Where Can I Find Monthly Installment Bad Credit Personal Loans That Are NOT Payday Loans?

Last Update: June 5, 2023 Answers Loans

If you have bad credit, your options to get a personal loan are limited, but you definitely can get it. Because of the obvious expansion of the lending market, you have many options. In general, personal loans have an APR lower than 35.99%, and they offer up to $100,000. On the other hand, payday loans typically offer up to $1,000 with an APR of 400%. As you can see, the difference is huge, and we at ElitePersonalFinance have options for you even if you have bad credit. Below, we list lenders that can help you get a personal loan with a low credit score.

People with bad credit are typically targeted and manipulated by payday lenders that they are their only option. Hopefully, the lending market is much more flexible, and people can install personal loans, even with bad credit. Some lenders will say no, but others will say yes! The list below will show companies that are personal installment loans, and for these people with really bad credit, we have an option – Improved Personal Loans. These are types of companies helping people with really bad credit. They offer expensive loans but much more cheap than traditional predatory payday loans.

Rank:Loan Company:Min. Credit Score:APR:
1BadCreditLoans05.99% – 35.99%
2OppLoans059% – 160%
3PersonalLoans5805.99% – 35.99%
4LendingTree5005.99% – 35.99%
5Upgrade 5608.49% – 35.99%


This is a market that targets people with bad credit. This is probably your best option if you have really bad credit. But if you plan to get a payday loan, stop. We highly recommend that you start your search from here.

Pros and Cons of Bad Credit Loans


  • People with really bad credit can get between $500 – $3,000.
  • People with bad to fair credit can get up to $10,000.
  • The minimum credit score is 0.
  • No requirements for the DTI ratio.
  • A free application, no obligations.
  • Register and start receiving offers from lenders within minutes.
  • Interest rates of up to $35.99%.


  • These loans are not cheap, but they are still much more affordable than what payday lenders would offer you.
  • In some instances, people don’t receive any offers.
  • You can’t expect an amount that is too high.


OppLoans is not exactly a personal loan company but also not a payday loan. It is a new type of business called improved payday loans. Because they really are. Typical of these companies is that they offer a high APR and a lower amount than traditional personal loans. Still, they are much more affordable than traditional payday companies. But if you can improve your credit score, these companies are not the best choice because you can get much better offers. However, if you really have no other option but to get money from a payday company, you should definitely apply for OppLoans.


  • Up to $4,000 loans is a rather high amount for people with bad credit.
  • The minimum credit score required is 0.
  • Fast approval, usually within a day.
  • Loans can be paid in installments, within up to 3 years. This reduces your chances of getting into a debt cycle like you would with payday loans.
  • No requirements for the DTI ratio.
  • A free application, no obligations.
  • Register and start receiving offers from lenders within minutes.


  • High APR of 59% to 160%. Still, this is much lower than 400%, typical of traditional payday loans.
  • You can’t get more than $4,000.
  • You have to meet their minimum income requirements, which are different for different states.
  • Some financial experts argue that they are a predatory loan company.


PersonalLoans have significantly changed, and now you can find it at the top of our lists. The only reasons for this are our feedback and the studies that show that this company has considerably increased its approval rates. Also, they significantly expanded their lenders’ network. This means that now more people have better success with PersonalLoans. If you have a credit score higher than 580, you are good to go.


  • Get up to $35,000.
  • Competitive rates, absolutely within the range of traditional personal loan companies of up to 35.99%.
  • Low credit score requirement of580, which means people with bad credit (but not too bad) are eligible to apply.
  • Fast approval, generally within one day.


  • If you have really bad credit, you can’t apply.
  • People with low credit can apply and get offers, but they don’t’ have access to more lucrative offers available to those with a high credit score.
  • You can’t have an account with a late payment for longer than 60 days or a recent bankruptcy.
  • You can’t have any recent charge-offs or late payments.


LendingTree is a trusted company that provides many types of loans. Whether you have bad or good credit, you mustn’t skip this company.


  • Low credit score requirements of 500, which means that people with bad credit are absolutely eligible.
  • Get up to $50,000.
  • APR: 5.99 – 35.99%.
  • 1-day approval.
  • Set the loan repayment in installments for up to 5 years.
  • No debt-to-income ratio requirements.


  • People with really bad credit can’t apply.
  • You can’t have an account with a late payment for longer than 60 days or a recent bankruptcy.


Loan Amount:$1,000 – $50,000
APR:8.49% – 35.99%
Min. Credit Score:560
Approval:1 Day
Terms:2 – 7 Years
  • Loan origination fee of 1.85% – 9.99%
  • Late payment fee of $10, after a 15-day grace period
  • Insufficient funds fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 560
  • Have a DTI ratio that doesn’t exceed 75%
  • Have recurring employment income or government benefits
  • Fill out your information through Upgrade’s online portal
Average Borrower Profile:
  • Has a credit score of 678
  • Has an annual income of $78,000
Best For:High DTI ratios
Check rates

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36 – month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early.

Upgrade is a company with a bit more requirements about credit score and debt-to-income ratio. But if you meet them, you will get a great offer from them. It is one of the top names in the business.


  • Up to $50,000.
  • APR: 8.49% to 35.99%.
  • Up to 7-year repayment plan.
  • 40% debt-to-income ratio.


  • High credit score requirements of 560.
  • Minimum $12,000 a year income requirement.
  • A requirement to have a free cash flow of at least $1,000.
  • Late payment fee: up to $10, charged if your payment isn’t received within 15 calendar days of your payment due date.
  • Returned check payments or failed electronic deposits cost $10 on top of whatever your bank charges for the returned payment.

Nowadays, many more options can help you avoid payday loans. We at ElitePersonalFinance have a full guide on how to get a loan even with really bad credit. We invite you to read it here. The lending market is growing, and so is its flexibility. This means that the number of lenders increases and the competition between them is becoming fierce. This forces them to offer better deals, lower their criteria, give higher amounts of money, and be more transparent regarding their contracts and hidden fees.

Types of Loans You Should Avoid

  • Payday Loans
  • Auto Title Loans

Let’s say that you have bad credit and are looking for money. You go to some website or read some ads, and you see this: free money, no credit ‒ no problem, instant approval. Exactly what you are looking for, right? It seems that this offer is perfect for you. But if you go to their office, they will try to manipulate you into believing that they are your last option because of your credit file.

The offer you will receive will have a 400% APR and up to $1,000. This equals $90 over an amount of $300 per month. That is a huge amount. But the problems don’t’ stop here. If you can’t repay the amount, you will get into a debt cycle, a common thing that happens to people. You will be required to pay only the fee, which, unfortunately, won’t lower the principal amount. Studies show that Americans’ average time spent in a debt cycle is 200 days.

Auto title loans are very similar, but the difference is that the APR is slightly lower. However, with this loan, you also risk your car, which you will be required to put in as collateral. Again, studies show that about 20% of Americans lose their car due to auto title loans.