Bad credit can often cause you to feel stuck. An unexpected financial eventuality can push you towards borrowing money. But bad credit can limit your options of getting a loan. Most lenders will either need you to provide a mortgage or have a good credit score.
If you have an urgent need for a loan and have nothing to put as collateral, your best option is an unsecured loan. A lending network can make emergency loans for bad credit easily accessible. You can connect with several personal loan lenders and receive offers with versatile terms.
These loans can be requested for all kinds of purposes. It may be an unforeseen repair expense, credit card refinancing, travel expense, medical emergency, or anything else. Once you find the right loan offer for you, an online lender can get your account funded in a very short time.
There is always a solution to your financial problems. These lenders could offer you a way out of the seemingly impossible situation. If banks or other institutions have closed their doors for you, you can expect better results with the best online lending sites.
Best Emergency Loans With Bad Credit
- Money Mutual: Overall Best Emergency Loans On The Market
- Bad Credit Loans: Popular Platform for Emergency Same Day Loans
- RadCred: Well Known Intermediary Offering Emergency Cash
- Cash USA: Reliable Financial Service for Quick Loans and Cash Advance
#1. Money Mutual: Overall Best Emergency Loans On The Market
This is a great lending network if you are looking for a medium amount and quick approval. MoneyMutual has a simple application that takes just a few minutes to complete. It has a large number of lenders that offer loans up to $5,000.
You can apply for personal loans, payday loans, and other types of unsecured loans on Money Mutual. It’s an excellent site for short-term loans. The availability of a large number of lenders makes it easier to get desired offers.
Fast loan approval process
As per theislandnow, this is a great site if you are looking for emergency loans. Once you fill-up the application form, lenders who are willing to work with you will quickly approve your loan. The lenders are very professional and there is no unnecessary delay made in the approval process.
Plenty of lenders to apply
With just a single application form, you are automatically applying for a loan from several lenders at once. This is way better than individually filling out forms and waiting for approval.
Money Mutual has a user-friendly application process. You fill out a single form and your application reaches multiple lenders. You will hear back from those who are willing to offer the requested amount.
Borrow money for all kinds of purposes
There is no restriction on how you may use the funds. You can use the funds to fix something broken, pay bills, or cover weddings or other expenses. The funds can be used as a personal loan, and you can wait until you are offered the most convenient terms of repayment.
- You can connect with more than 60 short-term lenders
- You can find a bad credit loan guide on their website
- It takes a small time to fill out the application form
- They also offer bad credit loans for urgent needs
- You can request up to $5,000 on Money Mutual
- There are no costs for using this service
- They have an easy-to-use website
- The loan approval process is very fast
- Money Mutual offers easy access to several lenders
- You get to choose from multiple loan offers
- People with bad credit may also apply
- Lenders might fund your account within 24 hours after approval
- Money Mutual only helps connect you with lenders
- It is not available in all states
#2. Bad Credit Loans: Popular Platform for Emergency Same Day Loans
BadCreditLoans is a network of lenders specializing in connecting those with an imperfect credit score with accommodating online lenders. They are also an excellent choice if you need emergency funds for a short period.
They have an application form that anyone can easily fill up in a few minutes. The site lets you request loans from $500 to $10,000. It is a suitable website for applying for a short-term loan despite the bad credit.
Once you complete the application form, you will need to wait for lenders’ offers. The lenders are quick to review your application, and you commonly hear back from several lenders willing to work with you. You can use e-consent to sign the loan papers once you finalize an offer.
Quick loan approval for financial emergencies
This could be the best place to find urgent short-term loans for applicants with bad credit. You can apply for personal loans and borrow the funds from 3 to 36 months. The APR may be a little higher for unsecured loans, but the loan approval odds are quite high on these networks.
They also have an extended network of lenders to boost your chance of getting a bad credit loan. These are third-party networks that will receive your loan inquiry in case none of the lenders from the regular network shows interest in your application.
The short and simple application process
The best thing about these lending networks is their easy and quick application process. The details they require from you are very basic. They have a questionnaire that will seek information like name, address, phone, employment information, salary, etc.
It is a very safe platform with encryption to prevent the stealing of your personal information. You will also need to share your bank account and social security number. So, reaching out to different loan providers through a single platform is very convenient.
