Most Americans will probably run into a situation at one point or another in their lives where they need a loan, and having bad credit can make this difficult. However, no one chooses to have lousy credit. Often it’s due to an emergency or other serious issues beyond our control.
However, most creditors choose to pay no mind to this fact. Having a bad credit score doesn’t necessarily mean that one is irresponsible, which is tremendously frustrating for those doing their best and maybe getting a stroke of bad luck.
According to the Economic Well-Being of U.S. Households, one in four Americans wouldn’t have the money for a $400 emergency, and lenders have strict requirements for the application process. As a result, they may not even get money to people as quickly as they need it.
Even worse, many lenders consider credit score to be equivalent to the likelihood of paying a loan back. Fortunately, we found some compassionate, trustworthy, understandable best bad credit loans platforms that look beyond a bad credit score to help you get approved for a loan amidst financial troubles.
Top Bad Credit Loans For Minimum Credit Score
- MoneyMutual – Overall Best Platform For Bad Credit Loans
- BadCreditLoans – Most Popular Credit Loans with Bad Credit Score
- Radcred – Emergency Loans With Highest Approval Rates
- CashUSA – Best For No Credit Check Loans
- PersonalLoans – Top Bad Credit Personal Loan Lender Online
- CreditLoan – Most Reliable For Payday Loans
#1. MoneyMutual – Overall Best Platform For Bad Credit Loans
Interestingly, Money Mutual is a social networking site that sets up borrowers and short-term lenders with guaranteed loan approvals even if you have bad credit.
They have been connecting borrowers with lenders for over a decade to ease the process for borrowers facing an emergency.
It has a network of more than 60 lenders and is sure to be able to match you up with someone willing to help.
Their team works at all hours of the day to ensure loans can be in your pocket within 24 hours and get you financial help as soon as an emergency enters the picture.
In conclusion, Money Mutual is a highly praised loan resource, which comes as no surprise due to their above par customer service, no fees, and fast payout period.
It’s clear that their top priority is to help people in challenging situations, and many of their new and returning customers alike attest to that, with reviews readily available on the website for those who are weighing their options.
As soon as you fill out the form and the website reviews it, you’ll start getting linked to lenders. They understand financial difficulties, and it shows how they treat people. It’s also the most popular of these guaranteed-approval loans, which is why it’s at the top of our list.
Fast and Easy Application Process: Anyone who has a working laptop or smartphone and an internet connection can apply to MoneyMutual.
They have a three-step plan from the minute you decide to use this site: just input your information, various loan companies review it to see which one is best suited to take on your loan, and the money will be in your pocket within 24 hours.
Website: The site requires users to fill out the necessary paperwork and submit it to their website, usually basic information and only takes a few minutes to complete. This plan is convenient because instead of having to submit your information to multiple lenders individually,
Money Mutual will set you up with one of their many lenders best suited to your needs. Additionally, they have a high-security system to keep your personal information safe and regularly update their encryption.
- Loan Offers And Repayment Time
MoneyMutual has a minimum loan amount of $100 and a maximum of $5,000. They have helped over two million customers get through a financial crisis, regardless of credit history. Regardless of your credit score, you can expect them to get a loan prepared for you within 24 hours.
In addition to this, they’re not strict with repayment times, so if you need an extension for an installment, they encourage you to speak with your loan provider to keep you from piling on more debt.
Finally, Money Mutual provides borrowers with educational materials to let people know that getting a loan with bad credit is not a death sentence.
They’ll help you learn how to manage a loan without straining your finances and will have your back throughout the whole process.
- Fast application process
- Loans up to $5,000
- Free and highly secure platform
- Quick turnaround time for loans
- Resources for education on loans and bad credit
- Not available in two states; New York or Connecticut
#2. Bad Credit Loans – Most Popular Credit Loans with Bad Credit Score
Before this brand provides a loan, they first give you more information and insight into handling your money and making it stretch as long as possible.
Not only do they offer loan services, but they also have other resources such as debt relief and credit repair, which are indeed vital for your financial future.
Bad Credit Loans has customer service working around the clock to assist anyone who needs it; they know that time is money just as well as we do. And they’ve made it as convenient and informational as possible for anyone who uses their service.
Bad Credit Loans is an excellent option for people with financial difficulties seeking a loan, as they have flexible payback times and outstanding customer service. They’re known to approve a loan within a day if everything goes well, and they offer loans for various reasons.
Your credit score does not play any significant role in getting approved for a loan with Bad Credit Loans. They have many opportunities for payment plans that are comfortable for you.
