Life’s financial hurdles don’t wait for a perfect credit score. Whether you’re tackling an unexpected expense, consolidating debt, or planning a major purchase, having access to a personal loan can be a lifeline. The good news? You don’t need a stellar credit score to qualify for certain personal loans.
Here’s a look at five personal loan lenders that accept applicants with credit scores of 580 or lower, so you can find the right option to meet your financial needs.
1. Upstart Personal Loans
Best For: People Without a Credit History
Upstart leverages AI technology to expand access to loans for individuals who might not have an extensive credit history. For applicants with limited or no credit, this can be a game-changer.
- APR: 6.70%–35.99%
- Loan Amounts: $1,000–$50,000
- Loan Terms: 36 or 60 months
- Key Benefits:
- Minimum credit score of 300 (or none at all if your credit history is limited)
- Funds are typically deposited the next business day after approval
- No early payoff penalty
Watch Out For: High origination fees of up to 12% and a late fee that starts at $15 or 5% of the overdue amount.
If you’re building or starting your credit history, Upstart provides a straightforward path to access funds.
2. OneMain Financial Personal Loans
Best For: Flexible Terms
OneMain Financial is a solid option if you’re seeking flexible loan terms and faster funding. They also allow for co-applicants to improve your chances of securing better terms.
- APR: 18.00%–35.99%
- Loan Amounts: $1,500–$20,000
- Loan Terms: 24 to 60 months
- Key Benefits:
- Accepts applicants with poor or fair credit
- Flexible repayment terms
- Same-day funding in some cases
Watch Out For: High origination fees ranging from $25 to 10% of the loan amount. Interest rates can also lean on the higher end.
For borrowers prioritizing flexible repayment options, OneMain Financial offers a balance of convenience and accessibility.
3. Avant Personal Loans
Best For: Quick Funding
If speed is your top priority, Avant is an excellent choice. Their smooth online application process can get you funds as early as the next business day.
- APR: 9.95%–35.99%
- Loan Amounts: $2,000–$35,000
- Loan Terms: 24 to 60 months
- Key Benefits:
- Minimum credit score of 580
- Fast funding (next-day deposits in many cases)
- Flexible prequalification process with a soft credit check
Watch Out For: A potentially high origination fee (up to 9.99%) and lack of co-signer options.
When time isn’t on your side, Avant ensures quick access to funds without compromising on reliability.
4. Universal Credit Personal Loans
Best For: Entrepreneurs and Small Business Use
Universal Credit stands out by allowing borrowers to apply personal loans toward business needs, which is uncommon among lenders in this category.
- APR: 11.69%–35.99%
- Loan Amounts: $1,000–$50,000
- Loan Terms: 36 to 60 months
- Key Benefits:
- Low minimum credit score requirement (560)
- Credit monitoring tools to help borrowers improve their scores over time
- No penalty for early payoff
Watch Out For: Relatively high origination fees (5.25%–9.99%).
Small business owners or cash-strapped entrepreneurs can use Universal Credit to bridge funding gaps while also benefiting from their credit improvement features.
5. Oportun Personal Loans
Best For: Low Borrowing Amounts
Oportun takes a unique approach by offering smaller loan amounts, starting at just $300. They also don’t require credit history, which makes them highly accessible.
- APR: Up to 35.99%
- Loan Amounts: $300–$10,000
- Loan Terms: 12 to 54 months
- Key Benefits:
- No credit history required for eligibility
- Offers same-day funding for most applicants
- Early payoff penalties don’t apply
Watch Out For: Loans aren’t available in all states, and administrative fees can go up to 10% of the principal amount.
If you need a small, quick loan without a credit score, Oportun is a user-friendly solution.
How to Choose the Right Lender for You
Selecting the best lender depends on your specific circumstances, but here are some general tips to keep in mind:
- Consider Loan Amounts and Terms: Evaluate how much money you need and your ability to repay within the loan’s terms.
- Compare APRs and Fees: Look closely at interest rates and additional fees, like origination or late payment fees.
- Check Funding Speeds: If time is critical, prioritize lenders like Avant or Oportun that offer same-day or next-day disbursements.
- Think About Flexibility: If repayment flexibility is important, a lender like OneMain Financial may better suit your needs.
- Leverage Prequalification: Many lenders allow you to prequalify without a hard credit check, giving you an idea of eligibility and terms.
Final Thoughts on Borrowing with a Low Credit Score!
While having a credit score of 580 or lower can limit some financial options, it doesn’t mean you’re out of luck.
Lenders like Upstart, OneMain Financial, Avant, Universal Credit, and Oportun specialize in helping individuals with fair to poor credit access funds for various needs.
Taking the time to compare loan terms and understand your options is critical to making the best financial decision.
No matter which lender you choose, ensure that repayment is manageable based on your current income and expenses.
If you’re ready to apply for a loan, explore these lenders today and secure the funds you need!