Use the funds any way you like
Unlike other loan providers, lenders from this network impose no restrictions on how you use the funds. As long as you agree to the repayment terms, you can use the funds for various purposes like repaying debts, vehicle repairs, medical bills, credit card cash advance, paying taxes, etc.
- You can request unsecured, personal loans on this website
- The loan term could be from 3 months to 3 years
- You need to be a US citizen to be eligible for the loans
- You can expect competitive rates from the lenders
- The site also shares information on avoiding scams
- This service is available 24/7
- You might receive the approved loan in a single business day
- This is a free service
- They have a wide network of responsible lenders
- Their customer support team is very responsive and helpful
- People with bad credit may also apply for a short-term loan
- Their approval process is quite fast
- There is transparency regarding the loan terms
- You cannot borrow more than $10,000
- This service is only limited to connecting you with lenders
#3. RadCred: Well Known Intermediary Offering Emergency Cash
The site offers a very convenient way to borrow peer-to-peer, bank, and installment loans. RadCred even offers more considerable sums up to $35,000. But you will need to verify an income of at least $2,000 per month and have a decent credit score to be eligible.
The service is completely free. You do not need to pay anything to apply for a loan. The site is functional in all 50 states. Founded in 2021, it is popular among short-term borrowers or those with an urgent need for cash loans.
They are known for quick loan decisions and fast disbursals. They have a user-friendly platform, and everything is clearly explained. There are no hidden charges, and the lenders are very professional and reliable.
Everything works lightning fast!
As soon as you complete the short application form, every step of the process takes place without any delay. Their algorithm speeds up the process and sends your loan request to lenders that fit your criteria.
This process eliminates the time consumed in applying to individual lenders. So, the lenders are also quick to respond to your request with their offers. You must carefully review the offers before choosing the most favorable one.
As a member of OLA, they protect you from financial fraud
RadCred is a member of the Online Lenders’ Alliance. This makes them a secure way to lend money online. They indulge in fair practice and are committed to your safety. RadCred complies with federal laws and regulations.
The OLA membership enforces that the members do not display false information or misleading advertisements. The consumers should be given enough time for cancellation. Any third-party affiliates should also be managed in a way that’s fair to the end consumer.
They have different types of loans available for you
Another thing that gives RadCred a competitive edge is the variety of loans on offer. It offers different types of unsecured loans like peer-to-peer loans, bank loans, and installment loans.
Based on your current financial situation, you can choose the one that is most convenient for you. You can also borrow money from financial institutions using this website. These are the features that make it stand out from other online lenders.
- You can borrow from $1,000 to $35,000 as personal loans
- You will receive the funds directly in your account
- You can use the funds at your discretion
- They also look for lenders in their extended network
- There is no cost for using the service
- This platform is ideal for quick, short-term loans
- Their service is available in all 50 states
- You can borrow higher loan amounts relative to other lenders
- They have a vast number of lenders
- You can get a personalized offer from the lenders
- As an OLA member, it is committed to fair practice
- The funding process is very fast
- They are not a direct lender
- The APR and loan approval may depend on the credit score
#4. CashUSA: Reliable Financial Service for Quick Loans and Cash Advance
Another safe and reliable platform to get emergency loans with bad credit is CashUSA. They have a secure platform and are serviceable in all 50 states in the US. The loan application process is quick and easy. It has become a trusted source to apply for short-term loans online.
You should be a US citizen, an adult, and have a monthly income exceeding $1,000. You also need to have a checking account in your name. The home and email address will also be needed to use the service.
CashUSA has proved to be a genuine loan provider for all kinds of personal loans. Tribal loans are also available on this platform. The lenders are willing to work with people with bad credit scores. There are no charges for using this service, and the process is very transparent.
You may receive the funds on the next business day
CashUSA has made it very easy to get emergency loans. The entire process of applying for a loan and receiving the funds is very fast. Once you complete the loan application, it takes no time for you to receive several loan offers from the lenders.
You need to review the loan offers and compare different terms before you accept the offer. It may take up to 24 hours to receive the funds in your bank account. Most people get the funds as soon as the next business day.
You will receive multiple offers from different lenders
CashUSA has a wide network of lenders. This means that you will receive more than one type of loan offer from the lenders. You can compare different loan proposals until you find the right one for you.
You don’t need to fill multiple applications. A single application is sent to all the lenders in the network. Those who can fulfill your requirements will reach out to you with their offer. So, you get to pick the ideal loan offer for you.
