Loan Companies Like Avant, BadCreditLoans, CashUSA, WorldFinance

ElitePersonalFinance
Last Update: May 17, 2022 Loan Reviews Loans

Companies like WorldFinance, BadCreditLoans, CashUSA, and Avant help bad credit borrowers obtain affordable loans. Payday loans have an average APR of 400% and often trap people in a cycle of debt. Conversely, the companies below either offer personal loans or alternative loans, and they can help you if you have very bad credit. In addition, the companies on our list are highly recommended, and you can find more great options by visiting our marketplace.

What Are the Differences Between Personal, Alternative, and Payday Loans?

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. This 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 (depends on the lender), with APRs of 36% to 400%. For context, 100% is often the most common.

Please note that these are rough estimates and lenders’ terms can vary. 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.

The Best Bad Credit Personal and Alternative Loans

Bad credit lenders help borrowers with poor or extremely poor credit. Companies like WorldFinance, BadCreditLoans, CashUSA, and Avant differ in that some of them offer personal loans while others offer alternative loans. For example, personal loan APRs are capped at 35.99%, while alternative loans have APRs of 36% or more.

To obtain the cheapest rate, we recommend that you submit multiple applications to gauge lenders’ interest. Applying won’t impact your credit score and an offer doesn’t require a commitment. However, different products have different terms, so please read the offers carefully before making your final decision.

Lender: Amount: APR: Min. Credit Score: Best For:
ZippyLoan $100 – $15,000 12% – 35.99% 0 Bad or no credit
BadCreditLoans $500 – $10,000 5.99% – 35.99% Not Listed Comparing bad credit loans
CashUSA $500 – $10,000 5.99% – 35.99% Not Listed Comparing bad credit loans
PersonalLoans $1,000 – $35,000 5.99% – 35.99% 580 Short and long-term personal loans
LendingPoint $2,000 – $36,500 9.99% – 35.99% 580 $25,000 annual incomes
WorldFinance $450 – $10,000 27.5% – 81.29% Not Listed Bad credit
Even Financial $1,000 – $250,000 2.49% – 35.99% 550 Obtaining the best APR
Avant $2,000 – $35,000 9.95% – 35.99% 580 $20,000 annual incomes
Upstart $1,000 – $50,000 3.09% – 35.99% 300 Low credit scores, high DTI ratios
NextDayPersonalLoan $100 – $40,000 Not Listed Not Listed Comparing bad credit loans
OppLoans $500 – $4,000 59% – 160% 0 Bad or no credit
NetCredit $500 – $20,000 19.9% – 150% Not Listed Flexible terms and APRs
PersonifyFinancial $500 – $15,000 19% – 199.99% Not Listed Small and large bad credit loans
Lendly $1,000 – $2,000 175% – 225% Not Listed Repaying with direct deposit

ZippyLoan

Loan Amount: $100 – $15,000
APR: 12% – 35.99%
Min. Credit Score: 0
Approval: 1 – 7 Days
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
  • If you have bad, fair, good, or excellent credit, financing options are available
Best For: Bad or no credit
Check rates

ZippyLoan is a reputable comparison site with an extensive network of lenders. Loans range from $100 to $15,000 with typical terms of six months to five years. Like PersonalLoans and SuperMoney, ZippyLoan lets you customize your search criteria, so that you end up viewing the products with the highest chance of approval. The application process takes approximately five minutes, and ZipplyLoan’s financing example references APRs of 12% to 35.99%. However, like many comparison sites, terms and conditions vary depending on the lender and your credit score.

ZippyLoan is like other personal lenders because its APRs are capped at 35.99%. However, please note that some lenders on its network offer alternative loans, and their APRs may exceed 100%. Therefore, it’s important to read the offers carefully to understand which product you’re getting. Despite that, applying won’t impact your credit score and requesting an offer doesn’t require a commitment. However, ZippyLoan does not serve customers in West Virginia, Oregon, New York, or the District of Columbia.

Pros:

  • ZippyLoan helps you obtain bad credit financing of $100 to $15,000.
  • Lenders’ APRs typically range from 12% to 35.99%.
  • The minimum credit score to qualify is 0.
  • Due to its large network of lenders, you may receive multiple offers.
  • Lenders’ small loan options are often cheaper than payday loans.
  • Borrowers of all credit scores are welcome to apply.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Fees and charges vary by lender.
  • Alternative loans have APRs in excess of 35.99%.
  • ZippyLoan does not offer financing in West Virginia, Oregon, New York, or the District of Columbia.

