Loan Companies Like Avant, WorldFinance, LendingTree, OneMain, PersonalLonas

ElitePersonalFinance
Last Update: September 8, 2021 Loan Reviews Loans

If you have bad credit and are looking to get a personal loan, some companies like Avant, LendingTree, One Main, Upstart, Upgrade, PayOff, PersonalLonas are for you.

Loan Company: Min. Credit Score: APR: Amount:
EvenFinancial 550 2.49% – 35.99% $1,000 – $250,000
ZippyLoan 0 Vary $100 – $15,000
LendJetFunds 0 Vary $100 – $10,000
PersonalLoans 580 5.99% – 35.99% $1,000 – $35,000
Upgrade 600 7.99% – 35.97% $1,000 – $35,000
VivaLoan 0 Vary $100 – $15,000
LifeLoans 0 Vary $100 – $40,000
SecondChanceLends 0 Vary $100 – $10,000
PayOff 640 5.99% – 24.99% $5,000 – $40,000
Upstart 620 7% – 35.99% $1,000 – $50,000
LendingTree 500 3.99% – 35.99% $1,000 – $50,000
OneMain Financial 0 16.05% – 35.99% $1,500 – $30,000
LendingPoint 585 9.99% – 35.99% $2,000 – $25,000
Avant 580 9.95% – 35.99% $2,000 – $35,000
LendingClub 600 6.95% – 35.89% $1,000 – $40,000
Peerform 600 5.99% – 29.99% $4,000 – $35,000
WorldFinance 0 Vary $100 – $12,000

Watch our video that shows how people with bad credit can get a personal loan:


Now let’s explain what types of loan companies these are? Actually, these are types of big personal loan companies that offer loans for people with bad credit. And below, we will review all of them to help you decide which one is best for you.

Before move on, let’s also clarify a few things.

These companies approve most borrowers with bad credit, but not too bad. They have some minimum requirements that credit score typically is at least 600 to 640. Some lenders also require no bankruptcies, delinquencies, or charge-offs on your credit report. Some also have minimum annual income and debt-to-income ratio requirements.

There are 3 of them, slightly different because they approve many people with very low credit scores. LendingTree and Credible have a minimum credit score requirement of 500, while PersonalLoans is 580. They also offer great terms and are among the most popular lenders in the marketplace.

BadCreditLoans and CashUSA are designed for very bad credit, but we don’t classify them here because these companies mainly work with people with bad credit.

Companies like OppLoans and Lendup help people with very bad credit, but we can’t classify them here because they are not personal loans. They are alternative payday loans. Here we review the best alternative loans for people with very bad credit and who can’t get approved for a personal loan.

PersonalLoans

Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 days – 72 months
Origination Fee: 1 – 5%
DTI Ratio: N/A
Check rates

PersonalLoans provides unsecured loans that range from $1,000 to $35,000, and its APRs range from 5.99% to 35.99%. Because the lender only requires a minimum credit score of 580, it’s a great option to have bad credit. Keep in mind that you need to have a regular income if you want to qualify. This can be full-time employment, part-time employment, self-employment, regular disability, or Social Security benefits.

Pros:

  • Loans can reach upwards of $35,000, making them great for large expenses.
  • With APRs ranging from 5.99% to 35.99%, rates are fair and in line with competitors.
  • You can repay your loan in as little as 90 days to upwards of 6 years.

Cons:

  • You can’t qualify without ‘regular’ income.
  • Loan origination fees vary by the borrower.
  • Those with credit scores below 580 won’t qualify.

OneMain Financial

Loan Amount: $1,500 – $30,000
APR: 16.05% – 35.99%
Min. Credit Score: 0
Approval: 1 Day
Terms: 24 – 60 months
Origination Fee: Vary
DTI Ratio: N/A
Check rates

While its low-end APRs start at 16.05%, OneMain Financial caps its APRs at 35.99%. You can borrow anywhere from $1,500 to $30,000, and the company has no minimum credit score requirement. There is also no annual income requirement or debt-to-income ratio requirement, and you can receive funding in as little as one business day.

Pros:

  • With no minimum credit score requirement, OneMain is a great option if you have bad credit.
  • Upon approval, you receive free access to your credit score.
  • You have the option of securing your loan, which can help lower your APR.

Cons:

  • APRs start at 16.05%, which is higher than most competitors.
  • The average credit score of OneMain borrowers tends to range from 600 to 650.
  • If you opt for a secured loan, there is a chance you could lose your property.

