Loan Companies Like WorldFinance, Avant, BadCreditLoans, CashUSA

ElitePersonalFinance
Last Update: January 22, 2021 Loan Reviews Loans

Have you heard of BadCreditLoans, CashUSA, Avant, or PersonalLoans?

If you have bad credit and you’ve been searching for a loan – the answer is probably yes!

What these companies offer personal loans to borrowers with extremely bad credit. And if you’re considering a payday loan, don’t do it! They have average APRs of 400%!

Loan Company: Min Credit Score: APR: Amount: Type:
ZippyLoan 0 Vary $15,000 Personal Loans for Really Bad Credit
LendJetFunds 0 Vary $10,000 Personal Loans for Really Bad Credit
BadCreditLoans 0 5.99% – 35.99% $10,000 Personal Loans for Really Bad Credit
CashUSA 0 5.99% – 35.99%. $10,000 Secured Personal Loans for Bad Credit
PersonalLoans 580 5.99% – 35.99%. $35,000 Personal Loans for Bad Credit
SuperMoney 0 5.99% – 35.99% $100,000 Loan Comparison Site
WorldFinance 0 Vary $12,000 Personal Loans for Bad Credit

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The companies that we review here obey the ‘personal loan standard.’ Their APRs do not exceed 35.99%, and nearly all of the loans are unsecured. But, if your credit score is really low and you don’t qualify for an unsecured loan, you can opt for a secured loan by putting up collateral or using a co-signer. Whatever your preference, the companies below allow you to get a bad credit personal loan and avoid payday loans!

Companies like PersonalLoans, LendingTree, Avant, and Credible didn’t always offer bad credit loans. They’re large companies that changed their business models due to increased demand. For more information, see our detailed guide. If you don’t need a loan right away and have the time to work on your credit score, these companies can offer you great lending terms and low APRs.

Conversely, we categorize companies like OppLoans and LendUp as alternative lenders. Their loans are designed for people with extremely bad credit, but because their APRs exceed 35.99%, we don’t classify them as personal loans. For more information on how the two differ, check out our alternative lending guide.

BadCreditLoans

Loan amounts $500 – $10,000
Typical APR 5.99% – 35.99%
Min Credit Score 0
Time to funding 1 Day
Loan terms 3 – 36 months
Origination fee N/A
Debt-to-income ratio N/A
Check rates

BadCreditLoans.com should be a top choice if you have really bad credit. You can borrow anywhere from $500 to $10,000, and because their loans are unsecured, there is no collateral needed. Their APRs range from 5.99% to 35.99%, but if you have really bad credit, expect an APR that’s roughly 15% or more. As well, if your credit score is really bad, you’ll most likely qualify for $3.000 or less.

Pros:

  • Loans are designed specifically for borrowers with extremely bad credit.
  • BadCreditLoans.com does not require a minimum credit score.
  • APRs are capped at 35.99%, making them identical to personal loans.

Cons:

  • If you have really bad credit, expect your APR to range from 15% to 35.99%.
  • Even though the company offers loans up to $10,000, those with really bad credit may only qualify for $3,000.
  • Not all applications are approved.

CashUSA

Loan amounts $1,000 – $10,000
Typical APR 5.99% – 35.99%
Min Credit Score 0
Time to funding 1 Day
Loan terms 24 – 60 months
Origination fee N/A
Debt-to-income ratio N/A
Check rates

CashUSA is another great lender if you have really bad credit. But, its loans are designed a little bit different. Like car title loans, you need to put up your car as collateral. However, unlike car title loans – that sport average APRs of 300% – CashUSA APRs range from 5.99% to 35.99%. You can borrow anywhere from $500 to $10,000, and the company offers more to select borrowers who qualify. However, if you have really bad credit, you may only qualify for $1,500 or less. Keep in mind, because loans are secured, there is a chance you could lose your car. We only recommend putting up collateral if you’re sure you can repay the debt on-time and in-full.

Pros:

  • There is no minimum credit score requirement.
  • Some borrowers with bad credit have received APRs as low as 10%.
  • Loans can exceed $10,000, but you need to directly talk with the company.

Cons:

  • Because loans are secured, there is a chance you could lose your car.
  • If you have really bad credit, your APR will most likely fall between 20% and 35.99%.
  • Not all applications are approved.

