No matter how much you plan for financial expenditures and run a budget-friendly analysis of all provisions, unforeseen circumstances can always hit you up, leaving you puzzled as to how to come out of the quagmire as soon as possible.
Here is when emergency loans come into play. An emergency loan is an immediate transfer of cash within a day or two to help you get through adverse situations. Like other direct lender payday loans, it comes with its interest rates and other terms and conditions. But, what if you are already suffering from bad credit?
The process of borrowing a personal loan gets difficult when you have the added complication of bad credit. History of not paying off loans on time or unstable financial conditions that seem too risky can make this process a lot arduous than it already is.
But, do not worry. We have compiled the best emergency loans that offer low-interest rates, convenient user policies, immediate cash transfer facilities, and other commodities that help you in time of need despite a history of bad credit. So, let us dig into the list.
List of the Best Emergency Loan Lending Portals for People With Bad Credit
- MoneyMutual â Overall Best Emergency Loans For Bad CreditÂ
- BadCreditLoans â Best For Bad Credit LoansÂ
- CashUSA â Easy And Fast Cash AdvancesÂ
- PersonalLoans â Low Interest Rates For Personal LoansÂ
- CreditLoan â Popular For No Credit Check Loans
Note: By calling these platforms âloan-lending,â we are not inferring these websites will directly lend you money. They just work to connect to you many lenders online in their network.
#1. MoneyMutual â Overall Best Emergency Loans For Bad CreditÂ
When it comes to helping consumers in dire need of emergency loans, MoneyMutual is the first one to come to mind. With several hundreds of consumers already making the most out of its services, it stands out in the list of top lender websites.
You can apply for a loan online in about five minutes and find your suitable match after skimming through the criteria. The online loan marketplace makes sure you come across a suitable lender, keeping your preferences in mind, and get a loan approved as soon as possible. You can apply for all kinds of loans, including payday, installments, and even bad credit loans.
60 short-term lenders are there, with complete disclosure to their terms and conditions, to lend you a decent amount of money after you fulfill the criteria of being 18 years old or more, earning at least $800 a month, and having a checking account. It is a convenient online platform for you to take care of the emergency financial crises that come your way.
Talking about security, the site is well protected by Norton encryption, and the customer reviews are legitimate. However, after you find a loan suitable and want to get further details about it, that is when MoneyMutualâs job is done, so no security and protection of the loan issues are provided after then.
MoneyMutual makes sure you can safely request a loan amount in the confines of your home rather than standing in a queue and waiting for hours. After all, this is a requisite for an emergency loan.
Fees and Interest Rates
The estimated APR varies from 5.99 to 24.99%. MoneyMutual demands no origination fee for applying for a loan and plays the role of a middleman in the loan approval process by connecting borrowers to lenders online.
Since the website only plays the role of bridging the gap between borrowers and lenders, once you qualify for and select a loan, it steps away and allows you to negotiate with the lender directly.
The lender has its own terms and conditions, including the interest rates, which can be discussed with them directly. The loan amount that can be lent ranges from $5,000 to $35,000. Interest rates, as stated previously, can differ depending on the lender, but that of payday loans can be considerably high, ranging from 200% to 1300%.
Loan Limits and Terms
With 60 lenders, MoneyMutual can connect you to people who can provide immediate money ranging from $5,000 to as high as $35,000. Smaller loans, like those of $300-$500, can also be applied for and are fairly common than higher ones.
Since MoneyMutual is a middleman and helps connect consumers to potential lenders, it does not have a say in terms and conditions of the loan-taking process. These terms depend on the lenders and can be directly discussed with them. Remember to read everything thoroughly before signing up for the loan to prevent misinformation regarding the policies and procedures.
The three kinds of loans MoneyMutual has to offer to you are payday loans, cash advances, and bad credit loans. Payday loans are easiest to get with low qualification criteria; however, they usually have high interest rates.
A cash advance allows you to get a loan in cash other than that of your bank account and gives you the option of paying it back by your next paycheck or in installments. Bad credit loans are also provided if you qualify for the bare minimum criteria. So, MoneyMutual can be your go-to loan website anytime.
