Finding a loan with bad credit in Florida can be challenging, but many lenders offer options tailored for those with lower credit scores. From online platforms to credit unions and traditional lenders, you can access funds for emergencies or consolidating debt. Explore the top 9 options available, their features, pros, and cons, to make the best financial decision.
Author of articles
Anastasiia S
Update 14.01.2025
Getting a loan with bad credit is tough, as banks will reject you based on your credit score. However, loans for bad or no credit history get you funds faster with fewer credit checks. In Florida, there are options for bad credit, but they come with higher interest rates and not-so-good terms. Be sure to review the terms and fees to see if this is worth it or if there are better options.
What Are Bad Credit Loans?
Bad credit loans are for people with credit scores 300-630 or no credit history. These loans get you cash fast but come with higher interest rates because lenders take more risk. Loan amounts are $100-$50,000 with terms up to 5 years. They can help when other options aren’t available, but are expensive and not so attractive unless necessary.
The application process is similar to a personal loan but expect higher rates and possibly smaller amounts. These loans are used for debt consolidation or emergency funds but use them with caution, especially if you have a credit score under 600.
Many lenders have minimum credit score requirements, and some consider anything below 620 as “bad credit”. Be sure to know the lender’s requirements before applying to avoid getting rejected. Bad credit loans can be a relief but use them with caution because of the high costs.
Average Personal Loan Rates by Credit Score
The average personal loan rate in the US is 12.29% according to a Bankrate study. However, your rate will depend on your credit score and financial situation. For bad credit borrowers, rates are way higher than the national average.
Here’s the rate breakdown:
Bad (300-629). 28.50% - 32.00%
Fair (630-689). 17.80% - 19.90%
Good (690-719). 13.50% - 15.50%
Excellent (720-850). 10.73% - 12.50%
Pros and Cons for Bad Credit Loans
Pros
Bad credit loans get you funds fast, which is good for emergencies.
They can consolidate high-interest debts into one loan.
No collateral is required so you don’t lose assets.
Cons
Higher interest rates, so more expensive.
Very low credit score borrowers may not qualify.
Some lenders may require collateral or a co-signer.
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Where to Get a Bad Credit Loan
Online lenders. Online lenders offer personal loans with fewer requirements than banks, which is why they are popular for bad credit. They have faster approval and funding processes.
Credit unions. Credit unions have better terms and lower interest rates, especially for members. While they still have credit score requirements, they are more understanding of financial struggles compared to banks.
Banks. Banks offer personal loans but have stricter credit score requirements. But if you have an existing relationship with the bank, they might work with you even with bad credit.
Payday lenders. Payday loans are easy to get but have extremely high interest rates and fees. They can get you in a debt cycle, so use them with caution.
Note! Online loans are legal in Florida, but lenders must be licensed by the Florida Department of Financial Services.
9 Best Bad Credit Loans in Florida
Upstart
Overview. Upstart is an online direct lender that uses artificial intelligence (AI) for underwriting personal loans, a new way of credit approval. They operate in the US including Florida and no in-person visit is required, so the process is fully digital.
Features. Loan amounts from $1,000 to $50,000, terms 3 to 5 years. Upstart is available to borrowers with a minimum credit score of 300 and even those with no credit history as long as they are enrolled or have graduated from an accredited school. APRs range from 7.40% to 35.99%, origination fees from 0% to 12%. No minimum income is required, but one must have a steady income source.
Pros. No minimum credit score is required, so available to bad or no credit borrowers. The platform uses AI to offer more personalized loan options and higher approval rates. Funds are available as soon as the next business day. Upstart has high ratings on Trustpilot, so good customer satisfaction.
Cons. While the minimum credit score is low, the maximum APR is high. Upstart does not allow co-signer or co-borrower, so not good for very bad credit.
OneMain Financial
Overview. OneMain Financial is a direct lender that offers personal loans online and offline with over 1,300 branches across 44 states including Florida. They offer same-day funding for qualified borrowers and both unsecured and secured loan options.
Features. Loan amounts from $1,500 to $20,000, APRs 18.00% to 35.99%. No minimum credit score is specified, so available to bad credit borrowers. OneMain has flexible loan terms and fast same-day funding using bank-issued debit cards.
