Calculate personal loan payments for bad credit (300-629 credit score). Compare lenders, rates, and get approved with poor credit. Free calculator with credit improvement tips and alternative options.
Most bad credit lenders: $1,000 - $50,000
Below average credit
Purpose affects interest rates and approval odds
Before taxes and deductions
Include credit cards, car loans, other loans (minimum payments)
Bad credit typically means a FICO score below 630. This can result from missed payments, high credit utilization, bankruptcies, or limited credit history. Bad credit makes borrowing more expensive but not impossible.
Even with bad credit, you have options: online lenders, credit unions, peer-to-peer platforms, and some traditional banks. Each has different requirements and rates for poor credit borrowers.
Increase approval chances by showing stable income, low debt-to-income ratio, and considering a co-signer. Some lenders focus more on income than credit score for qualification.
Beware of payday loans, title loans, and advance fee scams. Legitimate lenders never guarantee approval or ask for upfront fees. Always read terms carefully and compare multiple offers.
| Credit Range | Typical APR | Approval Odds |
|---|---|---|
| Excellent (720-850) | 6-12% | Very High |
| Good (690-719) | 10-16% | High |
| Fair (630-689) | 16-24% | Moderate |
| Poor (580-629) | 20-32% | Limited |
| Very Poor (300-579) | 25-36% | Very Limited |
Having bad credit doesn't mean you're out of options for personal loans. While you'll face higher interest rates and stricter requirements, many lenders specialize in working with borrowers who have credit scores below 630. Our personal loan calculator for bad credit helps you understand what to expect and find the best options for your situation.
Bad credit is typically defined as a FICO score below 630, with "very poor" credit being below 580. This can result from missed payments, high credit card balances, bankruptcies, foreclosures, or simply having a limited credit history. The good news is that credit scores can improve over time with responsible financial behavior.
Personal loans for bad credit typically come with APRs ranging from 18% to 36%, significantly higher than rates for borrowers with good credit. Loan amounts may be limited, often ranging from $1,000 to $50,000, and terms are usually 2-7 years. Some lenders may require collateral or a co-signer to reduce their risk.
Be wary of predatory lenders who target people with bad credit. Avoid any lender that guarantees approval regardless of credit, asks for upfront fees, or pressures you to sign immediately. Legitimate lenders will always check your credit and income, provide clear terms, and give you time to review the loan agreement.
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A borrower with a 580 credit score needs $10,000 for debt consolidation:
Improving credit score to 650 could save over $1,000 in interest.