- Quick application process
- Various types of loans
- A secure, encrypted website
- Smaller loans (as little as $300) and larger loans (up to $35,000) available
- Must earn at least $800 a month to qualify
#2. Bad Credit Loans â Best For Bad Credit Loan
Bad Credit Loans is another free, online loan-lending website that does not provide the loan itself but connects borrowers to lenders online. If the site is not able to find an appropriate match for you, it refers to other lenders so you can get the loan as soon as possible.
As the name indicates, it also caters to and offers loans to people having a bad credit history. Other than connecting people for loans, Bad Credit Loans also takes pride in being part of different charity programs and other events.
Additional information on how to take out loans, how to spend your income carefully to prevent future debt, and how to pay the loan as quickly and efficiently as possible is also available.
Keeping in mind how financial crises can arise out of nowhere, Bad Credit Loans connects you to lenders quickly so you can come across suitable personal loans for yourself in a short period.
Having a bad credit score often causes hindrances in looking for a potential lender who could lend a reasonable amount of money in a short time. But, you do not need to worry since Bad Credit Loans helps you find lenders despite that kind of history.
Completing the online form process is fast, taking about five minutes. Then, all you have to do is go to their official website, fill out your personal information, account details, and other credentials, and you are good to go.
Fees and Interest Rates
Bad Credit Loans is suitable for small loans, and the APR ranges from 5.99 to 35.99%. However, as the website serves the purpose of connecting borrowers to lenders, the interest rates vary.
Applying for loans on the site itself is a free procedure and does not require any fee. Getting a loan is becoming easier with each passing year as technology progresses. People with bad credit are still hesitant in getting their loans approved but not on this site.
It is specifically made for people who suffer from bad credit history and are not able to arrange emergency money quickly. The site does not promise any definite terms and conditions since it depends on your credit history and the lenderâs conditions, but it helps the process get easier.
You are connected to lenders with requirements that match your profile and need so you can directly contact them for further details regarding the interest rates and simultaneous conditions that come with the approval.
Loan Limits and Terms
With Bad Credit Loans, you can come across lenders who can offer money ranging from $500 to $5,000. Loan terms range from three months to 36 months, according to the lender.
All they require is the basic eligibility criteria that lender portals need, which is an age of 18 years, a verified source of income from which you can pay back the loan, legal citizenship of the United States, and a checking account in your name.
After you are done providing the details, here is when the siteâs job is done, and lenders come popping in. Each one of them has its own set of loan amounts and related conditions you can think over and decide if it suits you. Otherwise, you can turn it down and continue looking for other offers.
Bad Credit Loans is a suitable platform for people with bad credit looking for emergency loans in dire times.
- Loans between $500 and $5,000 are available
- Known for best emergency loans by Signal SCV
- Free, fast sign up process
- Provides detailed information to help you through the lending process
- Flexible credit requirements
- Eligibility requirements may be strict for some
#3. CashUSA â Easy And Fast Cash AdvancesÂ
If you are looking for a safe and secure website to register for emergency loans, CashUSA is the one for you. It has helped numerous customers find the loan they need in an industry-standard encrypted system.
CashUSA is one of Americaâs most reliable sources to get emergency loans for any financial crises that come your way. Many state and tribal lenders make sure the loan approval system is fast and reliable and caters to you efficiently. However, the tribal lenders may have higher interest rates and are not subject to the stateâs laws.
All you have to do is visit their official website and fill out an online form that takes a few minutes. Then, when your loan request gets approved by a lender, the funds can be transferred to you quickly, even the next business day.
CashUSA does not provide loans itself; instead, they connect you to suitable lenders. As different lenders have a different set of requirements, the website will connect you to the ones that match your requisites and information. Not only does the site connect you to people who lend loans, but it also provides all of the required information to make an informed decision.
Being an online portal with efficient and effortless procedures and navigation, there is no doubt as to why this site is so popular.
Fees and Interest Rates
As the site functions as a middleman, linking borrowers with lenders, it does not interfere with the loan fee and interest rates. The rates depend on the lender; however, the website is free. You can register for loans on the site without having to pay a hefty amount of cash.