On top of that, their website has plenty of resources for additional financial information that can help people struggling with finances beyond just loans.
Easy and Efficient Application Process: The application process to Bad Credit Loans is free, and lenders may consider clients with a score as low as 500.
The process is simple; complete the online form with basic information, compare your loan offers, and review the other options their site has to offer that are non-loan related.
They offer a variety of loans, including personal, credit card, student, auto, home, and mortgage loans. Even though their website will ask why you need a loan, your response does not affect whether you get one.
They also offer loans for those looking to start a business and need the startup money fast. If you do not find a loan offer best suited for you, they are more than happy to assist you with other financial resources and information.
Loan Offers And Repayment Time: Bad Credit Loans promises to payout loans between three and 72 hours. This site is a good option for people who need larger loans, as they offer loans ranging from $500 to $10,000.
APRs vary depending on your specific loan request information but range from 5.99% to 35.99%.
They generally have a minimum repayment time of 90 days and a maximum of 72 months (6 years).
Once a lender accepts your loan offer, they will provide you with the loan fees, APR, and other information needed for paying a loan before you agree to work with them.
Until you agree to work with a lender, your application is still considered open, and other lenders can view it.
- A good option for people with bad credit scores
- Flexible payback times of 3 to 72 months
- Substantially lower interest rates than other businesses
- No extra or hidden fees
- Loans up to $10,000
- Only people with a stable income get considered for a loan
#3. Radcred – Emergency Loans with Highest Approval Rates
RadCred is one of the most trusted cash advance resources. RadCred analyzes your information and uses its vast network of lenders and other third party lenders to decide whether to give you a loan. With so many companies offering cash advances, you may be wondering why we should choose.RadCred provides the safe, easy and fast service you need to find the right personal loan for you. Local lenders are part of our lending network. Fees and costs charged by lenders can be higher than those charged by state-licensed lenders and are subject to federal and tribal rules rather than state law.
There is a simple online application form that you can fill out in minutes. As long as you meet our basic requirements, you can easily apply for a personal loan that suits your needs.
Meeting these requirements does not guarantee that you are in line with the lender. We have created a convenient way for you to apply for a personal loan.
- Trusted Cash Advances
- Vast network of lenders
- Safe and easy personal loan service
- Local lenders part of local network
- Encrypted to protect your personal information
- New In the market
- Not having huge market cap
#4. CashUSA – Best For No Credit Check Loans
CashUSA is here to help get you the support you need. Their process is similar to the others on this list; complete their secure online form, review the offer presented by a loaner once connected to one, and get finalized; you can expect to receive the funds within one business day.
They also offer other resources for financial assistance like debt relief and credit repair. With this loan company, it’s all in your control, you have time to review the terms and conditions of offers sent your way, and it’s not set in stone until you want it to be.
This feature prevents the feeling of being trapped by many experiences when they get a loan. The company also has over one million monthly users.
CashUSA has customer service available during business and non-business hours alike and is always prepared to take on a loan offer or answer any questions about finances you may have, which is why they have so many new and returning customers.
They have reasonable pricing terms and a safe and secure website where it’s easy to get assistance and feel heard when looking for a loan.
Efficient Application Process: To apply for a loan on CashUSA, all you must do is create an account with their website and fill out an application for your loan. Then, lenders will be connected to you and send you offers based on your application.
It has an online lender network that will link you to many lenders who are happy to offer you a loan without considering your credit score. However, different loan companies will require different interest rates; some may be higher than others.
Should you be pleased with an offer sent your way, they’ll accept loans of up to $10,000. You’ll only need to enter your personal information once you accept an offer for a loan and agree to the terms.
Once it gets accepted, the loan is processed by the company within a few minutes, but it may take up to 24 hours for the money to appear in your account.
Loan Offers and Repayment Time: They have a very adaptable repayment period, with options of repaying the loan (with interest) for up to six years, depending on how much money you borrow from them.
If you aren’t aware of your credit score or have become familiar with it, they have a “not sure” option you can click on the website during the application process.
However, if you include your credit score by requesting a financial report from a credit agency, you’re more likely to receive a big offer from contenders.
- Loans of up to $10,000
- Efficient and simple process
- Virtually instant approval rates
- Interest rates ranging from 5.99% to 35.99%
- Flexible methods for repayment
- Must be employed for at least 90 days and meet the loaner’s income requirements
- Requires more detailed personal information
#5. Personal Loans – Top Bad Credit Personal Loan Lender Online
Personal Loans can help you pay off a loan and rebuild your credit simultaneously. It’s an excellent option for those with less than impressive credit scores; with quick and secure services, they can get the money you need into your pocket as soon as a day after you’re approved.
