Best Quick Loans for Bad Credit With Fast Money Funding
Financial emergencies have various sizes and forms, but there is always one thing in common: all of them take you by surprise. While some people need just a few hundred dollars to cover their unexpected expenses, some borrowers struggle to get a higher loan amount. Things become even tougher if you have poor credit and can’t count on assistance from banks or federal credit unions. However, traditional financial institutions are not always the best option when it comes to urgent loans due to their document requirements and verification timeframes. That is when bad credit personal loans from direct lenders come in to provide you with quick financial assistance.
Thus, statistics show that about 56% of Americans don’t have enough savings to cover their $1,000 unexpected bills. Therefore, urgent loans are not only the option for borrowers with bad credit scores but also for people who need money fast. If emergencies suddenly arise and leave you no chance to wait for days or weeks, here are our picks of the best loan companies that offer no credit check cash advances with an instant approval decision.
Top-3 Companies With The Best Unsecured Personal Loans
Finding the right direct lender can be stressful and take a lot of time. But there is another way to get money fast. You can find a lending company that works with multiple reputable lenders and can connect you with the right loan provider for your particular situation. Here are top-3 connecting services that offer loans at reasonable interest rates, with flexible repayment terms, simple eligibility requirements, and over 4.5 ratings according to the borrowers’ reviews.
- 15M FINANCE – Overall best company for quick loans for bad credit borrowers.
- 1FirstCashAdvance – Reputable platform for online payday loans for bad credit.
- QuickCashLoans – Reliable connecting service with the best payday alternative loans.
#1. 15M FINANCE – Best Bad Credit Loans Online With Fast Funding
15M Finance is a loan provider that offers loans from direct lenders for low credit score borrowers. However, if you have good credit and need money desperately, you’re also allowed to apply online for an urgent loan. 15M Finance is known for its fast money funding, so if approved, you can access the loan proceeds in your bank account as soon as the next working day.
As 15M Finance’s payday lenders don’t run hard credit checks through major credit bureaus, applying for a cash advance with the service doesn’t impact your credit history. The whole personal loan application process is typically very simple and takes about 10 minutes to complete. As it takes place online, you can apply 24/7, wherever you are, without even leaving your home.
- Quick loan approval;
- Loan amounts of $200 to $5,000;
- Loan terms from 14 days to 24 months;
- Interest rates of up to 35.99% APR.
- Applicants over the age of 18 only;
- Be a permanent US resident with a valid ID;
- Have an active checking account, email, and a US phone number;
- Verify your income with bank statements or pay stubs.
- Fast and easy application process;
- Money funding within 24 hours;
- Bad credit OK;
- Provided with no loan origination fee;
- Doesn’t affect your credit report details;
- Modern security services for your privacy.
- The loan amounts can be subject to a high interest rate;
- No guaranteed loan approval.
#2. 1FirstCashAdvance – Best for No Minimum Credit Score Requirement
1FirstCashAdvance is a loan company created to connect needy borrowers with trusted online lenders. The platform has many advantages, such as a fast online application process and money deposit by the end of the next business day. It also works with lenders that perform only soft credit checks, so applying for short-term loans with the company leaves your credit score unchanged. The service provides a full range of bad credit loan options to meet both your long-term and short-term needs.
The company offers an online loan application process. To get started, you should fill out a simple loan request form. Once submitted, the company shares your data with their trusted lenders to find the one that can help. The lender that can meet your expectations review your application details and send you a loan decision by email. It usually takes less than one hour to get a loan approval. Once approved, the lender transfers loan amounts via direct deposit as soon as the next working day.
- Online application;
- Get from $200 to $5,000;
- Repayment terms of 14 days to 24 months;
- An annual percentage rate from 5,99% to 35.99%.
- Be an adult resident of the United States;
- Have a valid ID and Social Security Number;
- Keep your bank account active;
- Confirm your monthly income of at least $1,000;
- Specify your active email and cell phone number.
- Free service with no origination fee;
- No minimum credit score requirements;
- Fast approval decision;
- Money funding as soon as the next business day;
- 24/7 application.
- Some options may come with high interest rates;
- Lenders check your credit background through alternative resources.
#3. QuickCashLoans – Best for Guaranteed Approval Decision Within 15 Minutes
QuickCashLoans is a loan provider that offers online loans from reputable, trusted lenders across the United States. The short-term loans it provides are bad credit friendly, so you can get approved with any credit history. As its lenders are focused on fast financial assistance, they usually check applications rapidly and send loan decisions within 15 minutes. Thus, you don’t have to waste time waiting for a response. If approved, the money will be transferred to your bank account within one business day.
QuickCashLoans allows you to borrow money from the comfort of your home in just a few taps. However, if you want to apply in person, you’re welcome to visit one of their 58 nationwide locations. As lenders typically allow you to spend the loan funds for any purpose, you can cover any needs you have, from debt consolidation to paying for your car repairs.
- 24/7 application;
- Borrow up to $5,000;
- Repayment period of up to 24 months;
- An interest rate of up to 35.99% APR.
