Some of us like to make plans and budgets for everything. And nobody likes getting blindsided by unexpected expenses. However, despite our best efforts, financial emergencies do occur. It may take the form of a sudden job loss, an unexpected illness that comes with medical bills that need to be covered, or a broken-down car needing urgent repairs. Dealing with financial emergencies is never easy, even when you’ve prepared for it. And in the unfortunate event that you don’t have enough savings to see you through, you’d need an emergency loan.
Finding a loan willing to grant you that urgently needed cash can be a daunting task. And this chiefly goes double if you possess a bad credit rating. Hopefully, you don’t, though. But whether or not you do, you’re in the right place. We’re here to help you find the best emergency loans.
How do you know you’re dealing with a reputable and authentic emergency loan company? You don’t have to worry about it. We’ve researched, found the top emergency loan firms, and reviewed them. All you have to do now is relax and keep with us until the end of this article.
The Best Emergency Loan Companies
- Bad Credit Loans – Overall Best Platform For Emergency Loans; Editor’s Pick
- Money Mutual – Well Known Lender For Installment Loans
- RadCred – Get Short Term Loans With Low-interest Rates
- Funds Joy – Direct Lenders For No Credit Check Loans Guaranteed Approval
- Cash USA – Best Payday Loan Lenders For Cash Advance
#1. Bad Credit Loans: Overall Best Platform For Emergency Loans; Editor’s Pick
Whether or not it’s an emergency, it’s pretty hard to get a loan if you’ve got a bad credit rating. However, it’s doubly worse if you need that loan urgently. But as their name implies, Bad Credit Loans specialize in giving loans to clients with bad or zero credit. These clients would otherwise find it hard to obtain funds from banks.
The platform does not lend. Instead, it links borrowers with a network of lenders who offer loans. Despite this, the client still has no obligation to accept any loan with bad credit.
In addition to being speedy and efficient, BCL also does not charge the borrowers any service fees.
The ease of application and the minimal credit checks one needs to obtain a BCL loan are huge customer satisfaction sources. Additionally, the reviews on their website testify to the thousands of people the platform has helped.
In addition to lending services, BCL is involved in philanthropic activities and other key events. Furthermore, the news section of their official website offers information about current frauds. With this, clients can stay ahead of potential scammers.
Whatever your credit score, the company will work tirelessly to guarantee that you may always obtain a quick, easy and secure loan.
- Loan Tips: BCL’s official website offers links to articles that apprise clients of the best time to take out loans and how best to spend them. Additionally, there are also articles that inform on the best and fastest repayment plans.
- Variety of Services: The site features credit-related resources in addition to loans. These may refer to a variety of personal loans, such as business loans, mortgages, vehicle loans, and other types of funding.
- Option of Small Loans: BCL offers the lowest possible loan of all the firms on this list. Clients can apply for loans as small as $100. For instance, this may come in handy in situations where an urgent loan is needed for a small amount. However, the client does not want to take out a loan bigger than he needs or can afford.
- Security: The highly secure database encryption ensures that your personal data remains safe and in trusted hands.
- No Credit Requirements: As their name suggests, Bad Credit Loans offers loans to anyone regardless of their credit standing. So, don’t let your bad credit prevent you from taking out that loan you so urgently need.
- Perfect for clients with poor or minimum credit score
- Extended network of trusted lenders
- Speedy funds reception
- Unsubscribe feature
- Many financing options
- Strong and secure data encryption
- Unavailable in some states of the US
- Loans are not granted to unemployed persons
Customers generally have positive things to say about BCL, and they especially love the platform’s willingness to cater to people with bad or zero credit. Another thing customers find enjoyable about the platform is how easy and convenient it is to fill out the application.
#2. MoneyMutual: Well Known Lender For Installment Loans
MoneyMutual came into existence in 2010. That time, it has always had the goal of helping young Americans in times of financial crisis. It has also helped over two million Americans gain access to the emergency loans they need between then and now. The firm’s headquarters is in Las Vegas, Nevada. However, it has grown since then to reach a more nationwide audience.
To clarify, MoneyMutual is not a lender. Nor do they directly involve themselves in the lending process. However, their role is to facilitate the meeting between borrowers and potential lenders. Because they partner with over 900 lending companies, you’ve got various options to select from. Since it can be pretty tricky to find a reliable lender, they make the process more convenient for you.
