Bad Credit Loans

You can complete the form and review any options available in your Bromoney account. A lender or partner makes its own credit decision and may consider information such as credit history, income, existing obligations, and state availability. Terms and availability vary, and no outcome is guaranteed.

There is no single APR for bad-credit loans. The APR shown in an option is determined by the lender or partner and can vary based on the loan terms, the information provided, and state availability. Review the APR, fees, payment schedule, and total cost before deciding whether to continue.

Review the lender or partner’s name, the loan amount, APR, fees, payment schedule, and total amount to be repaid. Read the loan agreement carefully and consider whether the scheduled payment fits your budget. If any term is unclear, ask the lender or partner before accepting it.

Be cautious if someone promises guaranteed credit, pressures you to act immediately, or asks for payment before providing a loan. Verify the company through your state financial-services regulator and review written terms before sending money or personal information. Suspected fraud can be reported to the FTC at ReportFraud.ftc.gov.

If your FICO® score is below 580, a loan marketplace is one practical place to start, because you compare what is available in one place instead of applying lender by lender. With Bromoney you complete one form, then review any options available to you in your account — APR, payment, term, and total cost side by side — and choose whether to continue. Checking available options with Bromoney does not require a credit-bureau inquiry and does not affect your credit score. If you select a partner and continue, that partner may perform a hard credit inquiry that can affect your score. Each lender or partner applies its own criteria, and no approval is promised.

Traditional commercial banks are unlikely to approve borrowers with bad credit, typically defined as a FICO® score below 580. Their risk models, collateral standards, and regulatory capital requirements favor applicants at FICO® 670 or above. Approval through any lender is subject to that lender's individual review criteria and is never guaranteed. In practice, a marketplace approach offers a more realistic path. Bromoney is a marketplace: you complete one form and review the options available to you, including options from lenders and partners that work with lower credit profiles. The decision belongs to the lender or partner, and no approval is promised. If a traditional bank has turned you down, exploring marketplace options where lenders focus on lower credit profiles gives you a concrete next step rather than a dead end.

A low credit score doesn't disqualify you from borrowing - it changes the terms. Lenders who work with damaged credit typically look beyond your FICO score at three factors: income stability (consistent employment history carries significant weight), debt-to-income ratio (most lenders prefer DTI below 43%, per CFPB guidelines), and cash flow (some lenders review 3-6 months of bank statements instead of credit reports). Realistic options include secured loans backed by collateral such as a vehicle or savings account, credit union programs for members with thin credit files, and online lending marketplaces that connect borrowers to lenders using alternative verification criteria. APR for bad-credit loans is usually higher than for prime credit, and state law may cap rates and fees, so compare the APR, the payment, and the total cost of at least three options before you sign.

Many partner lenders evaluate income, banking history, and debt-to-income ratio in addition to credit score, so options may still exist below 580.