Best personal loans for bad credit for February 2026

Core Insights - Personal loans are often a more affordable option compared to credit cards, especially for unexpected expenses or debt consolidation, but finding lenders willing to work with individuals with bad credit can be challenging [1] Group 1: Lender Evaluations - LendingClub is highlighted as the best overall lender due to its simple application process, competitive rates, and fast funding, with loans disbursed as soon as one business day after approval [2][3] - Oportun stands out for offering both unsecured and secured personal loans, with accessible customer support and flexible repayment terms [4][5] - LendingPoint is noted for its straightforward application process and funding speed, with loans available from $1,000 to $36,000 and repayment terms of 24-72 months [6][10] - Upstart is recognized for high customer satisfaction ratings and fast funding, although it has limited repayment terms of 36 or 60 months [11][12] - Avant offers relatively low rates compared to competitors, with loans up to $35,000 and funding available as soon as one business day [13] - Prosper allows applications with co-applicants, which can improve approval chances and loan terms [14][15] - Best Egg provides customizable payment options through its Payment Pathways program, although it charges origination fees up to 9.99% [19][20] - Upgrade offers flexible loan terms ranging from 24-84 months, with loans from $1,000 to $50,000 [21][22] - OneMain Financial is noted for its fast funding, with loans available as soon as one hour after approval for qualifying borrowers [23][24] Group 2: Loan Characteristics - Personal loans can be secured or unsecured, with secured loans potentially offering lower interest rates due to collateral [31][32] - Borrowers with bad credit typically face higher interest rates and fewer loan options, making it essential to compare rates before applying [33][34] - Loan amounts and repayment terms vary significantly among lenders, with some offering loans as large as $100,000 and terms extending up to seven years [36][37] - Common fees associated with personal loans include origination fees, which can be a percentage of the loan amount, and late payment fees [38][40]