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Short Term Loans for Bad Credit: How to Get the Financing You Need

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Bad Credit Short Term Loans

Short term loans are a financial tool for borrowers with bad credit to get a personal loan, despite poor credit. These loans are on a shorter repayment period than a traditional personal loan and probably have smaller funding limits. Still, short term loans can be a great way to borrow responsibly and slowly rebuild your credit. 

Even with smaller funding amounts, a short term loan can be used for almost anything you need the funds for — debt consolidation, medical bills, home improvement projects and more!

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Helping You Find Your Short Term Loans with Bad Credit

How do short term loans for bad credit work?

While getting a loan can feel confusing, we’re here to explain the process and make it simpler! While each lender will have slightly different procedures and requirements, the general process for getting a short term loan with bad credit is usually the same:

  • Do your research and compare your options - The first step is to understand your budget, how much you can afford, how much you need and what you can qualify for. You can review offers from top national lenders in just seconds with no impact on your credit score, which can help you understand your options. 
  • Apply - Once you’ve compared your offers and determined which lender to go with, you’ll submit a formal application. This will usually include a soft credit check to verify all your information and confirm you’re qualified. 
  • Disbursement of funds - Once you’re approved, you’ll accept the terms and get the money wired to your bank account! This usually happens fast — sometimes within a day — but funding times can vary by bank and financial institution. 

Make monthly payments - You’ll start making your monthly payments until the loan is paid off. With regular payments, you can gradually increase your credit score.

What are the best loans for bad credit in 2024? 

With bad credit you may have fewer options when it comes to borrowing money. Two types of loans that might be worth considering are personal loans and secured loans. Personal loans are unsecured usually meaning they do not require collateral or a down payment. Secured loans on the other hand are backed by collateral and or may require a down payment. An auto loan is an example of a secured loan. At Acorn Finance our lending partners specialize in personal loans. Within seconds you can check offers with no impact on your credit score. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

How do you compare bad credit loans in 2024?

Comparing loan offers can help you determine what a fair offer is. While lenders often den bad credit borrowers, the opposite can happen to and bad credit borrowers can be preyed on. Be on the lookout for rates that are just too high and terms that are entirely unfavorable. While there’s more risk to loan money to a bad credit borrower as opposed to a good credit borrower, the offer should be fair for both parties. To compare loan offers with no impact to your credit score, visit Acorn Finance. Our platform helps borrowers check real offers, not just advertised rates, so that you know what you actually qualify for. 

What are bad credit loans?

Bad credit loans are loans, but offered for borrowers with bad credit. Lenders that work with bad credit borrowers are often referred to subprime lenders. Ultimately the loan should not work any differently, but requirements may be more strict and offers may not be as generous. Bad credit borrowers can expect to pay high rates and fees. If managed responsible though, a bad credit loan repaid on-time can help improve your credit score over time. On the flipside though, if you default on a bad credit loan you could worsen your credit score, thus setting you back even farther. 

What is the easiest way to get a loan with bad credit?

Bruised credit can complicate getting a loan. Despite past mistakes, or accidents, some lenders are more willing to give borrowers a second chance than others. With that being said, finding the right lender to work with is important when trying to qualify for a bad credit loan in 2023. Before starting your search, take advantage of one of the many credit monitoring service our modern world offers. Reviewing your credit report to understand what’s dragging it down and what exactly your score is can help you start the process with realistic expectations and awareness. To increase your chance of qualifying for a loan, invest time boosting your score or apply with a cosigner, or do both. 

When are bad credit loans worth it?

Sometimes we find ourselves in a position where we need money. For emergencies, home repairs, medical expenses, or things that can put you ahead a loan might be worth it - even if you have bad credit. Consider the cost of the loan and how it can help you as part of your determination. You should also consider how the payments will impact your current budget and what your backup plan is to repay the loan in the event finances change. If you take out a loan with bad credit (or good credit) you should do everything you can to keep up your end of the deal, as doing so can help you improve your credit score in a positive direction. 

List pros & cons of bad credit loans:


  • Opportunity to buld/boost credit score 
  • Access to the funds you need 
  • Fixed monthly payments 


  • High interest rates and fees
  • Potential to default and worsen credit score 
  • Unfavorable offers 

Loans for Bad Credit:


Best for bad credit personal loans 

Upgrade is a top choice, and Acorn Finance lending partner, for bad credit personal loans. With no collateral requirement and no down payment, you can get funding quickly without strings attached with Upgrade. A loan with Upgrade may cost more than competitors, but in general loans for bad credit usually do cost more. If possible, repay your loan early to potentially save on interest. 