The impact of COVID-19:

Although ZippyLoan doesn’t have any specific programs related to the coronavirus pandemic, you can apply for a hardship exemption. To do so, please contact a representative at 1-844-379-8621 or send an email to support@zippyloan.com.

BadCreditLoans

Loan Amount: $5,00 – $10,000
APR: 5.99% – 35.99%
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: 90 Days – 6 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 BadCreditLoans’ online portal
Average Borrower Profile:
  • BadCreditLoans 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: Comparing bad credit loans
Check rates

BadCreditLoans is another top-notch comparison site that serves borrowers with bad credit. Loans range from $500 to $10,000, with APRs of 5.99% to 35.99%, and terms of 90 days to six years. Applicants in all states should be able to apply, and requesting an offer doesn’t require a commitment and won’t impact your credit score. Like ZippyLoan, BadCreditLoans’ search function helps you obtain personalized offers from lenders on the network. Therefore, you can shop around, browse multiple offers, and take your time before making your final decision.

However, BadCreditLoans’ small-dollar products are also like ZippyLoan’s. As a result, some loans may have APRs that exceed 35.99%. For your reference, we only recommend these products to borrowers with very bad credit because they’re cheaper than payday loans. However, you should submit multiple personal loan applications before settling for an alternative loan.

Pros:

  • BadCreditLoans helps you obtain bad credit financing of $500 to $10,000.
  • Lenders’ APRs typically range from 5.99% to 35.99%.
  • Like ZippyLoan, BadCreditLoans’ large network of lenders may help you obtain multiple offers.
  • BadCreditLoans should accept applications in all states.
  • Borrowers of all credit scores are welcome to apply.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Like ZippyLoan, fees and charges vary by lender.
  • Alternative loans have APRs in excess of 35.99%.

The impact of COVID-19:

Since BadCreditLoans is a comparison site, it can’t amend loan agreements. As a result, you should contact your lender directly to determine if forbearance or hardship programs are available. In addition, you can also call BadCreditLoans at 1-800-245-5626 or email support@badcreditloans.com for helpful advice.

CashUSA

Loan Amount: $500 – $10,000
APR: 5.99% – 35.99%
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: 90 Days – 6 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
  • Be employed for at least 90 days
  • Meet your lenders’ minimum income requirement
  • Have a checking account, work and home phone numbers, and an email address
  • Fill out your information through CashUSA’s online portal
Average Borrower Profile:
  • CashUSA 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: Comparing bad credit loans
Check rates

CashUSA is a lot like BadCreditLoans because financing ranges from $500 to $10,000, with APRs of 5.99% to 35.99%, and terms of 90 days to six years.  Moreover, the comparison site also has a vast network of lenders that compete for your business. However, like other networks on our list, fees and charges vary by lender, and the terms and conditions are outlined when you receive an offer. However, like ZippyLoan and BadCreditLoans, you can apply without worry because submitting an application won’t impact your credit score. In addition, it only takes a few minutes to finalize your request and CashUSA’s services should be available in all states. As a result, submitting applications at ZippyLoan, BadCreditLoans, and CashUSA let you view multiple offers and you can choose the one that best fits your needs.

Pros:

  • CashUSA helps you obtain bad credit financing of $500 to $10,000.
  • Like BadCreditLoans, lenders’ APRs typically range from 5.99% to 35.99%.
  • CashUSA’s large network of lenders may help you obtain multiple offers.
  • Borrowers of all credit scores are welcome to apply.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Like ZippyLoan and BadCreditLoans, fees and charges vary by lender.
  • Alternative loans have APRs in excess of 35.99%.

The impact of COVID-19:

Since CashUSA is a comparison site, it can’t amend loan agreements. As a result, you should contact your lender directly to determine if forbearance or hardship programs are available. In addition, you can also call CashUSA at 1-866-973-6587 for guidance.

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:
  • Loan origination fee of 1% – 5%
  • You may incur late payment fees after 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

PersonalLoans is one of the best comparison sites in the marketplace. You can borrow anywhere from $1,000 to $35,000, with APRs of 5.99% to 35.99% and terms of 90 days to six years. As a result, PersonalLoans’ APRs and terms are just like BadCreditLoans and CashUSA, so you can’t go wrong with either choice. Conversely, BadCreditLoans and CashUSA cap their loans at $10,000, so you may prefer PersonalLoans due to the higher loan amount. It really comes down to your personal preference.

