Best Loans for Bad Credit in Oklahoma for 2024
Updated: April 12, 2024
Advertising & Editorial Disclosure
Happy Money stands out as the top personal loan lender for bad credit in Oklahoma, with a MoneyGeek score of 93 out of 100. It provides competitive interest rates, has a quick application and approval process and is credible and transparent about its loan terms and process. As the runner-up, Avant has a MoneyGeek score of 93 out of 100, offers the broadest payment options, has a fast application and approval process and is recognized for its strong customer service.
While Happy Money and Avant lead the rankings, other lenders not featured in this list can also be suitable options. If you're seeking localized services, consider Oklahoma Central Credit Union, Oklahoma's Credit Union and Tinker Federal Credit Union for your loan needs. MoneyGeek reviewed four personal loan lenders in Oklahoma that require a minimum credit score between 580 and 640 to find the best personal loans for bad credit.
Calculate Your Monthly Loan Payment in Oklahoma
According to the latest data from TransUnion's Credit Industry Snapshot, the average new account balance for personal loans in Oklahoma is $3,367. When you take out a personal loan, you agree to pay back the borrowed amount plus interest in regular monthly installments over a specified loan term. This consistent repayment structure allows you to manage your finances by anticipating monthly payment amounts.
Accurately calculating your monthly loan payments is particularly crucial if you have bad credit, as it will ensure that you can manage the loan and potentially improve your credit score through timely repayments. To help estimate your loan payments, you can utilize MoneyGeek's personal loan calculator, which is an easy-to-use tool for planning and budgeting.
Best Bad Credit Loans by Credit Score in Oklahoma
The average credit score in Oklahoma is 696, which is below the national average of 715, according to Experian data.
Even with a bad credit score, obtaining a personal loan is possible. Lenders in Oklahoma may consider applicants with poor credit, but be prepared for higher interest rates and less advantageous terms. Review the table below to discover personal loan lenders in Oklahoma that align with your credit score.
What to Do if Your Loan Application Is Denied in Oklahoma
It's not uncommon to face a personal loan application denial in Oklahoma, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances for approval on future applications.
Find out the reason for the denial
If your loan application was denied, it could be due to a poor credit score, a high debt-to-income ratio, insufficient income or errors in your application. Reviewing the reasons for the denial helps you understand areas that need improvement for future applications.
Modify your loan terms
Consider speaking with your lender to adjust the loan amount or the repayment terms. This may increase the likelihood of approval.
Find another lender
Criteria for loan approval vary across different lenders. Shopping around lets you examine various factors to select an appropriate lender for your needs and credit history. Consider the following:
- Eligibility requirements: Lenders have diverse prerequisites for credit score, income level, debt-to-income ratio and employment history. Awareness of these requirements is key.
- Interest rates: Seek lenders with competitive rates, particularly if you have lower credit.
- Additional fees: Some lenders impose fees like origination, late or prepayment penalties, while others do not. Knowing these fees is beneficial, especially if your credit is less than ideal.
- Loan terms: Lenders offer varying repayment terms. Deciding between a short or long term affects your repayment plan.
- Customer service and reputation: Research the lender's customer service quality and reputation before making a decision.
Look for alternatives
There might be alternatives to personal loans that could be more suitable for borrowers with bad credit, such as secured loans, credit builder loans or borrowing from family and friends. Assessing these alternatives could provide more suitable options.
Improve your credit score
Working on improving your credit score is a proactive approach to enhancing your eligibility for a personal loan. Some methods include paying bills on time, reducing debt and checking your credit report for errors.
Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:
- Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
- Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.
—Alvin Yam, CFP
FAQ About Bad Credit Loans in Oklahoma
When shopping for personal loans in Oklahoma, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan for bad credit in Oklahoma is offered by Happy Money, with a MoneyGeek score of 93 out of 100.
The lender with the lowest minimum credit score requirement is Avant, with a score of 580.
The time it takes to get a bad credit loan in Oklahoma depends on the lender. Some lenders offer same-day funding, while others can take up to a few business days or even a week.
Yes, you can pay off your loan early. Make sure to check with your lender about any potential prepayment penalties.
Sources
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.