Loans like better day loans®

By Matt Mayerle Reviewed by CreditNinja
Modified on May 16, 2024
loans like better day loans

Better Day Loans was a former lender that offered installment loan products. They no longer originate loans. However, plenty of other loans, like Better Day Loans, are available to all types of consumers. 

Here, you’ll learn everything you need to know about Better Day Loans, how to find the right kind of funding for you, and what your other financial options are! 

Finding the Right Personal Loans

With so many options, how do you decide which type of loan is the best? Below are some tips on how to find the best personal loans!  

  1. Review Your Existing Debts 

Before you start looking for a loan, review balances on any existing loans, credit cards, etc., and calculate the total. How much debt do you currently owe? If the amount is on the higher side, you may want to hold off on applying for another loan and accumulating more debt. But, if your debts are affordable and you feel comfortable adding to them, getting a loan may be a viable option. 

  1. Check Your Credit Scores 

If you decide that getting a loan is the right decision for you, check your most recent credit report. Your credit report is an official record of your financial data, including how much debt you have, how many open financial accounts you have, how timely you are with making your due payments, etc. This information is recorded by the three major credit bureaus: Experian, TransUnion, and Equifax. 

If you have a decent credit history, you should have a pretty good credit score. That means you’ll most likely be eligible for a wide variety of loans and financial products. On the other hand, if your credit score is on the lower side, your options may be limited. 

  1. Research Your Options 

Once you’re familiar with your credit score and are able to narrow down what types of lenders will work best for you, research a few of them and compare loan offers. Look at reviews and maybe call a few lenders to speak with an agent. Ask about loan amounts, terms, interest rates, origination fees, and anything else you want to know about your potential loan. 

  1. Apply For Funding

After you see what options are available, it’s time to make a decision and submit an application. To avoid unnecessary damage to your credit score, try to limit the number of lenders you apply with to just one!

Loans Like Better Day Loans: What You Need To Know

Better Day Loans is no longer an active lender that originates loans. While Better Day Loans no longer process new loans, consumers with an existing balance are still responsible for repayment. On their website, they give existing customers the option to call 1-866-258-0165 or 1-877-817-3740 if they have questions or concerns. 

Alternatives To Better Day Loans 

Since Better Day Loans are no longer an option, what are your alternatives? 

Non-Loan Alternatives 

Maybe you don’t need to take out a loan at all! Have you thought about your non-loan alternatives? Remember, if you don’t take out a loan, you’ll avoid accumulating more debt, save money on interest rate charges, and protect your credit history from a hard credit check from the credit bureaus. Some solutions that may not require you to take out a loan are: 

  • Use funds from your savings account: The best option is to borrow money from yourself and dip into your savings to pay for your expenses. If you don’t already have one, you should set up a savings account and start putting money aside for future financial emergencies. 
  • Get a temporary part-time job: If you have the time and the motivation, you may consider taking on a second job. There are plenty of online jobs you can even do remotely. That way, you can earn extra income without having to leave your home! 
  • Have a garage sale: Chances are you have some pieces of clothing or other gently used items you no longer need or use. Instead of letting that clutter around your house build up, have a garage sale or sell your things online to earn some extra cash. 
  • Ask a close family member or friend for a small loan: If you are fortunate enough to have a financially stable and trustworthy person in your life and you feel comfortable asking them to borrow money, this may be a more affordable option than getting a loan. However, make sure you thoroughly discuss loan amounts and repayment timelines to avoid finances causing trouble in your personal relationships. 

Payday Loans 

One type of loan you may come across while researching your options are payday loans. Payday loans, also called cash advances, are often used by people who need funds while in between paychecks. Payday lenders also aren’t too concerned about the borrower’s credit score, so just about anybody can get approved. However, payday loans charge higher interest rates and have short repayment terms, usually about two weeks or less. Given their high rates and short terms, it’s not uncommon for people to fall into a payday loan debt cycle. So, unless you can fully repay your balance within 14 days or less, you should probably stay away from payday loans. 

Credit Cards 

Instead of getting a personal loan or payday loan, you may also use a credit card to pay for your expenses. Since credit cards are a revolving line of credit, borrowers are able to have access to money every month without having to apply for a loan. But, if you do use a credit card regularly, be sure to pay off the total balance regularly to avoid accumulating too much credit card debt

Secured Loans 

If you own a home or a vehicle, you may be able to utilize funding from secured loans. Consumers who own their car may be able to get a car title loan, or if you are a homeowner, you may be able to get a home equity loan or home equity line of credit. 

Getting a Loan From a Bank vs. Credit Union 

Now that you’ve learned about a few different financial options, you may be wondering where you can access them yourself. Banks are one of the most common places to get a loan, but that isn’t always an option for everybody. According to the U.S. Government Accountability Office, approximately 7 million households in the United States don’t have a bank account.1 Another potential roadblock that may prevent people from being able to get a bank loan is their credit score. Banks usually only work with consumers who have good or excellent credit. So, if you have less-than-perfect credit, getting a bank loan may not be possible. 