PersonalLoans

Loan amounts $1,000 – $35,000
Typical APR 5.99% – 35.99%
Min Credit Score 580
Time to funding 1 Day
Loan terms 90 days – 72 months
Origination fee 1 – 5%
Debt-to-income ratio N/A
Check rates

Like Avant, PersonalLoans also requires a minimum credit score of 580. You can borrow anywhere from $1,000 to $35,000, and APRs range from 5.99% to 35.99%. However, unlike Avant, you only need ‘regular’ income to qualify. You can report full-time, part-time, or self-employment, or use disability or Social Security benefits as a means to qualify.

Pros:

  • A minimum credit score of 580 makes Avant a reliable option if you have bad credit.
  • Avant only requires ‘regular’ income to qualify, which can come from various sources.
  • Repayment terms range from as little as 90 days to upwards of 72 months.

Cons:

  • If you have really bad credit, your APR will most likely be 20% or more.
  • Loan origination fees vary depending on your credit score and credit profile.
  • If your credit score is less than 580, you likely won’t qualify.

Credible

Loan amounts $1,000 – $100,000
Typical APR 5.34% – 35.99%
Min Credit Score 500
Time to funding 1 Day
Loan terms 90 days – 72 months
Origination fee 0% – 8%
Debt-to-income ratio N/A
Check rates

With no hidden fees and a minimum credit score requirement of 500, Credible is a great place to obtain a bad credit loan. Unlike the lenders above, its APRs start at 5.34%, making Credible loans slightly cheaper than the competition. APRs top-out at 35.99%, and you can get pre-qualified rates in as little as two minutes. You can borrow anywhere from $1,000 to $100,000, but if you have really bad credit, you shouldn’t expect any more than $5,000. Repayment terms range from as little as 61 days to upwards of 120 months. Keep in mind that your debt-to-income ratio plays a big role in whether or not you’re approved. You also need to have a steady income.

Pros:

  • Starting at 5.34%, Credible’s APRs are less than the competition.
  • You can receive a pre-qualified loan in 2 minutes or less.
  • There are no hidden fees, and you only need ‘steady’ income to qualify.

Cons:

  • Loan origination fees can be anywhere from 0% to 8%.
  • Credible places a lot of emphasis on your debt-to-income ratio.
  • If your credit score is less than 500, you likely won’t qualify.

LendingTree

Loan amounts $1,000 – $50,000
Typical APR 3.99% – 35.99%
Min Credit Score 500
Time to funding 1 Day
Loan terms 1 – 5 years
Origination fee 0 – 3%
Debt-to-income ratio N/A
Check rates

Like Credible, LendingTree also has a minimum credit score requirement of 500. And as one of the most well-known names in the industry, it’s a great place to obtain a bad credit loan. Loans can reach upwards of $50,000, and APRs range from 3.99% to 35.99%. But if your credit score is near 500, you’ll likely receive an APR of 20% or more.

Pros:

  • As a household name, LendingTree has provided over 10 billion in loans.
  • A minimum credit score requirement of 500 makes it a great option if you have really bad credit.
  • APRs begin at 3.99%, making LendingTree much cheaper than other competitors.

Cons:

  • A loan origination fee of 0% to 3% will apply, but the figure is less than most of its competitors.
  • If you have bad credit, your APR will likely be 20% or more.
  • If your credit score is less than 500, you likely won’t qualify.

Avant

Loan amounts $2,000 – $35,000
Typical APR 9.95% – 35.99%
Min Credit Score 580
Time to funding 1 Day
Loan terms 24 – 60 months
Origination fee 2% – 5%
Debt-to-income ratio N/A
Check rates

Unlike the three options above, Avant has a minimum credit score requirement of 580. Loan amounts range from $2,000 to $35,000 and APRs range from 9.99% to 35.99%. Keep in mind that Avant only approves borrowers with a minimum annual income of $20,000. Avant does not offer loans to residents of Colorado, Iowa, Vermont, or West Virginia.

Pros:

  • With a minimum credit score of 580, Avant is a great option if you have bad credit.
  • If approved, you receive your funds in as little as one business day.
  • Avant’s recent survey found that 94.64% of its customers were happy with its service.

Cons:

  • A 4.75% administration fee will apply, but it’s included in your APR.
  • You need a minimum annual income of $20,000 to qualify.
  • Loans are not available to residents of Colorado, Iowa, Vermont, or West Virginia.

