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

EPF Last Update: September 23, 2020

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, there are many options for you. In general, personal loans have an APR lower than 36%, 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 will help you get a personal loan even if you have a low credit score.

People with bad credit typically are targeted and manipulated by payday lenders that they are their only one option. Hopefully these days the lending market is much more flexible and people can installment personal loans, even if they are with bad credit. Some lenders will say no, but there are other that will say yes! The list below will show companies that are personal installment loans and for these people that are with really bad credit we have 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.

RankLoan CompanyMin Credit ScoreAPR
1BadCreditLoans05.99% – 35.99%
2OppLoans099% – 199%
3PersonalLoans5805.99% – 35.99%
4LendingTree5005.99% – 35.99%
5Upgrade 6007.99% – 35.97%


This is a market which 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.
  • Minimum credit score is 0.
  • No requirements for debt-to-income ratio.
  • 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 not a payday loan company either. It is a new type of business called improved payday loans. Because they really are. What is typical of these companies is that they offer a high APR and a lower amount than traditional personal loans, but 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 with a higher credit score. However, if you really have no other option but to get money from a payday company, then you should definitely apply for OppLoans.


  • Up to $5,000 loans, which is a rather high amount for people with bad credit.
  • 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 to get into a debt cycle like you would with payday loans.
  • No requirements for debt-to-income ratio.
  • Free application, no obligations.
  • Register and start receiving offers from lenders within minutes.


  • High APR of 99% to 199%. Still, this is much lower than 400%, which is typical of traditional payday loans.
  • You can’t get more than $5,000.
  • You have to meet their minimum income requirements, which are different for different states.
  • Some financial experts argue that they are they 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 network of lenders, which results in people having much more 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 (up to 36%).
  • Low credit score requirement (580), 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 (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.


Upgrade Disclaimer:Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. 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. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at

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 $35,000.
  • APR: 7.99% – 35.97%.
  • Up to 5-year repayment plan.
  • 40% debt-to-income ratio.


  • High credit score requirements of 600.
  • 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, there are many more options that 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 is increasing and the competition between them is becoming fierce. This forces them to offer better deals to people, lower their criteria, give higher amounts of money, as well as 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 you 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, you will be manipulated into believing that they are your last option because of your credit file.

The offer that you will receive will have 400% APR and an amount of 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 the average time spent in a debt cycle for Americans 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.

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