Get a $8,000 Loan with Good or Bad Credit
With BadCredify, you can find the best personal loans for your purpose. Only reputable online lenders and competitive interest rates for a $8,000 loan.
Written By:
Edited By: Janice Myers
Posting Date:
If you are in a difficult financial situation, a $8,000 loan may be a solution. This sum is usually enough to cover large purchases, medical bills, car repairs, and other necessary expenses.
While getting approved for a $8,000 loan does not sound difficult for borrowers with good or excellent credit, those with bad credit scores may find it challenging. We have studied dozens of online lenders and prepared information about financial institutions ready to help individuals with any credit to successfully come through the personal loan process.
Best $8,000 Personal Loan Offers
★★★★★
Est.APR
6.40% – 35.99%
Loan amount
$1,000 – $50,000
Min Score
300
More About
PROS
- Quick access to loan funds;
- No prepayment penalties;
- Flexible monthly payments;
- Beyond credit score verification (soft credit check);
- Flexible loan amounts.
CONS
- Origination fees up to 10%;
- High annual percentage rate;
- Co-signers aren’t allowed;
- Limited repayment loan terms.
REQUIREMENTS
- Be at least 18 years old;
- Prove your US citizenship or permanent residence;
- Provide your bank account information
- Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
- Have fair credit (at least 300);
- Provide an active email address and phone number.
WHO IT’S FOR
Poor credit borrowers who can’t qualify for traditional personal loans.
FEES
- Origination fees up to 10%;
- $15 late fee
- $15 NSF fee
★★★★★
Est.APR
7.99% – 24.99%
Loan amount
$2,500 – $40,000
Min Score
660
More About
PROS
- Long 84-month period
- Three options for repayment help
- High scores of customer satisfaction
- No origination fees
- Perfect for debt consolidation
- Competitive interest rates
CONS
- Low available loan amounts
- Charges a $39 penalty for late payments
- Harder eligibility requirements
- No co-borrower permitted
REQUIREMENTS
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income (at least $25,000 annually income) by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 660)
- Provide an active email address and phone number
WHO IT’S FOR
Borrowers with fair credit scores who want to consolidate debt.
FEES
- Late fee of $39
★★★★★
Est.APR
8.99% – 35.99%
Loan amount
$5,000 – $50,000
Min Score
620
More About
PROS
- Discounts on interest rates
- Debt consolidation loans with direct monthly payments to creditors
- Soft credit check on prequalification stage
- Opportunity to get joint loans
CONS
- Origination fee from 1.99% to 6.99%
- High minimum loan amount
- No mobile app for Android or iOS
REQUIREMENTS
- You need a credit score of at least 620
- Your debt-to-income ratio must be less than 45% (excluding mortgage)
- There’s no minimum income requirement
- Your credit history should be of 3 years with at least two accounts
- You shouldn’t have any debt in default
- Bankruptcy is not allowed in the previous 24 months
WHO IT’S FOR
Fair or good credit borrowers who want to cover their credit card debt.
FEES
- Origination fees from 1.99% to 6.99%
★★★★☆
Est.APR
11.72% – 35.99%
Loan amount
$5,000 – $40,000
Min Score
640
More About
PROS
- Low APR
- Monthly payments to creditors
- Free checking of credit score
CONS
- Limited loan purposes
- Potential origination fee
- Funding in 3 to 6 business days
REQUIREMENTS
- Your driver’s license or passport;
- Be at least 18 years old;
- Recent pay stubs or your last tax return;
- A fresh bank statement;
- Valid email address and phone number.
FEES
- Potential origination fee
- No application or late fees
WHO IT’S FOR
Fair or good credit borrowers who want to make a credit card debt consolidation.
★★★★☆
Est.APR
9.95% – 35.99%
Loan amount
$2,000 – $35,000
Min Score
580
More About
PROS
- Accepts borrowers with fair credit
- Next-day funding
- No prepayment fees
- Soft credit checks when pre-qualify
- Low minimum income requirement
- Convenient loan amounts and repayment terms
CONS
- Extra fees may be charged
- Relatively high maximum APRs
- No joint or secured loans
- Not available in all states
ELIGIBILITY REQUIREMENTS
- Be at least 18 years old
- Be a U.S. permanent resident
- Live in a qualifying area
- Have a valid bank or savings account
- Have a credit score of at least 580
- Provide income confirmation (no less than $1,200 per month)
WHOM IT SUITS
Borrowers with fair and good credit looking for fast loans.