Apply for a short-term unsecured loan
Most financial emergencies can be overcome with the help of short-term unsecured loans. But for most people, their poor credit rating can get in the way of a loan. A lending network such as CashUSA can eliminate that problem.
It allows you to get an unsecured loan without needing collateral. So, you can get instant loans up to small or medium amounts. CashUSA has a vast number of lenders in its network. They have no issues offering loans to people with bad credit ratings.
No hidden charges
Well, most people are suspicious of loan companies that have so many hidden charges. The loan may turn out to be more expensive than what you have anticipated. CashUSA has the reputation of working with genuine lenders that are upfront about all the charges.
CashUSA doesn’t charge anything for their service. But each lender may charge a fee when you accept the loan offer. You will be informed of any such fee and any other charges when you receive the loan offer.
- You can request personal loans up to $10,000
- You need to fill out a single application to connect with several lenders
- The lenders do not require any collateral
- Once approved, you may receive the funds on the next business day
- You can get a loan safely and discreetly online
- Most lenders deposit the loans directly to your bank account
- CashUSA also offers debt relief, credit repair, and other services
- There is no fee to apply for a loan
- Borrowers with no credit history are also eligible for the loan
- CashUSA has a user-friendly website
- The loan application process takes just a few minutes
- They have a large network of lenders
- They use industry-standard encryption to protect your information
- CashUSA is not a direct lender
- They do not have a mobile app
- Some lenders may demand a high APR
How We Made the List of Urgent Loans for Bad Credit?
- Customer feedback
Unless we find very positive customer feedback on independent websites, we do not consider the site for our list. It plays an important role for us in compiling our list of the best emergency loan providers. We also look for any major complaints against the lending sites before adding them to our list.
- Access to unsecured loans
We prioritize sites that connect borrowers with lenders that offer unsecured loans. Most people are unable to provide collateral for secured loans. An unsecured loan is a better option when seeking emergency loans without collateral.
So, our list consists of platforms that help us get unsecured personal loans, even with poor credit. You do not need to mortgage your property to receive an emergency loan from these lenders.
- Ease of use
Another factor that we consider is how user-friendly the website is. Can anyone use the website to get a loan without assistance? All kinds of people may need to apply for an emergency loan. The site should be simple enough for anyone to use it.
We prefer online lending sites with a user-friendly interface. It should have an easy-to-fill application form that should not be too complicated or time-consuming. We disregard sites that are too complex for everyone to use.
- Range of amount offered
What are the limits on the amount that can be borrowed on the platform? While some people need small loans, others may require more considerable sums to solve their financial problems. We look for platforms allowing users to request low and high amounts from lenders.
- Commitment to fair practice
We do not consider sites that we cannot trust. With so many dubious lending sites emerging online, there are a selected few that we rely on. So, we pick lending networks with a positive history of providing genuine loans to customers.
There should be no history of scams on the platform. The company should also make efforts to ensure that the entire process is transparent and there is no hidden fee. The lenders should also work ethically and be upfront about the terms and conditions of the loan.
Factors to Consider When Choosing Emergency Loans Online
- Eligibility Criterion
For emergency loans, you should prefer sites with lenient eligibility terms. It should be easy to get your loan approved by the lender. You should prefer companies that do not carry out a credit check.
You can find a lending network with a basic eligibility criterion. These may only require you to be a US national, an adult citizen, and have proof of income.
- Repayment Terms
Does the loan provider offer flexible repayment terms? Do you get to choose a convenient way to repay the loan? A lending network typically gets you several loan offers to choose from. When you borrow from such a network, you can select the best repayment terms for you.
But you should always make sure that you can easily comply with the chosen terms. If a lender is offering terms that will make the loan too expensive, or if you are unsure if you can follow the terms, you should consider a different lender.
- Annual percent rate
Another factor to consider is the interest rate you pay on the loan. This rate can be higher for unsecured loans, so you need to look for a lender that offers a competitive APR.
You may end up paying a much higher amount than what you have borrowed if you don’t choose the right loan. You can expect a good APR when you borrow from a lending network. You can also compare the offers from several lenders and go with the one with the lowest APR.
- Application process
If you need emergency loans, you may need to apply to several lenders. Loan providers with a simple and quick application process can make it easier to apply to multiple lenders. A lending network with a short application process will let you apply to several lenders in a short time.
