5 Bad Credit Loans for People Looking to Get Online Finance

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Even with a bad credit score, you can still qualify for a small personal loan as most lenders are not so concerned about your credit score but your financial position.

The least credit score of 500, a business not less than six months old, and an annual income of $40,000 are the requirements for most lenders.

Most lenders will require at least a credit score of 500, must have been in business for at least six months, and that you can generate an income of $10,000 yearly. 

5 Best Bad Credit Loans for People Looking to Get Online Finance

1. Gday Loans

Gday Loans stands out as the best loan matching service for guaranteed approval loans for bad credit applications with a low credit score. You can apply for a loan at Gday Loans if you own a personal account. The amount available for borrowers ranges from $300 to $10000, with lines of credit ranging from a credit limit of $300 to $10000, with funds available for borrowing dependent on your personal income. 

Term loans have a repayment plan of between three and 24 months, while lines of credit loans have a repayment term of 12 months. For term loans, you can borrow again after you have repaid half your loan without incurring any additional interest rates. 

The advantage of Gday Loans is that repayments are automatic, daily, or even weekly, depending on what you indicated on your personal information when applying for the loan. 


  • Only a credit score of 600 is required 
  • One-day financing 
  • A top-up loan is available provided you’ve paid your existing loan up to half.


  • Earlier repayment doesn’t save you money. 

2. Bad Credit Loans

Thanks to Bad Credit Loans, people struggling with bad credit ratings can acquire loans online. This lending platform connects borrowers to reputable online lenders for faster loan approvals without considering their credit ratings. 

The company sets no regulations to govern lenders listed on their site. However, it avails essential information to help you determine whether to trust a lending partner or not.


  • No charge on the service it offers to borrowers
  • Borrowers can discover lenders easily
  • Accessible funds range from $500 to $5,000
  • Permits access to evaluate and compare interest rates.


  • Bad credit ratings affect the loan amount you requested. 

3. Lendio

Lendio offers small business borrowing limits with flexible funding, and borrowers who don’t utilize their funds are exempt from repaying the unused funds. 

Having started in 2010, Lendio is a small business lending market that links businesses with over 75 different lenders. Lendio is just a broker, connecting you to several other lenders, so you’ll have a variety of lenders to evaluate and choose from. 

Businesses older than six months with an annual income of $50,000 are a fit for applying for loans at Lendio. What’s more, the application takes just 15 minutes. However, the finances can delay up to two weeks before they are accessible.


  • You’re only required to have a credit score of 560
  • The interest payment is dependent on used funds
  • The application process only takes 15 minutes. 


  • Requires a minimum of $50,000 or more in revenue. 

4. Credibly

You’ll qualify for a business loan with Credibly if you have a minimum income of $15,000 per month. Credibly is a viable option for businesses with a stable income.

Credibly was launched in 2010 and stands out as one of the lending platforms requiring the least credit scores; 500, making it an excellent choice for high-earning small enterprises. 

On the downside, your business must have stayed in business for at least six months, with a minimum annual income of $15,000 annually.  Even worse, taking a loan with Credibly exposes you to higher fees compared to other lenders.

Credibly adds a 2.5% origination fee to your factor rate, with $10,000 having a factor range between 1.15 and 1.45. 


  • The minimum credit score required is 500
  • Accessible to businesses older than six months
  • Provides up to $400,000, and financing can take one day.


  • Minimum revenue of $15,000 per month is required to be eligible for the business loan.

5. Rapid Finance

You can qualify for loans up to $1 million from Rapid Finance, subject to your monthly business income, with a loan repayment term of 60 months. Rapid Finance will have to review the health or state of your business before approving you for a loan. 

Additionally, your business must have been in existence for between three to six months. However, your business will be required to meet the two years operation threshold to access small business loans.

Remittances are paid daily, weekly, or monthly from your business account. You are also charged a monthly fee of 9% to 31% of the loan rather than an APR. Even worse, you’ll be required to pay an origination fee ranging from 0% to 2.5% based on the type of loan product.


  • Loan term duration goes up to 60 months
  • Almost instant access of funds upon approval. 


  • Payment for certain loans may be required daily or weekly.

Bottom Line 

Despite having low credit, you can still find financing options for your business. The most important thing is to improve your credit score to attract loans that will help your business expand and qualify for better loans.

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