Loan Companies Like OppLoans, RiseCredit, NetCredit, FigLoans

ElitePersonalFinance
Last Update: September 25, 2023 Loan Reviews Loans

If your credit score is less than exemplary, don’t let that stop you from applying for a personal loan. A personal loan should be your first choice, even if you have bad credit, since applying does not require a commitment and won’t impact your credit score. As a result, you have nothing to lose by being proactive, and submitting multiple applications is the easiest way to obtain the lowest APR.

However, if you’ve already tried this and a poor credit score is holding you back, the next best choice is alternative payday loans. Companies like OppLoans, RiseCredit, NetCredit, FigLoans are new types of lenders that fill the void between personal and payday loans. We analyzed more than 100, and only the best made it on our list. Moreover, we never have and never will recommend payday loans, so feel confident that these are the best products available for borrowers with very low credit scores.

Our study aims to empower you with the knowledge necessary to make the best decisions, and we hope that our honest reviews help in that regard. Here is a quick overview of how to categorize these different loan products:

  • Alternative payday loans are for borrowers with really bad credit. And these products work for them!
  • Alternative payday loans have higher APRs than bad credit personal loans and lower APRs than payday loans. For example, personal loans typically range from $1,000 to $100,000, with APRs of 5.99% to 35.99%, while payday loans provide $100 to $1,000, with an average APR of 400%. In the middle, alternative payday loans typically provide $1,000 or less to $5,000 to $10,000, depending on the lender. APRs range from 35.99% to 400%, but 100% is often the most common. Also, these are rough estimates and actual terms vary by lender. However, the information should make it easier to understand how these different business models work.
  • Alternative payday loans often have better terms and higher loan amounts than payday loans, and most lenders don’t check your credit score.

Finally, don’t assume that you won’t qualify. Many borrowers think their credit score is too low for a personal loan and accept a product with a higher APR. Our marketplace has products for everyone, whether personal loans, alternative payday loans, or refinancing options. Click the “Shop Around” button below to begin your search. Please start with personal loans and only move to alternative payday loans if several lenders deny your applications.

Best Alternative Payday Loans for Bad Credit of February 2024

Our research concluded that the best alternative payday lenders are as follows. We excluded payday loan products, and you can find the best bad credit personal loans in a separate study. In addition, we constantly update our lists, so please visit frequently for the latest terms.

Lender:Loan Amount:APR:Min. Credit Score:Best For:
ZippyLoan$100 – $15,00012% – 35.99%0Bad or no credit
LifeLoans$100 – $40,000Not ListedNot ListedComparing bad credit loans
VivaLoan$100 – $15,000Not ListedNot ListedComparing bad credit loans
NextDayPersonalLoan$100 – $40,000Not ListedNot ListedComparing bad credit loans
OppLoans$500 – $4,00059% – 160%0Bad or no credit
RiseCredit$500 – $5,00060% – 295%0No-fee bad credit loans
NetCredit$500 – $20,00019.9% – 150%Not ListedFlexible terms and APRs
FigLoans$50 – $1,00035.99% – 211%0Short-term bad credit loans
WorldFinance$450 – $10,00027.5% – 81.29%Not ListedBad credit
SpotLoan$300 – $80099% – 490%Not ListedRepeat customers
Lendly$1,000 – $2,000175% – 225%Not ListedRepaying with direct deposit
SpeedyCash$1,000 – $5,00037% – 199%+Not ListedCalifornia residents
CashCentral$500 – $5,000172% – 239%Not ListedAlabama and New Mexico residents
CreditFresh$500 – $5,00065% – 200%Not ListedNo-fee bad credit loans
IntegraCredit$500 &