According to the Federal Reserve, 40% of Americans don't have the cash on hand to cover a $400 emergency expense. When faced with an unexpected financial challenge, many people turn to payday loans. However, this can often lead to a cycle of debt that is tough to break free from. That's why it's important to find a personal loan that doesn't rely on payday terms.
A personal loan can help you consolidate debt, cover medical expenses, or make a large purchase. Here are some of the best personal loans for bad credit not payday loans:
OneMain Financial offers personal loans to those with bad credit. You can apply online, over the phone, or in person at one of their 1,600 branches. They offer secured and unsecured personal loans ranging from $1,500 to $20,000. Depending on your credit score, you may receive a higher interest rate. However, they don't require collateral for their unsecured personal loans.
Avant offers personal loans with fixed interest rates that range from 9.95% to 35.99%. Loan amounts range from $2,000 to $35,000 with repayment terms of 24 to 60 months. They don't charge prepayment penalties, so you can pay off your loan early without any fees. However, they do charge an administration fee that ranges from 0.95% to 4.75%.
OppLoans offers personal loans with no credit check. While they do look at your credit score, they also take into consideration your income and expenses. Loan amounts range from $500 to $4,000 with repayment terms of 9 to 18 months. Interest rates can be high, ranging from 59% to 199%, but they do offer a grace period if you need to defer a payment.
LendingPoint offers personal loans with fixed interest rates ranging from 9.99% to 35.99%. Loan amounts range from $2,000 to $36,500 with repayment terms of 24 to 48 months. They don't require collateral for their personal loans, and they also offer refinancing options if you need to lower your interest rate or monthly payment.
Upgrade offers personal loans with fixed interest rates ranging from 7.99% to 35.97%. Loan amounts range from $1,000 to $50,000 with repayment terms of 36 to 60 months. You can check your rates without affecting your credit score, and they offer a variety of repayment options to fit your budget.
When looking for a personal loan, it's important to compare interest rates, terms, and fees. Don't settle for a payday loan that can trap you in a cycle of debt. Instead, consider one of these top-rated lenders that offer personal loans for bad credit not payday loans.
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