Do you have bad credit, but need to get a loan quickly? Well, we have a solution â no-credit-check emergency loans.
Whether it is an emergency room trip, a car with a busted tire, or a broken oven, these unexpected circumstances are things we never wish for. Nevertheless, they happen when they least expect it.
An emergency loan can get you back to normal so you can move on with your life. But, how do you know which one to choose? Here, we will discuss the five top networks that provide emergency loans with no credit check. So, let us get started.
2022âs List of Best Online Lending Platforms with No Credit CheckÂ
- MoneyMutual: Overall Best Online Lender For No Credit Check Loans
- BadCreditLoans: Best Lender To Improve Bad Credit Score
- CashUSA: Online Same-Day Loans With Guaranteed ApprovalÂ
- Personal Loans: Better Interest Rates on Personal LoansÂ
- Credit Loan: Quick Loan Provider for Bad CreditÂ
These companies only do a soft pull on your initial loan application, so it will not harm your credit score. In addition, you will get pre-approved for loans, and you might get many offers from a variety of lenders.
You will then go to the lending website and complete the application in full, which might result in a credit check. However, being pre-approved means you could still qualify, even if you do not have the greatest credit score. This is because these companies specialize in working with people who have bad credit.
#1. MoneyMutual:Overall Best Online Lender For No Credit Check Loans
- Loans offered up to $5,000
- Large online lending marketplace
- Not available in CT or NY
- Two million happy customers
- Quick and simple application form
- Funds reach you in 24 hours or less
Loan Amount: You can get up to $5,000
Interest Rate: Variable
Loan Term: Variable
Loan Example: Borrow $200 for 14 days, pay back $230 (391.07% Effective Annual Percentage Rate)
MoneyMutual is a lending network of 60 different loan companies whose specialty is fast, short-term direct lender payday loans. They offer emergency loans, bad credit loans, installment loans, and payday loans, among other varieties.
All you need to do is visit their website and complete the pre-qualification form. Once that is finished, the lenders will send their offers to you. Then, you simply read through them and see if any are suitable for you.
MoneyMutual works very closely with short-term lenders, so it is highly likely you will get fast funding that will help you in your time of need. Furthermore, MoneyMutualâs services are free to use, as the lenders pay referral fees to the network for each loan they close.
Lending decisions take place in minutes, so you will know if you get approval quickly, which is a relief to those of us with time constraints.
Once you have been approved, make sure you thoroughly read over the terms and conditions. If you agree to the terms and know you will not have trouble paying back the loan, go ahead and accept it.
Remember, all rates and terms are decided by that particular lending company, not MoneyMutual itself. So, if you have questions, direct them to your lender.
MoneyMutual has many great features that make it worthy of our #1 spot. For starters, the maximum loan amount is $5,000. This is a lot of money, but not so much that paying it off is difficult. Second, millions have trusted the company to provide them access to a loan company that is legit and safe. Lastly, the signup process is fast and easy.
The company offers a few different types of loans, including:
- Payday Loans: We usually advise staying away from these, but MoneyMutual does offer them. However, you should only use them as a last resort. This type ofÂ loan usually requires being paid off the next time you get your paycheck, so be sure to provide the correct date if seeking such a loan.
- Installment Loans: You pay these back over scheduled installments. They are ideal if your income is steady, and you can make monthly payments on time for every installment. Ensure you read over the terms carefully, so you are aware of any interest payments you might have to make.
#2. BadCreditLoans: Best Lenders to Improve Bad Credit Score
- Loans range from $500 to $10,000
- Connects borrowers with lenders
- If approved, funds are available by the next business day
- Simple and quick forms
Amounts Offered: $500 to $10,000
Interest Rates: 5.99% to 35.99%
Terms of Loan: 3 to 60 months
Example of Loan: $3,000 borrowed at a 20% interest rate for 12 months; the monthly payment is $277.90, with the total amount paid as $3,334.80
BadCreditLoans is next up on our list. The loans you will find here have higher rates of interest, but they have less eligibility criteria. For instance, they might look at your monthly income or how long you have been employed at your company to determine eligibility.
BadCreditLoans is a place where âthey help when others canât,â which is good news to those who need a bit of financial help and are not sure where to look.
This site is intended specifically for people who have bad credit, and it provides a chance to get some help financially and rebuild credit from the ground up.
