Sudden events such as accidents or bouts of illnesses leave the victim in immediate need of money. The solution to which is procuring an emergency loan. Emergency expenses may also leave the client with bad credit. Obtaining emergency loans with bad credit may seem like an impossible task. Although many online platforms now give out such loans.
When looking for an emergency loan the most important thing is speed. You want a loan as fast as possible. This is why online platforms have an unbeatable edge. Instead of visiting lenders one by one with one loan request you are connected to multiple lenders. Online platforms save your time and energy as they are quicker and more convenient. Some lenders also offer secured personal loans that are backed up by personal assets like automobiles, stocks, and real estate.
The client must visit these sites and fill out a form to utilize these online platforms. The form will ask for various personal details which may differ depending on the website. When the client submits the form every lender on the site has access to it. These lenders then send requests and the client picks the most suitable one. In this way lenders compete for a customer’s business which may encourage them to offer better terms as well. The sites we recommend are:
2022’s Top 4 Payday Lenders For Emergency Loans:
- MoneyMutual – Overall Best Emergency Loans For Bad Credit With Guaranteed Approval
- FundsJoy – Most Popular Same Day Loan Lenders With Quick Approval
- BadCreditLoans – Top Direct Lenders Of No Credit Check Loans Online
- CashUSA – Best Reliable Brand For Fast Cash Loans With Instant Transfer
- PersonalLoans – Recommended Personal Loans For Short-Term Payday Loans
The four platforms you should visit if you need emergency loans and have bad credit are :
#1. Money Mutual – Overall Best Emergency Loans For Bad Credit With Guaranteed Approval
A platform that began operating in 2010 Money Mutual has been offering loans for over a decade. They have already amassed around 2 million customers on their site. The founders took advantage of the rise of the internet and technology and used it to link borrowers to multiple lenders on one site. Plus it is a free site so not only does it save time but it also saves money.
Money Mutual has over 2 million customers using its site. The reviews it has received are mostly positive. They show that Money Mutual is a reliable business and quick at processing applications as well as transferring money. People appreciated the addition of educational resources which were very helpful for people with no background in finance or loans.
Negative reviews were about some lenders charging very high interest rates. This was because Money Mutual has no fixed interest rate.
- Money Mutual runs and makes a profit by charging lenders money in return for bringing them new customers
- The client or the borrower goes to the website and fills out a form
- The form will ask for personal details which include but are not limited to, name, address, ID and military status plus it will also inquire after your salary as an income of at least $800 is needed to obtain a loan through Money Mutual
- After submission the form is forwarded to every lender on the site (Money Mutual has over 60)
- The client can trace your submission’s progress on the website they will receive a notification if a lender extends an offer
- The client can go over the offer at their leisure and negotiate further or go with another offer
- Money Mutual is a free site for borrowers
- People with any credit scores can apply for a loan
- The application form takes a maximum of 5 minutes to fill
- The website is easy to navigate
- There is no minimum credit score requirement
- The website is secure any information you enter is protected
- There are educational resources on the website to help people with no financial background understand what they are signing up for
- The amount borrowed is transferred to the client’s account within 24 hours
- Benefits such as pensions and disability checks are accepted as income sources
- There are over 60 lenders on Money Mutual, so the chances of you finding a satisfactory lender to work with are quite high
- If the client has a history of regular on-time payments, some lenders at Money Mutual decrease the interest rate
- Clients can improve their credit scores via on-time payments as lenders report them to credit score bureaus
- The applicant must have a regular monthly source of income
- The applicant’s monthly income must exceed $800
- Money Mutual only provides loans up to $5000
- As there is no fixed interest rate, lenders can charge as high rates as they like
- The applicant must be a US citizen
- Money Mutual does not work in New York or Connecticut
#2. FundsJoy – Most Popular Same Day Loan Lenders With Quick Approval
FundsJoy was founded in 2018 and is still in its early stages. It assists borrowers in obtaining loans, whether emergency or otherwise. They accomplish this by connecting them to multiple lenders at the same time. Following that, the lenders compete for the borrower’s business. FundsJoy serves the same purpose as Money Mutual and Bad Credit Loans. On their website, FundsJoy provides access to a variety of loans. Payday loans, bad credit loans, and cash advances are some of the most common.
