Small Personal Loans

Life can be unpredictable. You don't always have the cash on hand you need to take care of emergencies or pay an unplanned bill. A small personal loan is a great solution because you can get the cash you need without filling out a mountain of paperwork from a traditional payday lender.

But what if you have bad credit? Don't worry, you can still potentially get the funds you need. At LendUp, we know you’re human — we specialize in helping customers who may have a few dings on their credit report. Whether it’s a small personal loan or free financial education we may have something for you.

What Is Considered Poor or Bad Credit?

Credit is a measurement of the amount of trust merchants and lenders have that you will take care of financial obligations, such as loans, on a timely basis. If you have poor credit, it means you've had difficulty maintaining timely payments or you've had a financial problem somewhere along the line. It affects your ability to gain additional credit.

Your credit report is gathered and organized primarily by three credit bureaus: Equifax, Transunion, and Experian. Any time you have a late payment or default on a loan, it shows on your credit report. Your report will also show a bankruptcy or continued high balances. More than anything else, future lenders look at your report to determine if there's a repeating pattern of problems rather than any one specific entry. You credit score is a three-digit number that represents your creditworthiness at a single point in time. That number ranges from 300 to 850, with higher numbers representing good credit and lower numbers indicating poor credit. As you take steps to improve your credit profile, your score may improve over time.

Can I Be Approved for a Personal Loan If I Have Poor Credit?

At LendUp, we have helped many people with poor credit get loans because we use more than standard credit ratings in our evaluation method. We believe that a credit rating doesn't tell the whole story. There are any number of reasons you may have been late on a bill or missed a payment. Even with a steady paycheck, you may not have the funds on hand when an emergency hits.

It only takes a few moments to complete the online application, and we'll give you an instant decision. If you’re approved for a loan, you may see funds to your account as early as the next business day. Even with bad credit, not only may you still be approved for a loan, you may eventually earn enough points for timely payments to apply for credit-building loans, which report to all three credit agencies: Transunion, Equifax, and Experian.

One of the advantages of our approach is we don't use traditional credit scores to determine your approval. Where available, the LendUp Ladder allows you to earn points that could lead to more money at better rates; loans offered at upper levels of the Ladder even report your payments to the three major credit bureaus. Even if you have bad credit, you may eventually earn points to build your credit.

How Can I Use a Personal Loan If I Have Bad Credit?

A personal loan from LendUp is a great solution when you need funds to pay bills, bridge the gap to your next paycheck, handle emergencies and get you out of a jam. You may have considered a typical payday loan in the past, but we’re a better alternative because:

  • We clearly state our interest rates and fees. You won’t be surprised by any hidden fees.

  • You are always aware of the exact amount you have to repay and the due date.

  • Our online dashboard gives you an instant decision on your small personal loan application.

  • LendUp uses state-of-the-art SSL encryption to ensure the security of your personal information.

Here's another LendUp difference: We are committed to helping you gain the knowledge you need to be a financially educated consumer. We have a complete online education program with fully developed courses using videos and quizzes. You gain points to move you up on the LendUp Ladder for completing these courses. Topics include:

  • Building credit

  • Understanding your credit rights

  • The true cost of credit

  • How to read your credit report

  • Rebuilding credit

  • Protecting your private information online

  • Improving your budgeting

  • Understanding finance charges

  • Creating a solid financial future

As you can see, LendUp has a different approach to short-term lending. Whether you have poor credit or not, we believe you'll agree we offer a better method to help you gain access to small personal loans for poor credit.

Disclaimer: LendUp is not providing financial, legal or tax advice. If you need or want such advice, please consult a qualified advisor.

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