Pros. OneMain Financial allows borrowers to change their payment date, joint loans, and secured loans available which can increase approval chances and better terms. Same-day funding is available for qualified borrowers and direct payment to creditors for debt consolidation.
Cons. OneMain Financial charges an origination fee, so the overall cost of the loan will increase. The prequalification process doesn’t disclose APR, so the borrower is unsure of loan terms until after applying.
Avant
Overview. Avant is an online direct lender based in Chicago that offers personal loans to bad credit borrowers. Available in 41 states, including Florida, Avant has been offering loan solutions for over 10 years and specializes in helping those who don’t meet the strict requirements of traditional lenders.
Features. Loan amounts from $2,000 to $35,000, terms 24 to 60 months. APRs 9.95% to 35.99%, minimum credit score 550. Must have a steady monthly income of $500 to $800. Avant also offers a secured loan option and funds available the next business day.
Pros. Avant offers fast funding and flexible repayment terms with no prepayment penalty, so borrowers can pay off loans early without extra cost. Online application is convenient, and a mobile app is available.
Cons. Avant charges an admin fee of up to 9.99% and late payment fees. No co-signer or joint application, so not good for very bad credit.
MoneyMutual
Overview. MoneyMutual is an online marketplace that connects borrowers with a network of lenders for short-term loans. Available to all states except New York and Connecticut, MoneyMutual allows Florida residents to get loans quickly through a simple online form and funds available in 24 hours.
Features. Loan amounts from $200 to $5,000, with terms and APRs determined by the lender. No minimum credit score is required and works with all credit types. Must have an active checking account and a minimum monthly income of $800.
Pros. Fast application process, approval in 24 hours. No application fee and borrowers can get matched with multiple lenders with different loan terms. MoneyMutual accepts bad credit borrowers, so available to many applicants.
Cons. APRs and loan terms are not disclosed upfront and may be high. The loan amount capped at $5,000 so may not be enough for all borrowers. Users may also receive unwanted marketing offers after applying.
Upgrade
Overview. Upgrade is an online direct lender based in San Francisco. They serve borrowers nationwide, including Florida and have helped millions of customers with credit access. The platform is for fair or bad credit borrowers.
Features. Loan amounts from $1,000 to $50,000, terms 24 to 84 months. Minimum credit score 580. APRs 9.99% to 35.99%. Borrowers must have a steady income and can prequalify without affecting their credit score. Upgrade also offers auto-secured and joint loan options, so more accessible to those with lower credit score.
Pros. Fast funding, most borrowers get funded in one business day. Flexible repayment options, adjustable payment dates, joint applications, and auto-secured loans can improve loan terms. Direct payments to creditors for debt consolidation. Highly rated on Trustpilot and multiple discount options for borrowers.
Cons. 9.99% origination fee, which can add to the total cost of the loan. Upgrade got a poor rating in the latest J.D. Power customer satisfaction survey.
Happy Money
Overview. Happy Money is an online lender that partners with federally insured financial institutions under the National Credit Union Administration (NCUA). They only offer debt consolidation loans and are online only. Borrowers in Florida and other states can apply.
Features. Loan amounts from $5,000 to $40,000, APR 8.95% to 17.99%. Terms, 24 to 60 months. Minimum credit score 640. Happy Money only offers debt consolidation loans and has an origination fee of 1.50% to 5.50%.
Pros. No late fees, early repayment fees, bounced check fees or failed ACH fees, so the borrower has flexibility if facing financial difficulties. Happy Money also offers direct payments to creditors, which makes the debt consolidation process easier. Happy Money reports to all 3 major credit bureaus, so borrowers can improve their credit score.
Cons. Happy Money only offers debt consolidation loans, so borrowers who need funds for other purposes can’t use this service. They also don’t accept co-borrowers or cosigners, so harder for those with bad credit to get a loan.
24/7 Lending Group
Overview. 24/7 Lending Group is an online loan referral service that connects borrowers with a large network of direct lenders for personal loans. They operate 24/7 and serve borrowers with all types of credit, including bad credit. Loans are available nationwide including Florida and funds can be deposited in the borrower’s account in 24 hours.
Features. Loan amounts from $1,000 to $35,000, APR 5.99% to 35.99%. Terms are 60 days to 72 months, depending on the lender. No minimum credit score as they serve all credit types. The application is free, secure, and won’t affect your credit score. The borrower will receive loan offers in minutes.
