $1,500 to $20,000.
Unsecured loans: Usually range from $1,500 to $10,000, but this depends on the borrower’s financial profile.
How to Apply:
You can apply online through OneMain's website or visit a local branch to speak with a loan specialist.
OneMain offers flexible lending for those with poor credit, but they will review your income, debt-to-income ratio, and whether you can provide collateral (for secured loans).
How Long to Receive Money:
Once approved, you can often receive the loan within 1 to 3 business days. In some cases, they offer same-day funding if you visit a branch.
Note: OneMain is particularly known for working with borrowers who have bad credit, offering a range of loan amounts, especially for people who can secure the loan with an asset like a car.
3.Avant
Loan Types: Personal loans (unsecured, fixed-rate).
Loan Limits:
Avant typically offers loans from $2,000 to $35,000.
How to Apply:
Apply online via the Avant website. The process is quick and simple—just fill out an online form with basic personal, financial, and employment information.
Avant uses soft credit checks for prequalification, so it won’t affect your credit score. If approved, you'll get a formal offer and proceed with documentation.
How Long to Receive Money:
Avant typically disburses funds as soon as the next business day if you are approved, but it could take 1 to 3 business days depending on your bank and the amount.
Note: Avant is a good option for those with bad credit (score of 580+), and they focus on offering fast, flexible personal loans.
Take Control of Your Finances with the Right Loan for You
No matter your credit history, there’s a loan option designed to meet your needs. Wells Fargo, OneMain Financial, and Avant are just a few of the trusted names that help borrowers get the funding they need, even with bad credit. With competitive loan amounts, fast processing, and flexible application processes, these banks are committed to supporting you in your financial journey.