Along with the free application process, you do not have to worry about skimming through lenders and sending separate loan requests to each one of them, since CashUSA does the job for you. Your loan request is sent to lenders that follow your requirements and whose terms match yours and eventually help you connect with them.
After you receive an offer from a lender, you can go through the terms and conditions and see if they suit you. If yes, you are good to go, but if no, then you can decline the offer and continue to look for more.
Loan Limits and Terms
They also have set the same basic eligibility criteria for you to apply for a loan. It includes being at least 18 years old, having a checking account, earning at least $1,000 per month after the deduction of taxes, being a citizen of the United States, or being a permanent resident.
You can request loans up to $10,000. The website is different from other loan portals because you can apply for smaller loans that are not usually provided on other similar platforms. The best part about CashUSA is that people with all kinds of credit can apply for loans and multiple lenders are available at one click.
After thorough research, we have come to the conclusion that CashUSA is true to its words. With its vast educational resources guiding you through the whole process and providing unbiased advice, it is one of the best loan portals you can opt for.
Please make sure you carefully go through the lenderâs proposal that includes their APRs, repayment fees, and other terms and conditions so that you make an informed decision and do not have to go through the trouble of uninformed hassles. The website will not be responsible for such complications after you have signed the contractual agreement.
- Secure, encrypted website
- Fast and simple application process
- Loans up to $10,000 available
- Offers smaller loans as well
- Eligibility criteria may exclude some borrowers
#4. Personal Loans â Low Interest Rates For Personal LoansÂ
Personal Loans is yet another reputable platform on our list that links the lenders with the borrowers. With personal loans, you can get $1,000 â $35,000 lent to you even if you have a 600 FICO score.
This Utah-based company has been in business for quite a long now, and over the course of time, it has earned the trust of many potential customers that have a lot of good to say about it. The reason for this is that no matter what a company promises to deliver, it is hard to believe unless and until customersâ reviews back it.
No matter what you need a loan for, be it the renovation of your house or consolidation of debt, Personal Loans will have something appropriate to entertain you with. It all starts with an easy-to-fill form that will not require you to leave the comfort of your home. Additionally, the smooth navigation on their website makes the whole experience even more seamless.
Once you have provided your information, Personal Loans start working on it by circulating it among the network of its lenders. After a lender approves your request, you are redirected to their website/page to review their terms and conditions in detail. Remember, this part requires your keen attention the most.
As soon as things get finalized by you and the lender, the funds are transferred straight into your bank account within one business day.
Personal Loans will never run out of options to help you out. For example, if you are unable to find a lender there, the platform might connect you to other external trustworthy lenders by showing different ads.
Last but not least, with Personal Loans, rest assured your personal information is in safe hands, as it keeps it out of reach of unauthorized access.
Fees and Interest Rates
Personal Loans will not charge you a penny for connecting you to a lender. They provide this assistance free of cost to the borrowers. Also, the platform does not interfere with your contract with your lender. You will be on your own once you have been connected to the lender.
APR for this one also remains the same at 5.99% to 59.99%. So, no matter if the market rates fluctuate, you will not have to pay more interest rates than what was initially decided, which lies within the previously mentioned range.
Loan Limits and Terms
From $1,000 to $35,000, you can borrow as much as you require, which you can pay over the course of up to 72 months. However, just a quick tip â if you have a bad credit score, try to borrow smaller loans, as they are easy to get approved and return.
To be eligible to get your loan approved, you must be at least 18 years old or more, have a steady income source of $2,000/month, an SSN number, and lastly, but more importantly, a bank account under your name.
- $1,000-$35,000 loans available
- Funds transferred within one business day
- Protects your personal information
- Connects you with a lender free of charge
- Monthly income requirements are more than that of other sites
#5. Credit Loan â Popular For No Credit Check Loans
Looking for a loan up to $5,000 urgently but are unable to get one because of your bad credit score? Do not worry, because Credit Loan has numerous lenders in its network to lend you the amount you require regardless of your minimum credit score.
So, no matter the reason you need a loan, Credit Loan is there to help you out.