Minimum qualifications:

  • Minimum credit score requirement of 560 or above 
  • No minimum income requirement


  • Low credit score requirement
  • No early payoff penalty
  • Joint applications allowed
  • Funding as soon as one business day on approved loans, although funding times can vary


  • Origination fees between 2.9% to 8%
  • Higher APRs, especially for subprime borrowers

Best Egg

Best for personal loans for borrowers with fair credit 

Best Egg may not offer as much flexibility as other lenders, with fair credit you may not have as many options available. Best Egg can offer fast funding and competitive loan offers. Plus, they do not have a minimum income requirement. As an Acorn Finance lending partner, you can access offers from Best Egg and other competitive lenders through the Acorn Finance platform. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 


  • Fair credit scores can qualify
  • No minimum income requirement
  • Same or next day funding available, although funding times can vary


  • Not available in some states
  • Origination fees between 0.99% and 6.99%
  • Higher APRs


Best for peer-to-peer loans

Peer-to-peer loans cut out financial institutions. This can work to benefit borrowers by offering them more flexibility and opportunity. If you have credit challenges or lack of income (or provable income), you may want to consider a peer-to-peer lender such as Prosper. With no minimum income or credit score requirement, loans can be approved on an individual basis. If you have bad credit, this can especially work in your favor. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 


  • Low threshold for credit score
  • No minimum income requirement
  • Flexibility to change payment dates


  • Long funding times
  • Origination and late fees may apply
  • No rate discount for autopay available
  • Restrictive repayment periods
  • Funding may take about 5 business days 


Best for good credit borrowers and home improvement loans 

While LightStream may be reserved for borrowers with good credit, you can work toward boosting your credit score to potentially qualify for a loan. Alternatively, they do allow co-signers so you may be able to apply jointly to increase your chance of qualifying. 

  • Minimum credit score requirement of 660 or above 
  • Minimum income requirement of $50,000/year


  • No origination fees
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Competitive loan offers
  • Allows co-signer
  • Large personal loans available 
  • Flexible repayment periods up to 12 years


  • Strict qualification requirements
  • No access to pre-qualify through the LightStream website (When applying directly, you can get pre-approved but not pre-qualified, therefore, you may be subject to a hard credit pull. To get pre-qualified with LightStream, check offers through Acorn Finance to see if you qualify.)
  • No direct payment to creditors for debt consolidation loans


Best for online personal loans for borrowers with next-to-perfect credit

SoFi is another lender you will need to improve your score for. With competitive offers, no origination fees, and large loan amounts available, setting a goal to qualify with SoFi is something motivating to work toward.

Minimum qualifications:

  • Minimum credit score requirement of 680 or above 
  • Minimum income requirement of $50,000/year


  • Flexible loan amounts and repayment terms
  • No origination fees
  • Competitive interest rates
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Allows cosigner applications
  • Unemployment protection available


  • High credit score requirement
  • Approvals may take 3 days or more

OneMain Financial

Best for borrowers with less than perfect credit that need fast funding for a personal loan

OneMain Financial is another top contender for bad credit loans. With online and in-person services, OneMain Financial is growing rapidly. Take advantage of the opportunity to work with OneMain as they want to help as many borrowers as they can. OneMain Financial is a well-known lender that you should consider. As an Acorn Finance lending partner you can check offers from OneMain Financial and other top national lenders through the Acorn platform. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $7,200/year


  • Low credit score requirement
  • Offers secured loan option
  • Low income requirement
  • Flexibility to choose your payment date
  • Fast funding times


  • High interest compared to similar lenders
  • Origination fee between 1% – 10% (or flat fee up to $500 depending on state)


Best for fair credit personal loans with fast funding

LendingPoint is a go-to for fair credit borrowers that need funds fast. They can check off most all of the boxes, making them a top lender to consider, even without perfect credit. You can check offers from LendingPoint and other top lenders on our platform to determine who best meets your needs. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $30,000/year


  • Low origination fees
  • Relaxed credit score and income requirements
  • Same or next day funding available, although funding times can vary


  • No joint applications
  • High loan costs
  • Short repayment periods 

Lending USA

Best for low interest personal loans (hint: promotional period available)

LendingUSA offers loans for intended uses, such as cosmetic surgery financing, pet financing, funeral costs, and so forth. They are well known for low interest loans and even offer a promotional period. If  you pay your loan off within six months no interest will be charged to the principal. With fast approval decisions and loans as small as $1,000 available, Lending USA is another lender to consider for a $2k personal loan. While they are not an Acorn Finance lending partner, you can visit their website to check offers. 