Additionally, the loans can be used for any purpose you need, but we always advise you to use them for necessary things only, never for frivolous or luxury items/services. As with the other sites featured today, this is a loan marketplace. So, you will be connected to a huge network of lenders that are willing to work with you to get you the funding you need. Just fill out the simple pre-qualifying form, and you will be on your way to receiving loan offers.
As with any loans for bad credit holders, make sure you approach them with caution. These loans come at high-interest rates and with fees for amounts that are relatively small. So, be sure you know exactly what you are getting before you agree to any terms. Remember, if you do not understand something, call the loan provider to resolve your questions. Also, you are never under any obligation to accept a loan and will receive no penalty for denying it.
BadCreditLoans has been around since 1998, and thousands of customers have verified it as a legit, trustworthy company. With this platform, you have access to both traditional lending companies and tribal lending ones. However, if you opt to go with a tribal company, be careful, as these loan terms do not have to follow federal laws. Instead, they follow the laws of their respective Native American sovereign lands.
Another thing we love about BadCreditLoans is that it supplies resources to borrowers who want to learn more about lending/borrowing. With this feature, you can learn about business loans, auto loans, credit cards, and student loans, among others. You can also learn about loan scams.
Furthermore, you can easily contact BadCreditLoans, as their phone and email are readily listed on their website. It is a well-designed and user-friendly site for borrowers of all types. So, check them out if you are new to borrowing and would like to learn more about different loan types.
#3. CashUSA: Online Same-Day Loans With Guaranteed Approval
- Loans range from $500 to $10,000
- Quick approval
- Loans can be used for any reason
- Funds go directly to your bank account
Amounts Offered: $500 to $10,000
Interest Rates: 5.99% to 35.99%
Terms of Loan: 3 to 72 months
Example of Loan: Borrow $4,000 at a rate of 19% APR for 24 months: $201.63/month (total repaid amount $4,839.12)
With CashUSA, all of the offers come to you after you have pre-qualified, and you pick the one that is most suited for your needs. This platform acts as a âgo-between,â as it matches borrowers with lenders.
You just have to submit a single, quick application, and from there, CashUSA handles the rest. Then, lenders will flock to you and offer loans based on the info you provided on your application.
The lenders of CashUSA do not do credit checks, which is great if your credit is poor. However, you will be paying more service fees and higher interest if you opt for a loan with this platform. At the very minimum credit score, loans start at $500.
The max amount offered is $10,000, and interest starts at 5.99% and caps off at 35.99%. As with other companies, any customer service queries you have should be directed to your loan servicing company, not CashUSA.
Using CashUSA is quite easy. You start out by filling out a quick form that asks for basic info, and then you click âget startedâ once that is complete. Once you have found a loan that works for you, click on it and go over the contract information for that particular lender.
If you decide the loan makes sense for you, you will be asked to provide a bit more information. Then, once approved, the lender will get your money to you in 24 hours or less.
Moreover, this service is free to use. So, you get access to a huge network of lenders with zero fees.
But, make sure you watch out for fees and rates your loan company charges and ensure that you understand them before signing anything. To be specific, make sure you understand the repayment terms, amounts, interest rate, and repayment length before you agree to the loan.
One thing we really like about CashUSA is that just about everyone who applies will get approved.
Granted, your loan amount will not be very high if you have bad credit. But, as long as you are 18 years old, are a permanent resident or citizen of the U.S., have a valid phone/email, make at least $1,000 a month, and have a checking account under your name, you should be on your way to getting a loan that works for you.
#4. Personal Loans: Better Interest Rates on Personal Loans
- Loans from $1,000 to $35,000
- Huge lending network
- If approved, funds are available in one business day
- Loans can be used for any reason
- Fast approval
Amounts Offered: $1,000 to $35,000
Interest Rates: 5.99% to 35.99%
Terms of Loan: 3 to 72 months
Example of Loan: $5,000 loan with a 15% interest rate for 24 months; the monthly payment is $242.43, with the total repayment amount being $5,818.32.
Personal Loans is a network similar to the others featured, as its purpose is to match people who need money with those who can lend it. The company began in 2017 and is Utah-based. They are not lenders themselves; instead, they let you enter your info and then bring you the best options.
Additionally, Personal Loansâ services are completely free to use. So, you do not have to worry about paying a fee to use this company, and it will not be factored into your loan cost either. Plus, the rates are competitive, too.
Furthermore, you can use the loans for any reason you want. But, of course, make sure the reason you are borrowing money is one of necessity. You want to make sure the reason for borrowing is important, so you are not in debt over something frivolous.