- No applicants under the age of 18;
- Be a legal citizen of the US with a valid government-issued ID;
- Having an active checking account is mandatory;
- Prove you have a steady source of monthly income;
- Provide the lender with your personal, contact, and employment data.
- Bad credit loans at fixed interest rates;
- The fast application process in a few simple steps;
- Available with any credit score;
- No origination fee;
- Fast access to the funds;
- The loan amount you can use for any purpose.
- Loans for poor credit may be expensive;
- Lenders may reject you for a loan for different reasons, including your credit score.
Fast Loans for Bad Credit: Overview
Quick personal loans for poor credit are unsecured cash advances with simple eligibility requirements and fast money funding. As it comes from the name, such a cash advance was generally created to meet the needs of borrowers with some credit history issues. However, people with good and excellent credit can also count on bad credit loans if they are looking for a fast financial solution to cover their urgent money problems. A bad credit loan usually has funding terms by the end of the next business day.
Like any unsecured loan, bad credit loans don’t require you to provide an online lender with a pledge. You can commonly borrow up to $5,000 without any collateral. However, the exact loan amount you can take out depends on many factors, including your income, debt-to-income ratio, the state, the lender, and the loan terms.
Here are the basic features of urgent bad credit loans:
Legal status: some types of bad credit loans may be prohibited in some states.
Minimum loan amount: $100.
Maximum loan amount: $15,000.
Loan terms: from 3 days to 60 months.
Interest rate: from 5.99% to over 400%.
However, these features may vary depending on the state, the lender, and the loan type. Thus, you should decide on a loan, check out your state lending law, and read the lender’s loan agreement carefully to have an idea of the actual situation.
Types of Personal Loans for Bad Credit
Online lenders typically offer three types of bad credit loans. Each of them has its own mission, so it is important to know what the difference is to select the option that suits your situation.
- Payday loans. A payday loan is a short-term cash advance that helps people cover their small emergencies or cash shortages. Payday loans are easy to get with any credit score. They are funded within one business day and must be repaid in one lump sum by your next paycheck. Therefore, the repayment period usually can’t exceed 30 days. As the repayment period is short, borrowers are allowed to get no more than $1,000 to make it easier to repay. Bad credit payday loans are banned in some states due to high interest rates payday lenders set. As payday loans are unsecured, lenders try to minimize their losses in case of non-payment in this way. Thus, an interest rate on a payday loan may be over 400% APR;
- Installment loans. An installment loan is a payday alternative loan created to meet your long-term needs. Like payday loans, installment loans have no minimum credit score requirements, so they are also considered easy to get. At the same time, an installment loan has longer repayment terms and offers a higher loan amount. Thus, you can get up to $5,000 and turn back the whole loan cost within 24 months in equal monthly payments. Nevertheless, installment loans are also pretty expensive. An interest rate on an installment loan is usually from 16% to 100%. As loan terms are longer, you will have to overpay more in the long run;
- Bad credit personal loans. A personal loan for poor credit is similar to a traditional loan from a bank or credit union. It has reasonable interest rates and longer terms of up to 60 months, so they are almost perfect for covering long-term needs. They are also available with a bad credit score, so if your income is enough, you can get up to $15,000 regardless of your FICO rating. However, a personal bad credit loan may have more eligibility requirements, so an approval rate is lower compared to a payday loan.
How Fast Can I Get Urgent Loans for Bad Credit?
Your loan verification always takes some time, even when it comes to emergency loans. Therefore, lenders usually deposit money to your bank account as soon as the next business day. However, sometimes you can access cash by the end of the same day. It usually happens if you manage to apply and get approved early in the morning on a working day.
What Can I Spend Personal Loans Funds for?
Bad credit loans may be used in many spheres. You can spend a personal loan amount to cover your unexpected expenses, credit card debt, pay for a car or home repair work, finance vacation, or even use them as debt consolidation loans. At the same time, these loan options are usually pretty costly, so it is not recommended to use them for some unnecessary spending. Here are some common reasons for getting emergency loans:
- Cover medical bills;
- Pay for utilities;
- Use the money to consolidate debt;
- Cover repair works;
- Make credit card payments;
- Buy some daily basics.
Can I Get Unsecured Loans With a Bad Credit Score?
Applicants with any credit scores are welcome to apply for an emergency loan. The main feature a direct lender pays attention to is your ability to make your monthly payments on time. Thus, having a bad credit score is not a barrier to getting online loans. You can get the needed loan amounts without any collateral if you can prove your income is enough to fulfill your debt payment obligations.
Do Emergency Loans With No Credit Check and Guaranteed Approval Really Exist?
Technically, there are loans that don’t affect your credit record. As online loan providers don’t perform hard credit checks through main credit bureaus, online loans are safe for your credit history. However, online lenders usually review your application details, credit background, and history of your missed payments through some alternative means. Therefore, your loan request can be denied due to a high debt-to-income ratio, low income, or some issues with your payment history.