However, unlike the three companies reviewed above, you need a credit score of at least 580 to qualify, and PersonalLoans stipulates that you must have recurring income. For context, this can be full-time, part-time, or self-employment income, disability, or Social Security benefits. Also, almost all lenders in the marketplace require some recurring funds to show that you can repay the loan. Finally, PersonalLoans’ services should be available in all states, so if you like ZippyLoan but live in West Virginia, Oregon, New York, or the District of Columbia, PersonalLoans is a solid fallback option.

Pros:

  • PersonalLoans helps you obtain bad credit financing of $1,000 to $35,000.
  • Like BadCreditLoans and CashUSA, lenders’ APRs typically range from 5.99% to 35.99%.
  • PersonalLoans’ large network of lenders may help you obtain multiple offers.
  • Borrowers of all credit scores are welcome to apply.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Lenders on PersonalLoans’ network charge an origination fee of 1% to 5%.
  • Some lenders charge late payment fees.

The impact of COVID-19:

Since PersonalLoans is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on PersonalLoans platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.

LendingPoint

Loan Amount: $2,000 – $36,500
APR: 9.99% – 35.99%
Min. Credit Score: 580
Approval: 1 – 7 Days
Terms: 2 – 5 Years
Fees:
  • 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 incomes
Check rates

Unlike the comparison sites listed above, LendingPoint is a direct lender that offers bad credit financing. The difference is that comparison sites help match you with lenders, while LendingPoint issues loans itself. You can borrow anywhere from $2,000 to $36,500, with APRs of 9.99% to 35.99%, and terms of two to five years. Like PersonalLoans, the minimum credit score to qualify is 580, but you also need to have an annual income of at least $25,000. LendingPoint is a lot like ZippyLoan, BadCreditLoans, and the other companies on our list because its personal loan APRs are capped at 35.99%. However, while alternative lenders are part of their networks, LendingPoint only offers personal loans. Therefore, if you have very bad credit and can’t meet the minimum credit score threshold, you may have to look elsewhere. Also, please consider that LendingPoint’s loans are not available in Nevada or West Virginia.

Pros:

  • LendingPoint provides bad credit financing of $2,000 to $36,500.
  • APRs typically range from 9.99% to 35.99%.
  • Submitting an application won’t hurt your credit score.

Cons:

  • LendingPoint’s loan origination fee is 0% to 6%.
  • LendingPoint’s late payment fee can reach upwards of $30.
  • LendingPoint’s insufficient funds fee is $20.
  • LendingPoint’s loans are not available in Nevada or West Virginia.

The impact of COVID-19:

LendingPoint doesn’t reference any specific hardship policies. However, you can call the lender at 1-888-969-0959 or email customerservice@lendingpoint.com to learn more about your options.

WorldFinance

Loan Amount: $450 – $10,000
APR: 27.5% – 81.29%
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: 6 Months – 4 Years
Fees:
  • Loan origination fee of $25 to $100
  • Late payment fee of 5% of the amount due, or $5 to $30, depending on your state of residence
  • Insufficient funds fee of $10 to $50
Qualification Criteria:
  • Be at least 18 years of age
  • Have recurring employment income or government benefits
  • Fill out your information through WorldFinance’s online portal
Average Borrower Profile: WorldFinance doesn’t disclose average loan statistics
Best For: Bad credit
Check rates

Like LendingPoint, WorldFinance is a direct lender and not a comparison site. However, the two differ materially because WorldFinance’s APRs are not directly listed. Moreover,, since the example on its website uses rates of 27.50% to 81.29%, we classify the company as an alternative lender and not a personal lender. You can borrow anywhere from $450 to $10,000 with terms of six months to four years. And like BadCreditLoans and CashUSA, WorldFinance doesn’t list a minimum credit score requirement and the company notes that “you don’t need perfect credit to get a loan.” Therefore, if you need small-dollar financing and want to avoid payday loans, WorldFinance is a great option. However, please note that loans are only available in 16 states, so WorldFinance doesn’t offer nationwide coverage.

Pros:

  • WorldFinance provides bad credit financing of $450 to $10,000.
  • APRs typically range from 27.50% to 81.29%.
  • WorldFinance’s APRs are lower than comparable alternative lenders.
  • Small loan options are often cheaper than payday loans.
  • Submitting an application won’t hurt your credit score.

Cons:

  • WorldFinance’s loan origination fee is $25 to $100
  • WorldFinance’s late payment fee is 5% of the amount due, or $5 to $30.
  • WorldFinance’s insufficient funds fee is $10 to $50
  • WorldFinance only accepts applications in 16 states.