FundsJoy processes applications and sends money to clients quickly. It is by far the best bad credit loan lender in the United States. On their website, you can apply for a loan of up to $5,000 with no minimum eligibility requirements. To apply on FundsJoy, you must be a US citizen, over the age of 18, and have a bank checking account.
In fact, FundsJoy enables you to obtain a variety of loans and negotiate terms and conditions with lenders. Payday loans, emergency loans, installment loans, and many others are examples. Furthermore, you can apply for as little as $300 or as much as $5000.
Aside from that, the organization works with people of all credit levels, including those with bad or no credit. This is a website that helps clients with bad credit find the best rate by comparing multiple offers from different lenders and banks.
- To apply for a loan on Cash US the client must fill out the form on their website
- To meet your security requirements, FundsJoy built a secure and safe interface.
- Customers appreciate FundsJoy, which makes it the top platform for bad credit loans in the United States. Their application process is simple to implement and takes about 5 to 10 minutes.
- FundsJoy loans up to $5,000 to $35,000 in some cases
- FundsJoy is a completely online service with no set hours. They are dedicated to assisting each application at all times
- Most lenders charge interest rates between 5.99% and 24.99%%
- You can ask the lender for an extension if you are unable to adhere to the repayment schedule
- FundsJoy provides excellent services with customer satisfaction as their top priority
- The annual percentage rate (APR) often ranges from 300 to 400 %, with additional fees to match.
- You must have a stable monthly income of $800 or more to apply for a loan on FundsJoy.
- Customers need US citizenship to use FundsJoy
#3.Bad Credit Loans – Top Direct Lenders Of No Credit Check Loans Online
Bad Credit Loans serve as a bridge between lenders and borrowers. Its operations are rather similar to Money Mutual. Bad Credit Loans itself does not lend you any money but forwards loan requests to those who can. The website operators have no say in which loan the client chooses or what its repayment terms are.
As the name implies Bad Credit Loans are very lenient to those with bad credit scores and those who are not doing well financially. It allows almost everyone to apply. Bad Credit Loans is known for giving loans even to those previously turned away by banks and other lending platforms.
It also has lenders offering unsecured loans at hand. An unsecured loan has no collateral on the line if the borrower cannot repay the amount borrowed. Unsecured loans make people doing badly financially feel more at ease in obtaining a loan. They will not lose anything valuable if they are unable to pay it on time.
Customer Reviews reiterated that Bad Credit Loans was willing to loan to those with bad credit scores when no other businesses were. They processed submissions quickly and were also quick in sending money. Customers particularly appreciated the option for unsecured loans as it helped them feel less worried.
- It is a site whose purpose is to bring potential new customers for lenders and find people willing to give loans to borrowers
- The borrowers must visit the website and fill out a form
- The form will ask for general details such as name, proof of US citizenship, the reason for borrowing money, the amount you will borrow, whether you are in the military, your residence, whether you own your house, how long you have lived there and place of employment.
- The lender must carefully go through the terms and conditions of the form including the fine print before submission
- The client can track the progress the application makes through the website
- If the client is unable to stay online and continuously monitor the application they can give the site their phone number so Bad Credit Loans will notify the customer via text if there are any updates
- When a lender offers a loan to a client the client should go through all the repayment terms especially the interest rate, and as Bad Credit Loans has a fixed range of 5.99% – 35.99% so the interest rate will lie between these limits
- If the client finds the lender’s terms to be acceptable then an electronic contract is signed
- The amount borrowed is sent to the client’s account within a day depending on the mode of transfer
- Bad Credit Loans charges borrowers nothing
- The application form is quick to fill out
- Clients can reach multiple lenders by filling out one short form
- Clients can loan up to $10,000
- Loan terms last from 3 months to 5 years which is enough to pay off a loan
- Interest rates have to be between 5.99% and 35.99%
- Bad Credit Loans can refer clients to credit repair services
- The site has lenders willing to give out unsecured loans
- The site has lenders who may take into consideration loaning to those with recent bankruptcies
- They protect your information with data encryption technology
- Benefits are accepted as an income source
- The BBB does not accredit it
- Bad Credit Loans are only for US citizens
- Bad Credit Loans require applicants to have a regular source of income
- Bad Credit Loans requires applicants to have a checking account in their name
- Bad Credit Loans asks for more personal details as compared to other businesses
- The client’s details may be shared with finance-related companies, or you may get ads about them
- People with utterly abysmal credit scores might only get loans of $1000 or less
#4. Cash USA – Best Reliable Brand For Fast Cash Loans With Instant Transfer
Cash USA was established recently in 2015. It helps borrowers obtain loans, emergency or otherwise. They do so by connecting them to multiple lenders at once. The lenders then compete for the borrower’s business. Cash USA plays the same role Money Mutual and Bad Credit Loans do.
