Best Loans for Bad Credit in Alabama: Top Lenders and Rates for 2024
Updated: December 28, 2023
Advertising & Editorial Disclosure
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.
Best Overall Bad-Credit Loan in Alabama: Upstart
Runner-Up for Best Bad-Credit Loan in Alabama: Upgrade
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.
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.
Methodology
sources
- Upgrade. "Are There Any Fees?." Accessed September 29, 2022.
- Upgrade. "Personal Loans Up to $50,000." Accessed September 29, 2022.
- Upgrade. "What Are the Different Uses for a Personal Loan?." Accessed September 29, 2022.
- Upstart. "A Personal Loan for Your Personal Needs." Accessed September 29, 2022.
- Upstart. "This Is Upstart." Accessed September 29, 2022.
- Upstart. "What Fees Am I Charged?." Accessed September 29, 2022.
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.