Do you have a poor credit score? If yes, most traditional lenders may reject your loan application, as they usually don’t accept high-risk applications.
Well, things are different in the online world, and one can easily get emergency loans with bad credit scores. However, you will have to stay careful, as you can get scammed if you choose an unreliable service provider.
To help you stay safe and save time, we have made a list of the best companies that offer bad credit loans, and we will review them in this article.
We will also talk about the factors that you should keep in mind while applying for a loan online. Moreover, we will discuss the advantages and disadvantages of bad credit loans.
So, without any delay, let’s have a look at the companies offering the best emergency loans we have chosen for you and help you get a loan.
Top 5 Online Lenders For Quick Loans
- MoneyMutual: Overall Best Online Lender For Emergency Loans With Bad Credit
- BadCreditLoans: Best Loan Company For Online Loans With Bad Credit
- RadCred: Popular Lender For Instant Cash Advance Loans
- CashUSA: Best For Emergency Loans & Payday Loans
#1. MoneyMutual: Overall Best Online Lender For Emergency Loans With Bad Credit
MoneyMutual is a well-known and trustworthy name, and it is known for offering quality services. The company has been serving people for years, and it is trusted by 2 million+ customers.
MoneyMutual is an ideal option for people who want a small loan, as the company offers loans ranging from $100 to $5,000. But, if you need an amount higher than $5,000, other companies will suit you more.
MoneyMutual’s official website is well-designed and easy to navigate, and the application process is also simple. According to their official site, the form takes less than five minutes to complete.
Also, you will not have to go through different categories to fill out the form. You can start the process on the homepage, which is a good thing for people having a busy schedule. The number of online lenders is also displayed on the homepage, and you can check it before filling out the form.
They have more than 130 lenders in their network, which means you are likely to find a suitable option. The company offers fast services, and you can receive a loan offer in just a few minutes/hours after submitting the application. If you accept the loan offer, you can receive the amount in your account in just 24 hours; however, it can take longer in some cases.
MoneyMutual is a customer-centric company and offers complete transparency to clients. They also encourage people to review the loan offer before accepting it. Moreover, they do an outstanding job in the field of customer support.
All in all, MoneyMutual is a reliable option, and you can go for it without thinking twice if the offered range suits you.
MoneyMutual offers free services to borrowers, and you will not have to spend money to fill out a form and submit your application on the platform. You can reject a loan offer without worrying about anything if you don’t like the terms and conditions or applicable charges/interest rates.
Safe and secure platform
You can share your banking details on MoneyMutual without worrying about safety issues, as the site is safe and secure. The company doesn’t work with any unreliable third-party service providers, and your data will stay protected.
- User-friendly interface
- Simple application process
- Fast and free service
- Safe and secure site
- Not suitable for people who want to borrow amounts higher than $5,000
#2. BadCreditLoans: Best Loan Company For Online Loans With Bad Credit
BadCreditLoans is one of the most popular companies in the industry, and the company offers personal loans, auto loans, and several other types of loans.
They offer 24/7 services, and you can borrow any amount within the $500 to $10,000 range. You can enjoy free services, and you can apply for a loan and review loan offers without paying them. Their website has a user-friendly interface, and even first-time users are unlikely to face any issues during the application process.
You can get a loan on BadCreditLoans in a few simple steps. You will just have to submit the loan application, and if your application gets approved, you will be connected with a lender.
Most people get a loan offer in just a few minutes, as the company offers quality services. If you like the offer and accept it, you may receive the amount in just one business day. However, you may have to wait for up to 72 hours in some cases.
BadCreditLoans is a trustworthy company, and it doesn’t apply any hidden charges. If the company isn’t able to find a suitable loan offer for you, they will find offers for debt relief, credit repair, and credit-related services to help you. You can reject the offers if you aren’t interested in using such services.
Loan terms: 3 months to 72 months
You will have flexibility in the field of loan terms while working with BadCreditLoans. The loan term usually ranges from 3 months to 72 months on the platform.
You should read the loan agreement carefully, as the leader will choose the term length and interest rate. You can reject the loan offer if you don’t like the term length or interest rate and apply again.
Advanced encryption technology
BadCreditLoans protects every user’s information with advanced encryption technology. They have also added a section on their site where you can learn how to spot a scam and protect yourself while applying for loans online.