Just like our other companies, funding happens pretty quickly. Most customers report money reaching their account in just 24 hours or less. And, just like BadCreditLoans, you can find plenty of educational resources to peruse before you sign up for any loans. It provides helpful articles about debt consolidation, bad credit, and other important topics. Moreover, the requirements to sign up are pretty straightforward.
For example, you need to provide documentation of income and indicate you have a full-time job, get benefits payments, or are self-employed. Secondly, you have to be at least 18 years old, have a valid SSN, and be a U.S. citizen or permanent resident. You also must have no active or recent bankruptcies and no accounts older than 60 days.
There are many loan types offered here, so you can take advantage of peer-to-peer loans, where you borrow from a person and not a bank, for instance. These begin at $1,000, and origination fees range from 1-5%. Installment loans are also available, and these start at $1,000 and end at $35,000. Personal Loans offers personal bank loans, but one must have at least a 580-credit score to qualify.
#5. Credit Loan: Quick Loan Provider for Bad CreditÂ
- Loans from $250 to $5,000
- Funds go directly to your bank account
- More than 750,000 happy customers since 1998
- Bad credit welcome
- Money reaches you within 24 hours
Amounts Offered: $250 to $5,000
Interest Rates: Variable
Terms of Loan: Variable
Example of Loan: Borrow $3,000 at a 16% interest rate for 24 months and pay $146.89 per month; total amount repaid is $3,525.36
Credit Loan is a place to go if your credit is poor. With that said, only one active loan is allowed if you do wish to use this network. So, if you are already working to repay a loan with this organization, they will not allow another one to be given out until you satisfy the requirements of the first loan.
This company has been around for 20 years, and they help people find bad credit payday loans and provide educational resources to leave borrowers feeling more informed and empowered.
In addition, they have information available that will help you better understand your loan, such as mortgage rate information, loan calculators, and helpful articles you will enjoy reading. Millions of clientele have learned something from the information Credit Loan offers, and over a half million people have borrowed money using their site.
So, if you are not sure this lending platform is for you, we encourage you to at least check them out for their information. Chances are you will learn something new, and it will help you make a borrowing decision.
However, one thing to take note of is that your state might not be eligible. For example, when we clicked âget started,â we found New York and Connecticut customers were not on the list. You will also like the ample list of FAQs they have available on their website, which answers all questions you might have about the borrowing process.
Even if you do not see the answer to your question, you can click âcontact usâ at the bottom of the page, where you will find their snail-mail address as well as their email.
In addition, there are plenty of happy customer reviews you can read through as well. Best of all, they specialize in bad credit loans, so do not feel intimidated about coming here to apply. They will take good care of you and provide options for quick loans and solutions for your borrowing needs.
Can You Really Get an Emergency Online Loans for Bad Credit?
Having bad credit is a doorway to other problems, such as finding it hard to get approved for the best emergency loans that have good interest rates. When you do encounter an emergency, it is hard to find money fast (and it is so important to do so). Finding this money when your credit is bad is even harder.
Having a history of bad or no credit means that you pose a credit risk. If a lender sees your application and your score, they will charge a higher interest rate to you â higher than it would be if your credit was good.
That creates a higher monthly note compared to somebody getting a signature loan, which is unsecured but requires only a signature, good credit, and an income.
If your credit is bad, you are simply paying higher prices for the same services compared to those with good credit.
Many of you may be curious about the average APR for personal loans based on credit score. So, let us discuss this.
If your credit isâ¦Your average APR isâ¦
- 560 or under â 113.62%
- 560 to 579 â 105.39%
- 560 to 619 â 65.70%
- 620 to 639 â 38.64%
- 640 to 659 â 26.15%
- 660 to 679 â18.53%
- 680 to 719 â 11.88%
- 720 and up â 7.63%
The great news is that the lenders we have showcased today specialize in helping those of us with bad credit. They understand emergencies happen to everyone, and they make the application process relatively simple and straightforward. So, even if your credit score is not the greatest, you still can access the money you need.
In some cases, having a monthly income that shows you are capable of repaying the loan matters more than having a credit score that is good enough.
Can You Borrow Loans with No Credit Check?
Initially, these companies perform what is called a âsoft credit check,â which does not impact your credit score. This is because it is not a true credit check, also referred to as a âhard check,â or âhard pull.â
With that being said, every lender is going to have their own underwriting guidelines to follow after that particular lender has approved the preliminary application. The next step is where the âhard pullâ takes place, which will impact your credit rating.
