Best Payday Loan Alternatives in California of February 2024

ElitePersonalFinance
Last Update: September 25, 2023 Personal Loans by States and Cities

Payday loans are a very expensive option, with APR averaging 400%. Most payday loan lenders in CA promote them as the only option for people with bad credit. We don’t recommend payday loans because they are expensive and often lead to a debt cycle. Many other payday loan alternatives available have much lower interest rates.

Additionally, laws are in place to protect consumers from excessively high-interest rates on payday loans in California. Payday loans are illegal in CA. The laws allow short-term loans that cap their APR at 25%. This relatively low number significantly lowers your fees and the risk of the debt cycle.

Payday loans should be avoided if possible because of their high costs and the risk of getting stuck in a debt cycle.

You can get a loan if you are with bad credit. We will guide you on all options. Let’s first give you an overview of the options brief, and below, we will discuss them.

Best Payday Loan Alternatives of February 2024: Key Findings

You may have heard that some lenders will give you a personal loan if your credit is terrible in California. And, indeed they do offer these types of loans but with high-interest rates and annual percentage tabs (APR) ranging from 15% to 35.99%. However, here at ElitePersonalFinance, we recommend different options for people like yourself; we start off by offering legitimate personal loans of amounts up to $250K based on an individual’s needs as well as blended into millions just like yours!

Payday Loan Alternatives. These new types of lenders have more expensive APR than traditional personal loans but are less expensive than payday loans. They approve with terrible credit. We will give you the best work in California.

Loan Apps. Many apps offer payday alternatives, and some of them are with 0 interest. Most of them are no credit checks. The catch? There are fees, but in all, times cheaper than payday loans. We will show you the best of them in California.

Buy Now Pay Later. Many offer loans for purchases. Some are with 0 APR. Most of them are no credit checks. The catch? There are fees, but in all, times cheaper than payday loans. We will show you the best of them in California.

Credit Unions in California. Some of them can help you because they see your credit score and other factors like income, DTI, etc. Some offer PAL, a payday loan alternative in California.

Best Payday Alternatives in California of February 2024

Lender:Loan Amount:APR:Terms:Min. Credit Score:Best For:Type:
ZippyLoan$100 – $15,0005.99% – 35.99%6 – 60 months0Bad or no creditBad Credit Online Lender
PersonalLoans$1,000 – $35,0005.99% – 35.99%3 – 72 months580Short and long-term personal loansOnline lender
Upgrade$1,000 – $50,0008.49% – 35.99%2 – 7 Years560High DTI ratiosOnline lender
LendingPoint$2,000 – $36,5007.99% – 35.99%2 – 7 years580$25,000 annual incomeOnline lender
Upstart$1,000 – $50,0004.6% – 35.99%3 – 5 years300Low credit scores, high DTI ratiosBad credit online lender
Funds Joy$200 – $5,0005.99% – 35.99%1 – 60 Months0Debt consolidationBad credit online lender
OppLoans$500 – $4,00059% – 160%9 – 18 Months0Really bad creditAlternative Payday Loans for Really Bad Credit
NetCredit$1,000 – $10,10036% – 155%1 – 5 Years0Flexible terms and APRsAlternative Payday Loans for Really Bad Credit
FigLoans$50 – $15035.99% – 211%1 – 6 Months0Short-term bad credit loansAlternative Payday Loans for Really Bad Credit
WorldFinance$450 – $10,00027.5% – 81.29%6 Months – 4 YearsNot listedBad CreditAlternative Payday Loans for Really Bad Credit
RiseCredit$500 – $5,00036% – 299%4 – 26 Months0No-fee bad credit loansAlternative Payday Loans for Really Bad Credit
SpeedyCash$1,000 – $5,00037% – 199%+4 – 26 MonthsNot listedCalifornia residentsAlternative Payday Loans for Really Bad Credit
DaveUp to $5000%1 month0Low feesLoan App
MoneyLionUp to $2500%Repay with your next paycheck0Online servicesLoan App
SoLo Funds$20 – $5750%Up to 35 days0Repayment flexibilityLoan App
BrigitUp to $2500%Repay manually or with your next paycheck0Budgeting toolsLoan App
EarninUp to $150/Day or $750/Period0%Repay manually via money order or with your next paycheck0Low feesLoan App
AlbertUp to $2500%Repay manually via money order or with your next paycheck0Low feesLoan App
First Tech Federal$500 – $50,0007.70% – 18%24 – 84 months660Fast Online ApplicationCredit Union
SchoolsFirst Credit Union$500 – $30,0007% – 18%4 – 60 months580Consolidating higher-interest debt.Credit Union
EarninUp to $150/Day or $750/Period0%Repay manually via money order or with your next paycheck0Low feesLoan App
EarninUp to $150/Day or $750/Period0%Repay manually via money order or with your next paycheck0Low feesLoan App

Why Trust ElitePersonalFinance Guides?

We scrutinize over 100 lenders and research their characteristics, policies, and terms. Most importantly, we consult several sources to ensure that our curated list of the best payday loan alternatives and laws in California is comprehensive and up-to-date.