- 100% free service
- 24/7 service
- Excellent customer support
- Loans ranging from $500 to $10,000
#3. RadCred: Popular Lender For Instant Cash Advance Loans
If you need a large amount of money, RadCred is the best option to go with. You can request money for any occasion and borrow any amount between $1,000 and $35,000.
The company offers free services, which is an added benefit, but if you need an amount lower than $1,000, other companies on our list may suit you more.
RadCred has a user-friendly website, and the homepage also looks appealing. You can start the application process on the homepage, and the process will be finished in just a few steps.
Once you review and accept a loan offer, you may receive the amount in one business day. You can also learn about other credit-related products on the company’s official site.
RadCred uses advanced data encryption technology, so you are unlikely to face any safety issues while working with them. They have a large number of lenders in their network, and some of them may offer competitive rates. Their loan term also ranges from 3 months to 72 months, which means you can easily pay back the borrowed amount over a period of time.
They offer different types of loans, such as personal bank loans, peer-to-peer loans, and personal installment loans. RadCred offers quality services and welcomes many returning customers.
Easy repayment terms
If you aren’t able to make a payment on or before the due date, you can contact the lender, and they may help you. The support staff may make a new payment schedule if you provide a valid reason.
Excellent customer support
RadCred offers excellent customer support, and their highly-professional support staff is always ready to help users in need. You can send them an email, and you can also call them during operational hours.
A FAQs section is also available on their site, and you can check it out if you have any doubts.
You can check out their ‘Loan Guides’ section to learn new and interesting stuff. They have provided information on several topics, including bad credit, payday loans, tax loans, and debt consolidation.
- They offer loan amounts as high as $5,000
- Well-designed website
- You can get money for any occasion
- No need to worry about safety issues
- It is not a direct lender.
#4. CashUSA: Best For Emergency Loans & Payday Loans
CashUSA is a leading company in the industry, and it is a go-to place for many Americans. The company operates in all 50 states, and you can borrow up to $10,000 on their official site. The homepage looks simple, but the site is user-friendly, and everything is divided into categories.
On CashUSA, your loan application can get approved in just a few minutes, as the company offers fast services. If your application is approved and you accept the offer, the money can get credited to your account in just one business day (in most cases).
The loan term varies from 90 days to 72 months on the platform, and the interest rate will be decided by the lender, depending upon your risk profile and other factors.
On CashUSA, you can get a loan only if you are a US citizen/permanent resident, at least 18 years old, and have a checking account in your name. You should also be employed for at least 90 days, and you will need to provide work and home contact numbers and a valid email address.
Their support staff is highly trained, and you can contact them via email or call during operational hours.
If no lender agrees to work with you, the team will still be there to help you. You may get offers for debt relief and credit repair; however, you can reject them if you want.
CashUSA offers interesting and informative articles on topics related to credit, debt, finance, and banking. You can read them by visiting the ‘Education Center’ section on the company’s official site.
You can enjoy their services without worrying about safety issues, as they use industry-standard encryption and safety measures to protect their users’ personal information. You will not have to think twice before sharing your details on the platform.
- The site is easy to navigate and user-friendly
- Loan terms ranging from 90 days to 72 months
- You can borrow an amount of up to $10,000
- The homepage doesn’t look eye-catching
How We Made This List For The Best Online Lenders Offering Emergency Loans?
We compared dozens of service providers while making this list and chose the ones that stood out in the crowd.
While comparing different companies, safety was our top priority, and we didn’t pick any unreliable service providers. We also kept an eye on the minimum and maximum loan limits.
We don’t want you to face any issues, so we also checked the terms and conditions to ensure that the company doesn’t apply any unfair terms.
Customer support was also on our priority list, and the companies that we have picked do well in this field.
Additionally, we checked the application process and time for funding, as we want you to have a smooth experience while applying for a loan.
What to Consider While Getting Emergency Loans with Bad Credit?
Well, as we mentioned above, those are the best companies that you can choose if you have a bad credit score and want to get a loan online.
All those companies are trustworthy and offer quality services; however, some of them may suit you better than others, as each platform is different.
If you are getting a loan for the first time, you may not know what to look for while comparing the available options. To help you make the right decision, we will discuss the important factors that you should consider while applying for a loan online.
