VergeCredit Personal Loans Review of April 2024

Last Update: March 11, 2023 Loan Reviews

VergeCredit doesn’t accept new loan applications. Search for other loans at EPF Marketplace.

VergeCredit is a new alternative payday lender, working to become one of the top companies. Compared to the top companies, we can say that VergeCredit offers we will find that the company offers relatively good terms.

But what are alternative payday loans? Alternative payday loans offer better loans than traditional payday loans but are more expensive than personal loans. Should we get loans from them at all? Well, yes and no.

ElitePersonalFinance recommends alternative payday loans only in case people have no other options. Our complete bad credit loan guide has proven that there are so many options to get a cheap personal loan, even for people with bad credit. And if this is not possible, there are many cheaper options than payday loans and alternative payday loans.

What VergeCredit Offer?

Loan Amount:$500 – $5,000
APR:37% – 92%
Min. Credit Score:0
Approval:1 Day
Terms:6 – 60 months
Origination Fee:N/A
DTI Ratio:N/A

VergeCredit is a complete online lender offering loans between $500 to $5,000. The money comes from Stride Bank. Their loans are unsecured, and people get approved in less than a day. There are no origination, late, or pre-payment penalty fees.

The company is best for people with a bad credit score.

And that’s exactly what alternative payday loans like VergeCredit exist – to serve people with bad credit who can’t qualify for a personal loan. People with bad credit are considered high risk in lenders, and that’s why their qualification on a personal loan is not always guaranteed. As we see, VergeCredit’s APR is between 37% to 92%. Personal loans cap their APR at 35.99%. That’s higher than personal loans’ APR but less than traditional payday loans, which average 400%.

To learn all about alternative payday loans and find the best of them, go to our complete guide.

VergeCredit vs. Competitors

VergeCredit competes well with the competitors in the space. And probably there is one main reason for this. We said this many times on our site before. The competition in every business is on our side. With more competition, new businesses will always be providing better products and services at better prices. In the alternative payday lending, as a new type of business, we see exactly this. New lenders are coming, and they will try to improve the space to offer better loans for people in their target – people with bad credit.

Let’s look at the table below:

Loan Company:Amount:Min. Credit Score:APR:
VergeCredit$500 – $5,000037% – 92%
OppLoans$500 – $4,000059% – 160%