Cash USA has over 1 million users with customers finding Cash USA very reliable for small loans. As it has no fixed interest rate lenders can charge high rates. Hence people prefer using it for small immediate loans. A high interest rate will not affect a low loan as much. Cash USA is quick in processing applications and in sending clients the money.
One complaint customers voiced was that Cash USA sends many emails to your address. The steady stream of incoming emails annoyed the users. However you can turn off notifications for those and ignore them.
- To apply for a loan on Cash US the client must fill out the form on their website
- The form has two parts so in the first section you state your name, email address, military status and the money you want to borrow
- In the second section you have to give your social security number, phone number, residence, employer contact and bank details
- It costs nothing to use Cash USA
- Cash USA loans up to $10,000 starting from $500
- Repayment terms can last from 3 months to 72 months
- Most lenders charge interest rates between 5.99% and 35.99%
- You can ask the lender for an extension if you are unable to adhere to the repayment schedule
- The site is secure
- Cash USA has an education center on its site that helps users manage their finances and budget there are financial advisors available in case customers would like to consult with a professional
- The BBB does not accredit it
- Cash USA’s form asks for more personal details than other forms
- Customers need US citizenship to use Cash USA
#5. Personal Loans – Recommended Personal Loans For Short-Term Payday Loans
Yet another business that helps bridge the physical gap between lenders and borrowers using the internet is Personal Loans. It was founded in 2001 which means it has been in the business for over 2 decades and was one of the earliest online lending platforms.
Customer reviews showed Personal Loans’ flexible repayment terms are satisfactory. Customers were appreciative of Personal Loans providing high loans at low interest rates. The review stated that money was transferred to their accounts quickly as well.
- The customer must fill out the form on the website of the personal loan to get started
- The form will ask the customer for basic information needed to get a loan but in this case, there is a difference that instead of just asking for personal details, Personal Loans lets you know why they need the information they ask for in every step, this is a testament to the site’s credibility as they do not ask for any useless details.
- When clients begin to receive offers from lenders they can go through them all and select the one with the best repayment terms for them
- If none of the offers are to the client’s liking then Personal Loans has the option to work with third-party lender networks and after the customer makes a decision the money is sent to their account within 24 hours
- If they accept the offer, they will be given a loan agreement outlining the loan amount, APR, and terms.
- The customer will repay the amount according to the schedule agreed upon between them and the lender however if they are unable to do so then a new schedule can be worked out with the lender
- Personal Loans is a free service for borrowers
- You can borrow up to $35,000 which is a high amount
- The interest rate will not be higher than 35.99% as there is a fixed range of 5.99% – 35.99%
- Personal Loans does not inquire about the purpose of the loan
- Repayment dates can be re-scheduled
- Personal Loans give customers between 3 months and 72 months to repay the amount plus the lender will decide the exact period
- Personal Loans inform customers what the information they are giving up to the site will be used for and why it is necessary for the lender to have it
- Personal Loans does not ask for all of the customer’s details until they contact lenders and finalize a deal with them thus their information only goes out to people they have agreed to work with
- Customers can work with third-party lending networks if they do not receive any suitable offers
- Anyone with current or recent bankruptcies is not eligible for a loan
- Anyone in debt, which encompasses their income is not eligible for a loan
- Customers must have a checking account to apply for a loan
- Customers may have trouble getting a loan if they have a history of late payments
What We Looked For While Choosing Emergency Payday Loans Online?