The application should not require too many details or documents. It should be user-friendly and less time-consuming. Some of the best lending networks only require 5 minutes to complete the application. They also have a quick approval process.
- Funding time
You will need to receive the funds as soon as possible in an emergency. A few lenders take a long time after approval to transfer funds. But you can find lenders that take just a single business day to transfer funds directly to your account.
So, it’s possible to receive funds within 24 hours once you complete the application. But banking institutions may take longer to approve and disburse the funds.
- Range of amount you may borrow
Not all lenders approve high amounts without collateral. So, you should look for lenders that offer the amount you want to request. You can apply for short-term, small loans from various lending networks. But only a selected few sites let you request high amounts.
You can check out the low limit on loans that you can request on these networks. Some of these sites let you request amounts as low as $200. So, if you have an urgent need for a low amount, you will find these sites very helpful.
- Customer support
Customer support response time is very important when it comes to financial matters such as loans. If you feel unsure about something, you should be able to reach out to the support team.
While most lending sites have educational resources to help you understand the process, it is even better when you can connect with the support team 24/7. There are plenty of online lending sites that provide responsive customer support to help resolve the issues.
Different Kinds of Online Loans for the US Citizens
As a US citizen, you have a variety of options to borrow money. But not each of these will appeal to you. These can be classified as secured and unsecured loans.
- Secured loan
A secured loan is one where you are required to provide collateral to the lender. There is no risk for the lender since they have the legal right to sell the collateral to recover the loan amount. You can place the ownership of your car, house, or something else as collateral.
A mortgage loan is a common example of a secured loan. These are the loans offered against a property. These are easier to get, but the losses in case of failure to make timely payments could be drastic. You may even lose the entire property.
- Unsecured loan
These are the loans without any significant risks. You do not need to provide any collateral to the lender. The loan approval typically depends on the credit score, income source, and other factors that determine your ability to repay.
The lender is trusting you based on his assessment of your financial position. These loans may have a higher APR, but there is no risk of losing your property. These are safer, but it may be challenging to get these loans.
Most people require personal loans without collateral to deal with a financial eventuality. If you don’t have something that banks accept as collateral or if you don’t want to risk property for the loan, unsecured loans are your best option.
- Payday loans
Another kind of loan that doesn’t require collateral is a payday loan. These are easier to get since the lender bears a lower risk with payday loans. Typically, the borrowers provide a postdated check to the lender to repay the money on the payday.
Tribal lenders often make an offer for a payday loan. The odds of getting a payday loan approval are higher, but the interest rates may be higher compared to secured loans. An upside of payday loans is that they are easy to get despite the bad credit.
Getting an Unsecured Loan
The process of getting an unsecured loan is quite different from a secured loan. To be eligible for the loan and get competitive rates, you may require a healthy credit score. So, as a borrower, you should first check your FICO score before applying for a loan.
However, if you are applying to lenders that offer bad credit loans, then your credit rating may not matter. There are lending networks that connect you with loan providers who do not carry out credit checks.
Next, evaluate your budget so you can skip any loan offer that doesn’t fit your budget. Every lender will have different terms and conditions for the loan. So, you need to compare the loans and consider the ones that are not too expensive for you.
Most online lenders have a prequalification process. This will give you a fair idea of what kind of loan terms you can expect to get. Once this is done and you finalize a loan, you must gather documentation and sign your approval to accept the loan.
FAQs About Emergency Loans for Quick Cash
Q1. What’s the easiest loan to get with bad credit?
Bad credit could mean that you have limited options. Most people turn to secured loans like car title or pawn shop loans. Payday loans may be another option if you have a bad credit score.
However, if you want to avoid risking collateral, you can apply for personal loans on a lending network.
Many reliable lending networks offer loans for bad credit. You can expect quick cash loans even with no credit history on some of these networks. If you can find the right lending network, you will not need to put any collateral to get a personal loan.
If you need emergency loans with bad credit, applying to a lending network will increase the odds of getting a loan. With several lenders willing to work with borrowers who have bad credit, you can expect to get a loan approved and quickly get the funds.
Q2. Can I get an emergency loan with a low income?
Yes, nowadays, getting a quick cash loan is very much possible even with a low income. Lenders may look for a steady and reliable income and not consider the amount they earn every month. You have the option to apply for a secured or unsecured loan.
If you are willing to risk collateral, a secured loan could solve your problem. But most people consider unsecured personal loans a better option. With reputable online lending networks, getting unsecured loans online takes very little time.