Whether you have bad credit or good credit, MoneyMutual proves to be a reliable platform for getting the emergency loans you need. They have a solid track record of providing customer-focused services to Americans who may want financial assistance to handle an urgent expense.
The platform gives people the resources they may use to solve the money problems that life might throw at them. They also feel a duty to improve best practices and education in the short-term loan business.
MoneyMutual does not charge clients for using their platform. All that they require you to do is fill out an application. Afterward, they forward your application to the online lenders’ network for review. If the lender determines that you qualify for a loan, they grant it to you without further ado.
The loans granted range from $200-$5000 and are paid within 24 hours. Because of the short-term nature of the loans, they typically expect you to repay them when your salary comes in. However, the terms of repayment depend on the lender.
- Minimal Eligibility Criteria: You don’t need much to use the platform. You must be a US citizen over 18 years of age and earn at least $9600 annually. It should go without saying that you need a bank account too. Aside from that, some lenders may have a few other things they require to grant you the loan. We implore you to be honest on your application form, as lenders will not deal with shady clients. However, if they approve your application, you’ll be redirected to the lender’s site to enter into their contract.
- Seamless Application Scheme: This loan platform’s central feature is quick and easy financing. All of the lenders aligned with it process your application as swiftly as possible and provide a loan offer in a short timeframe. Compared to going to a bank, using MoneyMutual is far more convenient. Because rather than going out physically and filling out a ton of forms, you can apply for a loan from the comfort of your home.
- Positive Client Feedback: You can tell a lot about a company or service by getting feedback from the clients. And MoneyMutual certainly gets a gold star for customer satisfaction. With their minimal eligibility criteria, seamless application, and easy navigability, it’s not hard to see why. In addition to payday loans, Money Mutual also offers bad credit loans, cash advances, and installment loans.
- Millions of happy customers
- Reputable loan platform
- No requirement to accept loans that are not fit
- Speedy finance and approval
- No charges are required to use the service
- Topnotch database security and encryption
- Aided millions of people access quick loans
- Their site is easy to navigate
- Can’t be held liable for any issues that arise between the lender and borrower
- Only available within the USA
- Can’t assure that the lender will grant the loan
The customer reviews on MoneyMutual are mainly positive, with most customers praising the site for its ease of navigability, speedy delivery, and efficiency. They also expressed a sense of comfort and ease when using the platform.
#3. RadCred: Get Short Term Loans With Low-interest Rates
RadCred is a well-known and trusted payday advance company. They assess your information and choose whether or not to grant you based on their network of lenders and other third parties. You might be asking why we chose RadCred from among so many payday advance platforms.
RadCred’s lending network includes local lenders. It gives you the secure, simple, and rapid service you need to find the personal loan that’s the best fit for you. However, lenders may charge rates and fees above those state-licensed lenders offer. This is because federal and tribal regulations govern them rather than state law.
RadCred’s service is greatly preferred by users who hold poor credit history and seek short-term loans to meet their urgent money needs. This platform has functioned for more than two decades and has ample experience in the credit sector. Despite cutthroat competition over the years, they manage to remain on top.
The application process is quick and simple enough to only take a few minutes. Additionally, RadCred, like the other platforms on this list, does not charge borrowers for their services. Instead, they make their profits from the lenders. Anyone who meets the basic requirements stands a good chance of getting a loan. However, that is still not a guarantee that you will get it.
A customer must be at least 18 years old to receive a RadCred loan. Furthermore, you must be receiving a pension or earning at least $1000 per month in some manner. Finally, you must have a Social Security Number to establish that you are either an American citizen or a country’s permanent resident.
Their official website is riddled with a slew of positive reviews as a testament to customer satisfaction.
- Security: RadCred uses high-level encryption to secure your data so that it stays confidential between you and your lender.
- Basic Requirements: RadCred’s loan eligibility conditions are pretty basic. To qualify for a RadCred loan, the client must be above 18. Furthermore, you must be earning a pension or employed in some capacity with a monthly income of at least $1000. Finally, you must possess a Social Security Number to prove that you’re a US citizen or permanent resident.
- Wide Range of Loan Options: RadCred offers its clients a wide range of loan options. Whether you require a large loan or a small one, they’ve got you covered. You’re allowed to take out loans as small as $500 or as high as $35,000. However, the lenders in our network decide the exact amount a client can qualify for based on a number of factors.