LendingTree

Loan Amount: $1,000 – $50,000
APR: 3.99% – 35.99%
Min. Credit Score: 500
Approval: 1 Day
Terms: 1 – 5 years
Origination Fee: 0 – 3%
DTI Ratio: N/A
Check rates

With a minimum credit score requirement of 500, LendingTree is a great option if you have really bad credit. Its APRs range from 3.99% to 35.99%, and through its network of lenders, you can borrow anywhere from $1,000 to $50,000. However, if you have really bad credit, you’ll most likely qualify for an amount near the low-end of the range. But, because loans are unsecured, you don’t have to worry about losing your car.

Pros:

  • Loans are available to borrowers with credit scores as low as 500.
  • Receive funding in as little as one business day.
  • With over 10 billion in loans made, LendingTree is a name you can trust.

Cons:

  • If your credit score is less than 500, you likely won’t qualify.
  • Loan origination fees vary by lender, from 0% to 3%.
  • Some of its lenders perform a ‘hard’ credit pull, which can hurt your credit score.

LendingPoint

Loan Amount: $2,000 – $25,000
APR: 9.99% – 35.99%
Min. Credit Score: 585
Approval: 1 – 3 Days
Terms: 36 – 60 months
Origination Fee: 0 – 6%
DTI Ratio: 35%
Check rates

If you need a bad credit personal loan, LendingPoint is another reliable option. Loans range from $2,000 to $25,000 and APRs range from 9.99% to 35.99%. To qualify, you need to have an annual income of at least $20,000, but the minimum credit score is only 585. The downside of LendingPoint is its loans are not available in Colorado, Connecticut, Iowa, Louisiana, Maine, Maryland, Massachusetts, Nevada, New York, North Dakota, Rhode Island, South Carolina, Vermont, Wisconsin, or Wyoming.

Pros:

  • Low credit score requirement of 585.
  • Receive funds in as little as one business day.
  • Because LendingPoint reports to credit bureaus, on-time payment can increase your credit score.

Cons:

  • A loan origination fee of 0% to 6% can apply.
  • You need to have an annual income of at least $20,000.
  • Loans are not available in every state.

Avant

Loan Amount: $2,000 – $35,000
APR: 9.95% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 24 – 60 months
Origination Fee: 2% – 5%
DTI Ratio: N/A
Check rates

With Avant, you can borrow anywhere from $2,000 to $35,000, and APRs range from 9.99% to 35.99%. And because the company has a minimum credit score requirement of 580, it’s a great option if you have bad credit. To qualify, you need to have an annual income of at least $20,000. Avant personal loans are not available in Colorado, Iowa, Vermont, or West Virginia.

Pros:

  • Loans are available to borrowers with bad credit scores (580 minimum).
  • Upon approval, funds are deposited the next business day.
  • A March 2018 survey by Avant found that 94.64% of borrowers were satisfied with the service.

Cons:

  • Avant charges a 4.75% administration fee, but it’s included in your APR.
  • You must have an annual income of at least $20,000.
  • Loans are not available in all states.

Credible

Loan Amount: $1,000 – $100,000
APR: 5.34% – 35.99%
Min. Credit Score: 500
Approval: 1 Day
Terms: 90 days – 72 months
Origination Fee: 0% – 8%
DTI Ratio: N/A
Check rates

Credible offers unsecured personal loans that range from $1,000 to $50,000 and have APRs that range from 3.99% to 35.99%. However, some loan APRs will start at 4.99%. You can repay your loan anywhere from 24 to 84 months, but you have to have a steady income to qualify.

Pros:

  • The service is free to use, and there are no hidden fees.
  • APRs are in line with competitors and range from 3.99% to 35.99%.
  • You can receive a pre-qualified rate in as little as two minutes.

Cons:

  • Loan origination fees vary by the lender but can be anywhere from 0% to 8%.
  • You need to have a steady income to qualify.

Upstart

Loan Amount: $1,000 – $50,000
APR: 7% – 35.99%
Min. Credit Score: 620
Approval: 1 – 3 Days
Terms: 3 – 5 Years
Origination Fee: 0% – 8%
DTI Ratio: 45%
CHECK RATES

If you have bad credit or no credit history, Upstart is a great place to obtain a reliable loan. You can borrow anywhere from $1,000 to $50,000, and APRs range from 7% to 35.99%. Keep in mind that you need to have a minimum annual income of $12,000 and keep your debt-to-income ratio at no more than 18%. But, Upstart evaluates more than just your credit score to determine whether or not to approve your application. The company will look at variables like your education and work history to determine whether you qualify. Loans are available in every state except West Virginia and Iowa.

Pros:

  • Upstart approves borrowers that have bad credit or no credit.
  • Upstart looks at more than just your credit score to decide whether or not to approve your application.
  • You only need a minimum annual income of $12,000 to qualify.

Cons:

  • You can’t have a debt-to-income ratio that exceeds 18%.
  • A loan origination fee of 0% to 8% will apply.
  • If you miss a payment, you’ll incur a late fee of either $15 or 5% of the payment amount.

