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Personal Loans for Bad Credit: Best Picks for Spring 2026
Struggling with a low credit score? These personal loans offer accessible options with fast approval and manageable terms.
Quick Picks
Best for bad credit: Fairstone Personal Loan.
Best for credit building: KOHO Credit Building.
Most accessible online: Mogo Personal Loan.
Loans for Bad Credit
Finding a personal loan with a low credit score can feel like an uphill battle. Many lenders won't even consider applicants below a certain credit threshold. But with the right lender, you can still access funds without exorbitant interest rates. Generic 'top 10' lists often overlook options that cater to those with damaged credit, focusing instead on low APRs unattainable for most in this situation. Here are our top picks for those with bad credit.
Fairstone Personal Loan
Fairstone offers personal loans specifically for those with damaged credit. While the rates range from 19.99% to 25.99%, it's a regulated lender offering both secured and unsecured options. If your credit score is below 650, Fairstone is a solid choice due to its willingness to work with higher-risk borrowers. The downside? Rates are significantly higher than banks, but still more reasonable than payday loans.
Fairstone Personal Loan
Fairstone might be your best bet if you're looking for a traditional lender. But what if you need an entirely online experience with quick approval? That's where Mogo comes in.
Mogo Personal Loan
Mogo stands out for its fully online application process, getting you pre-approved without affecting your credit score. It's ideal for those who need quick cash for small emergencies. However, the convenience comes at a price—rates can climb up to 47% for riskier profiles. If speed and ease are your priorities, Mogo is worth considering despite the higher cost.
Mogo Personal Loan
Mogo's online approach offers speed, but if you're looking to improve your credit score while borrowing, KOHO's credit-building tools might be more up your alley.
KOHO Credit Building
KOHO offers a fintech solution more focused on credit building than large loans. Ideal for younger Canadians or newcomers, KOHO combines banking with credit improvement tools. It's perfect if you're seeking to enhance your credit while accessing small borrowing needs. This approach helps lay a solid foundation for future financial ventures.
KOHO Credit Building
These loans cater well to those with bad credit, but what should you avoid? Predatory lenders often lure with promises of 'guaranteed approval' but trap you with sky-high rates and fees. Stick with regulated options like the ones above to avoid falling into a debt cycle. Ready to explore other financial opportunities? Dive into Earnest Student Loan Refinance: Worth the Hype? to see what's possible when you build up your credit.