- Easy Application Process: The application procedure is quick and easy, and you can complete the form within minutes. The best part is that you don’t need to offer up any collateral before receiving the loan.
- Smooth and speedy application process
- No collateral or guarantor needed
- Good for clients with fair credit score
- Loan amounts can be as high as $35,000
- Flexible loan terms
- Accessible from all 50 states
- High interest rates
- Applications require more personal information
Customers appear pleased with how easy it is to acquire a loan through this service, which only requires a few credit checks. Furthermore, filling out the site’s form simply takes a few minutes, which only adds to how easy most individuals find this service.
#4. Funds Joy: Direct Lenders For No Credit Check Loans Guaranteed Approval
Funds Joy came into existence in 2008 and helps clients obtain personal loans for emergency situations. Like its competitors, Funds Joy is not a lender. Rather, it serves as a meeting point between borrowers and lenders, helping them find each other. Of course, Funds Joy does not charge its borrowers for the service it renders.
Their credit requirements are low enough to welcome even clients with poor credit scores. This platform also provides info on loan principal, potential costs, and how to keep safe while taking out loans online. Funds Joy solely works with lenders who are law-abiding and are legally permitted to lend money to people. Consequently, this ensures that their lenders are ready to make a loan offer to almost anyone. They make every effort to develop a network of only reputable partners to ensure that you, the client, receive high-quality services while putting nothing at risk.
Funds Joy offers loans ranging from as low as $200 to a maximum of $5000. The application is also swift and easy to complete. Completing a loan form online, browsing through the different lenders, and consenting to the terms once a lender grants your request are all part of the application process. Because the procedure is completely online, you may easily close the deal digitally. By doing so, you dispense with the time-consuming paperwork associated with regular bank loans. Before the next business day, you’d receive your money from the lender.
- No Service Charge: Funds Joy does not make their profit from their clients. Because of this, they do not charge the borrowers for the services offered by the platform. Instead, Funds Joy deducts a percentage from lenders for each successful application. They link you to scores of lenders without charging you anything for their referral service.
- Minimal Loan Option: With an upper limit of $5000 and a lower limit of $200, Funds Joy operates within the lower range of loans offered. Admittedly, their low upper limit might be an issue if you need to take on a more substantial loan. However, their low lower limit presents a good opportunity for those seeking to borrow small amounts and to avoid taking loans higher than they need.
- No Need For Credit Scores: Funds Joy offers services to clients with bad credit scores. In fact, a good number of their lenders do not even bother checking credit scores before offering loans to prospective clients.
- Simplicity: The platform’s three-step application approach is simple and convenient. The platform’s services are also simple to use and dependable at the same time. Furthermore, there are no loan approval criteria, so applicants of all financial standings are welcome to source for loans on their platform.
- Transparency: Funds Joy promotes utmost transparency in addition to its simplicity. The firm takes pride in providing services that are both free and transparent. In spite of the fact that it serves as a broker between the lender and the borrower, the firm does not charge clients any fee to use its services. It also allows you to see several lenders’ fees and interest rates before accepting a loan offer. Of course, being open aids you in finding the ideal offer for your financial needs.
- Doesn’t charge clients for their services
- No hidden charges or fees
- Receive loans within 24 hours
- Option to compare offers before accepting
- Smooth application with free forms
- No obligation to accept any loan
- Only available to US citizens living within the States.
- The maximum loan amount is only $5000
- No guarantee of loan approval
The minimal loan option is a massive source of client satisfaction. They’ve praised how it’s prevented them from taking out loans bigger than they require. The speed of delivery of the loans has also been touted as a lifesaver.
#5. Cash USA: Best Payday Loan Lenders For Cash Advance
Cash USA has been one of the most dependable suppliers of personal loans in the United States for quite a long time. It links you with a reputable lender without charging any upfront costs as a free loan service. Whether you have a debt to pay off, a home to remodel, or a vacation to take, Cash USA has you covered. Regardless of your credit standing, Cash USA is almost assured of connecting you with a lender who is willing to help you out. Furthermore, this site provides loans that are sometimes twice the normal amount of other guaranteed approved bad loan businesses.
This platform makes the borrowing process easier and comfier for you so that you can obtain the funds you need to meet sudden expenses in a flash. Cash USA accomplishes this by offering a simple and quick lending approach throughout. To begin with, the application form is really simple to fill out.