This article addresses two primary concerns including emergency loans and bad credit. So firstly it had to be ensured that the companies showcased in this article were quick in every step of the loan process. And that they were willing to loan to people with bad credit scores. All the businesses in this list have easy and short application forms which take 5 to 15 minutes to fill. Lenders start contacting you shortly after your submission and when you decide on a lender the amount is transferred to you within 24 hours.
The companies are willing to loan to those with bad credit and help them improve credit scores. They do this by making reports to credit score organizations on timely payments. Some of them have options for unsecured loans and some have third party lender networks the client can use if no offer they receive is feasible for them. Other factors that were considered are:
- Cost of using these Platforms
As this article aims to help those in need of emergency loans with bad credit, it was ensured that all the sites we handpicked charged the borrower nothing. They make a profit by charging the lenders for bringing them to potential new customers. The borrower can fill out a form and go through all the offers they get without having to pay anything.
Most of the platforms selected operate all over the United States. With the exception of Money Mutual which is unavailable in New York and Connecticut.
- Eligibility Requirements
The eligibility requirements vary from site to site. None of these sites have imposed a credit limit so people with all kinds of credit scores can apply. To be eligible you must
- Have US citizenship
- Have a regular monthly income (some sites or lenders may have imposed a limit you must meet)
- Have a checking account opened in your name
- Interest Rate
The sites in the list have fixed interest rate ranges the lender must work within or they do not have any limits and let the lender decide on the interest rate. Platforms that implemented high interest rate ranges were not included to make repaying borrowed money as easy as possible for the client. Furthermore, a local credit union with which you already have a relationship may be more willing to extend you a negative credit loan because of your existing relationship.
- Amount you can loan
Emergencies can leave you in an immediate need of different amounts of money. It depends on how severe the emergency is. Therefore we had to make sure this article could assist those in need of both smaller and larger loans. The lending platforms we listed offer loans from $500 to $5000 and $5000 to $10,000. Plus for very large amounts even $5000 to $35,000.
- Repayment procedure
There are 2 repayment procedures both covered by the businesses in this article.
- Payday loans which are usually high interest loans for smaller amounts have a shorter loan term and are paid back in full (principal + interest) at the end of the loan term
- Installments which are usually for larger amounts do not charge as much interest and money is paid back in a series of payments evenly distributed throughout the loan term
- Loan term length
Loan term determines how long you have to pay back your loan. And whether it’s a payday loan or an installment loan. Usually, repayment length falls between 3 months and 5 years.
- Customer reviews
The best way to gauge how well a platform is at doing its job is to look up the feedback it has received from previous users. We checked what customers had to say about the sites we included in our list.
Buying Guide: Best Instant Loans For Fast Cash
When you have gone through this article you will be wondering which of the four sites to keep as your first option. The first two things to consider are
As this article is about emergency loans thus speed is of the utmost importance. The website must have a short form and lenders must contact the applicant quickly. Then the money must be transferred to the borrower’s account as soon as possible.
Fortunately all the websites in this article are swift in all 3 stages. The length of the forms ranges from 5 to 15 minutes and lenders contact soon after submission. Bad Credit Loans even texts you if there is any progress on your application. The money is usually transferred to the customer within a day.
- Stance on bad credit:
All the platforms featured in this article have a lenient stance towards people with bad credit. People with all types of credit scores are welcome to apply on all of them. Repayment terms generally depend on the lender and not on the website. People with bad credit are more likely to receive high interest offers. Your credit score and history are used to determine eligibility, interest rate, and loan amount for an unsecured personal loan.
You do need to undergo a credit check as the lenders you are working with will not be local lenders. Lenders willing to forego credit checks will charge a higher interest rate to make up for it.
Other factors to take into account to shortlist your options to 1 company:
- Amount to be borrowed
- If the amount you want to borrow is less than $1000 then your options are Money Mutual, Bad Credit Loans and Cash USA as personal Loans only provide loans greater than $1000
- If the amount you want to borrow is more than $5000 then your options are Bad Credit Loans, Cash USA and Personal Loans as Money Mutual only provides loans up to $5000
- If the amount you want to borrow is more than $10,000 then your only option is Personal Loans as Bad Credit Loans and Cash USA both loan up to $10,000 while Personal Loans loans up to $35,000
- Interest Rate
The interest rate determines the extra money the customer will pay apart from the principal (the amount borrowed). Therefore it is paramount to work with a lender offering decent interest rates. While lenders on Money Mutual can charge as high rates as they like, platforms like Cash USA and Personal Loans require lenders to keep interest rates between 5.99% and 35.99%. Bad Credit Loans does not have any limit but lenders stick to rates between 5.99% and 35.99%.
