Large Loans For Bad Credit in 2021

Large Loans For Bad Credit
GUIDE
Adam West
By: Adam West
Updated: June 7, 2021
Advertiser Disclosure

You may think that large loans for bad credit don’t exist — but as the online loan industry grows and expands, there are more opportunities than ever to find a large loan, even if you have a bad credit score.

Whether you’re looking for a personal loan you can use for any purpose you choose, an auto loan to fix your transportation issues, or a home loan to provide a safe place for you and your family to live, we’ve found the best online loan options that consider applications from consumers who have bad credit.

The best part is that you can apply for these loans at any time of the day or night without ever leaving your home. In many cases, you can receive a credit decision in a matter of minutes. For personal loans, you can receive money the very next business day. Many auto lenders can get you into a car the same day you apply.

Personal Loans | Auto Loans | Home Loans
FAQs

Large Personal Loans For Bad Credit

An unsecured personal loan won’t require collateral for approval. These loans also won’t place any restrictions on how you use your borrowed funds. That’s not the case with an auto loan or home loan that can only be used for their intended purposes.

With the online lending networks listed below, you can submit a single loan request and, within minutes, possibly receive multiple loan offers to choose from. These networks partner with lenders throughout the U.S. that all specialize in bad credit business loan products and will compete for your business.

Not only does CashUSA.com partner with lenders that offer large loans for bad credit, but you may also qualify for a poor credit loan that provides as many as 72 months (six years) to repay the debt. That means you can get an affordable monthly payment that won’t bust your budget.

Not every borrower will qualify for the largest loan amounts available. The amount of your potential loan offer will depend on several factors that include your credit history, current debts, and your income.

Unlike CashUSA.com, the BillsHappen network of online lenders specializes in short-term loans for consumers who have a bad credit score. Although these loans are still rather large, you won’t have as long to repay the debt.

That’s important to note, because loans that have shorter repayment terms may also have larger monthly payments. One advantage of repaying your loan in a shorter time frame is that you’ll pay less interest charges, which lowers your total cost of credit.

The CreditLoan network claims that it’s helped hundreds of thousands of consumers find installment loan options with a competitive interest rate, monthly payment, and loan term. In a matter of minutes, you could prequalify for a loan without impacting your credit score.

Like the other lender networks on this list, approved applicants can receive their money within one business day. Some lenders may offer expedited processing for an added fee, which can put money into your linked bank account within minutes instead of hours.

All of the lenders that partner with BadCreditLoans.com specialize in unsecured loan products for applicants who have a bad credit score. In fact, the network claims that it often finds loan approvals for consumers who can’t get approved elsewhere.

Not every applicant will qualify for an unsecured loan. Some lenders may provide you with secured loan offers that require collateral — such as a car title — for approval. Your loan offer will state clearly whether it is a secured or unsecured loan.

PersonalLoans.com maintains two unique lending networks. One focuses on loans for applicants who have good credit and excellent credit. The other works with applicants who have bad credit. That means your application will only go to a direct lender that is ready and willing to work with you.

While the network for consumers who have good credit offers larger loan amounts, you may still qualify for as much as $10,000 with bad credit. Not every consumer will qualify for the largest loan amounts.

Large Auto Loans For Bad Credit

An auto loan is a secured loan product that uses your purchased vehicle as collateral. This means the online lender can repossess your car or truck if you stop making payments and sell the vehicle to recoup any money lost in the deal.

While this may not sound great to you, it’s a loan type that lenders love. With less risk involved, a direct lender will consider auto loan applications — even large auto loan requests — from car buyers who have bad credit.

The auto lending networks below partner with many traditional lender businesses as well as private lenders that provide quick financing decisions and, in most cases, same-day loan funding.