The impact of COVID-19:

While WorldFinance doesn’t list any pandemic policies, assistance is always available. Thus, if you want to learn more about potential relief programs, you can call WorldFinance at 1-888-378-3886 or email customercommunication@worldacceptance.com.

Even Financial

Loan Amount: $1,000 – $250,000
APR: 2.49% – 35.99%
Min. Credit Score: 550
Approval: 1 – 7 Days
Terms: 2 – 7 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 a credit score of at least 550
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Fill out your information through Even Financial’s online portal
Average Borrower Profile:
  • Even Financial 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: Obtaining the best APR
Check rates

Even Financial is one of our most recommended comparison sites due to the large breadth of reputable companies on its network. For example, lenders like PayOff by Happy Money and NetCredit partner with Even Financial, so you can apply if you have bad or very bad credit. Moreover, more than 300 lenders on the platform offer financing of $1,000 to $250,000, with APRs of 2.49% to 35.99%, and terms of two to seven years. In addition, since the companies on Even Financial’s network compete for your business, you may find unique promotions that you won’ find elsewhere. Likewise, applicants in all states should be able to apply, and requesting an offer doesn’t require a commitment and won’t impact your credit score.

Please note that Even Financial lists a minimum credit score requirement of 550. However, since companies like OneMain Financial and NetCredit operate on the network and they don’t list minimum credit score requirements, you should submit an application regardless of your credit status.

Pros:

  • Even Financial helps you obtain bad credit financing of $1,000 to $250,000.
  • APRs typically range from 2.49% to 35.99%.
  • Even Financial’s large network of lenders may help you obtain multiple offers.
  • Borrowers of all credit scores are welcome to apply.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Like ZippyLoan, fees and charges vary by lender.
  • Alternative loans have APRs in excess of 35.99%.

The impact of COVID-19:

Since Even Financial is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on Even Financial’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.

Avant

Loan Amount: $2,000 – $35,000
APR: 9.95% – 35.99%
Min. Credit Score: 580
Approval: 1 – 7 Days
Terms: 2 – 5 Years
Fees:
  • Loan origination fee of up to 4.75%
  • Late payment fee of up to $25, after a 10-day grace period
  • Insufficient funds fee of $15
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 70%
  • Have an annual income of $20,000
  • Have monthly after-tax income of at least $1,200
  • Have a monthly cash surplus of $500
  • Fill out your information through Avant’s online portal
Average Borrower Profile:
  • Has a credit score of 644
  • Has a DTI ratio of 30%
  • Has monthly after-tax income of $4,000
  • Has a monthly cash surplus of $2,800
Best For: $20,000 annual incomes
Check rates

Like PersonalLoans and LendingPoint, Avant has a minimum credit score requirement of 580. However, Avant is a lot like LendingPoint because it’s a direct lender and not a comparison site. Therefore, your loan proceeds come directly from the company and not a third-party lender. Avant’s loans range from $2,000 to $36,500, with APRs of 9.95% to 35.99%, and terms of two to five years. Moreover, you can apply without hurting your credit score, and you don’t have to complete the loan process if you’re uncomfortable with the terms. To qualify, you must have an annual income of at least $20,000, and like LendingPoint, financing is not available in Nevada or West Virginia. In addition, borrowers in Colorado, New York, Iowa, Hawaii, and Vermont, have to look elsewhere for bad credit loans.

Pros:

  • Avant provides bad credit financing of $2,000 to $36,500.
  • APRs typically range from 9.95% to 35.99%.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Avant’s loan origination fee can reach upwards of 4.75%.
  • Avant’s late payment fee can reach upwards of $25, after a 10-day grace period.
  • Avant’s insufficient funds fee is $15.
  • Avant’s products are not available in all states.

The impact of COVID-19:

Avant offered relief programs to help support struggling borrowers throughout the pandemic. Moreover, if you find yourself unable to make your scheduled loan payments, you can call the lender at 1-800-712-5407. In addition, you can also email support@avant.com.