Reprise Financial

Best for small personal loans with fast funding

Reprise offers a similar platform to Acorn Finance that helps consumers check personal loan offers. In order to help borrowers obtain funds quickly, Reprise works to streamline the personal loan process. With customized payment options and fixed rates, check personal loan offers at Reprise Financial. 

Universal Credit

Best for bad credit borrowers that need to build credit

Lastly, Universal credit is not an Acorn Finance lender but they are an option for bad credit borrowers to consider. With a minimum credit score requirement of only 560, Universal Credit is a top choice for subprime borrowers. Borrowers with bad credit may pay higher loan costs and have fewer options, therefore, exploring as many lenders as possible that can work with you is important.

Short Term Loans for Bad Credit: Frequently Asked Questions

Finding the best short term loans shouldn’t be difficult. And yet, it often can feel like navigating a maze for borrowers who aren’t familiar with the process. While what’s “best” for one person will be different for someone else, there are a few tips and tricks to find the best short term loan for you. 

  • Check reviews: Have you ever heard the phrase, “the past is the best predictor of the future?”  Well, the same is true when it comes to a lender’s reputation. Check reviews from previous customers to see what they’re experience was like. You want to ensure your bank has a good reputation and provides the right customer service to its customers. 
  • Read the fine print: Don’t forget to read the fine print of any loan agreements you review. Sometimes banks can include early payoff fees or other details that are crucial to your loan decision. 
  • Funding timelines: While most banks are able to provide funds shortly after approval, make sure you confirm how long it’ll take to get access to your funds. 

At the end of the day, the most important way to ensure you’re finding the best loan is to compare your offers. Thanks to our Acorn Finance platform, you can see what kind of short term loan offers you’re qualified for in one place. Don’t wait to get started and check your offers!

Are short term loans for bad credit worth it?

At Acorn Finance, we know that no two borrowers are exactly the same. So what works for one person might not work for someone else. That being said, if you have bad credit, a short term loan can be a great tool to help get you on your financial feet again and work through any emergency situations that might pop up. 

To really know if it’s worth it, take the time to weigh your own pros and cons to really decide how a short term personal loan can help you achieve your financial goals. 

Pros and cons of short term loans for bad credit:

There are good and bad things about almost everything in life. When it comes to financial decisions, understanding the exact pros and cons can give you the power to make a confident decision with all the information. That’s what everyone wants, right?

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What can I do with a $10,000 personal loan?

A $10,000 personal loan has a number of uses, including (but not limited to):
Home improvement Buying a car Wedding costs
Debt consolidation Medical bills Startup business costs

Still have questions?

Compare and Shop Short Term Loans for Bad Credit at Acorn Finance

Curious about what kind of credit score you need to get a short term personal loan? It’s a fair question, but unfortunately, one that’s tough to answer. Each lender will have different qualification guidelines. 


Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.


If you’re struggling to get approved, try and take the time to improve your score. With consistency and dedication, you can improve your credit score!

Why choose Acorn Finance for bad credit short term loans?

With countless options out there, we know it can be hard to understand where to go. But, at Acorn Finance, we believe that even if you have bad credit, you deserve to know your financial options. We offer a seamless and simple way to check offers for bad credit short term loans so you can make a financial decision that’s best for you. That’s what’s most important to us. 

A bad credit score shouldn’t hold you back forever. And a short term personal loan for bad credit can be a financial tool to get you out of a tough situation and help improve your credit score. 

Ready to get started? Take control of your financial journey with Acorn Finance as your partner!

Are you in a tough financial situation? Maybe you have bad credit or are in need of cash fast but aren’t sure where to start. We know that navigating a loan when you have bad credit can feel daunting. But a short term loan for bad credit can be a way to get back on your feet and start on a fresh path!


If you’re considering exploring a short term loan and you have bad credit, Acorn Finance is here to help. Our goal is to make the loan process simpler by providing all the information in one place, saving you time and hassle comparing different websites. 

One home, endless possibilities


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