When you have bad credit, obtaining new credit can be challenging. People with bad credit often find that getting approved for a loan is difficult, as options can be limited. When those with bad credit are approved for a personal loan, they typically face higher interest rates, more fees and greater restrictions than consumers with good credit.
This guide covers the basics of how bad credit loans work, how to apply for and receive a loan, and recommendations for the best bad credit lenders.
What Is the Best Interest Rate on a Personal Loan?
When you shop around for the best personal loan interest rate, you can save. Compare your personal loan offers with national average trends for personal loans to know if you’ve found a good deal.
|Loan Type||This Week’s Rate||Last Week’s Rate|
|National Average Personal Loan||10.93%||10.90%|
Rates as of May 25, 2020