Upgrade

Upgrade Disclaimer: Personal loans made through Upgrade feature APRs of 5.94% – 35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and directly pay off a portion of existing debt. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. 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 may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early. Upgrade’s lending partners issue personal loans. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Loan Amount: $1,000 – $50,000
APR: 5.94% – 35.97%
Min. Credit Score: 600
Approval: 1 Day
Terms: 3 – 5 years
Origination Fee: 2.9% – 8%
DTI Ratio: 40%
CHECK RATES

Upgrade offers loans that range from $1,000 to $50,000, and its APRs range from 5.94% to 35.97%. The company places a heavy emphasis on your ‘free cash flow.’ You need to have at least $800 in disposal income left over each month after you’ve paid all of your bills. And while that may seem troublesome, the company does allow high debt-to-income ratios and work with you if you incur an emergency. If you lose your job or suffer other economic troubles, Upgrade may allow you to decrease your monthly payment until you get back on your feet. The downside of Upgrade is loans are not available in Iowa, Maryland, West Virginia, Colorado, Connecticut, or Vermont.

Pros:

  • If you suffer an emergency, Upgrade will help you find a solution.
  • The company places more emphasis on your ‘free cash flow’ than your credit score.
  • You can have a high debt-to-income ratio and still get approved.

Cons:

  • To qualify, you need to have at least $800 in disposable income every month.
  • A loan origination fee of 2.9% to 8% will apply.
  • Loans are not available in all states.

PayOff

Loan Amount: $5,000 – $40,000
APR: 5.99% – 24.99%
Min. Credit Score: 640
Approval: 1 – 7 Days
Terms: 2 – 5 years
Origination Fee: 0% – 5%
DTI Ratio: 50%
Check rates

If you have fair credit, PayOff is the option for you. Borrowing amounts range from $5,000 to $40,000, and APRs range from 5.99% to 24.99%. However, there are a lot of requirements to qualify. You need to have a minimum annual income of $40,000, a debt-to-income ratio of less than 50%, and a credit score of at least 640. But as a bonus, PayOff doesn’t charge any late payment fees. Loans are not available in Mississippi, West Virginia, Nevada, Ohio, Massachusetts, or Nebraska.

Pros:

  • APRs are capped at 24.99%, which is much lower than its competitors.
  • If you miss a payment, you won’t be charged any late payment fees.
  • Making on-time payments can help increase your credit score.

Cons:

  • To qualify, you need a credit score of at least 640.
  • You need to have zero current delinquencies on your credit report and no credit delinquencies past 90 days over the last 12 months.
  • PayOff requires at least 3 years of good credit history.

LendingClub

Loan Amount: $1,000 – $40,000
APR: 6.95% – 35.89%
Min. Credit Score: 600
Approval: 3 Days
Terms: 36 – 60 months
Origination Fee: 1% – 6%
DTI Ratio: 35%
Check rates

Offering unsecured personal loans that range from $1,000 to $40,000, LendingClub is a great option if you have fair to good credit. APRs range from 6.95% to 35.89%, but your APR includes your loan origination fee, ranging from 1% to 6%. You need to have a minimum credit score of 600 to qualify, and if you miss a payment, you will incur a late fee. You pay the greater of $15 or 5% of the unpaid amount. To obtain a loan, the process takes roughly seven days to complete. But, once the company approves your application, funds are deposited into your bank account. Loans are available in all states except Iowa, Puerto Rico, and Guam.

Pros:

  • Paying in full and on time can help rebuild your credit score.
  • Loans are available in almost every state.
  • LendingClub allows co-signers, which can help lower your APR.

Cons:

  • Loan origination fees of 1% to 6% apply.
  • It takes seven days or more to approve your application and receive funding.
  • If you miss a payment, you’ll incur a late fee of $15 or 5% of the unpaid amount.

Peerform

Loan Amount: $4,000 – $35,000
APR: 5.99% – 29.99%
Min. Credit Score: 600
Approval: 1 – 7 Days
Terms: 36 – 60 months
Origination Fee: 1% – 5%
DTI Ratio: 40%
Check rates

With Peerform, you can borrow anywhere from $4,000 to $25,000. Loans are unsecured, which means you don’t need any collateral, and APRs range from 5.99% to 29.99%. Loan origination fees range from 1% to 5%, and the company requires a minimum credit score of 600. However, if you demonstrate that you have a steady income, this can be used to overcome a bad credit score and qualify for a loan. You can also choose between repayment terms of 3 or 5 years.

Pros:

  • APRs are capped at 29.99%, which is less than many of its competitors.
  • Because it’s a peer-to-peer lender, you may have a higher chance of being approved.
  • Showing that you have a steady income and a high ability to pay can be used to overcome a bad credit score.

