Loan Companies Like Avant, BadCreditLoans, CashUSA, WorldFinance

ElitePersonalFinance
Last Update: September 25, 2023 Loan Reviews Loans

Companies like WorldFinance, BadCreditLoans, CashUSA, and Avant help bad credit borrowers obtain affordable loans. Unfortunately, payday loans have an average APR of 400% and often trap people in a cycle of debt. Conversely, the companies below offer either personal or alternative loans, and they can help you if you have very bad credit.

Personal loans are affordable products designed for borrowers with good, fair, and bad credit. In contrast, Alternative loans are reserved for borrowers with very bad credit and have higher interest charges. Here is how we categorize the different products:

  • Alternative loans’ APRs exceed bad credit personal loans but are lower than payday loans. For example, personal lenders typically let you borrow $1,000 to $100,000, with APRs of 5.99% to 35.99%, while payday lenders typically let you borrow $100 to $1,000, with an average APR of 400%. Alternative lenders meet you in the middle since they typically let you borrow $1,000 or less to in between $5,000 and $10,000, depending on the lender, with APRs of 36% to 400%. For context, 100% is often the most common.

But these are rough estimates, and lenders’ terms can vary. Also, while personal loans often max at $100,000, loan networks like Even Financial offer financing of up to $250,000, and other lenders may extend credit of less than $1,000. However, we hope that contrasting the loan amounts, APRs, and terms makes it easier to visualize how these different business models work. The key takeaway is that alternative loans are cheaper and more flexible than payday loans. Therefore, they are much better options when you don’t qualify for a personal loan.

For more options, our marketplace is home to dozens of bad credit lenders that offer affordable financing. Enter your desired criteria below and click on the “Shop Around” button to see a list of suitable products.