FEES
- Origination fees: None
- Administration fees: 4.75%
- Late payment fees: May vary by state
- Prepayment penalties: None
- Dishonored payment fees: May vary by state
★★★★☆
Est.APR
5.99 – 35.99%
Loan amount
$1,000 – $50,000
Min Score
300
More About
PROS
- Prequalification for multiple personal loans on single platforms
- Low minimum interest rates
- No prepayment penalties
- Fast funding (same-day direct deposit may be available)
CONS
- High maximum interest rates
- Many additional fees (potential origination fee)
- No co-borrower permitted
REQUIREMENTS
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income (at least $25,000 annually income) by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 300)
- Provide an active email address and phone number
WHO IT’S FOR
Borrowers with bad credit scores who want to consolidate debt of up to $50,000 or cover other significant expenses.
FEES
- Origination fees, prepayment penalties, or other fees may be applicable
★★★★☆
Est.APR
34.00 – 99.99%
Loan amount
$1,000 – $10,000
Min Score
Not specified
More About
PROS
- Next-day funding
- No application fees or prepayment penalties
- Bad credit is accepted
- Flexible repayment terms
- Convenient minimum loan amounts
CONS
- Very high APRs
- Low loan maximums
- Origination and late payments fees may be charged
- Not available in all states
ELIGIBILITY REQUIREMENTS
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid email address
- Have a valid personal checking account
- Provide income confirmation
WHOM IT SUITS
Borrowers with bad credit in need of fast cash.
FEES
- Origination fees: 1% to 5%, depending on your state
- Cash advance fees: 10%
- Late payment fees: vary by state
- Non-sufficient funds fees: None
★★★★☆
Est.APR
18% – 35.99%
Loan amount
$1,500 – $20,000
Min Score
None
More About
PROS
- Joint and secured loans are available;
- Wide range of loan options for low credit;
- Pre-qualifying doesn’t affect your credit score;
- Convenient options for debt consolidation.
CONS
- Relatively high interest rates;
- Charges origination fees;
- APRs are not disclosed when pre-qualify.
ELIGIBILITY REQUIREMENTS
- At least 18 years also;
- Permanent US resident;
- Income confirmation;
- Valid bank account or debit card.
WHOM IT SUITS
Borrowers with credit issues who want to avoid predatory lenders.
FEES
- Origination fees: 1% to 10%, or $25 to $500, depending on the state;
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount;
- Non-sufficient funds fees: $10 to $50 per payment returned.
★★★★☆
Est.APR
9.116% – 29.99%
Loan amount
$2,000 – $45,000
Min Score
640
More About
PROS
- Low annual percentage rate;
- Wide range of available loan amounts;
- Same-day funding in some circumstances;
- Accessible for fair credit borrowers.
CONS
- High origination fee (up to 9%);
- No cosigners are allowed for joint loans;
- It is not available in all states.
- Limited term lengths range from 36 to 60 months.
REQUIREMENTS
- Be at least 18 years old;
- Prove your US citizenship or permanent residence;
- Provide your bank account information
- Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
- Have fair credit (at least 640);
- Provide an active email address and phone number.
WHO IT’S FOR
Poor credit borrowers who need to make a significant debt consolidation.
FEES
- Origination fees of up to 9%
- $15 late fee
- $15 NSF fee
★★★★☆
Est.APR
8.49% – 35.99%
Loan amount
$1,000 – $50,000
Min Score
Doesn’t specified
More About
PROS
- No prepayment penalties;
- Multiple rate discounts;
- Next-day funding;
- The due date may be changed;
- Direct payments for debt consolidation.
CONS
- APRs may be high;
- Origination fees are charged;
- Late fees may be applied.
ELIGIBILITY REQUIREMENTS
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa;
- Be at least 18 years old (19 in Alabama and some other states);
- Give a working email address;
- Provide valid bank account details;
- Confirm a sufficient monthly income to cover your loan payments.
WHOM IT SUITS
Fair-credit borrowers who need the money quickly.
FEES
- Origination fees: 1.85% to 9.99%;
- Late payment fees: $10;
- Non-sufficient funds fees: $10 per payment returned.
★★★★☆
Est.APR
8.99% – 25.81%
Loan amount
$5,000 – $100,000
Min Score
None
More About
PROS
- Low interest rates
- Co-borrowers are allowed
- No prepayment penalties
- Flexible loan amounts
- Wide repayment terms
- No origination fee
CONS
- Good credit is required
- Late fees might apply
- No co-signer option available
- No physical branches
REQUIREMENTS
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information and social security number
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
WHO IT’S FOR
Applicants with good to excellent credit scores who want to consolidate debt, make major purchases, and cover significant medical bills.