The lenders on the platform are unconcerned about your reason for applying for a loan. The lender may, however, require extra information after receiving your request. They use the information to determine if they will loan you the money.
Since many people are cagey about taking out a loan, Cash USA has created an informative section. Here, anyone can learn more about the benefits of simple online lending. As technology improves and everything becomes more available online, this platform employs stringent security measures to make the procedure safer for even the most skeptical of customers.
Cash USA cautions its patrons to be responsible when it comes to repaying their loan rates, as any reckless behavior carries severe consequences. Their headquarters is located in Las Vegas, Nevada.
- Variety of Loans: Cash USA provides loans for a range of reasons, including emergencies, auto buys, auto repairs, credit card debt markdown, tax relief, and weddings. A loan for a large purchase, a school loan, a medical expense, rent/mortgage, a trip, or a business can also be obtained.
- Timely Loan Disbursement and Repayment: We’ve already explained how simple it is to take out a loan from Cash USA. Similarly, loan repayment is just as easy and convenient. When the time comes to repay, lenders can digitally withdraw their money from the account they deposited it into. In the event of a shortage of funds with which to repay, make sure to contact your lender ahead to request an extension. Most lenders are likely to oblige to avoid hurting your credit score.
- Good Customer Service: The lending network features a 24-hour customer support unit ready to respond to users’ questions. It has a simple contact form where you can send your queries to a customer service professional. Cash USA may not be able to address queries about your loan or repayment accords that are directly related to your lender. Nonetheless, it will provide you with any more details on the loan procedure that you may want. During business hours, you may also reach the network during business hours by calling its toll-free number or sending an email.
- Payment within one business day
- Speedy processing of loans
- Transactions are secure
- Offers are flexible
- Readily accessible customer care
- Higher interest rates for poor credit clients
- The application process is relatively longer
- Does not offer loans above $10,000
Clients love the smoothness of the platform and its interface, and the flexibility of the loans it offers is another selling point. They are also pleased about not having to offer up collateral before getting a loan.
Essential Factors to Consider When Choosing an Emergency Loan Company
There are a lot of essential factors to consider when choosing an emergency loan company. However, we’ve helped you compile a list of the most important ones.
- Company Reputation
You can discern a lot about a company’s standard of service by its reputation. Companies that maintain clean reputations tend to last long in their field of business.
All of the platforms listed above have managed to maintain excellent reputations over the several years they’ve been active.
- Eligibility Criteria
Not everyone who applies for a loan receives approval for it. However, to qualify for consideration, you have to first meet the platform’s criteria for eligibility. The eligibility criteria exist to gauge how adept you are at repaying the loans. So, to avoid wasting your time, we advise you to seek out a loan firm whose criteria you’re eligible for.
- Loan Terms and Rates
Upon finding a suitable platform and matching with a lender, you will have the opportunity to look through the loan terms before accepting a loan. Ensure you scrutinize the offer, rates, fees, terms and conditions involved before you consent to anything. The whole while, keep in mind your financial abilities.
- Your Financial Standing
Lenders normally add up all of the interest rates and costs and split the complete loan amount into monthly installments. Some loan sites have a lower monthly income threshold so that lenders can be certain that you will be able to repay the loan. You should only take payday loans for emergencies and never as a long-term financial answer. If your credit is lacking, we suggest that you seek financial counseling.
- Current Market Interest Rates
Taking the first offer that comes your way is a bad idea. Browse the websites of loan aggregators and conduct some research. Also, read up on the current market rates and compare them against what your lender is offering. It will be easier for you to find the most cost-effective rates.
- Your Sources of Income
One of the most vital things the lender wants to know about is your income. This is because your level of income decides how able you are to repay the loan. For this same reason, you should be more concerned with your income than the lender. So, before applying for a loan, add up your sources of income to figure out if you can afford to repay the loan as required. Some lenders count your partner’s salary, alimony, and Social Security as valid sources of income.
- Your Ability to Repay
It’s generally a bad idea to take out a loan that surpasses your financial means. Avoid it where you can. After taking out a personal loan, it is good to limit your monthly budget and avoid excessive expenditure. Estimated Monthly Income (EMI) payments will be less stressful because of this. At any time, it is not a good idea to commit more than half of your income to your EMI.
