Best Installment Payday Loan Alternatives for Bad Credit of April 2024

ElitePersonalFinance
Last Update: March 12, 2023 Loan Reviews Loans

If you’re considering an installment payday loan, don’t waste your time! They’re costly and come with average APRs of 400%. Moreover, if you fall behind on your payments, you run the risk of falling into a vicious debt cycle. In 2024, the lending market has evolved and offers plenty of better alternatives. If you have bad credit, there are solutions for you. And while you may not get the lowest APR, your rate will still be much less than 400%!

Watch our video that shows how people with bad credit can get a personal loan.


Have a look at the options below.

The companies on our list are highly reputable and offer unsecured loans to those with bad credit. But, if you don’t qualify, consider a secured loan or a co-signer loan. If that fails, credit unions are your next best option. Federal credit unions cap their APRs at 18%. As a last resort, look to alternative payday loans. Their APRs are more expensive, but they’re still much less than traditional payday loans.

Best Installment Payday Loan Alternatives for Bad Credit of April 2024

Loan Company:Min. Credit Score:APR:Amount:Approval:Terms:Type:
BadCreditLoans05.99% – 35.99%$500 – $10,000< 1 Day3 – 36 MonthsPersonal Loans for Really Bad Credit
OppLoans0Vary By State$500 – $4,000< 1 Day9 – 18 MonthsAlternative Payday Loans for Really Bad Credit
CashUSA05.99% – 35.99%$1,000 – $10,000< 1 Day2 – 5 YearsSecured Personal Loans for Bad Credit
LendingTree5003.99% – 35.99%$1,000 – $50,000< 1 Day1 – 5 YearsPersonal Loans for Bad Credit
LendingPoint5859.99% – 35.99%$2,000 – $25,0001 – 3 Days3 – 5 YearsPersonal Loan for Bad Credit
PersonalLoans5805.99% – 35.99%$1,000 – $35,000< 1 Day90 Days – 72 MonthsPersonal Loans for Bad Credit

We always mention how the lending market has evolved in 2024. More than ever, companies are opening their doors to people with bad credit – offering higher approval rates and much better terms. Com