Personal Loans For Poor Credit: Tips to Get Better Rates

Are you looking for personal loans for poor credit? A bit of a dip in credit score can happen to anyone, but while you’re waiting for your efforts to raise that rating to pay off, it makes sense that you may still need a personal loan. Here’s some information on finding personal loans for poor credit, including what rates you can expect as well as other considerations.

Loans Under 36%

The main point here is right in the name of this company, which is actually called “Loans Under 36%” as their max rates are at 36% even for bad credit scores. The minimum score they require here is 300, which is about as low as it goes, so anyone should be able to get a loan at this company. The rates vary from about 6% APR on the low end to the 36 on the high end. You should be able to find loan offers from 100 different institutions.

On the site itself, you just put in the amount that you need, answer a few other questions, and then you’ll see rates and offers. The rates are going to vary based on the particular lender, but at least you can see a wide variety in order to choose the best one. Loan terms are also going to vary, going from just 2 months to 72. So this will give you an option to search for lenders which offer personal loans for poor credit. You can also get any amount from $500 up to $35,000. This is a good place to try if you need a lot of flexibility in all categories.


Monevo is a loan aggregator and has an APR rate as low as 3.99% for some of the loans they recommend, but there is a credit score minimum of 550 for many of the loans. This means you’ll have to have a score under 600 that’s still somewhat close to the line to use some of the loans. However, if you do have this score, or you think that you can raise your score enough to get there, then Monevo does have the advantage of being able to offer a top amount of $100,000, which again, is going to be dependent on a lot of different factors.

The good thing here is that you can fill out their questionnaire and get results in just 60 seconds. There’s no fee to use the site for rates, and there’s not even a table to make it easier to see which loans correspond to which rates and terms. It may be the easiest way to find personal loans for poor credit.

There’s also a huge range for the length of the loan as well, going from 3 all the way up to 144 months, depending on what kind of time spread you’re going to want. If you just need a quick personal loan to get you through a rough time, then you can go for one at just 3 months, for example, though this could affect the loan rate. On the other hand, you may have a major expense that you want to be able to handle and defray over the course of many years

If You Can’t Find the Desired Rate

If you’re unable to find the rate that you want, there are a few things you can do to improve the situation, including the following:

  • Improve Your Score Immediately- While you may be doing things to improve your score long term, there are things you can do to get it up immediately, such as checking for mistakes in reports. Once it goes up, you should get better rates.
  • Collateral– If you are longing for personal loans for poor credit as you can’t get the rates you want, then you can always put up collateral to get closer to the terms that you’re looking for. You can do this with a savings account, a house, a car or other things of value. The issue here, of course, is that you shouldn’t put up anything that you can’t afford to lose, especially if you’re worried at all about repaying the loan. However, it is an option that’s worth considering.
  • Grab a Cosigner-If you can find a family member that has a better credit score, you can have them cosign the loan for you. This will help you get the rates that you want when you couldn’t do so before and find personal loans for poor credit.

Overall, finding personal loans for poor credit when you have a score under 600 is a matter of paying attention to the details and acting accordingly. It’s worth going through all possible ways of getting your score up first if you haven’t already done that. This includes calling your creditors to ask them to remove some of their negative reports, for example. They may be willing to do that if you pay what is owed.

Only after these possibilities are exhausted should you look around for what rates you can get with credit under 600. You can get decent rates this way, but it will certainly be easier if you raise that score.

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