It’s free to use, as are the other sites on this list, and has competitive rates available. In addition to this, they also have resources for other credit-related products like credit monitoring and debt repair.
Once you apply, it gets immediately reviewed, and from there, you can begin to negotiate with lenders to find one suitable for your circumstances and needs on your terms.
Personal Loans also has other lending choices outside their network to help you find a suitable lender. In addition, they’re always on the lookout for a way to help clients.
All in all, the company is catered to the customers as you can set your terms, and it’s highly secured with SSL corruption technology to keep your information safe. Loans start at $1,000, which is the highest starting price for loans on our list so far but go up to $35,000.
It’s perfect for those who need debt consolidation or help with home upgrades or any other type of reason. You get to decide what loan is most beneficial for your specific needs and goals.
Easy Application Process: You must be 18 years of age or older, have a valid social security number, and be a citizen of the United States.
You also have to provide proof of income, whether you’re an employee, self-employed, or receive social security payments. If all those apply to you, chances are you’ll be able to find a loan on Personal Loans.
They offer loans for any occasion, and, like the other sites on this list, you are under no obligation to accept a loan, and it’s not binding until you do so.
Loan Offers and Repayment: This website allows you to choose peer-to-peer, bank, or installment loans.
These depend on your credit score and the loan amount you’re looking to get approved. Loans on this site start at $1,000 and can go up to $35,000, the most oversized bracket on our list thus far.
Interest rates remain lower than you might expect for a loan that is hefty; they’re anywhere from 5.99% to 35.99%. The Personal Loans website also has a chart that provides payment plans, which can help decide what steps you want to take with loaners on this site.
Intentionally, you don’t need to worry about paying your debt off each month as they offer plans of up to six years.
- Can help improve users’ credit scores
- Large loan payment options
- Quick funding
- Easy loan process
- Flexible with repayment terms
- It may have higher interest rates, depending on the loan
#6. Credit Loan – Most Reliable For Payday Loans
Credit Loan has been helping people since 1998 to get control of their finances and become more educated on various financial topics like having an interest rate calculator free to use on their site, home mortgages, and more, and connecting consumers directly to providers.
They’ve had more than 33 million visitors and get featured on famous sites like Forbes, The Wall Street Journal, and the New York Times.
They offer loans for bad credit, auto loans, student loans, and personal loans, in addition to being an educational resource for those feeling lost and stuck with their finances.
They offer many tools to help you manage your finances and make smarter decisions before handing over the money. In addition, they offer loans of up to $40,000 and have two separate networks: one for those with good credit and one for those with bad credit.
The funds they provide can also help you improve your credit score while simultaneously allowing you to pay bills.
Many people utilize and enjoy Credit Loan’s services and are pleased with its secure and quick system that can get them the funds they need, usually within one day. In addition, it’s easy to apply, and many customers recommend it for smaller loans with quick payout times.
Their service also works to improve credit scores by making reports regularly to national credit bureaus.
- Easy and Quick Application: Credit Loan’s website has a simple three-step procedure to match you with possible lenders. First, they’ll have you answer a few basic questions and begin to get matched with lenders based on the amount you’re looking to get loaned to you.
Then, once you start receiving offers, you get the option to accept or decline or negotiate the terms, depending on the lender.
The whole process of applying and finding a loan should only take around 24 hours, and once you’ve been approved for a loan and agree to it, you can expect to have the funds within one business day.
- Offers And Repayment: Loan offers on Credit Loan start at $250 and goes up to $40,000. You can expect to have the funds in your checking account within 24 hours of agreeing to an offer.
- They also provide you with the option to compare rates and offers before accepting any offers to see which one best suits you and your specific needs. In addition, Credit Loan’s site doesn’t charge for their loan services based on your income.
- In addition, they use the TRUSTe and McAfferty security systems to ensure your information remains safe and secure.
- Competitive interest rates
- World-class security system
- Repayment is flexible
- The business has been in the market for 20 years
- Instant approval for small loans
- Those who have bad credit history may get higher interest rates on loans.
How We Made This List
Many loan companies look down on lousy credit, even though a bad credit score is often due to circumstances beyond our control.
Especially in the current state of our economy that seems to be ever-inflating, credit scores may be dropping with that as people struggle to pay bills and attempt to enjoy life simultaneously.
Being amid personal financial difficulties can make life a lot more stressful than it needs to be, as a bad credit score can affect things from getting approved for a phone plan to a mortgage on a house.
Even though having a poor credit score can be caused by infinite events that are often not to the person’s fault, many businesses choose to remain ignorant of this and chalk it up to personal irresponsibility.