Another good thing about this platform is you can request a loan irrespective of the time of the day or night. Therefore, no need to follow the office timings of lenders to get some funds in the hour of need. Also, that conventional method totally fails when you need a loan right away.
People have been vowing for its service since 1998, which adds to its credibility and reputability. The network is continuously growing and facilitating both parties â lenders and borrowers.
Now, let us discuss some minute details about the terms and conditions of the platform.
Fees and Interest Rates
It has been mentioned numerous times earlier that loans come at a higher cost for those who have a poor credit score. That is something non-negotiable; unfortunately, these are the industry standards, and we have no other option.
Credit Loanâs APR ranges from 5.99% to 35.99%. Things like how much you would want to pay per month can be directly discussed with the lender since the platform steps out once you two are connected.
Last but not least, the platform itself charges no fees or hidden charges for connecting you to the lending party.
Loan Limits and Terms
You can get up to $40,00o lent to you if you are using Credit Loan. However, the limitation for poor credit report holders is they can only get a loan of up to $5,000, which is not bad. Moreover, you can return the loan easily in up to 60 months.
The terms and conditions remain the same for this platform too. For example, you need to have a personal bank account, proof of your citizenship, a reliable source of income, etc.
- No hidden fees or charges
- Loans up to $40,000 offered
- 24/7 service
- Reputable company with two decades of experience
- Those with poor credit can only get loans up to $5,000
What Things Did We Keep in Mind While Compiling This List?
The following are essential factors that we kept in mind while making this list. So, if you are planning to get yourself a loan, make sure to keep these factors in mind, as they will prove to be a lifesaver for you.
This should be your first and foremost consideration when you are looking to get an emergency loan. No matter which platform you choose, be it CashUSA or Personal Loans, make sure you go through its customer review section before giving your final consent.
Talking about the terms and conditions when it comes to poor credit scores, most of the lenders willingly lend the amount to the borrowers having credit scores in their 600s. However, those who are willing to give loans at even lower scores are rarely found.
So, try to opt for a platform/lender who works on flexible terms and can lend you a loan even with a credit score below 600 or so.
Emergency loans are all about receiving the funds right away without any delay. But, if your need is not fulfilled because of delayed transfer of funds, what is even the point of getting an emergency loan?
Therefore, opt for a platform like MoneyMutual that can get you your funds in more than 24 hours.
Getting charged with any kind of hidden fees would be the most undesirable event you would face. Therefore, the platforms we have discussed in this article offer full disclosure of their terms and conditions and are transparent about all of the charges. Thus, you are in the safe zone in that regard if you opt for any of the above-discussed platforms.
Is It Possible to Get an Emergency Loan With Bad Credit?
The first thing you need to do is to compile your financial record, whether it is in the form of electronic or paper documents.
The type of financial record the lenders may ask for as proof of your earnings can consist of a payslip, w-25, the copies of tax return records for the last two years, or 1099s. Therefore, keep the latest bank statements in hand and the telephonic contact number of your employer if you are an employee.
You will also need to have evidence of your identity as well as your residential address. The proof of identity may include your driving license, State Identity Card, or even utility bills.
It would be quite apt to give an explanation to justify the financial constraints for which you had to opt for borrowing the emergency loan. You can provide documentary evidence in favor of your eligibility for the loan too. This is just an attempt to convince the lender about the genuineness of your need, and that you are not habitual of borrowing loans for no reason.
Do remember the lenders would ensure your ability to return the loan. This criterion of judgment is measured by your debt-to-income ratio. Your credit score also matters here. If your debt payment liability is less than 35% of your income, then you are good to go.
The next step is shopping around in search of the best lender for yourself. Once you have found the right lender, it is time to undergo a soft credit inquiry. By soft credit inquiry, it is meant it will produce no effect on your credit score.
The hard credit check is applicable only when you finalize an application or offer for the loan. You need to have in your mind to make the credit inquiries as minimum as possible to save your score from dropping to certain points.
So, read the terms and conditions of the offer carefully before signing it. Make it quite certain you will be able to pay back the loan you are going to borrow in accordance with your commitments.
Donât go for Payday Loans â How to Recognize Them?