We also provide clear guidance on how each lender works so you can make an informed decision about which one is right. In addition, we only work with legit lenders and will never recommend any loan or service that is abusive.

Using our list, you can easily find the best payday alternative for your situation and take advantage of this industry’s latest developments! We highly suggest looking at the options if you need cash and have bad credit.

Our Marketplace

We are the largest independent finance marketplace in the United States. We have access to hundreds of lenders to help you get the best deal on payday loan alternatives and laws in California. We work with licensed, reputable lenders that offer competitive interest rates, low fees, and excellent customer service.

We also have a 100% online application process that allows you to apply for a personal loan from the comfort of your home. We’ll match you with a lender that is best suited to your financial profile and will provide you with the loan amount you need.

Our mission is to make sure that no one has to take out an expensive payday loan ever again. We want everyone to have access to suitable financial products to help them build better financial habits, even with bad credit.

Personal Loans for Bad Credit

There are many legit personal loan lenders for bad credit in California. These lenders look at more than just your credit score. They also consider other factors, such as income and debt-to-income ratio, to determine if you’re a good fit for their loan products.

Most of these lenders offer low-interest rates, flexible repayment terms, and no hidden fees. We’ve compiled a list of the best personal loans for bad credit, and you can apply for one right now!

So if you need cash fast, check the lenders below or check out our comprehensive guide of the best personal loan lenders for bad credit in California.

ZippyLoan

Loan Amount:$100 – $15,000
APR:5.99% – 35.99%
Min. Credit Score:0
Approval:5 Minutes
Terms:6 Months – 5 Years
Fees:
  • Loan origination fees vary by lender.
  • Late payment fees vary by lender.
  • Most lenders don’t charge prepayment fees.
Qualification Criteria:
  • Be at least 18 years of age.
  • Have recurring employment income or government benefits.
  • Fill out your information through ZippyLoan’s online portal.
Average Borrower Profile:
  • ZippyLoan connects borrowers with personalized financial product offers from banks and other lenders.
  • Financing options are available if you have bad, fair, good, or excellent credit.
Best For:Bad or No credit
CHECK RATES

ZippyLoan is an excellent payday loan alternative in California because it offers competitive rates of between 5.99% and 35.99%, flexible repayment terms of 6 months and five years, and no hidden fees. The process is straightforward, and you’ll get your money fast. Plus, ZippyLoan works with a variety of lenders so you can find the best loan for your individual needs.

ZippyLoan offers bad credit loans of amounts from $100 to $15,000. However, unlike many of the individual loan lenders on our list, such as Upgrade, ZippyLoan has no income requirements. To be eligible, borrowers must provide proof of income and be at least 18 years old.

ZippyLoan sends you a list of direct lenders that offer the best rates and terms tailored to your unique situation. Plus, they will never put you through a hard credit check.

Additionally, while most personal loan bad credit lenders on ZippyLoan don’t charge prepayment fees, loan origination and late payment fees vary by each lender on the platform.

Pros:

  • ZippyLoan has a fast and easy application process.
  • Flexible repayment terms of between 6 and 60 months.
  • Most lenders on ZippyLoan do not charge prepayment fees.
  • Access to a variety of lenders.
  • Offers personal loan amounts of $100 to $15,000.

Cons:

  • High-interest rates for borrowers with bad credit.
  • Origination and late payment fees vary by each lender.
  • Bad credit borrowers might pay more than 35.99% APRs.

The Impact of Covid-19:

Since ZippyLoan is a P2P platform, the company doesn’t have any specific hardship programs for borrowers affected by the pandemic. However, if you need assistance in your loan repayment, you can apply for a custom hardship waiver at ZippyLoan via 1-844-379-8621 or at support@zippyloan.com.

PersonalLoans

Loan Amount:$1,000 – $35,000
APR:5.99% – 35.99%
Min. Credit Score:580
Approval:1 Day
Terms:90 Days – 6 Years
Fees:
  • A loan origination fee of 1% – 5%
  • You may incur late payment fees after a 15-day grace period
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 580
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits.
  • Do not have a pattern of late payments, bankruptcies, or charge-offs
  • Fill out your information through PersonalLoans’ online portal
Average Borrower Profile:
  • PersonalLoans connects borrowers with personalized financial product offers from banks and other lenders
  • If you have bad, fair, good, or excellent credit, financing options are available
Best For:Short and long-term personal loans
CHECK RATES

PersonalLoan is a great payday loan alternative lender because it offers competitive rates of between 5.99% and 35.99%, flexible repayment terms ranging from 90 days to six years, and many lenders in one place. The process is straightforward, and you’ll get your money fast. Plus, PersonalLoan works with a variety of lenders so you can find the best loan for your individual needs.

PersonalLoans offers bad credit loans of amounts from $1,000 to $35,000. To qualify for a loan, you must have a minimum credit score of 580, a maximum DTI ratio of 43%, and recurring employment income or government benefits. Additionally, you should not have a record of late payments, charge-offs, or bankruptcies.