Credit unions may also be an option for bad credit borrowers, but they can come with obstacles of their own. Here’s a quick overview of how getting a loan from a bank vs. a credit union may differ:

Aspect BankCredit Union 
OwnershipOwned by shareholders, for-profit organizations.Member-owned, non-profit organizations. 
Loan Rates Generally have higher loan interest rates. Often offer lower loan interest rates due to non-profit status. 
Fees Typically higher fees for loan processing and administration. Lower or fewer fees due to non-profit status. 
Loan Approval Process May be stricter with loan approvals; focus on credit scores. More flexible with loan approvals; may consider personal factors beyond credit history. 
Customer ServiceProfessional service; can be less personal due to size. Often more personalized service due to smaller size. 
Accessibility  Extensive branch and ATM networks. Fewer branches, but often part of a national ATM network. 
Profit Distribution Profits go to shareholders. Profits returned to members through better rates and services. 
Eligibility Open to anyone. Membership is restricted to certain groups or communities. 
Product Variety Typically offer a wider range of financial products. May have more limited product offerings compared to banks. 
Disclaimer: This table provides a general overview of typical characteristics of banks and credit unions when it comes to obtaining loans. Actual conditions and offers can vary significantly between different banks and credit unions, and may also depend on specific circumstances and policies. Members and customers are encouraged to perform their own due diligence and consult directly with financial institutions to understand the specific terms and conditions applicable to their situations.

How Is a Private Lender Different From a Credit Union or and Bank? 

Private lenders may be able to provide the best of both worlds when it comes to banks vs. credit unions. With the right private lender, you should be able to find the right kind of personal loan, with affordable interest rates, and flexible repayment terms. 

What Are Some Payday Loan Alternatives? 

While payday loans can provide the convenience of quick cash and easy qualifications, they aren’t always the most sustainable financial product. Thankfully, there are several payday alternative loans that may be more affordable. Learn more about payday alternative loan products below: 

Personal Installment Loans 

Personal loans, often called installment loans, are a versatile type of funding borrowers can use for a wide variety of expenses. With installment loans, borrowers receive one lump-sum payment and pay it back over time. Usually, loan terms are connected to the loan amount, meaning higher loan amounts come with longer terms, and lower loan amounts can come with shorter terms. Since personal loans can come in so many different forms, they are one of the most popular loan products available. Some common uses for personal loan products include: 

  • Paying bills
  • Consolidating debt
  • Paying rent
  • Paying medical expenses 
  • School/education 

Bad Credit Loans 

A bad credit loan is essentially a personal loan designed for people with lower credit scores. Bad credit loans usually come with lower loan amounts and higher interest rates, but they have the potential to increase the borrower’s credit score once they pay off the loan! 

FAQ: Better Day Loans and Other Types of Funding 

What are the primary differences between payday loans and payday loan alternatives?

Payday loans typically offer small amounts of money with high interest rates and a short repayment period, usually due on the borrower’s next payday. Payday loan alternatives, however, tend to have lower interest rates and longer repayment terms and may include features that help build credit, such as reporting to credit bureaus.

Are there specific criteria used by payday lenders to approve loans?

Payday lenders typically require proof of income, an active bank account, and valid identification. They usually do not perform a thorough credit check or evaluate your ability to repay the loan, focusing instead on your current ability to repay with your next paycheck.

Can a payday alternative loan help me if I am repeatedly using payday loans?

Yes, alternatives to payday loans are designed to offer more sustainable financial solutions. They often have lower rates and longer repayment periods, which can help break the cycle of debt associated with high-cost payday loans. They also offer financial education and budgeting tools to help manage finances better.

How can I compare the total cost of different personal loans?

To compare the total cost of different personal loans, consider the APR (Annual Percentage Rate) which includes both the interest rate and any fees charged by the lender. Also, use a loan calculator to estimate the total amount you will pay over the life of the loan, including all interest and fees. This will give you a clearer picture of the financial implications of each loan option.

What factors should I consider regarding loan repayment flexibility?

When evaluating loan repayment flexibility, consider options such as the ability to choose or change your payment dates, the availability of payment deferrals, and the possibility of making extra payments without penalties. Some lenders may also offer lower payments initially, with a balloon payment at the end of the loan term. These features can help manage your cash flow and accommodate changes in your financial situation over time.

How do pre-approval and pre-qualification differ when applying for a personal loan?

Pre-qualification is generally a quick, initial check that lenders perform to give you an idea of the loan amounts and terms you might qualify for, based on a soft inquiry of your credit report (which doesn’t affect your credit score). Pre-approval is a more in-depth process that typically involves a hard credit check (which may impact your credit score) and provides a more concrete loan offer. Pre-approval indicates the lender has reviewed your credit, income, and other factors, and is conditionally willing to lend you a specific amount under certain terms.

CreditNinja: How Does It Compare?

CreditNinja is an online installment loan lender specializing in bad credit installment loans. We offer payday loan alternatives that may be more affordable for consumers with a less-than-perfect credit score. 

How To Get a Loan With CreditNinja

Having funded more than 475,000 loans, CreditNinja knows how to give people an easy and streamlined loan process. Check out how it works: 

  1. Fill out an easy online application. Many applicants can complete their application in a few minutes or less. 
  2. Upon approval, review your terms and read over your loan contract. If you don’t have any questions, go ahead and sign your contract. 
  3. Receive your money right away via direct deposit!* 

Why Should I Pick CreditNinja?

At CreditNinja, we strive to be one of the best payday loan alternatives by providing competitive interest rates and flexible repayment terms. Other benefits you can enjoy as a CreditNinja customer include: 

  • Easy application 
  • Quick funding* 
  • Bad credit is OK
  • Highly reviewed customer service; check out our reviews

Who Are CreditNinja Personal Loans For? 

CreditNinja loans are for people experiencing a financial emergency or unexpected expenses they cannot afford on their own. If you are dealing with bills or debts you don’t know how to repay, CreditNinja may be able to help you out. Fill out our easy application from your computer or smartphone and see how much cash you could get today!


  1. More than 7 Million U.S. Households Have No Bank Account. Why? | U.S. GAO

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