All these sites protect the user’s information through encryption. But Personal Loans has the edge in this category as they only give detailed information to those lenders the client has decided to work with. Personal Loans also does not inquire after the reason you need the loan.
- Fast Approval
When you send the form to the site you start receiving requests very soon. A lot of lenders grant you approval on the day you submit your application. Others pre-qualify you instantly and then wait to grant full approval once you complete the online paperwork. Which takes around 60 minutes to do. If you fit into this category, you will receive instant loan approval and your emergency loan will be in your bank account within 24 hours.
FAQs Regarding Loans For Bad Credit
Q1. Can I get scammed on these platforms?
As these platforms do not loan money themselves but connect you to those who do, it is possible a scammer may extend an offer to you. The websites themselves warn you against scammers so keep an eye out for suspicious lender activity. Not only that, but by reporting your timely monthly payments to credit bureaus, these platforms can help you work your way up to a good, if not an excellent, credit score.
Q2. How do I recognize scammers?
There are a few ways to identify scammers.
- Firstly they do not ask you for detailed information on your finances
- Secondly they keep pestering the borrower to make a deal with them while professionals do not behave this way.
- Thirdly they offer very low interest rates even to those with bad credit scores so that they can entice them into making an offer with them as quickly as possible
- Lastly they ask the borrower to give them an advance payment which professional lenders do not do, instead they send you the money which you repay later with interest
Q3. What is a good credit score?
The credit score scale goes from 350 to 850. A score of 750+ is regarded as an excellent score while a score of 700+ is a good score. A score of 650+ is a fair score and scores under 650 constitute a bad score. Therefore if your score falls in the last category your goal should be bringing it as near the fair category as possible.
Q4. How do I obtain my credit report?
Visit http://www.annualcreditreport.com/ and get your credit report free of cost. It contains a history of all your loans debts and whether you were on time in repaying them. These loans can be from banks, the government or any other organization. You can go through it and see if you can improve on anything.
Q5. Should I opt for payday loans or installment loans?
You will have to decide that yourself depending on your financial situation and the money you want to borrow. We recommend that users choose the one with the lowest annual percentage rate, which includes both interest and origination fees.
- Payday loans involve small sums of money and are paid back in bulk within a few weeks so they are usually high interest loans
- Installment loans involve large sums of money and are paid back via a series of payments extending over a long period of time, plus since their length is longer they charge lower interest
Payday loans are good for those whose monthly incomes or savings can cover the amount they borrowed. If you would like to get out of debt as quickly as possible then opt for payday loans. Although wanting something is not the same as being capable of doing it. If there is the slightest possibility you will not be able to pay the loan back in such a short period of time then do not opt for payday loans. After approving a loan application, most emergency lenders deposit loan proceeds into the borrower’s account within a few business days.
When you are unable to meet the deadline payment for loans then lenders may give you an extension but at the cost of high interest fees payments. Therefore in cases of uncertainty go for installment loans. They can extend to years and you only have to pay a small amount out of your income every month (or every other month depending on the repayment terms).
Of the platforms listed above Money Mutual is good for payday loans as it offers small loans only up to $5000. The other businesses loan up to $10,000 and $35,000 so it would be advisable to go for an installment loan with these large amounts. However it all depends on your monthly income, expenditure and savings. If you can afford a payday loan then there is no reason why you should not take it.
Conclusion: List of Online Lenders for Fast Cash
You may worry that finding an emergency loan lenders with bad credit is a near impossible task. Not only do you need to get approved despite bad credit but you also need to receive funds very quickly. However it is not as difficult as it seems. There are plenty of businesses online that are willing to loan to people with bad credit and quickly send them the money.
Online businesses are perfect for an emergency loan as you reach various lenders by submitting your information once. You do not have to repeat the process with each lender. Therefore do not be too stressed. Get your documents in order and start applying. You are bound to find a bargain on one of these sites.