Upstart

Loan Amount: $1,000 – $50,000
APR: 3.09% – 35.99%
Min. Credit Score: 300
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 0% – 8%
  • Late payment fee of 5% of the amount due, or $15, whichever is greater, after a 15-day grace period
  • Insufficient funds fee of $15
  • Paper documents fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 300
  • Have a DTI ratio that doesn’t exceed 45% to 50% (excluding rent/mortgage)
  • Have not filed for bankruptcy in the last 12 months
  • Have no current delinquencies on your credit profile
  • Have less than six credit inquiries on your profile in the last six months (excluding mortgages, auto and student loans)
  • Have recurring employment income or government benefits
  • Fill out your information through Upstart’s online portal
Average Borrower Profile:
  • Borrows roughly $8,600.
  • Incurs an APR of 23.98% on a five-year term
  • Achieves approval nearly twice as often than traditional lenders with a FICO Score of 620 to 660
  • The CFPB found Upstart’s AI risk model approves 27% more borrowers and they incur APRs 16% lower than traditional lenders
Best For: Low credit scores, high DTI ratios
Check rates

Unlike the other companies on our list, Upstart is neither a direct lender nor a comparison site. Uniquely positioned right in the middle, Upstart is a peer-to-peer (P2P) lender that connects borrowers with investors. The latter provides the capital for loans, and Upstart acts as the middle man, underwriting and servicing the loans. You can borrow anywhere from $1,000 to $50,000, with APRs of 3.09% to 35.99% and terms of three to five years. On its website, Upstart notes that five-year loans have an average APR of 23.98%. However, the main benefit is that Upstart has a minimum credit score requirement of 300. And since alternative credit metrics like your education and job history can make up for a poor credit score, Upstart should be on your radar if you have bad or very bad credit.

For context, borrowers in Georgia ($3,100), Hawaii ($2,100), Massachusetts ($7,000), New Mexico ($5,100), and Ohio ($6,000) have higher loan minimums. However, applicants in all states should be able to apply, and requesting an offer doesn’t require a commitment and won’t impact your credit score.

Pros:

  • Upstart provides bad credit financing of $1,000 to $50,000.
  • APRs typically range from 3.09% to 35.99%.
  • Upstart’s algorithm approves more borrowers than traditional lenders.
  • Borrowers of all credit scores are welcome to apply.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Upstart levies a 0% to 8% loan origination fee.
  • A late payment fee of 5% of the amount due, or $15, whichever is greater, will apply after a 15-day grace period.
  • Upstart may levy a $15 insufficient funds fee.
  • Upstart may levy a $10 fee for paper documents.
  • Minimum loan amounts are higher in some states.

The impact of COVID-19:

If you need to pause your loan payments because of the pandemic or due to other financial difficulties, you can submit an online request through Upstart’s website. In addition, you can also call the lender at 1-855-451-6753.

NextDayPersonalLoan

Loan Amount: $100 – $40,000
APR: Not Listed
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: Not Listed
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 NextDayPersonalLoan’s online portal
Average Borrower Profile:
  • NextDayPersonalLoan’s 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: Comparing bad credit loans
Check rates

Like WorldFinance, NextDayPersonalLoan can help you obtain a very bad credit alternative loan. However, the company connects you with third-party lenders and is not a direct lender. It’s vast network can help you obtain $100 to $40,000, but like ZippyLoan and some of the other comparison sites on our list, APRs, terms, and fees vary by lender. Therefore, you need to submit an application before you can view the terms and conditions. However, applicants in all states should be able to apply, and requesting a quote won’t impact your credit score.

To that point, applications are processed in two minutes or less and qualified borrowers receiving funding in in as little as one business day. Please note that you can’t apply for cash advances in Connecticut, New Hampshire, Washington, or Vermont. However, state restrictions are quite common with alternative lenders, and companies like ZippyLoan and WorldFinance also restrict access in certain states. For additional help, our guide on the best loan apps reviews 17 companies that provide the cheapest cash advances. As a result, they can help you obtain short-term funding and avoid payday loans.

Pros:

  • NextDayPersonalLoan helps you obtain bad credit financing of $100 to $40,000.
  • NextDayPersonalLoan’s large network of lenders may help you obtain multiple offers.
  • Lenders’ small loan options are often cheaper than payday loans.
  • Borrowers of all credit scores are welcome to apply.
  • Submitting an application won’t hurt your credit score.

Cons:

  • Like ZippyLoan and BadCreditLoans, fees and charges vary by lender.
  • Alternative loans have APRs in excess of 35.99%.

The impact of COVID-19:

Since NextDayPersonalLoan is a comparison site, it can’t amend loan agreements. As a result, you should contact your lender directly to determine if forbearance or hardship programs are available. In addition, you can also call NextDayPersonalLoan at 1-866-829-4551 for helpful advice.