FEES
- Optional fees (up to 6%)
BadCredify evaluates lenders based on more than 70 rating criteria, including interest rates, repayment terms, eligibility requirements, fees, consumer experience, affordability, and more. Find out more about our full methodology.
Where to Get $8,000 Loans?
Depending on your needs and financial situation, you can apply for a $8,000 loan at banks, credit unions, online lenders, and peer-to-peer lending services.
Bank Loans
Getting a bank loan is usually considered the most secure borrowing option. You can come to the physical location of the chosen bank, discuss the loan terms with an assistant, and get answers to the necessary questions.
The main drawbacks of bank loans include strict requirements, hard credit checks, and long waiting times. To get approved for a $8,000 personal loan at a traditional loan, you need a good credit score of at least 650. Banks also perform hard credit inquiries that can hurt your credit rating.
After applying for a loan, you will wait around a week for a response, which may be too long for those needing $8,000 for an emergency.
Credit Union Loans
While most banks have mid-level interest rates, credit unions are non-profit institutions owned by their members collectively. They can help you borrow money at more favorable terms than traditional banks. Furthermore, credit union loans are available for individuals with bad credit. However, to enjoy the benefits of the financial organization, you need to be its member.
Online Loans
If you are looking for $8,000 personal loans with the lowest eligibility criteria, you should consider legitimate private lenders. They usually operate online and allow even individuals with poor credit to get approved.
The problem most borrowers encounter is the high-interest rates and hidden fees online providers charge. However, they are often ready to pay all the extra charges due to the fast deposit speed of up to 24 hours.
Peer-to-Peer Loans
A peer-to-peer loan is provided by other individuals and can be taken out through a P2P platform. The interest rate you get for a P2P loan depends on the specific platform. Credit score requirements also depend on the platform, so in some cases, you can get approved with fair or bad credit.
Eligibility Criteria for a $8,000 Personal Loan
Although each lender has their own eligibility requirements, in most cases, you need to meet the following criteria to qualify for a $8,000 personal loan:
- Be a U.S. citizen or permanent resident;
- Be at least 18 years of age;
- Have proof of stable income (bank statements or tax returns);
- Have a valid bank account;
- Have a phone number and email address.
If you apply with a less-than-stellar credit score, you may need to pledge collateral or find a cosigner with good credit. Lenders also may require a low debt-to-income ratio (DTI), usually under 36%.
How to Apply for an $8,000 Personal Loan Online?
When you choose to borrow a $8,000 personal loan online, the application and approval process is quick and usually takes up to 30 minutes.
Step 1. Determine your budget. Before applying for a loan, it is crucial to ensure you have enough funds to make regular monthly payments. Use a personal loan payment calculator to see your possible monthly payment amount and analyze your financial situation to see whether you can afford it.
Step 2. Compare lenders. There are numerous lenders on the market offering $8,000 loans. However, not every lender has convenient and suitable conditions for you. Shop around various financial organizations to find a provider with the most favorable terms.
Step 3. Prequalify online. Prequalification is a great chance to see your potential loan term, interest rate, and monthly payment amount. It does not affect your credit score, so don’t miss this chance.
Step 4. Apply for a loan. After choosing a lender, start your application process. Fill out an online application form with your basic personal data and bank account details and provide the required documentation. Check whether the entered information is correct and submit a personal loan request.
Step 5. Get approved. If approved, a personal loan lender will contact you and provide you with an almost immediate approval decision.
Step 6. Sign a loan agreement. If a lender sends you a loan offer, read its conditions carefully and sign a contract if you agree with all the personal loan terms. Pay attention to an interest rate, fees, and the amount of monthly payments.
Step 7. Receive personal loan funds. Most online providers fund loans as soon as the next business day directly to a borrower’s checking account.
Find the Best Personal Loan for Your Needs!
- Loans from reputable direct lenders
- Applying does not hurt your credit score
- Almost instant approval decisions
Types of $8,000 Loans
You can borrow $8,000 in the form of unsecured personal loans and secured personal loans. Furthermore, you can get a variable rate or a fixed rate loan. Let’s learn about each option.
Unsecured Loans
An unsecured personal loan is usually chosen by people with excellent or good credit scores. As lending funds without getting collateral is riskier for a financial institution, it will be less likely to accept bad credit borrowers.
Unsecured personal loans usually come with higher interest rates and have less favorable terms compared to secured ones. However, you will not lose your valuable asset if you fail to repay the funds within the repayment period.
Secured Loans
If you have a low or poor credit score, borrowing money without collateral may be difficult. Here, secured loans come to the rescue. In a secured loan, you provide a lender with a valuable asset, such as your house, car, or investments.