  • Network of dealer partners has closed $1 billion in bad credit auto loans
  • Specializes in bad credit, no credit, bankruptcy and repossession
  • In business since 1999
  • Easy, 30-second pre-qualification form
  • Bad credit applicants must have $1500/month income to qualify
  • Click here for application, terms, and details.
★★★★★

4.9

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
3.99% - 29.99% 1999 3 minutes 9.5/10

Auto Credit Express partners with car dealers throughout the U.S. that have special training in bad credit financing. Once you submit a single loan request, you could quickly hear from a dealer in your area who is ready to set up an appointment to go over your financing and vehicle choices.

To qualify, you must show proof of at least $1,500 in monthly income (before taxes) and provide a working landline or contract cellphone number in your name. You must also have proof of identification — meaning a photo ID with your signature on it — and proof of residency. This can be a recent utility bill or documentation that proves that you’re paying rent or a mortgage payment each month.

Each online lender and car dealer that partners with the Car.Loan.com network has unique requirements for approval, but all will consider applications for bad credit auto loans. According to the network, you can get preapproved for a car loan using this free service in less than three minutes.

Aside from traditional lender and dealer partnerships, Car.Loan.com also works closely with buy here, pay here auto dealerships that typically have very relaxed standards for credit approval.

You can use the MyAutoLoan.com network to find poor credit loan options in various loan amounts to purchase a new or used vehicle, refinance an existing auto loan, or fund a lease buyout. These diverse loan option opportunities mean you can likely find a lender that is willing to work with your unique situation.

To qualify, you must be at least 18 years old, have a minimum income of $2,000 per month, have at least six months of history at your current residence and place of employment, have no open bankruptcy cases, and provide a valid Social Security number.

Large Home Loans For Bad Credit

Your home is the most important purchase you make. It’s also the most difficult loan you’ll ever qualify for. Thankfully, many government-backed loan options can help you get the keys to your new place, even if you have bad credit.

Each lender below can help you navigate the confusing world of FHA loans, HUD loans, VA loans, and other possibilities to find the loan option that works best for your situation.

  • Options for home purchase or refinance
  • Get 4 free refinance quotes in 30 seconds
  • Network of lenders compete for your loan
  • Trusted by 2 million+ home loan borrowers to date
  • Interest rates are near all-time lows
  • See application, terms, and details.
 
★★★★★

4.7

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 2004 4 minutes 8.5/10

The FHA Rate Guide isn’t a direct lender. Instead, this network helps to connect home buyers with the best lending option for their needs. This could include government-backed loans that require only a small down payment and have very forgiving minimum credit score requirements.

This service is free to use. FHA rate guide collects referral fees from lenders who close loans through the network. You’ll never pay to use the FHA Rate Guide, its educational services, or its financial tools.

  • Easy to OwnSM programs give options for those with lower income, limited credit history, and low down payment needs.
  • Provides the potential for minimal out-of-pocket expenses with seller contributions.
  • Offers loans that don't require monthly mortgage insurance.
  • Requires less cash upfront for your down payment and closing costs.
  • See application, terms, and details.
★★★★★

4.5

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1852 6 Minutes 8.0/10

Wells Fargo Home Mortgage is one of the nation’s largest subprime lender destinations for home loans. It’s also one of the only national banks that approves loans for manufactured or mobile homes.  With decades of experience funding loans of all types, you don’t have to worry about this bank acting as a predatory lender.

And since Wells Fargo allows you to apply for a mortgage online, you can get the ball rolling toward purchasing your new home without even visiting a bank branch. Even if you don’t have a physical bank location in your area, you could still qualify for a mortgage from Wells Fargo.

  • Loan programs include down payment and closing cost assistance.
  • Variable and Fixed-Rate loans available with flexible qualification guidelines.
  • Up to 100% financing—with as little as zero down payment for qualified borrowers.
  • No maximum income/earning limitations.
  • See application, terms, and details.
★★★★

4.4

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 2008 5 Minutes 7.0/10

Bank of America is one of the most popular banks in the U.S., so it’s only logical that it would also be a top destination for mortgage loans with an affordable interest rate and repayment term.

Through Bank of America, you can apply for a government-backed FHA loan, HUD loan, or VA loan that makes it easy — and more affordable — to get into your new home without a large down payment.