OppLoans

Loan Amount: $500 – $4,000
APR: 59% – 160%
Min. Credit Score: 0
Approval: 1 – 7 Days
Terms: 9 – 18 Months
Fees:
  • Loan origination fee of 0% to 3%
  • Late payment fee of $15 for every 15 days your loan is past due in some states
  • Insufficient funds fee of $15 in some states
  • An administration fee of $75 in some states
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have recurring employment income or government benefits
  • Work for your employer for at least three months
  • Have a traditional bank account with at least 90 days transaction history
  • Fill out your information through OppLoans’ online portal
Average Borrower Profile: OppLoans doesn’t disclose average loan statistics
Best For: Bad or no credit
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OppLoans is a lot like WorldFinance because it directly issues alternative loans. As mentioned, LendingPoint is also a direct lender. However, the big difference is that it only issues personal loans. With OppLoans, you can apply for $500 to $4,000, with APRs of 59% to 160%, and terms of nine to 18 months. There is no minimum credit score requirement, and OppLoans finances borrowers in all states except West Virginia, New York, and the District of Columbia. In addition, OppLoans conducts a soft credit check, so applying won’t impact your credit score.

OppLoans’ disclosures state that its products are “an expensive form of credit.” However, the company is transparent with its APRs and fees, and all of the relevant information is easily accessible on its website. Furthermore, since payday loans have an average APR of 400%, alternative lenders like OppLoans and WorldFinance are still better choices for short-term financing. Finally, OppLoans also reports your repayment history to Equifax, Experian, and TransUnion. Therefore, on-time repayment can boost your credit score and increase your chances of obtaining cheaper loans in the future.

Pros:

  • OppLoans provides bad credit financing of $500 to $4,000.
  • APRs typically range from 59% to 160%.
  • The minimum credit score to qualify is 0.
  • Small loan options are often cheaper than payday loans.
  • Submitting an application won’t hurt your credit score.

Cons:

  • You incur an origination fee of 0% to 3%.
  • You incur a late payment fee of $15 for every 15 days your loan is past due in some states.
  • You incur an insufficient funds fee of $15 in some states.
  • You incur an administration fee of $75 in some states.
  • Borrowers in West Virginia, New York, and the District of Columbia can’t apply.

The impact of COVID-19:

Standing by its customers throughout the pandemic, OppLoans offered relief programs to borrowers struggling to make their payments. If you find yourself in a similar situation, you can call OppLoans at 1-800-990-9130 or email the company at payments@opploans.com.

NetCredit

Loan Amount: $500 – $20,000
APR: 19.9% – 150%
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: 6 Months – 5 Years
Fees:
  • Loan origination fee of up to 5%
  • Late payment fee of $15 to $25, after a 10 to 15-day grace period, depending on your state
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age in most states
  • Have recurring employment income or government benefits
  • Fill out your information through NetCredit’s online portal
Average Borrower Profile:
  • Has a credit score of 605
  • Has an annual salary of $58,000
  • Borrows $4,000
  • Incurs an APR of 83%
Best For: Flexible terms and APRs
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You should think of NetCredit like WorldFinance and OppLoans. The company is a direct lender that specializes in alternative loans. You can borrow anywhere from $500 to $20,000, with APRs of 19.90% to 150%, and terms of six months to five years. Moreover, its high-end APR of 150% is a lot like OppLoans’ 160%, so you can’t go wrong with either choice. However, there is a big difference at the low-end. Since OppLoans’ APRs start at 59% and NetCredit’s start at 19.90%, the latter is cheaper. However, the lowest rates are often reserved for borrowers with the highest credit scores, so if you have very bad credit, you may receive similar offers from both lenders.

Please note that loans are only available in 36 states, and late payment fees range from $15 to $25 depending on your state of residence (after a 10 to 15-day grace period). Likewise, loan origination fees also vary by state, and can cost you up to 5%.

Pros:

  • NetCredit provides bad credit financing of $500 to $20,000.
  • APRs typically range from 19.90% to 150%.
  • The average borrower is charged an APR of 83%.
  • Small loan options are often cheaper than payday loans.
  • Submitting an application won’t hurt your credit score.

Cons:

  • You incur a loan origination fee of up to 5%.
  • You incur a late payment fee of $15 to $25, after a 10 to 15-day grace period, depending on your state.
  • Borrowers in some states can’t apply.

The impact of COVID-19:

NetCredit’s loan deferral program helped struggling borrowers navigate the uncertainties of the pandemic. If you want to learn more about how NetCredit can help you, its customer support team is accessible at 1-877-392-2014 or at support@netcredit.com.

