Bad credit can feel like a burden that prevents you from securing the funds that you need. As you search for an installment loan to meet your financial needs, you might feel discouraged by your lack of options.

However, that doesn’t have to be the case. There are many lenders that are willing to provide installment loans even if you have bad credit. Read on to find out more about your options.

Best Installment Loans for Bad Credit

Although none of these lenders are guaranteed to provide you with an installment loan, many will likely be willing to work with you. Check out these lenders to secure your next installment loan.

MoneyMutual

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on MoneyMutual's secure website

Loan Amount

$2500

Loan Term

Varies

APR

Varies

MoneyMutual is willing to work with borrowers of all credit types. Even if you’ve had a bankruptcy recently, the lender is sometimes willing to provide a short-term installment loan.

After a quick application process, you can receive your funds as quickly as one business day. Although $2,500 may not solve all of your financial problems, it can at least help you survive until your next paycheck.

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BadCreditLoans.com

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on BadCreditLoans.com's secure website

Loan Amount

$500 - $5,000

Loan Term

3 to 60 months

APR

Varies

BadCreditLoans.com is not a direct lender. Instead, it is an online lending marketplace that can match your situation to the best lending partners. Although the company advertises installment loans of up to $5,000, you should only expect to receive around $1,000 if you have bad credit.

After filling out a single application, the details will be shared with many lenders to find the best possible loan. The major factor in the application process is your employment status. You’ll need to be able to prove a reliable source of income that is sufficient to repay your loan over time.

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CashUSA

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on CashUSA's secure website

Loan Amount

$500 - $10,000

Loan Term

6 to 72 months

APR

Varies

CashUSA is another online lending matching service. You’ll be asked to fill out a single application that will be shared with many lenders. After you receive a match, you can receive the funds in as little as one business day.

In order to qualify, the biggest obstacle is a monthly income of at least $1,000 after taxes. Plus, you’ll need a checking account, email address, and phone number. One major feature is that your credit score is not used as an eligibility factor in your application. Plus, your credit score will not be affected by the application.

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Avant

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on Avant's secure website

Loan Amount

$2,000 to $35,000

Loan Term

24 to 60 months

APR

As low as 9.95%

Avant is a lender that specializes in working with borrowers that have a bad credit score.

In general, the larger loans offered by Avant are used to consolidate other consumer debt. While the smaller loans are offered on a short-term basis. You’ll need to consider your needs to determine which loan amount would work best for your situation.

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Credit Loan

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Loan Amount

$250 - $40,000

Loan Term

Varies

APR

Varies

CreditLoan works with borrowers with a range of credit backgrounds. However, your credit score will determine how much you will be allowed to borrow. For example, if your credit score is below 630, then you will not be able to qualify for more than $5,000.

Although CreditLoan is not a direct lender, it will match you with lenders that are willing to work with you. In most cases, the company can help you find a lender that can provide you with funding.

Net Credit

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on Net Credit's secure website

Loan Amount

$1,000 to $10,000

Loan Term

Varies

APR

Varies

NetCredit is a direct lender that can provide you with the funds you need. The company offers loans up to $10,000 but will not check your credit score to determine your eligibility. However, the interest rates associated with NetCredit loans are usually quite steep. Although it will vary based on your state, you can expect to see interest rates that range from 35% to 155%.

One interesting perk of NetCredit is that you can return your loan within one business day if you change your mind about the loan. So, no need to worry about borrower’s remorse with this loan.

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Bottom Line

Securing an installment loan can be a challenge. However, it is completely possible to find the funds you need without a big hassle. As you look for funding, you will notice that borrowers with good credit scores have more options with better interest rates. Consider working to improve your credit by paying down debt and paying your bills on time.