7 Credit Card Loans for Bad Credit

7 Credit Card Loans for Bad Credit
GUIDE
Anna Baluch
By: Anna Baluch
Posted: December 24, 2019

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You may be on the lookout for credit card loans for bad credit for a specific reason. For instance, you may want to pay off all your credit card debt through a loan, which allows you to make one monthly, manageable payment on the loan. This strategy can save you a lot of money on interest and help you become debt-free faster.

Or, you may want to take out a credit card loan to fund a purchase you may not have the cash for upfront. This could be a home improvement project, car repair, or even a vacation. Click the link below that describes the type of credit card loan you’re seeking, and we’ll provide your best options from there.

Credit Cards for Bad Credit

You don’t need the best credit to get approved for a credit card. Fortunately, a variety of credit cards for bad credit can help you finance any purchase you’d like.

Each credit card comes with its own set of perks, so it’s important to familiarize yourself with all your options before selecting one.

  • Checking account required
  • Fast and easy application process; response provided in seconds
  • A genuine Visa card accepted by merchants nationwide across the USA and online
  • Manageable monthly payments
  • If approved, simply pay a program fee to open your account and access your available credit
  • Reports monthly to all three major credit bureaus
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10

While you do have to pay a program fee to use the Total Visa® Card, it’s a good choice if you’d like to rebuild your credit. The card reports to the three major credit bureaus every month, so as long as you make timely payments, it can allow you to build a positive credit history.

You’ll find the application process to be fast and easy, and you’ll receive a response in seconds. Your chances of approval are high if you have a valid checking account.

  • Get the security and convenience of a full-feature, unsecured Visa® Credit Card – accepted at millions of merchant and ATM locations nationwide and online
  • Reporting monthly to all three major credit reporting agencies
  • Perfect credit not required for approval; we may approve you when others won’t
  • Easy and secure online application
  • If approved, pay a Program Fee and you can access the $300 credit limit (subject to available credit)
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
10 Minutes See Terms Yes 8.0/10

The First Access Solid Black Visa® Credit Card may be the answer if you’ve been declined by other credit card companies. It doesn’t require perfect credit and can give you access to a $300 credit limit.

All you have to do to use it is pay a program fee. The First Access Visa® Card can help you improve your credit since it reports to all three credit bureaus.

  • All credit types welcome to apply!
  • Free access to your Vantage 3.0 score From TransUnion* (When you sign up for e-statements)
  • Monthly reporting to the three major credit bureaus
  • See if you're Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Free online account access 24/7
  • Checking Account Required
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See website for Details* Yes 8.5/10

The Surge Mastercard® welcomes applicants of all credit types. Even if you don’t have the best credit, you can apply and receive an answer in seconds.

It’s a great resource if you’d like to boost your credit because it reports to the three major credit bureaus monthly. If you sign up for e-statements, the Surge Mastercard® will also give you free access to your TransUnion Vantage 3.0 score.

Credit Card Debt Consolidation Loans for Bad Credit

If you’re overwhelmed by debt, a credit card debt consolidation loan may make sense. Several lenders offer credit consolidation loans to applicants who have bad credit. They can help you simplify the debt payoff process and improve your financial situation.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

CashUSA.com may be a solid pick if you have lots of debt, as it offers loans of up to $10,000 with APRs that range from 5.99% to 35.99%. Once you fill out the online form, it’ll connect you to loan offers from its partner lenders.

You may be eligible for one of its partner’s loans if you earn at least $1,000 a month after taxes. You can get the funds sent directly to your bank account and start paying off your debt right away.

CreditLoan.com has matched more than 750,000 borrowers to personal lenders. You can use its marketplace to find a loan between $250 and $5,000 and receive a decision in minutes.

Once approved, you may get the money via direct deposit the next day. You’ll find its website useful for lender reviews and financial resources.

Bad Credit Loans focuses on helping people with bad credit get the financing they need to do things like pay off debt. The site can connect you to lenders that offer three- to 60-month loans ranging from $500 and $5,000.

You’ll need proof of regular income from employment or Social Security benefits to access the Bad Credit Loans network. If approved, you can get the cash you need as soon as the next business day.

With PersonalLoans.com, you can secure a loan to pay off debt that ranges from $500 to $35,000. You don’t need a stellar credit score to qualify but you must show that you’re a responsible borrower.