If your credit score is bad, you could be worried about having a credit check done. But, since you have already pre-qualified, thanks to one of our featured lending networks, you have nothing to worry about. It has already shown you to the lenders that have signaled they are willing to help you.
Lenders might ask for some more info from you to figure out whether or not you are eligible for a loan, along with providing the interest rates and terms that will be offered to you.
You might have to provide the following information:Â
- Checking/savings account numbers (money is deposited this way, and auto-debit payments are extracted this way)
- Home address
- Phone number for home and work
- Social security number
- Driverâs license
To be eligible, you must:Â
- Be 18 years old
- Be a U.S. citizen/permanent resident
- Receive benefits, be self-employed, or employed
Which Emergency Loans Are Easiest to Get if Your Credit Score Is Bad?
The lending networks we have featured associate with lenders that deal specifically with borrowers who have bad credit.
With that being said, your loan terms may dictate you have to pay the highest interest rate a lender offers. Of course, interest rates vary from lender to lender, but half of these networks we discussed work with lenders that can charge a maximum of 35.99% APR on their installment loans.
If possible, you should only use payday loans as a âlast resortâ for getting the money you need, as they are astronomically expensive. Consider a payday loan taken out for $200, which you pay back in two weeks. Some of these emergency loans charge interest ranging from 391% to 782%. You can check this resource from CNBC, which shows the average payday loan rate in your state.
So, here is another example:Â
Short-Term Loan: Total Cost
- Principal Amount (The Amount You Asked For) â $500
- Finance Fee: $20 per $100
- Finance Charge Total: $110
- Duration of Loan: 30 Days
- Total to Be Repaid: $600
- APR: 243%
Getting online or in-person payday loans is the priciest loan option out there. These payday lenders just want to see proof you can repay them within 30 days. Therefore, if you can produce proof of income, you can easily get a payday loan.
Having an income of at least $1,000 per month and being employed at your job for at least 90 days is necessary for a payday loan.
But, even if you have a poor credit score, you might qualify for a small loan of about $500 or less. This makes it less of a risk for the lender, although you could end up being charged a higher interest rate compared to somebody with a good credit rating.
I Need Emergency Loans Now. How Do I Get Them?
The lending networks we featured in this article already know their customers are sometimes in need of the best emergency loans for bad credit. After all, people do not apply for emergency loans unless they absolutely need it.
Many of the lending networks work with loan companies that provide funding to you in just 24 hours. Most of these lenders make applying easy by design, as they want to lend money and earn that interest from you.
So, they make the application process about five minutes long, which is your pre-approval, then you will spend a little longer filling out the more in-depth application form.
Although the interest rates you are going to encounter will be quite high, emergency loans are much better than a secured loan, which requires the use of collateral â usually your house or car â to secure the funds.
To assist in making your loan approval easier and faster, make sure to read the minimum requirements before applying. For instance, you might be required to have been employed by the same job for at least 90 days, have a cell phone number, and make at least $1,000 in monthly income.
Make sure to fill out the form without missing any fields and do so truthfully. Some online lenders are going to ask for proof of income, employment, and so on. So, do not get denied for your loan because you thought it made sense to lie about how much money you make.
Another way you can get an emergency loan with bad credit quickly is via a credit card. If the bill can be paid using your credit card, which you can then pay off at the end of the month, then it could be worthwhile to charge your card and avoid the loan process altogether.
But, if your credit is bad or does not exist, you might not own a credit card. And, if you do, it probably charges higher interest compared to cards for those with a good credit score. This is why it is critical that you pay the card off on time and in full.
You might also look into a cash advance on your card, as you can sometimes turn up to 20% of your credit limit into cash. However, the APR for cash advances is relatively high compared to making purchases with your credit card, so think of this as the absolute last resort.
Can You Get a Loan with a 500 Credit Score?
You might be able to get a loan if your credit score is 500, as you will just have to provide documentation that you can repay it on time.
Lenders are more apt to look for clientele with an income of $1,000 every month instead of their credit score. MoneyMutual, for instance, requires that you make only $800 a month.
Credit scores go anywhere from 300 to 850 on the FICO scale. Thus, a 500-credit score sounds pretty good, comparatively, as it is about halfway between lowest and highest scoring. So, although it looks like you fall right into the median, that is inaccurate.