Although a secured loan can help you borrow funds with bad credit and get an affordable interest rate, it can result in collateral being seized by a lender if you fail to repay the money.
Fixed-Rate Loans
A fixed-rate loan means you make equal loan payments each month and know the exact amount you need to spend on consolidating your debt. It prevents you from unexpected costs and difficulties with returning the money. Most banks, credit unions, private lenders, and P2P lenders offer $8,000 loans with fixed interest rates.
Variable-Rate Loans
A variable rate loan makes it impossible to predict the exact amount you need to pay for the loan monthly. You should be prepared both for lower and higher interest charges each month. You can find variable-rate loans at your bank or credit union.
How to Choose a $8,000 Personal Loan?
To get the best $8,000 personal loan offer, pay attention to the following criteria:
Interest rates
Each lending platform has its own interest rate requirements. Make sure to compare rates various institutions offer to save money on interest.
More: What is the difference between interest rate and APR?
Fees
Lenders may charge you late fees, prepayment penalties, origination fees, and other extra charges. Compare these charges among various providers and make sure there are no hidden fees.
Loan terms
A loan term plays an essential role in the repayment process. While some borrowers prefer repaying a loan for two years in small monthly payments, others choose shorter terms of 6 months with larger payments. Determine which option suits you and your finances more.
Eligibility requirements
Check the lender’s eligibility criteria before applying, paying attention to the minimum credit score required and income. This step can help you to determine whether you qualify for the chosen loan option.
More: Personal loan eligibility requirements: Things to know before applying
Lender reputation
Nobody wants to encounter scams, especially when it comes to borrowing money. Check the customer reviews of a chosen lender, study the available information on the Internet, and take other steps to help you ensure the chosen platform is reliable and secure.
Can You Get a $8,000 Loan with Bad Credit?
Yes, you can receive a $8,000 loan with a bad credit score. You should shop around for various lenders and find those who accept people with a low credit history. Be prepared that people with bad or fair credit need to pay more interest rates, which can make the total cost of your loan much higher.
While taking out a loan with bad credit is more challenging, the following tips can help you increase your approval chance:
Pre-Apply for a Loan
Many bad credit lenders offer the pre-approval option, allowing the applicants to see the loan amount they can apply for and the potential interest rates they can get. With pre-approval, you can compare the conditions different institutions offer to you and choose the most favorable ones.
Apply with a Cosigner
To increase your chance of getting a positive response to your loan request, consider applying with a cosigner with a good credit history.
Choose a Secured Loan
An alternative to a cosigned loan is pledging a valuable asset to a lender. It makes giving loan funds to you less risky for a provider, as in case you don’t repay the debt, they can seize your house or car.
How to Use Bad Credit Personal Loans of $8,000?
$8,000 personal loans for bad credit can be used for various purposes, as a financial institution has no restrictions. Most applicants take out personal loans for:
- Debt consolidation;
- Home improvements;
- Car repairs;
- Wedding costs;
- Vacation financing;
- Startup or business costs;
- Medical bills.
What Is a Monthly Payment for a $8,000 Personal Loan?
A monthly payment amount for a $8,000 loan depends on factors such as your credit score, income, and credit length. Borrowers with a low credit score and small income tend to pay more for personal loans. To reduce the interest and fees applied, you can offer collateral to your loan provider. Furthermore, you need to make larger monthly payments if you have shorter loan terms.
Use a personal loan payment calculator to check whether a lender offers affordable payments.
How We Choose?
BadCredify financial experts spend a lot of time comparing various lending companies to find the most reliable ones. To create our list of the best $8,000 personal loans, our specialists have compared more than 25 lenders and applied for their loans on their own.
Our company has chosen five providers with the most attractive $8,000 loan offers. The decisions were based on such criteria, as interest rates, extra charges, like late fees and prepayment penalties, reputation, deposit speed, and credit score requirements.
FAQ
Many online providers deposit the $8,000 personal loan funds as soon as the next business day after approval. However, some lenders allow you to get same-day loans if you apply and get approved early in the morning.
The ease of receiving a $8,000 loan depends on factors like your credit score and income. With a lower credit score, you are less likely to get approved than those with a higher one. However, there are still providers who accept bad credit borrowers, offering them higher interest rates and less convenient loan terms.
Yes, you can receive a $8,000 loan with no credit. However, most lenders require a good or excellent credit score. If you were approved, be prepared to get a higher interest rate and a less favorable loan term.
Lenders will usually perform a credit check to determine whether you are able to repay the $8,000 loan. Be careful when they promise you no-credit-check loans, as they may be fraudulent.