Can I Get a Large Loan With Bad Credit?

Online lending makes it easier than ever to get a large loan with bad credit. And when you use an online lending network to search for your loan, you can leverage your spending power and have several lenders compete for your business.

That means a more affordable bad credit loan that won’t penalize you for your poor credit history. Online lending networks partner with a diverse group of lenders that specialize in several types of loans. You could get approved for:

  • an unsecured personal loan
  • a bad credit personal loan
  • a secured personal loan
  • a small business loan
  • a bad credit business loan
  • an emergency loan
  • a home loan
  • a car loan
  • a debt consolidation loan
  • a payday loan
  • a title loan

Whichever loan option you choose, you can apply for your loan free of charge at any time of the day or night. In many cases, you can receive a credit decision in a matter of minutes. This won’t be the case for a home loan or other very large loans.

Some lending networks allow multiple lenders to send you loan offers to choose from. Each offer will have a unique interest rate, repayment term, and monthly payment. Be sure to study every loan offer carefully before you make a final decision.

Once you choose a loan offer, the network will transfer you to the lender’s website where you will complete the loan paperwork and finalize your deal. You’ll receive your loan proceeds via direct deposit into your linked bank account within one business day.

Some lenders may opt to offer you a secured personal loan option that will require collateral for approval. This may mean you’ll have to risk your car’s title, your home, or an item of value to qualify for your loan.

These loans are less risky for the lender and may not have a minimum credit score for loan approval. Some loans may not require a credit check at all if you provide sufficient collateral.

With auto lending networks, you can connect with a dealer in your area that will go over your financing options and the available inventory that fits within your budget. In many cases, you can purchase a car the same day you apply for a loan.

Although these lenders specialize in bad credit loans, you aren’t guaranteed approval when you apply through a network. Each lender has its own standards for approval, which means you may not receive a loan offer at all. You may also receive one or more offers, but for lower loan amounts than you expect.

Thankfully, you can submit a loan request without harming your credit score. If you qualify, you’ll receive a notification quickly. If you do not, the network will let you know via email.

You’ll also receive an adverse action notice in the mail that will outline why the network could not find a loan offer for you.

What’s Considered a Large Loan?

There’s no set definition of what makes a loan large — though many lenders tighten their loan restrictions when requested loan amounts surpass $10,000.

In the mortgage world, a jumbo loan is one that exceeds the loan-servicing limits set by Fannie Mae and Freddie Mac — currently $548,250 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $822,375).

For the sake of this list, we’re focusing on loans that start around $5,000 and can increase to six-figure mortgage loans.

Many personal loan lenders that partner with online lending networks have a minimum and maximum loan amount that they’ll accept applications for. These include:

The auto lending networks listed above do not set minimum and maximum loan amounts. Instead, those limits are determined by the individual lenders who may consider your loan request.

With home lenders, you may be restricted by the amounts allowed under the government-backed loan programs that approve mortgage applications for bad credit. Those amounts change every year and are based on the funding each program receives from the U.S. government.

How Long Does it Take to Get a Loan?

The amount of time it will take to go from application to finalizing a loan will depend on the type of loan you seek. Lenders will take more time to underwrite larger loans, which means the process could take longer to complete.

You can complete small personal loans, on the other hand, in just a few hours. Here’s an idea of the different loan types and how long you can expect to wait to get approved and funded:

  • Personal loans: Most online lending networks can approve your loan package within a few hours and fund your loan by the next business day.
  • Auto Loans: Whether you’re working with a private lender or a dealer in your area, you can typically complete a loan package and purchase your car the same day you apply.
  • Home Loans: These loans traditionally have the longest wait times because they require a large amount of money and a very long repayment period. On average, it can take between 30 and 60 days to complete a mortgage.

Keep in mind that you can often expedite the loan process simply by being prepared with any paperwork or other documentation that a lender may need.

For example, you can often complete the digital paperwork for a personal loan in two hours or less. The process could slow down, though, if the lender needs further proof of income, residency, or monthly bills.