Alternatives to Bad Credit Personal Loans
Personal installment loans and payday loans are not the only loan options for low credit score borrowers. You can also consider some of the following products before making a lending decision.
Traditional Secured Loans
A secured loan from a bank or credit union is a loan that can provide you with the amount you need in exchange for some of your valuable property. Traditional financial institutions are more likely to use your home as collateral. Such loans are also known as home equity loans or home equity lines of credit (HELOCs). Although traditional lenders still make hard credit inquiries, they are more loyal to borrowers’ credit scores when it comes to secured debt. As a bank or a credit union has less risk due to collateral backing, minimum credit score requirements for such loans are typically lower. At the same time, you can lose your home in case of non-payment, so secured loans are pretty risky for a borrower.
Car Title Loans
Car title loans are secured cash advances that allow you to get the amount you need using your car as a pledge. These loans are usually offered by private lending companies. However, title loans may be risky. A lender may repossess your vehicle if you aren’t able to make your monthly payments due to job loss or any other emergency circumstances.
Credit Card Cash Advances
Credit cards allow you access to a credit line. Getting a credit card may be a good solution in case of financial emergencies. Thus, you will always have the amount you need by hand and can use the money for any purpose within the limits set by your credit card company. Many lenders also have 0% APR cards that allow you to use money without paying any interest. At the same time, these cards usually come with high interest rates after your promotional period comes to an end.
Hard Money Loans
A hard money loan is a type of borrowing that uses your home as collateral. These loans work almost the same as home equity loans but are usually offered by a private lending company, not a bank or a credit union.
Pawn Shop Loans
Loans from pawn shops are another secured debt that allows you to get cash on hand without providing a lender with access to your checking account. These loans generally use some of your valuable items as collateral. Maybe you have a laptop you can pledge or jewelry you don’t need. But be ready that the lender may sell your property if you don’t pay off your debt on the due date.
If you need cash fast, consider some alternative ways of making money with same-day payouts. For example, you can sell some of your unnecessary stuff, consider freelancing, or seek help from your family members or friends.
What to Look at When Selecting a Bad Credit Personal Loan?
As there are now many online lenders on the market, it may be tough to choose the right one that meets all your needs, especially if you have bad credit. Some loan providers put making money on you first and may offer you unfavorable loan conditions as they know you have a limited choice. However, there are always a few options to select from, so you don’t have to accept the first offer. Even if you face an emergency and are in need of urgent cash, try to shop around and compare at least two or three lenders. Here are the main features you should look at when selecting a loan:
- Interest rates. The lower the rate is, the less you will have to overpay. Thus, try to find a loan at the lowest possible rates;
- Processing and origination fees. An APR is not the only charge you may have to pay back to a lender. Moreover, sometimes loan providers offer lending options at low rates but with high origination fees. Therefore, always ask a lender about an origination fee amount it charges to ensure it is not too steeper;
- Your monthly payment amounts. Make sure your monthly payment suits your budget, and you can make it without stress;
- Credit score requirements. While some lenders are always focused on your credit report details, others ignore your credit score and pay more attention to your income. If you have bad credit, make sure a lender accepts applications from “subprime” borrowers.
- Credit checks. If you want to improve your credit, consider lenders that make only soft credit inquiries that don’t lower your credit score.
How to Apply for Loans for Bad Credit Online?
Emergency loans were created to help people solve their financial problems right away. Therefore, they commonly have a simple application process you can complete in a few steps:
- Fill out an application form. It may be either an online or an in-store application, depending on the lender. In both cases, it usually takes about 10 minutes to complete.
- Wait for a loan decision. The lender makes a soft credit inquiry and responds to you within an hour or less.
- Review and sign a loan contract. If approved, read carefully and sign a loan agreement.
- Access the money. A lender will transfer the funds to your checking or savings account as soon as the next working day.
- Repay the loan. Depending on the loan type, make your monthly debt payment obligation on time or pay off the whole loan balance on the due date.
What Are My Options If I Need Money Now?
You can find many options from both traditional and online lenders that accept bad credit borrowers. It can be a secured loan, an installment loan, a payday loan, or a personal loan for bad credit. Pay attention to the loan interest rate, origination fee amount, terms, eligibility requirements, and monthly debt payments, and choose the one with better conditions.
Can I Get Emergency Loans With No Credit Check?
No credit check loans typically represent loans with soft credit checks. Such loans don’t hurt your credit score even if you apply several times within a short timeframe. However, most lenders still check your payment and credit details through alternative sources.
Am I Guaranteed a Personal Loan for Bad Credit?
Submitting your loan application doesn’t mean you will be approved. Lenders basically can’t guarantee you will get a loan until they review your personal data. They may reject your application for different reasons, for example, due to your low income or a high debt-to-income ratio. Loans with guaranteed approval usually mean that you will get a guaranteed loan decision, whether positive or negative.
Where Can I Get a Fast Loan With a Low Credit Score?
If you want to apply in a store, consider your local loan providers that accept borrowers with less-than-ideal credit scores. You can also check out the short-term loans from the trusted companies above to apply online.