Sub-600 FICO borrowers usually see APRs between 18% and 36%. Use the realistic ranges below to model your monthly payment and the true cost of the loan.
Estimates are for illustration only and assume a fixed-rate, fully-amortizing loan. Actual APR, fees, and payments depend on your lender, credit profile, and state. Kreditify is a loan comparison service, not a lender.
We use the standard amortization formula M = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is your monthly rate (APR ÷ 12) and n is the number of monthly payments. A $5,000 bad credit loan at 24% APR over 36 months works out to roughly $196 per month.
APR bundles the interest rate with most lender fees, so it is the fairest number to compare offers with. Bad Credit Loan APRs on Kreditify typically fall between 12% and 36%, driven mainly by your credit profile, income stability, and the term you pick.
Stretching the term lowers the monthly payment but raises the total interest, because you owe the balance for longer. Run the same amount at 6 and 60 months to see both sides of that trade before you commit.
Origination fees deducted at funding, late fees, insurance add-ons, escrow, and taxes are excluded. Treat the result as a planning estimate, then confirm the exact figures on your lender's disclosure before signing.
Next step: find lenders that underwrite thin or damaged credit files.
Compare Bad Credit Loans$500–$25,000 · soft-pull rate check, no credit score impactLocal APR bands, lender availability, and payment examples for the states where bad credit loan demand is highest.