Loan Companies Like Avant, LendingTree, One Main, Upstart, Upgrade, Payoff, PersonalLonas
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Loan Reviews

Loan Companies Like Avant, LendingTree, One Main, Upstart, Upgrade, Payoff, PersonalLonas

EPF Last Update: August 3, 2019

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

Loan CompanyMin Credit ScoreAPRAmount
LendingTree5003.99% – 35.99%$1,000 – $35,000
Credible5005.34% – 35.99%$1,000 – $100,000
PersonalLoans5805.99% – 35.99%$1,000 – $35,000
OneMain Financial016.05% – 35.99%$1,500 – $30,000
LendingPoint58515.49% – 35.99%$2,000 – $25,000
Avant5809.95% – 35.99%$2,000 – $35,000
Upstart6208.16% – 35.99%$1,000 – $50,000
Upgrade6206.99% – 35.97%$1,000 – $50,000
Payoff6405.99% – 24.99%$5,000 – $35,000
LendingClub6006.95% – 35.89%$1,000 – $40,000
Peerform6005.99% – 29.99%$4,000 – $35,000

Now let’s explain what types of loan companies are these? Actually these are type of big personal loans 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 few things.

These companies approve most borrowers with bad credit, but not with too bad. They have some minimum requirements like: credit score typically from 600 to 640; and 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 that are slightly different because they approve people with very low credit requirements. 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.

Sites like, BadCreditLoans and CashUSA are designed for very bad credit, but we don’t classify them here because these companies mainly work 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 the alternative loans  for people who are with very bad credit can can’t get approved for a personal loan.

 

PersonalLoans

Loan amounts$1,000 – $35,000
Typical APR5.99% – 35.99%
Min Credit Score580
Time to funding1 Day
Loan terms90 days – 72 months
Origination fee1 – 5%
Debt-to-income ratioN/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 if you have bad credit. Keep in mind though, to qualify, you need to have ‘regular’ income. 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 borrower
  • Those with credit scores below 580 won’t qualify

 

OneMain Financial

Loan amounts$1,500 – $30,000
Typical APR16.05% – 35.99%
Min Credit Score0
Time to funding1 Day
Loan terms24 – 60 months
Origination feeVary
Debt-to-income ratioN/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

LendingTree Personal Financing Site Logo
Loan amounts$1,000 – $35,000
Typical APR3.99% – 35.99%
Min Credit Score500
Time to funding1 Day
Loan terms1 – 5 years
Origination fee0 – 3%
Debt-to-income ratioN/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 and can range from 0% to 3%
  • Some of its lenders perform a ‘hard’ credit pull which can hurt your credit score

 

LendingPoint

Loan amounts$2,000 – $25,000
Typical APR15.49% – 35.99%
Min Credit Score585
Time to funding1 -3 Days
Loan terms36 – 60 months
Origination fee0 – 6%
Debt-to-income ratio35%
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 least $20,000
  • Loans are not available in every state

 

Avant

Loan amounts$2,000 – $35,000
Typical APR9.95% – 35.99%
Min Credit Score580
Time to funding1 Day
Loan terms24 -60 months
Origination fee2% – 5%
Debt-to-income ratioN/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 though, you need to have an annual income of at least $20,000. As well, 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 amounts$1,000 – $100,000
Typical APR5.34% – 35.99%
Min Credit Score500
Time to funding1 Day
Loan terms90 days – 72 months
Origination fee0% – 8%
Debt-to-income ratioN/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 loans APRs will start at 4.99%. Keep in mind though, the amount you receive and your APR depends heavily on your debt-to-income ratio. You can repay your loan anywhere from 24 to 84 months, but to qualify, you need to have ‘steady’ income.

 

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 a little as two minutes

 

Cons:

  • Loan origination fees vary by lender, but can be anywhere from 0% to 8%
  • Loan approval and your amount depends heavily on your debt-to-income ratio
  • You need to have ‘steady’ income to qualify

 

Upstart

Loan amounts$1,000 – $50,000
Typical APR8.16% – 35.99%
Min Credit Score620
Time to funding1 – 3 Days
Loan terms3 – 5 Years
Origination fee0%– 8%
Debt-to-income ratio45%
CHECK RATES

If you have bad credit or no credit history at all, Upstart is a great place to obtain a reliable loan. You can borrow anywhere from $1,000 to $50,000 and APRs range from 7.46% to 35.99%. Keep in mind though, 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. As well, 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:Loans made through Upgrade feature APRs of 6.99%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. 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 bank account and would have a 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. Actual rate depends on credit score, credit usage history, loan term and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by WebBank, member FDIC.

Loan amounts$1,000 – $50,000
Typical APR6.99% – 35.97%
Min Credit Score620
Time to funding1 Day
Loan terms2 -5 years
Origination fee1% – 6%
Debt-to-income ratio40%
CHECK RATES 

Upgrade offers loans that range from $1,000 to $50,000 and its APRs range from 7.99% to 35.89%. To qualify though, the company places a heavy emphasis on your ‘free cash flow.’ You need to have at least $800 in disposal income leftover each month after you’ve paid all of your bills. And while that may seem troublesome, the company does allows high debt-to-income ratios and will work with you if you incur an unexpected 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 unexpected emergency, Upgrade will work with you to help 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 1.5% to 6% will apply
  • Loans are not available in all states

 

Payoff

Loan amounts$5,000 – $35,000
Typical APR5.99% – 24.99%
Min Credit Score640
Time to funding1 – 7 Days
Loan terms2 -5 years
Origination fee0% – 5%
Debt-to-income ratio50%
Check rates

If you have fair credit, Payoff is the option for you. Borrowing amounts range from $5,000 to $35,000 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 an added bonus, Payoff doesn’t charge any late payment fees. Keep in mind though, 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 amounts$1,000 – $40,000
Typical APR6.95% – 35.89%
Min Credit Score600
Time to funding3 Days
Loan terms36 – 60 months
Origination fee1% – 6%
Debt-to-income ratio35%
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 which ranges 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 and residents in Puerto Rico and Guam are not eligible.

 

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 amounts$4,000 – $35,000
Typical APR5.99% – 29.99%
Min Credit Score600
Time to funding1 – 7 Days
Loan terms36 – 60 months
Origination fee1% – 5%
Debt-to-income ratio40%
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 ‘steady,’ income, this can be used to overcome a bad credit score and allow you to 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 ‘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

 

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. As well, 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.

Some pros include:

  • 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.

Some cons include:

  • Potential Credit Score Reduction: If you take out a personal loan and happen to suffer an unexpected emergency, you may end up missing payments. If this happens, it will hurt your credit score and make your financial situation even worse.
  • 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?

If you’re applying for a personal loan, but it’s just not working out, try alternative lenders. 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 if you fall behind on your payments, lenders can seize your property.

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 at first you don’t succeed, 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 times, 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.

Elite Personal Finance

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