VergeCredit Review 2022

Last Update: July 2, 2022 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 – $5,000 0 37% – 92%
OppLoans $500 – $4,000 0 59% – 160%
BadCreditLoans $500 – $10,000 0 5.99% – 35.99%

As we see, in the space of alternative payday loans, we definitely can say that VergeCredit can be considered as an even slightly improved lender. When people apply at VergeCredit, the lender will evaluate our credit risk will give an offer, ranging between APR of 37% to 92%.  People with better financial and credit backgrounds should expect lower APR and higher amounts.

In the table, there is only one exception – BadCreditLoans. It’s a type of personal loan, working with people with bad credit. The company can’t be considered an alternative payday loan.

Let us tell you again!

Alternative payday loans are only for people that have absolutely no other options. Most people getting payday loans and alternative payday loans have timed better options, but they don’t know about them because they don’t try.


Before you move on with alternative payday loans, try all options. In our bad credit loan guide, we discuss them.

We also recommend checking all personal loans bad credit at our EPF Marketplace.

How to Apply for VergeCredit?

Verge Credit’s lending process is entirely online. First, people have to apply to receive personalized loan offers based on their creditworthiness.

Verge Credit’s lending decisions consider several factors, including your credit score, history, and income. Applicants need to be at least 18 years old (19 in Alabama and Delaware) and provide the following details:

  • Checking account info
  • Income information
  • Social Security number
  • Monthly rent or mortgage amount

Is VergeCredit Legit, or is it a Scam?

VergeCredit is a legit lending company. There are no indications to say that it is a scam. Now, what’s specific to alternative payday lenders is that there are states that regulate loan terms. And if a payday lender wants to operate legally in this state, they have to change their terms if they cross the law. For example, if you live in a state that limits their APR to 100% and the amount allowed to $1,000, alternative payday loans like VergeCredit, offering higher values, have not to operate or change their terms the specific state law. If not, then the lender will not be legit.

But there is one problem with VergeCredit that we have. There is one missing element.

One of our main factors to rank companies at our site is people’s feedback. ElitePersonalFinance lists and reviews only lenders that are trusted. VergeCredit is a relatively new lender, and we don’t have a lot of feedback for them. And at this time we don’t have a lot of them.

However, VergeCredit partners with companies with significant trust in the lending business.

We still decided to list the company because it is a good comparison. After all, there are not many options. Because of the increased interest in people, asking us about this company.

Please help us with your feedback about this company.



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