If this happens, the lender will email you a notice asking for this paperwork. If you have it ready to send, you can continue the process without skipping a beat. If you have to dig the documents up, it could delay your loan closing and add an extra day — or more — onto the time it will take to receive your money.

What is the Minimum Credit Score to Get a Loan?

Lenders don’t always publicize their minimum approval standards. Some loans, including loans from a payday lender, have no minimum credit score requirement to qualify.

Your FICO score can range between 300 and 850. A score of 579 or below is considered bad credit. That leaves a very large range of 300 to 579 all considered a bad credit score.

FICO Credit Score Range

Although the lenders that partner with the online lending networks listed above will consider — and often accept — loan applications from consumers who have bad credit, there’s typically a credit score cutoff range around 500 where it becomes more difficult to qualify for a loan.

But that doesn’t mean you simply can’t get a loan with a sub-500 credit score. That’s because your credit score isn’t the only thing a lender looks at when considering your application for credit. Other factors include:

  • Your income: This isn’t only tied to regular employment. You can include income from several sources, including government benefits, Social Security, retirement accounts, rental property income, investment profits, alimony, child support, and student aid.
  • Your monthly bills: This won’t factor in smaller bills such as your utilities, cable, cellphone, or streaming services. Instead, the lender will compare your total monthly rent or mortgage, credit card debt, and other loan payments and compare it to your income to see whether you can afford to repay a new loan.
  • Employment and residential history: Lenders favor applicants who have a stable and established history in their current job and residence. If you tend to switch jobs or addresses often, the lender may see you as too much of a risk.

Every lender has different standards for acceptance. If you fail one of the above checkpoints, you could struggle to find loan acceptance — even with a good credit score.

After all, excellent credit won’t help you if you simply have too much debt to afford another loan. On the other hand, you could qualify for a loan with a bad credit score if you have sufficient income and low monthly debt obligations.

If you have a very poor credit score and still need a loan, you can consider a secured personal loan that requires collateral for approval. These loans often accept applicants with very poor credit as long as they provide sufficient collateral. More on that in the next question.

What is a Personal Loan?

A personal loan is a very flexible financial product that allows you to spend your loan proceeds in any way you choose.

Unlike a mortgage, auto loan, or student loan — which dictates how you spend the money you borrow — there are no rules as to how you spend borrowed personal loan funds. These are also referred to as installment loans because you repay your debt through a series of monthly payments — or installments.

Personal loans can come in two distinct varieties — secured loans and unsecured loans. An unsecured personal loan is sometimes called a signature loan because it only requires your signature on a legally binding loan contract to seal the deal.

A secured loan is typically reserved for consumers who have bad credit and may even skip the typically required credit check for approval. To qualify for a secured personal loan, you’ll need to provide some sort of collateral. This can range from the deed to your home to a valuable collectible or piece of jewelry.

This collateral serves as a security deposit. If you fail to repay your debt, the lender will keep the collateral and sell it to recoup the money lost in the bad loan. Common types of secured personal loans include:

  • A title loan will require you to risk your vehicle by using its title as collateral. You can still keep possession of the vehicle while you repay the loan. But if you stop making payments, the lender will repossess the vehicle.
  • A pawnshop loan will require you to pawn your valuable items for a loan that will only equal 25% to 60% of the item’s value. If you don’t repay the debt, you lose the item or items you pawned.
  • A payday loan — also known as a cash advance — uses your next paycheck as collateral, but still charges upwards of 400% interest for a loan that you have to repay in full within 15 to 30 days. If you don’t meet that deadline, the lender could take your entire paycheck on your next payday.

Secured loans take the risk from the lender and put it squarely on the borrower. That’s why lenders can extend these loans to consumers who have very bad credit.

But just because these loans are easy to acquire doesn’t make them great options. Be sure to study any personal loan offer you receive until you fully understand your entire cost of credit.