Pros. 24/7 Lending Group has a flexible network of lenders that accept bad credit borrowers. No minimum credit score requirement, so more accessible. Application is quick, and loan offers are fast. Available 24/7 so borrowers can apply anytime.
Cons. Since 24/7 Lending Group is a referral service and not a direct lender, loan terms, APRs, and fees will vary by lender and may be different. They don’t offer direct customer service beyond the initial loan referral, which may be a limitation for some borrowers.
First Florida Credit Union
Overview. First Florida Credit Union is headquartered in Jacksonville and is the 21st largest credit union in Florida. It has been serving members since 1950. It offers personal loans and has multiple locations across the state serving members in various Florida counties. Furthermore, it is a direct lender and offers access to funds with fast approval and same-day funding.
Features. Loan amounts from $100 to $100,000, APR 9.99%. Terms up to 72 months. They report loans to the major credit bureaus, so members can build or improve credit. Membership required, applicants must live or work in certain Florida counties or be part of select employee groups.
Pros. First Florida Credit Union has competitive rates with same-day funding upon approval. Fixed payment schedule, so a borrower can budget. They report to major credit bureaus, so credit scores can improve when payments are made on time.
Cons. Membership is limited to residents of certain Florida counties or employees of select companies, so some individuals may not be eligible. APRs may be higher for bad credit.
PenFed Credit Union
Overview. PenFed Credit Union is a well-established financial institution that offers personal loans to members across the U.S. While they are well known for serving military personnel, anyone can become a member by opening a savings account with a $5 minimum deposit. As a direct lender, PenFed offers personal loans with flexible terms and competitive rates.
Features. Loan amounts from $2,000 to $50,000, APR 8.99% to 17.99%. Terms 2 to 5 years. No minimum credit score is required. The application includes the option to pre-qualify with a soft credit check.
Pros. PenFed has a pre-qualification process with a soft credit check, so it won’t affect your credit score. Loans are funded fast, within 1-2 business days, and no origination fee. They also have a joint loan option and a hardship program for borrowers who are having financial difficulties.
Cons. PenFed loans are only for credit union members, so you need to join by depositing at least $5. The website doesn’t show loan amounts and terms upfront, so it’s harder to compare options. Late fee of $29 if payment is more than 5 days late.
Conclusion
Bad credit loans in Florida are an option for those who can’t get funding from traditional banks. While it’s quick access to funds, it comes with high interest rates and varying terms, so it’s got to be careful. Online lenders, credit unions, and platforms like PenFed Credit Union and Upstart offer flexibility with minimal requirements, but borrowers must consider the cost and risk of the loan. Must evaluate your financial situation and explore other options like debt consolidation or lower-rate loans before committing to a high-interest loan.
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FAQ
Are payday loans legal in Florida?
Yes, payday loans are legal in Florida under certain regulations. Single-payment loans are limited to $500 with terms of 7-31 days. The finance charge is 10% per $100 borrowed plus a $5 verification fee = 304% APR. Installment loans are up to $1,000 with 60-90 day terms and an 8% finance charge on outstanding balance.
Florida law prohibits borrowers from having more than one payday loan at a time and no rollovers. The 24-hour cooling-off period between loans and lenders must check loan history through a state database. Lenders must be licensed under Florida’s payday lending laws.
While payday loans are legal, Florida’s regulations are in place to protect consumers by limiting loan amounts, fees, and terms.
What are in-person options for bad credit loans in Florida?
If you prefer to talk to someone in person instead of online, there are several locations in Florida where you can apply for bad credit loans in person. This way you can explain your situation to a loan officer, and it will be faster and more personalized. Here are some places to visit:
ACE Cash Express – 500 34th St S, St. Petersburg, FL 33711
Advance America – 2221 S Monroe St, Tallahassee, FL 32301
OneMain Financial – 1393 NW Saint Lucie West Blvd, Port St. Lucie, FL 34986
Can I get a loan without a credit check?
Yes, you can get a loan without a credit check. But be careful, many of these loans come with very high interest rates and fees, so it’s bad for your finances. It’s better to look for lenders that offer loans to bad credit borrowers, as they may have more reasonable terms and conditions.