Cons:

  • A loan origination fee of 1% to 5% will apply.
  • Peerform charges a check-processing fee of $15 if you make your payments by check.
  • A late payment fee of $15 or 5% of the unpaid amount will apply, whichever is greater.

WorldFinance

Loan Amount: $100 – $12,000
APR: Vary
Min. Credit Score: 0
Approval: 1 Day
Terms: 4 – 48 months
Origination Fee: Vary
DTI Ratio: N/A
Check rates

WorldFinance is a well-known loan company offering personal loans. Many people get loans from them because they offer cheaper than traditional payday loans. They talk against payday loans on their site. According to the information on their site, they are a great alternative to payday loans that offer up to 700% APR. That is true.

However, we at ElitePersonalFinance recommend being careful with WorldFinance!

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

This company is not a personal loan because they don’t list their APR carefully. If a loan company is considered a personal loan, they have to cap their APRs at 35.99%. We can’t find this on their site.

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.

WorldFinance is better than payday loans, but there are other better options than them, even with bad credit.

Can I Still Get a Personal Loan If I Have Bad Credit?

Absolutely!

The lending market is extremely flexible, and in 2019, more and more lenders are opening their doors to borrowers with bad credit. Credit scoring models continue to evolve, making it easier for borrowers to get approved than in years past. Instead of just looking at your credit score, lenders now take a holistic approach and examine your entire financial situation. They look at variables like your work history, education, spending activity, and savings balance.

More importantly, when these metrics are in tip-top shape, they can help you overcome a bad credit score!

What are The Pros and Cons of Personal Loans?

If you’re struggling to pay the bills, personal loans can provide peace of mind to deal with many of life’s financial challenges.

Pros:

  • Debt consolidation. If you have outstanding debt and your APR is 30%, 40%, or 50%, consolidating with a personal loan is a great way to lower your interest costs. Since personal loan APRs are capped at 35.99%, they allow you to keep interest costs at a manageable level. Many borrowers with bad credit have even obtained APRs as low as 10%!
  • Flexible terms. Personal loans offer terms that work for you. If you want a lower monthly payment, increase the loan term. If you can afford a higher payment, decrease the loan term. Either way, lenders will help you find a payment structure that fits your budget.

Cons:

  • Potential credit score reduction. If you take out a personal loan and happen to suffer an emergency, you may end up missing payments. It will hurt your credit score and make your financial situation even worse if this happens.
  • Falling victim to loan scams. Because many borrowers are in desperate situations, scammers prey on this vulnerability. They may ask for upfront payment or make outlandish promises to hook you in. Either way, it’s a terrible ordeal. To stay protected, see our guide on how to spot loan scams.

What Loans Are Available if I Don’t Qualify for a Personal Loan?

Try alternative lenders if you’re applying for a personal loan, but it’s just not working out. They’re designed specifically for borrowers with bad credit and offer reasonable APRs.

What Loans Should I Avoid?

Companies often try and mask destructive products as personal loans. They use confusing terminology and misleading marketing to trick borrowers into thinking their terms are better than they are.

  • Car title loans

Car title loans are secured loans that require you to put up your car as collateral. Doing so will help decrease your APR, but lenders can seize your property if you fall behind on your payments.

Have a look at the facts:

  • According to the Consumer Financial Protection Bureau (CFPB), car title loans have an average APR of 300%.
  • About 20% of car title loan borrowers end up losing their car.
  • Many car title loans have hidden fees and rollover charges.
  • People often fall behind on their payments and get stuck paying interest-only; this increases your risk of falling into a vicious debt cycle.
  • Payday loans

Payday loans are extremely destructive and often send borrowers spiraling into a vicious debt cycle. APRs average 400%, and if you’re late on your payment, you can rack up so many charges that you’re stuck paying interest-only for months on end.

Payday lenders are also extremely aggressive:

  • 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.

How Can I Increase My Chances of Obtaining a Personal Loan?

If you fail now, try again! There are lenders out there that will work with you!

  • Shop around. Before giving up, apply to as many companies as you can. We recommend 10 or more. Not only does it increase your chances of getting approved, but applying doesn’t hurt your credit score in any way.
  • Talk directly with potential lenders. If your online application is denied, call the lender directly. Ask why your application wasn’t approved and see if there is any way to amend the result. At the very least, you’ll gain insight into why you were denied and how you can prevent it from happening next time.
  • Ask for a lower amount. Often, lenders are wary about offering large loans to borrowers with bad credit. If you ask for a lower amount, the lender may feel more comfortable granting the loan.
MEET THE AUTHOR

ElitePersonalFinance

Recommended Articles

AS SEEN ON