- Customer Support
This is an often underrated one. But before choosing a loan platform, ensure that their customer service is good. While customer service may not seem vital in the early periods of your loan, it might be crucial if you have payment troubles or endure financial hardship down the line. Make sure to look into the lender’s customer service resources and also read reviews from both previous and current clients.
How to Get an Emergency Loan
With the prevalence of online platforms, getting an emergency loan is easier than ever. However, there are some things to keep in mind and steps to take.
- Select a Suitable Lender
Before you apply for a loan, ensure to do your research. Find out which platforms you can trust and, if possible, which lenders too. Inform yourself. There are a lot of scams out there pretending to be loan sites. So, only trust reliable, tested, and trusted platforms.
- Go Over Your Credit Score
Your credit report is likely to contain errors, so ensure to go over them to spot and correct any errors before requesting a loan. You can find your credit report online without much effort.
- Compare Interest Rates
Don’t jump on the first lender who makes you an offer. Instead, explore your options and take some time to compare and contrast the interest rates they all offer. Try and get a pre-approval so you can see the interest rates they would charge you. Finally, go for whatever works best for you.
- Plan a Budget
This can’t be overstated. Having a budget will help you make smart repayment choices to avoid hurting your credit score. With a budget, you should also be able to plan for the lifestyle changes that you’ll have to make to accommodate your repayment.
- Pay on Time
Finally, always repay on time if you can help it. If, for whatever reason, you would be unable to repay on a given due date, try to give your lender prior notice so that they know what to do about it. Failure to pay on time tends to attract charges and penalties and will affect your credit score too.
Alternatives to Loans For Bad Credit
If you’d rather not take out a proper loan, there are a few other options you can choose from.
Your personal savings should always be your first resort for any financial situation. You don’t have to worry about paying yourself interest unless you want to. However, savings might just not cut it in some situations. If they did, then loans wouldn’t be a thing.
- Friends and Loved Ones
If you still need to borrow but you’d rather not deal with interest or risk hurting your credit score, a quick and easy option is to ask your friends or loved ones to lend you the money. However, the informality of the loan should not prevent you from repaying it on time. While failure to do so won’t affect your official credit score, it risks straining or damaging your relations with your friend or loved one.
An easy way to afford the money you need for an expense is to make a budget. This way, you can avoid dipping into your savings or accruing interests. While a budget is less suited to financial emergencies as it requires prior planning, you can simply take the money from your savings and make a budget to replace it.
FAQs About Short Term Loans
- Can I apply for a loan using my spouse’s income?
It depends on the loan you want to apply for. Most lenders grant you the option to include your spouse’s income on your loan application form. However, if you’re trying to take out a personal loan, then the answer is no.
- How would an emergency loan affect my credit score?
If the lender only performs a cursory credit check, requesting emergency loans will not impact your credit score. On the other hand, receiving a loan offer from a lender is likely to affect your credit score. But like with regular banks, getting the loan will increase your unpaid debt, and consequently, your credit rating will decrease.
If you have a good and timely track record of repaying loans and if you keep your debt low, your credit rating will be only mildly affected. Furthermore, your credit score will go up if you pay back early. You stand a better chance of getting higher loans with a higher credit score.
- What’s the minimum credit I need to qualify for an emergency loan?
The lowest credit score you need in order to receive a loan varies per lender. Most banks typically require a credit score of no less than 600.
All the platforms we listed above will still grant you a loan even with a low credit score. However, please note that your chances of getting a loan increase by a lot if your credit score is above 620. Additionally, you’ll also be able to borrow higher amounts with competitive interest rates.
- What is the highest amount I can borrow with a poor credit score?
Some online lending platforms can lend you up to $25,000 even with bad credit—for example, the ones listed above. However, to avoid having trouble repaying, you should not borrow more than the amount you need. Bear in mind that bad credit loans charge higher interest rates.
Conclusion: Get Emergency Loans For Bad Credit
Because savings are not always enough, you may sometimes need to take out a loan to pay for a sudden expense. And getting a loan is not easy, especially if you have bad credit. Luckily, the above platforms are willing to help connect you with a lender who’s willing to loan you the money you need, even with bad credit. They also provide you with quality financial management information to help you improve your knowledge.
However, make sure to borrow wisely. Be astute and cautious. Before taking a loan, lay down a repayment plan, and don’t borrow more than you need. Because these loans have such high-interest rates and costs, you should only use them as a last resort. Prepare your funds and learn how to handle them.