Best High-Risk Personal Loans and Lenders for Bad Credit of February 2024

ElitePersonalFinance
Last Update: October 12, 2023 Loans

Most high-risk lenders offer very expensive loans. We found cheaper options for those with really bad credit. Here they are.

Best High-Risk Lenders for Really Bad Credit of February 2024

Loan Company:Min. Credit Score:APR:Amount:Type:
ZippyLoan (Non-Direct Lender)05.99% – 35.99%$100 – $15,000Bad Credit Online Lender
LifeLoans (Non-Direct Lender)0Not Listed$100 – $40,000Comparing bad credit loans
NextDayPersonalLoan (Non-Direct Lender)05.99% – 35.99%$100 – $40,000Bad Credit Online Lender
VivaLoan (Non-Direct Lender)05.99% – 35.99%$100 – $15,000Bad Credit Online Lender
BadCreditLoans (Non-Direct Lender)05.99% – 35.99%$500 – $10,000Personal Loans for Really Bad Credit
CashUSA (Non-Direct Lender)05.99% – 35.99%$100 – $10,000Personal Loans for Really Bad Credit
OppLoans (Direct Lender)059% – 160%$500 – $4,000Alternative Payday Loans for Really Bad Credit
Upgrade (Direct Lender)5608.49% – 35.99%$1,000 – $50,000Online Lender
NetCredit (Direct Lender)034% – 155%$1,000 – $15,000Alternative Payday Loans for Really Bad Credit
RiseCredit (Direct Lender)060% – 299%$500 – $5,000Alternative Payday Loans for Really Bad Credit
PossibleFinance (Direct Lender)0151% – 257%$50 – $500Alternative Payday Loans for Really Bad Credit
Dave (Direct Lender)00% + FeesUp to $200Loan App
Brigit (Direct Lender)00% + FeesUp to $200Loan App
Earnin (Direct Lender)00%Up to $500Loan App
MoneyLion (Direct Lender)00%Up to $250Loan App

A definition to high-risk lenders according to Thomas Nitzsche, media relations manager for Clearpoint Credit Counseling, “A high-risk loan is a subprime loan that is offered to someone with a blemished credit history.”

High-risk loans are designed for people with really bad credit, no credit history, or other financial problems, such as very low or non-provable income. There are high-risk lenders who offer loans to these people, but this type of lending remains risky for both lenders and borrowers. High-risk lenders protect themselves by placing insane high-risk interest rates.

ElitePersonalFinance researched all high-risk lenders. Here is what we have found.

Most high-risk lenders are actually payday lenders, auto title lenders, and pawnshop lenders. Their APRs average: payday loans – 400%, auto title loans – 300%, pawnshop loans – 200% . Most of them come with even higher than 700% and 1,000% interest.

The Good News. We have found some high-risk lenders, different from payday, pawnshop, and auto title lenders, offering cheaper loans to those with really bad credit. We will show you them, so don’t lose hope. But in the end, they are still more expensive than traditional personal loans for people with good credit.

Pro Tip: If you are with really bad credit, avoid getting a loan at all. Wait for a time and work on your credit score. When that increases, then get a loan.

Note! This article focuses on high-risk personal lenders only. But there are other types like mortgage, auto, student, business, etc. Here they are:

Best Mortgage Rates for Bad Credit of February 2024

Best Auto Loan Rates for Bad Credit of February 2024

Best Business Loans for Bad Credit of February 2024

Best Student Loans for Bad Credit of February 2024

You can find all of them at EPF Marketplace – the largest financial marketplace in the U.S.!