Even when you risk your valuables as collateral, you may still find that a loan has a very high interest rate, an origination fee, and other charges that make them hard to fit into your monthly budget.

What Fees Do Personal Loans Charge?

The fees attached to your personal loan will depend on your lender and the loan type. Some lenders may not charge certain fees whereas others may. Check your loan disclosure statement before you sign it to know exactly how much you’re paying to get a loan.

Typical personal loan fees include:

  • Interest charges: Just about every loan will charge interest that calculates into your monthly payment as a percentage of the total dollar amount you owe. This is how your lender makes money on the loan. Typical fee: between 5% and 36% of your total loan amount.
  • Application fee: Some lenders charge this fee to cover the cost of processing your application. It’s typically a flat charge and may apply even if the lender denies your application. Typical fee: $25 to $50.
  • Origination fee: This fee covers the loan paperwork and the lender’s time to process your application. This may be charged as a flat fee or a percentage of the loan amount. Typical fee: 1% to 6% of the loan amount.
  • Prepayment penalty: This fee penalizes you for paying your loan off early. That’s because lenders make money from your interest charges, and you avoid those charges when the loan is repaid early. Typical fee: 2% to 5% of the loan amount.
  • Late payment fee: The lender will likely charge you a late payment fee if it receives your payment after the due date. Typical fee: $25 to $50 or 3% to 5% of your monthly payment.
  • Returned check fee: You may be charged this fee if you submit a payment via check that your bank declines due to non-sufficient funds. Typical fee: $20 to $50.
  • Payment protection insurance: This fee generally applies to borrowers who have a very poor credit score because it is a form of insurance that covers the financial institution if you default on your loan. Typical fee: 1% of the loan amount.

Your lender has to notify you of any fees or charges added to your loan before you close the deal. Make sure you understand the total loan cost before signing any documents. Failing to do so could cost you a lot of money over the life of your loan.

What Is the Easiest Loan to Get Approved For?

The easiest loan to get approved for is a secured loan because it requires collateral that removes much of the risk from the lender’s hands.

Secured loans include title loans, pawnshop loans, and payday loans. These loans are typically designed for consumers who have very poor credit and can’t get approved for a loan from a traditional lender. These loans often charge high interest rates and fees.

Besides the greater expense, the borrower also assumes all of the risk in the loan by providing something of value as collateral for the loan. If the borrower cannot repay the debt in time, he or she will lose the collateral and any money paid into the loan before the default.

An auto loan is another form of a secured loan that is generally easy to be approved for because lenders understand that consumers need transportation to earn a living, so a poor credit score shouldn’t hinder auto loan approval.

How Can I Get a Loan With No Credit Check?

A secured loan may allow you to skip the credit check as long as you provide sufficient collateral. You may also find some personal loan lenders that are willing to accept your application without a credit check — but this will often come with a higher interest rate or other fees.

No Credit Check Loan Example

Lenders rely on three main sources of information to determine your loan eligibility: your credit score, your proof of income, and your monthly bill amounts. If you take away access to any of these three, you’re going to have a harder time when searching for a lender to work with.

To offset the added risk, the lender will often greatly increase the interest rate on your loan or tack on other fees that can make the loan quite expensive. A payday loan is a good example of a loan that likely won’t require a credit check, but will charge you for the convenience.

What Red Flags Do Lenders Look For?

Although most online lenders can provide quick loan application decisions, they still leverage automated underwriting software that digs deeply into your credit history to look for red flags that may signal a higher-than-acceptable amount of risk.

These red flags can include:

  • A pending bankruptcy case: Lenders will likely reject your application if you’re in the middle of a bankruptcy case. That’s because a judge can rule to dismiss the newly acquired debt during the proceedings, which leaves the lender holding the bag. You can often qualify for a personal loan after the judge finalizes your bankruptcy.
  • Collections Accounts: When you stop making payments on a debt, the lender charges it off as a bad loan. Oftentimes, the lender will then sell the remainder of the loan to a debt collector for pennies on the dollar. This will be reported as a collections account on your credit report and often causes future creditors to pass on your application.
  • Tax debts: Lenders don’t like to see applicants who have outstanding tax debts to a city, county, state, or federal government. If these debts go unpaid, the government can garnish your wages and make it hard to afford your monthly loan payment.
  • A high debt-to-income ratio: Also known as DTI, this calculates how much of your income goes to your current debts. If you don’t have much money left over after paying your bills, a lender is likely to deny your application for more money and increase your monthly debt obligations.