A score of 500 is considered âvery poorâ or âbad.â These scores range from 300 to 579, and 16% of Americans possess a score in this group. As a result, you will be charged the highest rate of interest for emergency loans, because online lenders consider you to be a risk.
Experian notes that over 60% of customers that fall into the very poor scoring are most likely to fall behind on their installments by 90 days or more. It also discovered that 19% of those with a 500 score have been late on their payments for 30 days or more within the last decade.
I Have No Credit. Can I Get a Small, No-Credit-Check Loan?
Yes, you can. Those with zero credit or a low credit score could still qualify to get a payday loan. For approval, you must have an income of at least $1,000 every month, and you must also be able to show employment for 90 days at your current job.
Payday loans are quite simple to get, but they are also very expensive â possibly the most expensive loan out there. This is why you have to repay the loan within four weeks or less, although it is possible to roll them over, which extends them.
The interest rates you get from a payday lender are ridiculously high, and they can reach into the thousands.
You might think you have zero credit thanks to your limited or short credit history, but you could actually possess bad credit. Bad credit and no credit are not the same. However, you will likely be able to get an emergency loan through a lender specializing in emergency loans for people with bad credit.
So, use the online marketplaces we have reviewed here. They will vie for your business, and the offers will come to you, which takes out the guesswork of whether or not you have a chance of getting a loan.
Emergency loans that were nearly impossible to get at one point with poor credit are now âreachableâ from a wide network of online lenders. Instant approval regarding a decision to lend is par for the course if qualified, and the money can reach your bank account in just a single business day.
Do I Need a Bank Account to Get Emergency Loans?
Yes, you are going to need a bank account for your loan approval. Why? First, it is how they give you the emergency loan amounts you requested.
So, in most cases, you will need a savings or checking account. Within 24 hours, you will get your funding once the emergency loan is approved, and most online lenders are looking for you to have that checking account.
A bank account might also be necessary so emergency loan payments can be withdrawn automatically by their date due. Not every lender requires you to do this, but some will request you set it up so your payments are always on time. This may bring your credit score up, too.
If your account balance is too low and you cannot make the monthly payments on time, call your lender ahead of the due date and ask for an extension. If you do not do this, you may be charged a late fee. Your financial institution may also charge overdraft fees, and your credit score will be negatively impacted due to the late payment.
Can Credit Unions Give You Emergency Loans?
The answer to this is yes, and there are two methods of getting that emergency loan. First, if you are a credit union member, you should ask the employees if they offer emergency loans. They likely will have some option they can help you with during your time of need.
However, if they do not have any way of helping you, think about a PAL, or payday alternative loan, which allows you to borrow up to $2,000. They cost less than regular payday loans, and you can repay the loan from 1 to 12 months instead of 4 weeks or less, which most payday loan providers require.
However, you need to be a member of an FCU (federal credit union) in order to qualify for an emergency loan. Credit unions chartered by the state could also have similar products; however, not all credit unions offer these types of emergency loans.
PALs are there to help credit union members stay away from the high-priced, regular payday loan products and build their credit history so they can move from subprime lending to regular mainstream lending.
Here is an example of a PAL:Â
- Loan Amounts: $200 to $1000
- Loan Term: 1 to 6 months
- Credit Union Membership: Must be a member for at least one month
- Max Fee for Application: $20
Typically, you can expect to pay about $15 per $100 that is borrowed from a payday lender, which is called an origination fee. The average borrower of payday loans is indebted five months out of the year, and pays about $520 in fees to continuously borrow just $375, indicates CNN Money.
Meanwhile, PALs usually charge interested borrowers a max application price of $20 when they seek to borrow $200 to $1,000, plus an origination fee of $40 to $50 when they borrow up to $2,000.
Conclusion: Compare Rates for Your No-Credit-Check Loan Now
Emergency loans that do not require a credit check can be real blessings if you have poor credit and one of those unexpected expenses happens. These best emergency loans can be the difference between getting the family car fixed and making it to work on time and paying the medical bill you need so you can continue living life.
Getting emergency loans from the networks featured above should not take too much of your time. Online applications are easy to fill out and happen in mere minutes, and your pre-qualification decision happens quickly, too.
From there, you will get matched up with online lenders that offer the best emergency loan terms and interest rates for your credit score. You then will choose the option that is most suitable for you.
If you do get approved, the funds will go into your bank account within 24 hours. This is a fast turnaround for emergency loans, and it is one that you and your loved ones will be glad you got once the emergency is settled and resolved.