When you’re dealing with financial stress, a personal loan can be a quick way to cover important expenses—like car repairs, medical bills, or unexpected home fixes. But if your credit score is low, finding a lender who will work with you often feels overwhelming.

The good news? You can qualify for a personal loan even with bad credit, and Borrowly helps make the process simpler.

How Fast Can You Get Funded?

Many borrowers receive their money as soon as the next business day. Decision can be near instant approval or not. Some lenders can fund the same day, but timing depends on:

• The time of day you apply (earlier is better)
• How quickly your bank processes deposits
• Whether additional identity or income verification is needed
• State laws that may require extra steps

Most customers can expect funds by the following business day.

Is Guaranteed Approval Possible With Bad Credit?

No. No legitimate lender can offer guaranteed approval, especially for borrowers with bad credit. Every lender must legally review income, identity, and financial history. Sites claiming “guaranteed approval” should be avoided.

Borrowly improves your chances by sending your request to lenders who already work with lower credit scores—but approval can never be promised. Expect a soft credit check and income verification for every loan request.

Can You Get a No Credit Check Personal Loan?

Some websites advertise “no credit check loans,” but legit lenders must verify your ability to repay. True no-credit-check loans often come from unregulated or unsafe lenders.

Here’s what Borrowly offers instead:

• Soft credit check only during the request
• Soft checks do not impact your score
• Hard inquiry only after you choose an offer
• Income verification always required

This protects both you and the lender—and keeps the process legal and transparent.

What Does Bad Credit Mean?

“Bad credit” usually refers to a FICO score under 580, but a low number doesn’t tell the whole story. Your score can drop due to late payments, collections, or even limited credit history. However, lenders who work with Borrowly often review more than just your score.

They also look at:

• Your monthly income
• How long you’ve been employed
• Whether you have a checking account
• Your recent banking activity

These factors play a big role in determining whether the loan is affordable for you.

Can You Get a Personal Loan With Bad Credit?

Yes—many lenders actively work with borrowers who have less-than-perfect credit. Applying through Borrowly starts with a soft credit check, which means your score won’t be affected. A hard check only occurs if you choose to accept a lender’s offer.

Lenders still must follow state laws and verify important details like income and identity. So while approval isn’t guaranteed, Borrowly increases your chances by routing your request to lenders open to bad-credit profiles.

How Personal Loans for Bad Credit Work

Personal loans for bad credit function much like traditional loans, but lenders place extra emphasis on your income and job stability. When you apply:

• Borrowly sends your request to lenders licensed to operate in your state
• A soft credit inquiry checks your financial background
• Lenders assess your income, bank account activity, and repayment ability
• If approved, you get offers showing loan amount, rates, and terms

Typical loan amounts range from $1,000 to $5,000, though lenders may offer as little as $200 or as much as $50,000 depending on state rules and your financial situation. APRs vary widely—often 5.99% to 35.99%—because state regulations differ across the U.S.

Types of Personal Loans Available With Bad Credit

Lenders in the Borrowly network offer several loan types. What you see depends on your state:

Installment Loans

• Predictable monthly payments
• Usually $200–$5,000+
• Longer repayment timelines make budgeting easier

Payday Loans

• Short-term, typically $100–$1,000
• Paid back on your next payday
• Not available in every state due to legal restrictions

Short-Term & Long-Term Personal Loans

• Versatile and can cover almost any expense
• Loan amounts can reach $50,000 depending on state and lender
• Most borrowers qualify for $1,000–$5,000

What You Can Use a Personal Loan For

People commonly use personal loans for:

• Auto repairs
• Medical or dental expenses
• Home or appliance repairs
• Utility bill gaps
• Short-term emergencies

Although personal loans are flexible, they shouldn’t be used as a long-term financial fix. Borrow responsibly to avoid high interest costs or repeat borrowing.

How to Apply Through Borrowly

The application is quick and only takes a few minutes.

1. Complete Borrowly’s secure online form
2. A soft credit check is performed
3. Lenders review your details
4. You may receive offers in minutes
5. If you accept one, the lender performs a hard credit check
6. Funds are usually deposited by the next business day

Providing accurate information helps prevent delays or additional verification steps.

Requirements to Qualify

Most lenders require applicants to:

• Be at least 18 years old
• Be a U.S. citizen or permanent resident
• Have an active checking account
• Have at least 90 days of employment
• Earn at least $1,000 per month (higher income increases approval odds)

There is no minimum credit score needed to apply. Borrowly accepts borrowers with bad credit and even limited credit history, like a 580-600 credit score loan.

State Availability & Restrictions

Borrowly operates in most U.S. states. However, five states are restricted and not supported:

CT, NV, NH, VT, WA

Examples of states where Borrowly is available include:
Florida, Indiana, Arizona, California, Tennessee, Texas, Ohio, Illinois, and Michigan.

Loan availability, APR caps, rollover rules, and same-day funding depend on your state’s laws. Lenders must follow all local regulations.

Borrowly Advantages

Borrowly offers several benefits for borrowers with bad credit:

• Free to apply
• Bad credit accepted
• Soft credit check only
• Fast decisions
• Funding as soon as same day (if eligible)
• Transparent loan details before acceptance
• Secure online form
• Available 24/7

Borrowly doesn’t sell loans. It simply connects you to reputable, state-regulated lenders.

Tips for Borrowing Responsibly

Taking out a personal loan can provide fast relief during a financial setback, but borrowing wisely is the key to avoiding unnecessary stress or long-term costs. Start by comparing each offer carefully. Even small differences in APR or repayment terms can significantly affect how much you pay back overall. Always review the total repayment amount, not just the monthly payment, so you know exactly what the loan will cost.

It’s also important to borrow only what you truly need. Choosing a higher loan amount than necessary leads to more interest and a heavier repayment burden. Before accepting any offer, map out how you’ll repay it. Setting reminders—or using automatic payments—can help prevent missed payments, late fees, or damage to your credit.

Finally, remember that a loan isn’t the only solution. When possible, consider alternatives such as payment plans, credit union loans, or temporary help from family or friends. These options may reduce your overall costs or help you avoid borrowing altogether.

By taking a thoughtful approach and planning ahead, you can use a personal loan as a helpful short-term solution without putting yourself at financial risk.

Conclusion

Getting a personal loan with bad credit is definitely possible, and Borrowly makes it easier by connecting you to lenders who understand your situation. With a simple online form, soft credit check, fast decisions, and funding that can arrive as soon as the same day, Borrowly gives you a safe, transparent path to finding the loan you need.

When you’re ready, you can start your request through Borrowly’s secure online application—free of charge and available 24/7.