Reputation of the company
Dozens of companies offer bad credit loans, but not all of them are trustworthy and reliable, so safety should be your top priority.
You can get scammed if you choose an unreliable company. Scammers often ask clients to pay a processing or subscription fee and stop replying, and do not process the loan after receiving their money.
Some service providers don’t even let borrowers review the loan agreement and apply unfair terms and conditions. Even if you don’t get scammed, you are unlikely to be happy with the quality of services provided by an unreliable company.
Popular companies have trustworthy lenders in their networks. They offer quality services, and you are likely to have a safe experience while working with them.
Moreover, they offer transparency to clients and do not apply any hidden charges. They clearly mention all important details such as processing fees, interest rates, penalty charges, and taxes. In simple words, you can rely on them in emergencies.
Minimum and maximum limits
You should always check the minimum and maximum loan limits offered on the platform while comparing different options. You will have to stick to the platform policies, and you can’t request an amount lower or higher than the offered limits.
The minimum limit ranges from $100 to $500 on most platforms; however, the number can go higher or lower in some cases. If you want to borrow a huge amount of money, there is no need to be concerned about the lower limit.
But, if you need a small amount, you should check the details carefully. If you need $200, and the minimum limit is $500, you will be forced to borrow a higher amount, which isn’t a good thing, as you will have to pay more money as interest in this case.
The upper limit also varies from platform to platform, and it ranges from $5,000 to $35,000 in most cases. You should be concerned about it if you need a big amount.
If you want to borrow $10,000, and the platform you choose doesn’t process amounts higher than $5,000, you will have to settle for a smaller amount or take two loans at the same time.
You should avoid taking two or more loans together, as you will have to pay the processing fee and other fixed charges twice in such a case. You will also have to pay two or more installments every month. So, if the upper limit on a site/app doesn’t suit your needs, you should look for other options.
Once your loan application gets approved, and the amount gets credited to your account, your loan term will start. You can pay back the amount in installments, but you will have to follow the terms mentioned in the agreement.
If you take a short-term loan, you will have to clear the dues in 1-6 months; however, some companies offer loan terms ranging from 3 months to 72 months, so you should check the details carefully.
You should make a wise decision, and the term length should suit you. The term length shouldn’t be too short for you, as you may find it challenging to pay back the amount in time in such a case.
If you fail to make the payments on time, the lender will apply late payment charges, which will make your financial condition even worse. But, the term length shouldn’t be too long either, as you will have to pay more money in the form of interest in this case.
You may also have to pay an early closure fee if you pay off the loan early. So, you should make the required calculations before choosing an option.
Application process and user interface
When we talk about online loans, the application process is simple in most cases. However, this doesn’t mean the process will be the same on all platforms. The best option is to choose a company that doesn’t waste your time in emergencies.
The user interface also plays an important role. The site should be user-friendly, well-designed, and easy to navigate. If the interface isn’t user-friendly, some people may end up choosing the wrong option while filling out the loan application.
Terms and conditions
Before signing a deal, you should carefully read the terms and conditions and make sure you understand everything.
Important details such as interest rates, processing fees, late payment charges, and early closure charges are mentioned in the agreement.
Unfortunately, bad credit loans usually come with high-interest rates, and the number will vary depending upon the company/lender you choose.
After checking the applicable charges and interest rate, you should make the required calculations and accept the offer only if you are confident about your ability to pay back the borrowed amount on time. You may not be able to change the terms, but you can reject a loan offer if you don’t like the details mentioned in the agreement.
Time for funding
Delays can be frustrating in emergency situations, and they can make things even more challenging for a person. You should be concerned about funding time while applying for an emergency loan. Popular companies mention such details on their site, and they always get the job done on time.
Some companies offer fast services and process loans in just 24-72 hours. Some companies serve people even on weekends, and you can rely on them in emergencies.
The eligibility criteria vary from company to company, so you should check such details to save time and effort. Debt-to-income ratio, age, and ability to pay back the borrowed amount are some of the most important factors that come into play. A lender will approve your loan application only if you meet the eligibility criteria.
So, if the criteria don’t suit you, you should start looking for other options, as there is no purpose in submitting the application.
You should know that a lender can reject your loan application even if you meet all the requirements. The final decision is made by the lender, and most marketplaces don’t have any control in this area.