You do not need to risk any collateral, and the funds are transferred directly to your bank account. The entire process takes place online in a discreet manner. Online lenders’ networks are a convenient way to get emergency funds even with a low income.
Q3. Will an emergency loan impact my credit?
That depends on the lender. If the lender requires a credit check, your credit score may take a dip at first. But most lenders that offer emergency loans with bad credit do not need to look at your credit history.
In other cases, if a credit check is required, it may affect your score initially, but timely repayments will help improve your credit score. So, any negative impact on your credit score will only be temporary. You can improve your credit with the help of a loan.
So, you should choose a loan with conditions that you are certain about fulfilling. The installments should not be too much for you to pay on time. Timely repayment will help you build your credit score.
Q4. What can I use an emergency loan for?
A personal loan can be used for all kinds of purposes. It is at your discretion how you use the funds. A car loan or a student loan are offered for a specific purpose, but a personal loan can be used for many different purposes.
The lender will not question you on how you spend the money. As long as you fulfill the terms of repayment, you can spend the loan for anything like vehicle repair, wedding, travel, medical treatment, and so on.
Q5. Who can apply for a bad credit loan?
You need to be a US citizen, above the age of 18, with a regular income source to apply for a bad credit loan. Lenders who offer bad credit loans may not carry out a credit check. But they may require you to present proof of employment.
If you are self-employed, they may also need to verify that. So, any adult citizen with some source of regular income can apply for a bad credit loan. A lending network is a good place to apply for a bad credit loan.
With several lenders looking at your application, such networks increase your chance of getting a loan. You only need to fill up a single application to connect with several lenders at once. This saves a lot of time, especially when you urgently need a loan.
Q6. How fast can I get an emergency loan?
That depends on whether you apply for an offline loan or an online loan. Online loans tend to be faster since all the processes take place online. If you are looking for quick cash loans, a lending network could help you get them in almost no time.
Once you get your loan approved, you may expect the funds within 24 hours or on the next business day. Most lenders transfer the funds directly to your bank account. You can get an unsecured personal loan, so there is no need to provide collateral for an emergency loan.
Q7. What are the best online lenders for emergency loans?
While there are several online lenders, only a few are legitimate. Many online lenders are trying to scam you, so you should only go with the most reliable online lenders. CashUSA, Personal Loans, Money Mutual, and Bad Credit Loans are the most trusted lending networks.
All these lending networks have user-friendly websites. The application process is quick and simple. There are a vast number of lenders that will make you an offer. Once you accept an offer, you can get the funds directly into your bank account on the very next business day.
Money Mutual and CashUSA are very popular for small or medium loans. The large network of lenders elevates your chances of getting a loan. Your bad credit is not going to get in the way of your loan approval on these sites. Personal Loans is another highly reputable online lending site.
Q8. What kind of loans can I borrow online?
You can get an unsecured loan or a Payday loan from online lenders. Some lending networks connect you with tribal lenders, and you can easily get a Payday loan. Online lenders will also make you offers for installment loans that you can repay in a few months or years.
In case of emergency, you can apply for a personal loan online and choose a duration for repayment that’s comfortable for you. Choosing a lending network with several lenders will help you get better loan terms compared to other financial institutions.
Many online lenders are also willing to offer bad credit loans. If you have a regular income, you don’t need to worry about your credit score. Tribal loans are easily accessible online and may be offered to those with a low FICO score.
Concluding on Hardship Loans for Bad Credit Borrowers
Yes, it is possible to get emergency loans with bad credit. Several reliable websites connect you with a vast network of lenders. The best part is that these are personal loans and do not require any collateral.
Though these loans come with a higher APR, the competition between the lenders may help you get affordable rates. There are several advantages of using a lending network to borrow money. The online lending process tends to be very fast.
If you can find decent loan providers online, you will be surprised at the convenience of using these. You can apply to multiple lenders from the comfort of your home. Once the loan is approved, you get the funds directly to your bank account.
But you need to be careful when you borrow online. The lender should be transparent about the terms of the loan and the additional charges. You should be sure that you can rely on the lender and that there is no intention to get the borrower into a debt trap.
Our list of online lending networks will help you get emergency loans with bad credit. Their loan approval and disbursal process are unbelievably fast. Once you complete the application, you may expect to receive the funds as soon as the next business day.