Having a credit score of 580 or lower can make it difficult to qualify for traditional personal loans. However, it’s not impossible. Many lenders in the USA specialize in working with borrowers who have bad or fair credit, helping them access funds for emergencies, debt consolidation, medical bills, or other personal expenses.
In this guide, we’ll highlight 4 trusted personal loan providers that offer options to applicants with a credit score of 580 or less, along with key features, eligibility requirements, and what to expect.
What Is Considered a Bad Credit Score?
According to the FICO Score model, credit scores are categorized as follows:
| Credit Score Range | Credit Rating |
|---|---|
| 800 – 850 | Excellent |
| 740 – 799 | Very Good |
| 670 – 739 | Good |
| 580 – 669 | Fair |
| 300 – 579 | Poor |
4 Best Personal Loans for Credit Scores of 580 or Lower
1. Upstart
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Loan Amount: $1,000 – $50,000
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APR: 6.4% – 35.99%
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Minimum Credit Score: 300+
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Funding Time: As fast as 1 business day
Upstart uses AI-based underwriting, which considers factors like education, job history, and income in addition to your credit score. This makes it one of the best options for those with limited or poor credit history.
✅ Best for borrowers with little credit history or lower scores
2. OneMain Financial
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Loan Amount: $1,500 – $20,000
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APR: 18.00% – 35.99%
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Minimum Credit Score: No strict minimum
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Funding Time: Same-day in some cases
OneMain Financial is one of the most accessible lenders for people with poor credit. They allow co-signers, offer secured loans, and have physical branches across the USA.
✅ Best for in-person service and secured loan options
3. Avant
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Loan Amount: $2,000 – $35,000
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APR: 9.95% – 35.99%
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Minimum Credit Score: 580
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Funding Time: Next-day funding available
Avant focuses on mid-tier borrowers, including those with scores in the 550–600 range. It’s a top choice for borrowers who want fast approval and flexible payment plans.
✅ Best for quick funding and flexible repayment
4. LendingPoint
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Loan Amount: $2,000 – $36,500
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APR: 7.99% – 35.99%
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Minimum Credit Score: 580
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Funding Time: As soon as next business day
LendingPoint evaluates your full financial profile, including employment and income, not just credit. This makes it easier for low-credit borrowers to qualify.
✅ Best for working professionals with fair income but poor credit
Documents You’ll Typically Need to Apply
To apply for a bad credit personal loan, you'll generally need:
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Government-issued ID (e.g., driver’s license)
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Social Security Number
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Proof of income (pay stubs, tax returns, or bank statements)
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Employment verification or proof of benefits
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Bank account details (for direct deposit)
Comparison Table
| Lender | Credit Score | Loan Amount | APR Range | Funding Time |
|---|---|---|---|---|
| Upstart | 300+ | $1,000 – $50,000 | 6.4% – 35.99% | 1 business day |
| OneMain Financial | No minimum | $1,500 – $20,000 | 18% – 35.99% | Same day possible |
| Avant | 580+ | $2,000 – $35,000 | 9.95% – 35.99% | Next day |
| LendingPoint | 580+ | $2,000 – $36,500 | 7.99% – 35.99% | Next business day |
Read Also: Get a Business Loan Credit From $1,000 - $250k in USA - Business Credit Up To $250,000
How to Improve Your Chances of Approval
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Check your credit report for errors and dispute them
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Apply for prequalification (soft credit check) to preview offers
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Add a co-signer if possible
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Offer collateral for a secured loan
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Lower your debt-to-income ratio by paying off small balances first
FAQs About Bad Credit Personal Loans
Can I get approved for a personal loan with a 580 credit score?
Yes. Lenders like Avant, LendingPoint, and OneMain Financial specifically cater to individuals with credit scores of 580 or below.
Will applying hurt my credit?
Most lenders offer prequalification using a soft credit inquiry, which doesn’t hurt your score. A hard inquiry occurs once you officially apply.
What are the typical interest rates for bad credit loans?
APR can range from 9.95% to 35.99%, depending on the lender, your credit profile, and income.
Are there personal loans with no credit check?
Some lenders (often payday or title lenders) advertise no credit check, but they usually come with very high fees and APRs. Use caution.
Can I use a personal loan to consolidate debt?
Yes. In fact, debt consolidation is one of the most common and strategic uses for personal loans — even for borrowers with poor credit.
Conclusion
Having bad credit doesn't mean you're out of options. With the right lenders like Upstart, Avant, OneMain Financial, and LendingPoint, you can access personal loans even with a credit score of 580 or lower. Always compare rates, read terms carefully, and borrow only what you can afford to repay.