WorldFinance

Loan amounts $100 – $12,000
Typical APR Vary
Min Credit Score 0
Time to funding 1 Day
Loan terms 4 – 48 months
Origination fee Vary
Debt-to-income ratio N/A
Check rates

We at ElitePersonalFinance recommend being careful with WorldFinance!

WorldFinance is NOT a personal loan in terms of the definition!

And there are many negative on them. The main reason for that is that WorldFinance doesn’t list their APR on their site. This means that their APR is higher than 35,99%, which is the cap for all legit personal loans.

WorldFinance loans are better than traditional payday loans. However, you should use them only if you are with bad credit, and there can be found better options for you.

Pros:

  • Up to $12,000.
  • Easy approval.
  • No high credit score requirements.

Cons:

  • APR is Not disclosed on their site.
  • Many late fees.
  • Many negative comments.

How Do I Obtain The Cheapest Loan?

Before accepting any offer, we always recommend you conduct a thorough search. At first, you should only apply for personal loans. If you’re denied, then move on to other products.

Here’s how to obtain the cheapest loan:

  • Apply for an unsecured bad credit personal loan. Apply to as many lenders as you can. They all perform a ‘soft’ credit pull so that it won’t affect your credit score in any way. We recommend starting with at least 5 to 10 lenders to see who comes up with the best offer. Denied Application: If you’re denied a personal loan, it’s not the end of the world! Speak with the lender directly and ask why your application was denied. Ask if there is anything you can do or if lowering the amount can change the result.
  • Apply for a secured personal loan. This is option number-2. While it’s risky to put up collateral, the practice will increase your chances of approval and allow you to lower your APR. But, only do so if you know you can repay the funds. Otherwise, you risk losing your property.
  • Apply for a cosigner loan. If you don’t have the collateral for a secured personal loan, a co-signer is a great way to obtain better loan terms and decrease your APR.
  • Apply for an alternative loan. If you can’t find a cosigner, an alternative loan is your next best option. Alternative loans are more expensive than personal loans, but much cheaper than payday loans. APRs range from 35.99% to 400%, but many lenders cap their APRs from 100% to 200%.

What Should I Do, If This Doesn’t Work?

If you’ve gone through the list above and still can’t get approved – it’s time to work on your credit score!

Alternative lenders are extremely accommodating, so if they deny your application, you need to reevaluate your financial situation.

Start by getting your bills in order. Since 35% of your FICO score is calculated by assessing your payment history, staying up-to-date on all your transactions will move your credit score in a positive direction. Look, we understand. If it were that easy, you wouldn’t be looking for a bad credit loan! Small steps can make a big difference, and you need to start somewhere!

Next, keep credit card charges to less than 30% of your limit. Since credit usage accounts for 30% of your FICO score, keeping your balance in check will have your credit score trending higher. For tips on how to appear more creditworthy to lenders, check out our detailed guide.

Last, take advantage of Experian Boost and Ultra FICO. The new credit scoring models – which took effect in 2019 – use your utility, phone, and TV bill payments, as well as your checking, saving, and money market account behavior to increase your credit score. Enrollment is voluntary, but Experian found that 75% of people with credit scores less than 680 improved their credit scores after signing up for Experian Boost. Similarly, with Ultra Fico, by maintaining an average savings balance of $400 – with no negative balances within a three month period – you can receive an initial boost in your credit score by as much as 20 points.

For a detailed breakdown of what both have to offer, see our guide on credit report changes.

Whatever You Do, Avoid Payday Loans!

Payday loans are extremely predatory. They have APRs that average 400%, and lenders use manipulative tactics to keep you stuck in a vicious debt cycle.

You may come across advertisements like: “$300 payday loan for only $30”!

But, what payday lenders don’t tell you is how quickly interest charges can get out of hand. Remember, the loan is only for a two-week period. And say your hours are cut back at work to where you can’t repay the loan, you’ll incur rollover charges and late payment fees. Suddenly, your $300 payday loan has a $30 rollover charge, plus another $30 in interest for the two-week extension. You end up paying $90 in interest and fees for a 4-week loan.

Moreover, payday lenders are extremely aggressive when collecting their funds. They’ll continuously debit your bank account to recoup whatever money they can. This can lead to significant bank overdraft fees and hurt your finances even more. The Consumer Financial Protection Bureau (CFPB) found that 20,000 bank account holders who made payments to online payday lenders incurred an average of $97 in overdraft and non-sufficient funds fees. The figure is nearly three times more than the $34 incurred by the average American.

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