Although you can get a payday loan regardless of your credit score, you better not go for this option. The reason is that such loans are too expensive and unreliable. Such offers are exclusively for people having poor credit scores.
Apparently, these types of loans seem good, but only for the time being. This is because the annual percentage rate of interest is excessively high (up to 300% to 400%). Also, if you fail to pay according to the given schedule, you will have to pay the extra charges and fees.
Here Is How to Recognize a Payday Loan
- The lenders assure you they would not go for a credit inquiry, or credit score does not matter for them, it is a payday loan they are offering because the legit lending platforms will not do that.
- Amounts are small â $500 or less. These loans are easily available without much documentary process and extraordinary efforts.
- The repayment schedule is short. However, you are asked to pay it back within weeks.
- The APR is way too high.
Then, it is a payday loan.
Have Basic Knowledge About Emergency Loans Beforehandâ¦
If this is your first time borrowing an emergency loan from a lender online, you need to know a few things in advance.
These important things are as follows:
- Just because you have submitted an application for a loan does not mean you will get a loan. No platform gives a full and final guarantee about that. In fact, these websites have put on a disclaimer saying you might not find your lender here. This applies to you even if your credit score is favorable.
- A good thing about most of these online lenders is they do not run a hard inquiry on your credit report and let you go through all of the available options.
- To get your funds transferred to you ASAP, finish the paperwork quickly once you get the approval.
- Know the difference between secured and unsecured loans. Although the secured loans have lower APRs, there is still one risk involved in them â losing your belongings if you fail to repay the loan since secured loans require collateral. In contrast, unsecured loans charge higher APRs but require no collateral.
- Unfortunately, those having poor credit reports are obliged to pay higher interest rates. But, these platforms can ease them out a bit since the lenders here work at a fixed interest rate range, which means market fluctuations will not cause you to pay more interest rates than what you signed up for.
FAQs About Emergency Loans for Bad Credit
Q1. Is 600 a Poor or Minimum Credit Score According to FICO?
No. FICO defines a score that ranges from 600-660 fair. But, do not think of it as a good credit score. Also, if your score falls even a point below that, it would be considered poor. Therefore, we can say 600 is a borderline credit score.
Q2. How Big of a Loan Can I Get with a Poor Credit Score?
Many lenders available online might be willing to give you up to $25,000 even with a poor credit score by charging you hefty interest rates.
The thing you must consider is how much you need. For instance, if you need $1,000, you should request only $1,000, and nothing more. This is because the smaller the loan, the easier it will get approved, and of course, the lower the interest rates will be.
Q3. Is There Any Alternative to Interest-Based Loans?
If your credit score does not support you enough for an emergency, personal, or installment loan, there are two options left. Either you will have to sell some of your belongings to get your need for money fulfilled, or you can borrow some amount from your friend or relative.
However, even if you borrow money from your friend or relative, do not forget to decide the terms and conditions beforehand. Also, make sure to repay the amount in time, or otherwise, you might end up losing something that cannot be lent to you â that precious relationship.
Q4. What Makes Online Lending Better Than Conventional Lending?
There are numerous reasons to enlist in this regard. Online lending helps you apply at multiple platforms from the comfort of your home. It also saves you from undergoing several hard credit inquiries. Also, these platforms offer you comparatively reasonable interest rates.
Lastly, the best thing about online lending sources is their lenders report your performance to credit bureaus from time to time, which may help you in raising your credit score.
Q5. Which Is the Best Online Lending Platform?
Although all of the platforms that have been discussed in this article are reliable and worthy of a chance, in talking about bad credit score holders, we would recommend MoneyMutual.
Conclusion: Which Is the Best Portal to Get Emergency Loans?
Online money lending platforms have opened new vistas for us when it comes to the lending market. Contrary to conventional lenders that require a lot of written applications, in-office or in-person meetings, and endless investigations, these platforms allow you to get funds transferred to your account in a matter of 24 hours without any hassle.
Not only that, but these platforms can also help you pave your way towards a good and even excellent credit score by reporting your timely monthly payments to credit bureaus.
So, in my opinion, MoneyMutual and all other above-mentioned platforms are the best for emergency loans since they allow you to get done with the whole process from the comfort of your home.