Privacy and security
Are you concerned about the safety of your personal and banking details? If yes, you are following the right approach, as it is important to keep personal data protected. You should always choose a company that prioritizes client safety and protects every customer’s data.
Popular companies offer a safe and secure platform to clients, and you can share your details with confidence on their websites/apps.
They don’t share clients’ data with any unreliable third-party service providers; however, you should check out the ‘Privacy Policies’ section before sharing any data on a new platform.
What would you do if your loan application gets approved, but the amount doesn’t get credited to your account on time? If you face this or any other issue during the process, you will have to contact the support staff, which is why customer support is an important factor to consider.
If you choose a company that offers excellent customer support, you will get help whenever you face an issue. But, if the company takes a lot of time to respond to your queries, you are unlikely to have a good experience.
You should always be clear about the operational hours and modes of communication offered by the company. Email and phone support are commonly available options, and some companies offer live chat support too, which is an added benefit.
Well, these are the important factors you should consider while applying for an emergency loan online. You can easily find a suitable lender/company if you keep these things in mind, and the application process will also go smoothly in such a case.
In the following section, we will discuss how you can apply for an emergency loan online.
How to Apply for an Emergency Loan with Bad Credit?
Calculate how much you need
Before applying for a loan, you should be clear about your requirements and calculate how much money you need. If you need $500, you should borrow the same amount even if you are eligible for a higher amount.
People often borrow more than they need, which isn’t the right approach, as you will have to pay more money as interest if you borrow a huge amount of money.
Be clear about how much you can pay back each month
After receiving the money in your account, you will have to pay it back in installments. The lender will choose the due date, and you will have to make the repayment on or before the chosen date every month.
You should break down the principal amount into monthly installments and calculate how much you can pay back each month. If you do this part the right way and choose a suitable tenure, the repayment process will go smoothly.
But, if you don’t do the required calculations, you may find it hard to make the repayments on time. If you do not pay your bills on time, you may be charged penalty fees, which will be detrimental to your financial status.
Fill out the form and submit your loan application
Once you are clear about your needs and ability to pay back, you should visit the company’s official site and fill out the form. You will have to provide the required details such as name, email address, contact number, and bank account number. The process is simple in most cases, but you should stay careful and not make any mistakes.
If you enter the wrong details, your application may get rejected. Also, if you enter the wrong amount and accept the loan agreement, you can get in trouble.
You will need to provide the appropriate documentation as well. ID proof and income proof are required in most cases, and you should collect all the required documents before filling out the form. After submitting your loan application, you will have to wait for some time to receive a loan offer.
On some platforms, you can get offers in just a few minutes; however, it can take 24-72 hours.
Review the loan offer carefully
If you meet the eligibility criteria and the lender approves your application, you will receive a loan offer. After this step, you will just need to accept the offer, and the amount will be credited to your account. But, you shouldn’t accept the offer without reviewing the details carefully.
You should check the applicable charges, interest rate, and the due dates for each month. If you find the terms and conditions suitable, you can go ahead and sign the agreement. But, if you don’t like them, you should ask the lender to make changes or reject the offer and look for other options.
If you sign the loan agreement, you will have to follow all the terms and conditions mentioned in it. If you don’t follow the terms, you may have to face legal issues, and your profile is also likely to get blocked in such cases.
So, these are the steps that you will need to follow to get a loan online. Even if you are applying for a loan for the first time, you are unlikely to run into any problems.
You should always get your credit report before applying for a loan. Your credit score can improve over time, and if your score has improved, you may not have to worry about high-interest rates.
But, if your score isn’t good, you can apply for a bad credit loan. In the following section, we will talk about the advantages of bad credit loans.
Advantages of Emergency Loans with Bad Credit
No need to be concerned about credit score
A poor credit score can get in your way while getting a loan, but it will happen only if you go the traditional way.
In the online world, you can get a loan even if you have a bad credit score. People who don’t have a credit history can also get a loan online, as some lenders don’t even check the credit score of the borrower. They are just concerned about the borrower’s ability to pay the amount back on time.
No need to visit a bank
There is no need to visit a bank to apply for a loan online. You will just have to visit the company’s website using your laptop or smartphone and fill out a form. The job takes less than 5-10 minutes in most cases, which is a good thing for people having a busy schedule.
However, if you choose the traditional way, you will have to visit the bank to submit the application. Also, if the concerned person isn’t available, you will have to visit again.
