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Best Bad-Credit Loan Lenders in Michigan

A personal loan can be used for several purposes, like consolidating debt, paying for postsecondary education and covering major expenses. While it’s relatively common to take out a personal loan in Michigan — the average personal loan debt in the state is $14,756 — it may be challenging to find the best lender for your needs.

MoneyGeek reviewed over 30 personal loan providers for more than 35 key data points, including loan amounts, repayment schedules, annual percentage rates (APRs) or interest rates, fees and eligibility requirements, to find the best bad-credit loan lenders in Michigan. Based on our research, Upstart offers the best bad-credit loan in Michigan, followed by Upgrade.

Best Overall Bad-Credit Loan in Michigan: Upstart

  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds


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

  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds


How to Choose the Best Bad-Credit Loan in Michigan for You

Personal loans have several uses, including consolidating debt, funding sizable purchases and paying for home improvement projects. In Michigan, the average personal loan debt is $14,756. When used properly, a personal loan can help you pay for expenses and even improve your credit. It may not be the best decision for everyone, though.

To make the best decision regarding your bad-credit loan in Michigan, you should take the following steps:


Ask Yourself the Important Questions

It may be helpful to ask yourself the following questions before applying for a bad-credit loan in Michigan:

  • How much money do you need? Avoid overborrowing and paying more interest by only taking out the amount of money you need.
  • Is your credit score high enough for your lender? Consider improving your credit score before taking out a bad-credit loan to receive a lower APR.
  • Are the monthly payments affordable? Ensure that you can afford your monthly payment amount to avoid paying late fees.
  • Do you already have too much debt? Consider repaying your existing debt before taking out more.
  • Are there other financial resources available to you? Always opt for low-interest or interest-free options, like taking out a low-interest credit card or borrowing from friends and family.

Do Your Research

Since you'll have to pay off your loan over several years, it's in your best advantage to take the time to shop around for the best personal loan terms available. Even if MoneyGeek recommends a few great options for borrowers with bad credit in Michigan, you should look into alternative options. Assess the minimum credit score needed, interest rates and loan terms offered by each lender, keeping in mind your specific financial needs and preferences.


Read the Fine Print

It’s easy to overlook minor details when researching lenders. The fine print of your loan agreement outlines fees like those for loan origination, prepayment and late payments that can add up over the life of your loan. It’s important to be aware of these fees so that you can plan accordingly. You may find that your chosen lender has too many fees and opt for a different one with no origination fees.



Don't rush into submitting an application; give yourself a day or two to think it over. This could help you avoid making an impulsive choice, which is especially important given the magnitude of the financial commitment involved.



After you’ve completed the steps above, you can submit your application for a bad-credit loan in Michigan. To save time, gather all required documents in advance, like proof of identification, address and employment. An online application may or may not be available, depending on your lender. Other options include applying in person or over the phone.

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

Lenders commonly reject applicants due to low credit scores, incomes and incomplete application details. If you’re rejected for a bad-credit loan in Michigan, you should contact the lender to find out why.

Sometimes, you can modify certain terms of your loan agreement, like the repayment period or loan amount, to have it approved. However, if your application is rejected due to a low credit score, this may take some time. MoneyGeek recommends improving your score first before reapplying to avoid negatively impacting your credit score further.

MoneyGeek strongly advises against payday loans. These loans feature high interest rates and short repayment terms that can cost borrowers more money in the long run.

Calculate Your Monthly Payment

Your monthly payment will include both the principal amount and interest on your loan. To budget accordingly, you should approximate this cost before applying for a bad-credit loan. Use MoneyGeek’s personal loan calculator to estimate your monthly payment amount.



+ $114.98


+ $8.33

Origination Fee Percentage


Origination Fee Fixed amount


Total monthly payment


FAQs About Bad-Credit Loans in Michigan

When applying for a personal loan, it's important to keep a few things in mind. Here are some answers to the most frequently asked questions about bad-credit loans in Michigan.


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MoneyGeek reviewed over 30 personal loan lenders for more than 35 data points across six major categories: loan affordability, accessibility, consumer friendliness, customer service ratings, flexibility and lender transparency.

We highlighted key features like APR ranges, loan amounts, eligibility requirements and more that we feel are the most important when selecting a personal loan provider. Because you, the consumer, are our top priority, we took into account additional factors, like customer service and business ratings, as well as the availability of prequalification and mobile applications.

MoneyGeek's recommendations are made with your best interests in mind. Our personal loan suggestions and professional advice are intended to help you make more prudent financial choices when choosing a lender in your state.


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.