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Loans for Bad Credit
We understand a low credit score can make it difficult to get an affordable loan so we don't base our funding decisions exclusively on FICO® credit scores or credit history. TheLending only performs a soft credit check when you submit an application, which won't negatively impact your FICO® score.2
Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with TheLending.
Why choose TheLending for a loan if you have bad credit?
If you have bad credit, we may be able to help you! Through our commitment to customer service and our lending partners, we help consumers turned away by traditional providers be empowered to improve their financial health. Here are just a few reasons to choose the TheLending platform for your funding needs:
- Easy to Apply: Apply online from start to finish with our simplified application process.
- Same-Day Funding Available: If approved, you may receive money in your account as soon as the same business day!1
- Top-Rated, Personalized Service: Speak with a real person. Trust our Application Advocates to be with you from application through payoff.
- No Hidden Fees: No origination fees. No application fees. No prepayment penalties. You’ll know what to expect from the products offered on our platform.
- Build Credit History: TheLending is committed to the financial health of its customers. We report your payment history on behalf of our lending partners to the three major credit bureaus. On-time payments may help boost your credit history.6
Our Loan Application Process
Applying does NOT affect your FICO® credit score!2
Tell Us About Yourself
Fill out our fast and easy online loan application.
Verify Your Income
Securely connect your bank account.
Get a Quick Decision1
We’ll use the information you provide to see if we can find you a match.
Same-Day Funding Available
If approved, you may receive money in your account as soon as the same business day!1
Verify Your Income
Securely connect your bank account.
Get a Quick Decision1
We’ll use the information you provide to see if we can find you a match.
Same-Day Funding Available
If approved, you may receive money in your account as soon as the same business day!1
What is a bad credit loan?
A bad credit loan is for someone whose credit score isn’t high enough to receive a loan from a traditional financial institution. TheLending does not offer Bad Credit Loans. Instead, the products offered through our platform look beyond your FICO credit score to analyze your overall creditworthiness when it comes to an online personal loan. The credit check we perform on behalf of our lending partners will not appear as a hard credit inquiry on your credit report, so applying won’t negatively impact your FICO score.2
What is considered bad credit?
In a nutshell, bad credit is when your credit score is too low for you to qualify for a standard loan. A bad credit score is typically considered a FICO score under 670. Your payment history and credit utilization are two of the major factors used to determine your credit score.
Missed payments, maxing out your credit cards, and filling out too many loan applications are unhealthy financial habits that can hurt your credit score and stand in the way of obtaining credit. Unfortunately, lenders view borrowers with low credit scores as less likely to pay back their debts.
But bad credit scores don't have to hold you back. We understand a low credit score can make it difficult to get an affordable loan so we don't base our funding decisions exclusively on FICO® credit scores2 or credit history.
What makes up a bad credit score?
There are multiple factors that make up a credit score, including, but not limited to:
- How long you’ve had credit
- The amount you owe
- The amount of your available credit you are using
- The types of credit you have (e.g., credit cards vs. installment loans)
- How much new credit you have
- If you’ve paid your debt on time
What should be considered when choosing a loan for bad credit?
You don’t have to struggle to find a bad credit loan. Below are a few factors to consider when applying for a loan with bad credit:
- Repayment terms: Your monthly loan repayments should fit nicely into your budget. Affordable repayments can help you successfully pay off your loan.
- Fees and penalties: Prepayment penalties, late fees, and origination fees.
- Annual percentage rate (APR): APR stands for Annual Percentage Rate and is your true cost of credit stated on an annual basis.
- Credit building opportunities: Paying on time should earn you the credit you deserve. Choose a lender who reports repayments to the credit bureaus.
Types of loans for bad credit
Championing your finances means knowing your options. With that in mind, read on to learn about some of the major categories of online loans.
Tribal Loans
Some online loan platforms are owned by sovereign Native American tribes. TheLending is not a tribal lender.
Payday5 Loans
Many payday loan providers have moved online. A payday loan is typically a two week loan, secured by the borrower’s paycheck. Payday loans carry an average interest rate of 400%. These high interest rates and short terms make for an inadvisable combination.
TheLending is not a payday loan provider. Through the TheLending Lending Platform, borrowers will get a maximum APR less than half the average payday loan.
Loan Matching
Some online loan platforms are loan matching services. This typically means a borrower can supply some of their financial information and view a list of potential matches to find an online loan provider. Some online loan matching services are reputable, but others are not. TheLending is not a dedicated Loan Matching Service, but for customers who opt-into our Turn Up Program, we check the market for lower cost loans with approximately 15 near-prime lenders on their behalf, before presenting an offer through TheLending’ platform.
Offshore Loans
An online loan provider based in another country or offshore is subject to the rules and regulations of the country in which they’re based. This can increase the risk to borrowers in the United States. The TheLending Lending Platform is proudly based in Chicago, Illinois.
How to choose the best loan for bad credit
Doing your homework before applying for a bad credit loan can make getting a loan hassle-free.
- Learn your credit score: Banks and credit card companies may be able to provide your score for free. Otherwise, you can obtain it from FICO.
- Research lenders: No two lenders are the same. Every lender will have their own criteria for qualifying. Find the best deal by comparing lenders that work with your credit score.
- Ready your application materials: Details like your annual income, Social Security number, and employer information will help expedite your application process.
FAQs
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For questions relating to pre-application, application, and refinance:
Email for Existing Customers
For questions about an existing account, including payments:
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