PersonifyFinancial

Loan Amount: $500 – $15,000
APR: 19% – 199.99%
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: 1 – 4 Years
Fees:
  • Loan origination fee of typically 5% of the amount borrowed
  • Late payment fee typically applies
Qualification Criteria:
  • Be at least 18 years of age
  • Have recurring employment income or government benefits
  • Fill out your information through PersonifyFinancial’s online portal
Average Borrower Profile: PersonifyFinancial doesn’t disclose average loan statistics
Best For: Small and large bad credit loans
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Like WorldFinance, NetCredit, and OppLoans, PersonifyFinancial is another alternative lender that issues loans directly. You can borrow anywhere from $500 to $15,000, with APRs of 19% to 199.99%, and terms of one to four years. However, unlike its direct counterparts, PersonifyFinancial’s minimum term is longer than other alternative lenders. For example, the minimum loan term is one year, while WorldFinance and NetCredit’s are six months and OppLoans is nine months. Therefore, if you have a longer time horizon, PersonifyFinancial may be the right alternative lender for you.

Like NetCredit, PersonifyFinancial’s low-end APR is less than 20%. However, its high-end APR exceeds WorldFinance, NetCredit, and OppLoans. As a result, some repayment terms may be more attractive to some borrowers and less attractive to others. It really comes down to your personal preference.

Finally, PersonifyFinancial’s loan origination fee is often 5% of the amount  borrowed, and late payment fees normally apply. In addition, applications are only accepted in 26 states.

Pros:

  • PersonifyFinancial provides bad credit financing of $500 to $15,000.
  • APRs typically range from 19% to 199.99%.
  • Small loan options are often cheaper than payday loans.
  • Submitting an application won’t hurt your credit score.

Cons:

  • You incur a typical loan origination fee of 5%.
  • Late payment fees often apply.
  • Borrowers in some states can’t apply.

The impact of COVID-19:

While PersonifyFinancial has a COVID-19 Customer Resource Center with helpful tips on easing borrowers’ financial burden, it doesn’t list any specific company policies. However, if you want to speak with a representative, you can call PersonifyFinancial at 1-888-578-9546 or complete the company’s contact form.

Lendly

Loan Amount: $1,000 – $2,000
APR: 175% – 225%
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: 1 – 2 Years
Fees: Lendly states “There are no fees other than interest on a Lendly loan.”
Qualification Criteria:
  • Be at least 18 years of age
  • Have recurring employment income or government benefits
  • Fill out your information through Lendly’s online portal
Average Borrower Profile: Lendly doesn’t disclose average loan statistics
Best For: Repaying with direct deposit
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Lendly is another direct alternative lender like WorldFinance, NetCredit, OppLoans, and PersonifyFinancial. Loans range from $1,000 to $2,000, with typical APRs of 175% to 225% and typical terms of one to two years. You have the option to repay the funds on your own or through direct deposit. The latter results in the lowest rate of 175%, though the the direct deposit option is not available in California, Kansas, or Minnesota. Therefore, borrowers in these states incur an APR of 225%.

Despite that, Lendly loans are still cheaper than payday loans, and like PersonifyFinancial, the standard minimum loan term is one year. Furthermore, while Lendly shouldn’t be your first choice due to its high APRs, the product is suitable if you have no other option. In addition, Lendly’s disclosures state that “There are no fees other than interest on a Lendly loan.” As a result, you shouldn’t have to worry about origination, late payment, insufficient funds or administrative fees. However, it’s prudent to read the terms and conditions carefully to ensure that you and the lender are on the same page. Also, please note that Lendly only extends financing to borrowers in 26 states.

Pros:

  • Lendly provides bad credit financing of $1,000 to $2,000.
  • APRs typically range from 175% to 225%.
  • “There are no fees other than interest on a Lendly loan.”
  • Lendly loans are often cheaper than payday loans.
  • Submitting an application won’t hurt your credit score.

Cons:

  • You can’t obtain the lowest APR if you live in California, Kansas, or Minnesota.
  • Borrowers in some states can’t apply.

The impact of COVID-19:

Like many bad credit lenders on our list, the pandemic didn’t affect Lendly’s policies. However, if you need assistance or want to learn more about potential loan forbearance options, you can call Lendly at 1-844-453-6359 or email theteam@getlendly.com.

Do Lenders Approve Borrowers With Bad Credit?

Yes. Lenders are much more flexible than in years past. With Fintech companies gaining market share, their algorithms place more emphasis on alternative credit metrics. Therefore, companies like Upstart care more about your spending habits, income, savings, education, and rent history than your credit score. In addition, competition has increased materially. With new lenders entering the marketplace, they win clients by expanding their lending horizons. And this means finding creditworthy borrowers that used to settle for payday loans. As a result, if this sounds like you, there are plenty of opportunities available if you do your research.

