Best Cash Advance Alternatives for Bad Credit of April 2024

Last Update: March 12, 2023 Credit Card Reviews Credit Cards Loan Reviews Loans

Are you considering a cash advance on your credit card? It’s not the best option … Cash advances have high APRs and come with high upfront fees. To administer a cash advance, your credit card issuer will charge you an upfront fee that ranges from $5 to $10 or 3% to 5% of the amount withdrawn. For example, if you take out a $500 cash advance on your credit card, you’re looking at $15 to $25 in upfront fees. The APRs average around 24%, but some credit cards can have cash advance APRs upwards of 34.99%.

ElitePersonalFinance recommends cash advances as a last resort. If it’s an emergency and you need quick funds, a cash advance may be right for you. Just make sure you can pay off the balance in a short period of time.

If you have good credit, we recommend you stick to a personal loan. With plenty of reliable options and affordable APRs, check out our list of the best personal loans in 2022. Watch our video that shows how people with bad credit can get a personal loan:

Now, if you have bad credit, don’t get too discouraged. There are cheaper alternatives out there, and we’re here to help you find them.

Should I Consider a Bad Credit Personal Loan or an Alternative Loan?

Before settling for a cash advance, you should apply for an unsecured personal loan or an alternative loan. These days many lenders offer loans for people with bad credit. Bad credit personal loans have APRs that range from 5.99% to 35.99%, while alternative loans have APRs that range from 35.99% to 400%. Bad credit personal loans often allow you to borrow between $1,000 and $100,000, while alternative loans typically range from less than $1,000 to upwards of $5,000. The main purpose of alternative loans is to help borrowers with extremely bad credit. They’re designed for those who don’t qualify for a personal loan but want to avoid a credit card cash advance’s pitfalls.

BadCreditLoans offer unsecured personal loans to borrowers with extremely bad credit. And like their motto states – they help when others can’t. While the company offers loans up to $10,000, those with really bad credit shouldn’t expect that much. Usually, the lender will provide up to $3,000 if your credit is extremely poor, while those with higher credit scores can qualify for the full $10,000.

APRs range from 15% to 35.99% for those with extremely bad credit, but approval is usually fast and easy. Also, loans are unsecured, so you never have to worry about losing any collateral.