When we looked at the best payday loan alternatives, we found that the best for free credit score checks was RISE Credit, which we delve into later. We also look at the best for large loan amounts (Avant) and best for fast funding (OneMain Financial).
In this analysis of the best payday loan alternatives, we look at what a payday loan alternative is, how they work, how to choose the best alternative, what to avoid and more.
If you need a fast loan with bad credit, RISE Credit won’t let you down (unlike your interest rate when you make payments on time).
If you’re in a pinch and need cash fast, RISE Credit can get money into your bank account as soon as the next business day after you’re approved. While RISE’s rates are rather high, it’s still one of the top payday loan alternatives for people with bad credit. As you make on-time payments, you can earn a lower interest rate on your loan – a nice benefit if you’re working hard to pay off debt and build your financial footing. If your credit is average or better, though, you could probably find better rates and better terms from another lender when you need an emergency loan.
Best for large loan amounts – Avant
Do you need a large loan in a hurry? Avant Loans is one of the top online personal loan lenders, offering people up to $35,000 for emergency expenses. You’ll get your funds as soon as the next business day after you’re approved. Avant’s interest rate isn’t terrible for people with bad credit, especially compared to the average payday loan with its nearly 400% APR. You will have to watch out for Avant’s 4.75% administration fee, which will make your total balance even higher than what you actually borrow.
The actual loan amount, term, and ount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state. Avant branded credit products are issued by WebBank, member FDIC.
Best for fast funding – OneMain Financial
Looking for a lender with a personal touch? OneMain Financial looks at your full credit history – not just your credit score – to determine your eligibility. You can talk directly to a person to make sure you’re getting a truly personal offer for your loan when you need cash quickly. They’ll ask you a few questions and talk you through your options for either a secured or unsecured personal loan. While the interest rates certainly beat the best online payday loans, people with good credit can find a much better rate through other banks and credit unions.
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum APR is %, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any no credit check payday loans Jefferson City TN vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.