Best Loans for Bad Credit in Alabama: Top Lenders and Rates for 2024

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Edited byKatherine Kurtz

Updated: December 28, 2023

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Best Bad-Credit Loan Lenders in Alabama

MoneyGeek analyzed over 30 data points to select our top picks for bad-credit loans in Alabama. These data points include APR ranges, loan amounts, repayment terms and fees. We also looked into the factors that could affect your chances of loan approval, such as minimum credit score requirements and maximum debt-to-income ratio.

Additionally, our guide includes some drawbacks you might want to consider — like restrictions on fund usage — to help you choose the best bad-credit loan lender for your particular needs and situation.

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Best Overall Bad-Credit Loan in Alabama: Upstart

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Runner-Up for Best Bad-Credit Loan in Alabama: Upgrade

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What to Do if You Can’t Get a Bad-Credit Loan in Alabama

It can be discouraging when your loan application is denied, especially when it delays purposes like a home renovation project or planning your dream vacation. However, this doesn’t mean the end of your bad-credit loan journey.

You can reach out to the lender and find out why you were denied. For example, your credit score may be too low, or your income was insufficient. You can also see if modifying your application can make it more acceptable, for instance, by lessening the loan amount or shortening the repayment term.

If your lender’s decision is final, you can try looking for another loan from a different lending company. However, MoneyGeek recommends improving the factors that caused your loan application to be denied before doing this. That way, you can avoid another rejection.

Be wary of payday loans when searching for alternative options for a personal loan. They may offer you quick access to cash, but the tradeoff is usually higher interest rates and shorter payment periods.

Calculate Your Monthly Payment

A personal loan is borrowed money you pay back monthly with interest. Use MoneyGeek’s personal loan calculator to estimate your monthly payment and decide if your budget can accommodate it.

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FAQs About Bad-Credit Loans in Alabama

There’s a lot to consider when applying for a personal loan. MoneyGeek answered some commonly asked questions below to help you better understand bad-credit loans in Alabama.

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Methodology

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METHODOLOGY

MoneyGeek analyzed more than 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, customer service, consumer friendliness, lender transparency and flexibility.

For each category, we took into account several individual data points that carry significant weight when selecting a personal loan lender. These include loan amounts, APR ranges, application fees, minimum credit score and income amount, repayment lengths and disbursement time.

MoneyGeek values the consumer, so we also considered each lender’s business rating, customer support and additional features that could offer you a better experience — like loan pre-approvals, mobile apps and flexible payment options.

After careful consideration, our top picks are chosen with your best interests in mind. Our recommendations are meant to help you make smarter financial decisions when choosing a personal loan lender that meets your particular needs.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.