Yes, you can qualify for a personal loan with bad credit. However, it might be harder to receive approval since lenders consider borrowers with bad credit to be at higher risk of missing payments. Even though some lenders will approve borrowers with bad credit, they may charge a higher origination fee and offer rates into the triple digits, depending on your credit.
For a more affordable loan, you could seek out a cosigner or joint borrower. A secured loan, which requires collateral like your car or savings, can also be a good alternative to an unsecured personal loan. Just remember: If you get a secured loan and fall behind on payments, you risk losing your collateral.
You can find bad-credit personal loans through online lenders, banks and credit unions. Since you’ll see less favorable terms from lenders, it’s even more important for you to compare personal loan interest rates, fees and discounts to ensure you’re receiving the most affordable personal loan for your situation.