Personal financial crisis can be debilitating to the human mind as it affects every aspect of our lives; many may lose sleep, leading to poorer performance in waking life, creating a cycle that isn’t even their fault.
It gets frustrating and discouraging when loan companies turn a blind eye to factors beyond your control that got you in a financial mess. If you have an emergency, it depends on how quickly you can get the necessary money into your pockets.
Even though credit problems are not uncommon, 11% of U.S. consumers have scores in the lowest FICO ranges; loan companies will still be stingy and choosey with who they decide to give a loan to and help in a time of need.
Furthermore, around 15% of American consumers don’t even have a FICO score, meaning they don’t meet the minimum requirements to qualify for one.
It’s hard to say a bad credit score is because one chose to be irresponsible with their money. But, despite this, it is pretty easy to say that for many loan businesses.
We want to help readers not feel neglected by loan companies and find some reputable ones that will reach out a helping hand to people who need it and look beyond their external troubles.
So we scoured the web to find trustworthy and well-esteemed loaners who will loan money to even people with a bad credit score.
The companies on this list all have extraordinary customer service. In addition, each site on this list is entirely free to use and apply and promises to get your funds to you within a business day.
In addition, they’re flexible with repayment and allow you to set your terms with lenders, as you should be in control of your finances.
So long as you communicate with lenders, they’re often willing to help you out with extending due dates on payments and educating you further on how to make your money stretch.
These loan websites for people with bad credit want to help you with your rough patches and make it a little easier to reach your financial, and in turn, life goals.
These sites work hard to keep your information safe and have a surplus of positive reviews on platforms such as TrustPilot.
They understand what it’s like to have a financial emergency, so they have customer service working all day, every day, and approve loans within a short period.
They also have flexible payback options to make it a little easier for consumers and take that weight off your chest to help you feel seen and heard and reach financial freedom.
We hope that the information listed here will help you reach financial goals and get to the next step in life with much fewer burdens that are all too common nowadays with many other loan companies.
What We Looked For
We looked for these factors when creating this list of bad credit loans:
- The ease with which we could access the loans and sites
- The information outlined on the companies’ official websites
- The interest rates on these loans and whether they were affordable for most people
- The reviews these loans and sites received online from legitimate customers
- The additional features and customer services offered by these loan providers
Factors to Consider When Getting A Bad Credit Loan
Following are the factors you should consider when getting a bad credit loan. If you bear these factors in mind, it’ll help you pick the perfect loan that can remedy your lousy credit woes.
These are the factors to look out for in the companies we reviewed above:
- Loan Terms And Conditions
You must read the terms and conditions of anything, especially when it comes to something as serious as a loan payment. Before you decide to accept a loan offer, you must read the fine print.
For example, some lenders will offer loans at a very reasonable interest rate but have strict terms for paying back the loan, or vice versa.
Therefore, you must find a lender that is catered to your needs specifically so you can have less trouble down the road paying them back and avoid getting further into debt.
In addition, some lenders have more strict terms for spending the loan than others, and it varies vastly depending on the lender.
- What You Need the Loan For
The most crucial part of getting a loan is what you need the money for, as this can determine what loan amount is best suited to your particular situation. For example, a secured loan would be the most appropriate if you’re making a big purchase like buying a car.
On the other hand, if you were repairing your car or want to use it as collateral, an unsecured loan would likely be best. The difference is that secured loans tend to have higher borrowing limits, lower interest rates, and maybe easier to qualify for and more.
They also usually require some collateral and are more restrictive with spending the money. If you have bad credit, a secured loan might be the best bet as it lets lenders know you’re serious about paying them back.
- Fees And Penalties
It varies between different lenders, but in some cases, you can be face-to-face with extra fees such as origination, late fees, and retirement costs.
For example, some lenders will charge a percentage of the loan amount as an origination fee, and others don’t charge one at all. In addition, different lenders offer various methods of payment to choose from, like automatic payments and online or check payments.
Automatic payments may be eligible for discounts, so this is the best bet for repairing your credit if you have the means to do so. Additionally, lenders will usually provide you with the option to regulate your date of payment to a time that is most convenient for you.
FAQs Regarding Bad Credit Loans
Q – Can You Get A Hard Money Loan With Bad Credit?
A. Many tough situations can happen to get a person in a place of having bad credit. Some of the events alone are debilitating, and the bad credit that comes with them even more so.
Whether it was an emergency hospital stay, student loans, or bankruptcy from unforeseen circumstances, having bad credit can be a no-go for lenders and is widely known to be so.