These are just a few of the things that lenders look for during the credit check process. Each lender has different standards for lending and may see a red flag that other lenders don’t mind.

Can I Get Approved For a Loan Online?

Getting approved for a loan online is perhaps the easiest way to get a loan. In many cases, you can apply at any time of the day or night and get prequalified in a matter of minutes. You may even receive more than one loan offer to choose from.

You may qualify for a loan and receive your funds by the next business day — all without ever leaving your home — even if you have bad credit.

Online lending networks, including those listed above, leverage partnerships with private lenders throughout the U.S. to provide quick approvals for personal loans with varying loan amounts. You can start the process by submitting a single loan request through the network of your choice. This won’t result in a full credit check or cause harm to your credit score.

As soon as you hit the submit button, the network will begin sending your request to every one of its partner lenders. Each lender will use automated underwriting to make a credit decision in a matter of seconds.

Direct Lenders vs. Lending Networks

Within a few minutes of submitting your loan request, you may receive an email that contains one or more loan offers to choose from. Each offer will have a unique interest rate, loan term, and monthly payment. Be sure to study each offer carefully before accepting one.

If you choose to accept an offer, the network will transfer you to the lender’s website. Once there, you’ll complete the digital loan paperwork and finalize your loan package. The lender will also run a full credit check that will leave an inquiry on our credit report.

After that, the lender will directly deposit the loan proceeds into your linked bank account. You should receive the money by the next business day.

Online lending networks are free to use. Instead of charging the consumer, the network instead collects a referral fee from every lender that closes a loan through the network. You’ll submit all of your monthly payments to the lender after you close your loan.

Can You Decline an Approved Loan?

You can decline an approved loan at any time before you sign the loan paperwork. That goes for both the lender and the borrower.

No loan is truly complete until both parties sign an official contract. Up until that time, either party can back away.

In some cases, such as with a large mortgage, the home buyer and the seller complete a purchase contract before the mortgage process is complete. If either party backs away from the deal after signing the purchase contract, that party may have to pay a penalty fee. Not all mortgages are subject to this type of arrangement.

Research Large Loans For Bad Credit Online

Many online lenders are ready to work with you, no matter what kind of large loans for bad credit you seek. Gone are the days when you had to work with a traditional bank to acquire a personal loan, a mortgage, or an auto loan.

Instead, you can opt to submit a bad credit loan request to a lending network that will connect you with an online lender to approve your loan application in a matter of minutes. With the networks listed above, you don’t have to worry about getting mixed up with a predatory lender that doesn’t have your best interests at heart.

Life typically won’t wait around for you to improve your credit score to make a large purchase. Neither should you. Our featured loan providers can help you get a head start on your financial future and start working on improving your credit score while paying off the large loan you need.

Before you know it, you could work your way to excellent credit and qualify for even better loans with more affordable rates.

Advertiser Disclosure

BadCredit.org is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free for users, we receive advertising compensation from the financial products listed on this page. Along with key review factors, this compensation may impact how and where products appear on the page (including, for example, the order in which they appear). BadCredit.org does not include listings for all financial products.

Our Editorial Review Policy

Our site is committed to publishing independent, accurate content guided by strict editorial guidelines. Before articles and reviews are published on our site, they undergo a thorough review process performed by a team of independent editors and subject-matter experts to ensure the content’s accuracy, timeliness, and impartiality. Our editorial team is separate and independent of our site’s advertisers, and the opinions they express on our site are their own. To read more about our team members and their editorial backgrounds, please visit our site’s About page.