Bad credit personal loans:

These products have APRs that often range from 15% to 35.99%. Moreover, while personal loans typically range from $1,000 to $100,000, borrowers with bad credit usually won’t qualify for the highest amounts. However, flexible terms of one to five years are often available, and this makes it easier for budget planning.

Alternative payday loans:

These products have APRs that often range from 36% to 100%, but some companies can charge 100% to 300% and still market the loans as more affordable than payday loans. However, we recommend that you only use the latter if it’s an emergency and you have no other option. In addition, loan amounts typically range from $1,000 or less to in between $5,000 and $10,000.

What Other Types of Bad Credit Loans Are Available?

As mentioned, the lending market has evolved significantly, and this means more approvals and lower APRs than in years past. As a result, you can obtain an affordable bad credit loan. However, knowing where to look is just as important as knowing where not to look. And this means avoiding payday loans and auto title loans.

Payday loans:

With an average APR of 400%, payday loans are predatory products that trap borrowers in a cycle of debt. The financing charges are exorbitant and late payment fees can quickly result in the cost of the loan exceeding the principal. Therefore, we never have and never will recommend payday loans, and we encourage you to avoid these products even if it’s an emergency.

Auto title loans:

Similar to payday loans, auto title loans are extremely predatory. Their APRs average 300%, and you have to post your car as collateral. Moreover, if you can’t repay the proceeds and you default, the lender will seize your vehicle. Auto title loans are structured so that the amount of the loan is much less than the value of your car. Therefore, the money you gain by not paying back the loan is often much less than the money you lose when your car is repossessed. As such, we recommend that you avoid auto title loans, as there are plenty of unsecured financing options available for borrowers with bad credit.

Where to turn:

We hope that our guide helps you find affordable bad credit financing. For more options, please view our guide on the best personal loans for bad credit. There, you’ll find plenty of lenders that are willing to help.

Is It Smart to Take Out a Bad Credit Loan?

Under most circumstances, we recommend that you avoid bad credit loans and focus on repairing your credit score. The products are expensive, and even APRs of 15% to 35.99% will result in high finance charges. Therefore, unless it’s an emergency, you should only borrow a small amount and focus your energy on making on-time repayments. That way, you’ll repair your credit score and qualify for cheaper loan rates in the future.

How Do I Obtain The Cheapest Bad Credit 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: A co-signer is a great way to obtain better loan terms and decrease your APR if you don’t have the collateral for a secured personal loan.
  • 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 you need to reevaluate your financial situation if they deny your application.

  • Get 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!
  • 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.
  • Take advantage of Experian Boost and Ultra FICO: The 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 it after signing up for Experian Boost. With Ultra Fico, by maintaining an average savings balance of $400 and with no negative balances for at least three month period, you 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.

Loan Options For Borrowers With Borderline Credit Scores

If you find yourself above or below the bad credit scoring range, there are other products available. For example, alternative loans are more expensive than bad credit personal loans, but cheaper than payday loans. However, they are unsecured, and are the next-best option for borrowers with very bad credit.

Our guide on payday loan alternatives lists several reputable lenders, and we also reviewed 25 alternative payday lenders that help borrowers with very bad or no credit. We only recommend these products for emergencies, so they shouldn’t be your first choice. Instead, you should browse our marketplace and submit several bad credit personal loan applications before settling for an alternative payday loan.

Conversely, if you have a credit score of 600 to 690, a fair credit personal loan may be more appropriate. Companies like Upstart, Avant, HappyMoneyLoan, LendingTree, and Upgrade help you find low-cost personal loans with flexible terms. Typical APRs range from 10% to 15%, and our study explains what to expect if you have fair credit.

Why Should I 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.

Why Did We Select These Lenders?

We analyzed more than 100 lenders to determine which companies have the best products and the lowest APRs. Loan companies often have different definitions of bad credit, and their minimum credit scores vary as a result. Moreover, some have minimum income requirements, while others’ terms and conditions differ by state. All in all, the products above cover the entire bad credit lending market, and should meet the needs of most borrowers.

Conclusion

If you have bad credit, you can still obtain an affordable loan with an APR of 15% to 35.99%. New technology has loosened lenders’ underwriting standards, as alternative credit metrics carry more weight in the decision process. In turn, this increases your chances of approval and the days of relying on payday lenders are long gone. They key is to submit several applications. Because loan requests don’t impact your credit score, you have nothing to lose by gauging lenders’ interest. Therefore, a little effort can save you a lot of money. Moreover, repaying the funds on time is a prudent pathway to rebuilding your credit and obtaining cheaper rates in the future.

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