Apply at any time of the day
Most companies offer 24/7 services, which means you can apply for a loan at any time of the day. If you are busy on weekdays, you can submit the application on the weekend. However, the application can take longer to process if you apply on a weekend or holiday.
Use the borrowed amount for any purpose
If you get a loan online, you can use the borrowed amount for any purpose. You may have to enter the details in the ‘Loan Purpose’ section during the application process, but you will not have to provide proof of purchase in most cases.
However, you should spend the borrowed amount wisely, and you shouldn’t buy unimportant things with it.
Quick money for emergencies
Emergencies don’t wait for payday, and things can become challenging if you don’t have a financial cushion. This is where emergency loans come into play, as you can receive money in just 24 hours on some platforms. Most online lenders review applications and process loans quickly.
Payback the amount in installments
While applying for a loan, you will get the option to choose a suitable loan term. You will have to pay an installment every month on the selected date.
No need to rely on friends or relatives
Some people are on good terms with their friends and relatives, and they can borrow money from them in emergencies. But, if you don’t want to rely on your friends or relatives, you can get a loan online. Also, you will not have to sell your assets if you get a loan.
Well, these are the major advantages of bad credit loans. They can help you in emergencies, but you shouldn’t rely on them every time you want to buy something.
You should apply for a loan only if it is important and you don’t have any other option. Now, let’s discuss the disadvantages of bad credit loans.
Disadvantages of Bad Credit Loans
As mentioned above, you can get a loan online even if you have a poor credit score, but you should know that bad credit scores usually come with high-interest rates.
You should try to pay back the amount as quickly as possible, but you should keep an eye on early closure charges too. Late payment charges are also high.
Processing fee and other charges
Some companies/lenders apply a processing fee (usually 1%-3%), and they usually deduct it from the loan amount. Most people aren’t concerned about the processing fee, as they don’t have to pay it in advance.
But, if you borrow a huge amount of money, you should carefully check the processing fee and other applicable charges.
The habit trap
Some people get a loan every other month, which isn’t a good thing. You should avoid taking multiple loans together, as you can get trapped in a cycle of debt in such a case.
A loan can’t improve your financial situation in the long run, as you will have to pay back the borrowed amount every time you get a loan. Also, you should understand the involved risks before submitting a loan application.
Well, these are some disadvantages of bad credit loans. However, if you don’t rely only on loans and spend the borrowed amount responsibly, you are unlikely to face any issues.
Frequently Asked Questions On Emergency Loans & Payday Loans
Q1. Is it safe to get a loan online?
The online world is full of scammers, and you can lose money or face other issues if you don’t stay careful.
However, the sites that we have reviewed are trustworthy, and they work with reliable lenders. You are unlikely to face any issues if you choose them; however, you should thoroughly study the terms and conditions before signing the loan agreement.
Q2. What will happen if I fail to make a payment on time?
If you don’t make a payment on time, the lender will apply late payment charges, and they will be added to the due amount.
The penalty charges may increase every day after the due date. The lender may also take legal action if you miss multiple payments in a row.
Q3. How can I improve my credit score?
Your credit score is likely to improve if you keep paying your monthly installments on time. If you have a credit card, your credit utilization ratio will also come into play.
You should know that your credit score is unlikely to improve overnight. You will have to stay punctual and make repayments on time for a period to improve your score.
Q4. Are secured loans better than unsecured loans?
Both secured and unsecured loans come with their own pros and cons. Unsecured loans usually come with higher interest rates than secured loans, but you will not have to put up something as collateral while getting them. If you get a secured loan and fail to pay back the amount on time, you may lose what you put up as collateral.
Concluding On Applying For Best Emergency Loans
We hope you liked our list of companies that offer emergency loans with bad credit and found this article helpful. All the companies that we have reviewed are reliable, and you are likely to have a safe experience while working with them.
But, you should consider the factors that we discussed while comparing the available companies/lenders, as it will help you pick the most-suited option. Most websites reviewed by us offer free services, so you can cancel a loan offer if you don’t like it and look for other lenders.
Even if you choose a company reviewed by us, you should never sign the loan agreement without understanding the terms and conditions.
We hope you are clear about the advantages and disadvantages of a bad credit loan. Also, you should focus on improving your credit score, as it will prove beneficial while getting loans in the future.