Fortunately, the sites on this list are all compassionate to those who wound up in an unlucky spot with their credit and will use third-party lenders to help you get out.
Q – What Is APR?
A. APR means Annual Percentage Rate and refers to the annual rate charged for borrowing from lenders or the amount it costs for a lender to offer you a loan. It’s an annualized representation of your interest rate, and APR is a percentage representing the yearly cost of funds over the loan term.
Loans can vary greatly depending on the interest rate structure, late penalties, transaction fees, and other factors. The purpose of something like an APR is to efficiently provide borrowers with a bottom-line number to compare to other lenders’ rates.
Once you are in touch with a lender, it is essential to contact them directly to understand thoroughly and review the specific details of your loan agreement. From there, you can get a good grip on your APR and what to expect as you pay off the loan.
Q – How Can I Check My Credit Score?
A. If you’ve ever acquired funds from a credit union or bank, chances are you got a credit score from that loan based on your history of paying it back.
It can take up to five months for a credit score to be available. Credit scores are also known as FICO scores (Fair Isaac Corporation developed the credit score system).
Credit scores range from 300 to 850, with 300 lowest (worst) and 850. Unfortunately, if you’ve never borrowed money from a financial institution, the institution won’t readily display your credit score.
Instead, the credit bureau will gather the information needed to calculate your credit score, and once they report it, you will be able to access and verify it online.
Making repayments on time and keeping a sufficient balance will help boost your credit score, and thus being late to payments and having a low balance lowers a credit score.
If you have a higher credit score, you’re generally more likely to secure lower interest rates and higher credit limits than if you have a bad credit score.
Q – Can I Still Get Approved For A Bad Credit Loan If I’m Unemployed?
A. There are several advantages to getting a bad credit loan. One of these is that, yes, you can often still be eligible even if you are unemployed. In addition, some lenders do not require you to have a steady income to achieve a loan and approve your request.
Lenders check all your sources of income, not just your job. So, if you have a side hustle or receive disability or social security checks, these are also considered when approving you for a loan.
If a lender has sufficient evidence that you have enough cash in your account, you can still be approved for a loan without being full-time employed, even if you do have a bad credit score.
This feature is especially likely for short-term loans, but each site on our list is willing to work with you and your circumstances to help you get out of a tough spot.
Q – When Applying For A Bad Credit Loan, Is Pre-Qualification A Good Idea?
A.When applying for a loan, you must provide the potential lenders with your credit score and reports through the application. They will ensure that the right individual will receive all the money through this process.
This process requires a thorough look-through of your credit score, and that investigation may lower your score by a few points.
A pre-qualification is a less thorough check of your credit score, and it won’t alter your credit score. However, it involves basic information, and while it can’t guarantee you a loan, it can surely help you get one.
The lender will evaluate the situation and provide you with preliminary offers. After that, you would submit a formal application. With this, the lender goes through your credit history, income, and tax records in detail. Once all this is complete, the lender will make a final offer.
Q – How Can I Avoid Loan Scams?
A. If too many questions and too many personal details are facing you, it may be a sign that the loan company is not legitimate.
All the sites on this list are completely safe and encrypted with top-notch security, but should you venture to another loan site, be sure to research reviews on it before even considering giving them your delicate information.
Personal information is not always a guarantee of fraud, as it’s a requirement for all of these sites and necessary to deposit the funds you need; it’s a security measure for reputable sites that have been around for over a decade.
If a company asks for payment before working with you, that is undoubtedly a red flag that they’re a scam. You also do not need to open a new bank account to get a loan or receive funds for one, so if a company asks you to do so, that would also indicate that it’s a scam.
If you run into any of these situations, cease contact with them and make an official report of it.
Bad Credit Loan Platforms : Summing up
All in all, having bad credit is an anxiety-inducing place to be in and can be even more stressful when you have an emergency or are tight on funds and need to borrow money.
However, know that many lenders will turn a blind eye to the fact that bad credit is often due to situations beyond our control, making it even harder for you to improve your credit score.
Many loan companies will decide that bad credit is due to irresponsibility and not take a chance on someone who’s been down on their luck and desperately trying to make it better.
So, we found companies that do put in the work to take a chance on people with bad credit because they know there’s a slim chance that all bad credit is simply due to being financially irresponsible.
Each company on this list not only has security systems that keep your information safe but are also well-esteemed and reputable and known for reaching out a caring and compassionate hand to people in times of need.
They know that denying loans to people with bad credit often does more harm than good, and they want to make it easier and a little less painful to get approved for a loan, even if your credit score is less than impressive.