Nonetheless, this lender charges a loan origination fee of 1% to 5%, and you may incur late payment fees after a 15-day grace period. Most lenders don’t charge prepayment fees, though.

PersonalLoan stands out because it makes work easier for you by analyzing multiple quotes in one place. Thus, you will save time researching your best offers. Additionally, PersonalLoan matches your credit profile with its network of lenders, meaning that you can be sure to find the best offer for your particular situation.

Pros:

  • PersonalLoans offers loans up to $35,000.
  • The application process is fast and straightforward.
  • Flexible repayment terms from 90 days to six years.
  • No prepayment fees on most loans.
  • Low-interest rates than payday loans ranging from 5.99% to 35.99%.

Cons:

  • Higher interest rates for borrowers with bad credit.
  • Origination and late payment fees vary by each lender in the network.
  • A minimum credit score of 580 is required to qualify for a loan.

The Impact of Covid-19:

PersonalLoans is a p2p site and does not lend loans directly. Furthermore, lenders on the PersonalLoans platform set their deferral and forbearance policies. As a result, you must consult with your lender to explore your choices.

Upgrade

Loan Amount:$1,000 – $50,000
APR:8.49% – 35.99%
Min. Credit Score:560
Approval:1 Day
Terms:2 – 7 Years
Fees:
  • 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 an outstanding payday loan alternative for borrowers with high DTI ratios needing short-term loan solutions. This lender offers lower interest rates than payday loans of between 8.49% to 35.99%. Upgrade offers bad credit loans of up to $50,000 with flexible payment terms of up to seven years. However, it would help if you had a minimum credit score of 560 and a maximum DTI ratio of 75% to qualify for this loan.

There is also an origination fee of 1.85% to 9.99%. Upgrade charges a late payment fee of $10 and an insufficient funds fee of $10. Most importantly, there is no prepayment penalty associated with this loan.

Upgrade is a unique bad credit loan lender because it offers cosigner and secured loan application options for borrowers who don’t qualify for an unsecured personal loan.

One drawback of Upgrade is they don’t finance monthly expenditures like rent, which could affect the loan repayment. Borrowers must ensure they can afford the monthly payments before taking out a loan.

If you have a credit score of over 700, you may qualify for better rates with this lender.

Pros:

  • Competitive interest rates of between 8.49% to 35.99%.
  • Extended repayment terms of up to seven years.
  • No prepayment penalty.
  • Upgrade offers an Auto-pay discount of 0.5%.
  • Secured and cosigner loan options for borrowers with terrible credit.

Cons:

  • A minimum credit score of 560 is required.
  • An origination fee ranging from 1.85% to 9.99%
  • Not ideal for paying rent or other monthly bills.
  • Higher rates for borrowers with lower credit scores.

The Impact of Covid-19:

If you’re struggling to make your loan payments because of job loss caused by the pandemic, you may qualify for a monthly installment reduction. Additionally, you can get a modification of your loan terms. Find more information here.

LendingPoint

Loan Amount:$2,000 – $36,500
APR:7.99% – 35.99%
Min. Credit Score:580
Approval:1 – 7 Days
Terms:2 – 5 Years
Fees:
  • A loan origination fee of 0% to 6%
  • Late payment fee of up to $30
  • Insufficient funds fee of $20
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 580
  • Have a DTI ratio that doesn’t exceed 50%
  • Have an annual income of at least $25,000
  • Fill out your information through LendingPoint’s online portal
Average Borrower Profile:
  • Has a credit score of 673
  • Has an annual income of $80,000
Best For:$25,000 annual income
CHECK RATES

LendingPoint is an outstanding payday loan alternative because it offers competitive rates of 7.99% – 35.99%, better than payday loans. They also provide loan amounts ranging from $2,000 to $36,500 and flexible repayment terms of up to five years. You must have a minimum credit score of 580 and an annual income of at least $25,000 to qualify for this loan.

LendingPoint charges a loan origination fee of 0% to 6%, a late payment fee of up to $30, and an insufficient funds fee of $20. Fortunately, this lender does not charge any prepayment penalty or hidden costs.

LendingPoint is a unique payday loan alternative lender because it offers fast application and approval.

A downside of LendingPoint is that they have a maximum DTI ratio requirement of 50%, which could be challenging to meet if you’re trying to manage multiple loans or debts. Additionally, LendingPoint does not offer loans in Nevada and West Virginia.

Pros:

  • Competitive interest rates of between 7.99% and 35.99%.
  • Extended repayment terms of up to five years.
  • No prepayment penalties or hidden fees.
  • Fast application and approval process.
  • Wide alternative payday loans of up to $36,500.

Cons:

  • A minimum credit score of 580 is required.
  • LendingPoint has an origination fee ranging from 0% to 6%.
  • A maximum DTI ratio requirement of 50%.
  • Not available in Nevada and West Virginia.

The Impact of Covid-19:

LendingPoint doesn’t have specific programs to help borrowers affected by the pandemic, but they offer a wide range of loan options with competitive rates. You can get personalized assistance by contacting their customer service team at 1-888-969-0959 or customerservice@lendingpoint.com.

Upstart

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