That means you don’t have a history of late payments, overwhelming debts, or bankruptcies. PersonalLoans.com can get you your funds in one business day.

Can I Get a Loan on a Credit Card?

You may be able to get a loan on a credit card through a credit card cash advance. Essentially, a cash advance allows you to withdraw cash from your credit limit. It differs from a bank account withdrawal because you have to pay it back — with interest.

Cash advances are usually offered by banks, ATMs, and payday lenders. While they allow you to get the cash you need quickly, they are also very expensive.

When you take out a cash advance, you’ll likely have to pay a fee that ranges anywhere from 3% and 5% of the cash amount. Not to mention the cash advance APR that is separate from your regular purchase APR, which also doesn’t allow an interest-free grace period.

Example of Credit Card Terms and Conditions

The APR and fees you’ll be charged for a credit card cash advance are in your card’s terms and conditions.

In most cases, cash advances should only be used for emergency situations. So, if you can’t make your rent payment and are worried you’ll get evicted, a cash advance may make sense.

If you’d like to go on a vacation or splurge on a fancy dinner, it’s not a good idea to take out a cash advance.

Fortunately, cash advances are usually easy to qualify for and you don’t need the best credit. As long as you’ve used your credit enough over the past six months or so, you should be able to get a cash advance.

If you discover that a cash advance is not right for you but you need access to fast cash, consider your alternatives. You can take out a personal loan, borrow money from friends and family, or overdraw your checking account and pay a fee.

Is it Smart to Get a Loan to Pay Off Credit Cards?

It can be tough to keep track of all the different payments you owe if you have a lot of debt spread across multiple credit cards. After all, each payment is a different amount and due at a different time of the month.

Not only can these payments start to get very expensive, but they can also overwhelm you. Getting a loan is a smart move if you have more credit card debt than you can easily keep track of. With a debt consolidation loan, you can pay off all your debts and pay back your loan via one, manageable monthly payment.

You’ll no longer have to remember how much you owe to which card companies and when each payment is due. You’ll be less likely to lose track of your payment schedules since you’ll only have one payment to worry about. You’ll find it much easier to prevent missed payments, which can take a serious toll on your credit score.

FICO Credit Score Factors

Debt consolidation can make it easier to manage payments. This is important because your payment history is the most heavily weighted factor used to calculate your credit score.

A loan can also help you save money because it can reduce the amount of interest you pay over the lifetime of your debts. This is a huge benefit, as credit card interest can add up to a great deal of cash.

If you have a spending problem, however, a loan to pay off your credit cards is not a solution. This strategy is a way to help you simplify the debt payoff process.

It won’t help you decrease your spending and live within your means. You may want to work with a credit counselor or join a support group instead.

Does Debt Consolidation Hurt Your Credit?

You may be hesitant to consolidate your debt because you’re worried it may hurt your credit. The reality is that while debt consolidation can hurt your credit, it can also help it. In fact, you may be able to prevent this strategy from lowering your credit score.

If you have bad credit, you may have to apply for several loans until you get approved for one. This can lead to multiple hard inquiries on your credit report in a short time frame, which will ding your credit.

Fortunately, you can avoid this issue by checking your credit before you apply for a loan.

Only apply to lenders that specialize in credit card loans for bad credit like the ones we’ve listed above. It doesn’t make sense to apply to a lender that only approves those with good or excellent credit if you have bad credit.

Now that you know how debt consolidation can hinder your credit, you may wonder how it can improve it. When you consolidate your debt, you can lower your credit utilization ratio, which is the total amount of credit you’re using divided by the total amount of credit available to you.

Credit Utilization Chart

Example of credit utilization across three credit cards.

The lower your credit utilization ratio, the higher your credit score. Financial experts suggest that you keep your credit utilization under 30% if possible.

Debt consolidation can also make it easier for you to make timely payments. Having a positive payment history with no missed payments is another way to achieve a better credit score.

Meet Your Financial Goals

Whether you’d like to pay off debt or fund a large purchase, credit card loans for bad credit can help. They can make the debt payoff process less overwhelming or allow you to pay for goods or services without the upfront cash.

Be sure to do your research so you understand the fees and interest charges of all the credit card loans for bad credit at your disposal. This way, you can find the ideal card for your unique situation and meet your financial goals.