Having a bad credit score (lower than 620 FICO) is a harsh reality that many people face. What’s worse is an unexpected emergency expense during these challenging times of the pandemic.
Most lenders won’t be willing to give you a personal loan, and even if you do manage to get one, you will be stuck with high interest rates and a period of 3 to 72 months of tricky payments.
Fortunately for you, there are lenders out there that offer the best emergency loans with bad credit. These payday lenders don’t focus as much on credit score, but rather on things like monthly income and monthly payment history.
If you need funds for an emergency repair, debt relief, or even a vacation, we’ve got you covered. Take a look at our list of lending services that could offer you emergency loans with bad credit in a matter of a few hours to a day, flexible credit requirements, and decent interest rates.
2021’s Best Loan Lending Companies for Emergency Loans With Guaranteed Approval
- MoneyMutual: Overall Best Loan Company to Get an Emergency Loan
- Bad Credit Loans: Top Rated Payday Lender for Bad Credit Loans
- CashUSA: Best to Provide Cash Advance
- Personal Loans: Best for Bad Credit Personal Loans
#1. MoneyMutual: Overall Best Loan Company to Get an Emergency Loan
MoneyMutual is the perfect place for money lenders and money borrowers to meet. This lending platform recognized the market need for bad credit money loans and has decided to enter the market.
Founded in 2010 and based in Las Vegas, Nevada, MoneyMutual has a network of over 60 lenders willing to work with people with low credit scores.
As stated by MoneyMutual, 4 out of 10 Americans won’t be able to come up with $400 in case of an emergency, a scary reality many of us have to face. This makes MoneyMutual one of the best services if you need an emergency loan.
The company has provided more than two million people with payday loans on bad credit, and you can use MoneyMutual to find loans for anything from emergency expenses, holidays, unexpected bills, auto repairs, and more.
Your information is secure when using MoneyMutual as it is encrypted with a 2048-bit RSA key. It’s also a member of the Online Lenders Alliance (OLA) dedicated to ensuring the best possible experience for its customers.
- Free service with no extra fees
- Educational resources about loans and credit scores
- Receive offers in a couple of hours
- Get the funds in 24 hours
- Easy approval process
- Loans ranging from $200 to $5,000
- Only available in the U.S.
- Not available in New York or Connecticut
How It Works
To be eligible for a getting an emergency loan, you need to:
- Be currently employed or receive regular income
- Make at least $800 per month
- Be at least 18 years old
- Show proof of U.S. residency with a government ID
- Have an active checking account
If you meet these qualifications, you can get a loan in three simple steps:
Provide your info using a web form. You will need to fill out the information about yourself, such as name, residency, contact information, income, and employment status.
The loan request is sent to the network of loan lenders for review. Lenders have their own independent requirements and will perform a credit check to see if you meet those.
If a lender is willing to work with you, they will send you an offer. After you review the terms of the agreement and feel like they are acceptable to you, the lender will contact you to confirm the information and finalize the loan by signing the deal electronically.
The final step is getting your money directly to your bank account in as little as 24 hours. The repayment terms and loan fees are agreed solely by you and the lender, without the interference of MoneyMutual.
Features and Benefits
There are a couple of things that make up the top-notch service of MoneyMutual.
For instance, with just one simple form, you will get connected to various lenders that give out short-term loans for bad credit. Having a vast network of 60 lenders will allow you to compare many different offers and rates.
Moreover, MoneyMutual acts as a middleman, so you will not pay any fees for the service. MoneyMutual is paid by their lenders on successful deals. There are no hidden fees or maintenance charges.
The service acts super-fast, and you might get secured loan offers in a matter of hours or, in some cases, a couple of minutes. You could go through the whole loan process very fast and have the emergency fund in your account in a period of 24 hours.
You can find answers to many of your questions on MoneyMutual’s FAQ, “About Us,” and “How it Works” pages. You can also talk to a customer service agent through the phone or send them an email. The service team is friendly and very helpful.
Reading customer reviews confirmed that the support team is fantastic and willing to discuss the pros and cons of taking out a loan. Moreover, people liked how fast the whole loan process was.
#2. Bad Credit Loans: Top Rated Payday Lender for Bad Credit Loans
Bad Credit Loans has one of the biggest pools of lenders because they include both state and Native American tribal lenders.
If you’re struggling to get a loan for an emergency, this is the place to be. Keep in mind that tribal lenders operate on different laws and regulations from state ones, meaning you could get worse or better interest rates and fees.
Based in Tacoma, Washington, Bad Credit Loans is a free of charge service that acts as a bridge between lenders and people looking to borrow money loans on bad credit without any obligation to accept a credit loan.
You can get loan offers for debt relief, credit repair, auto loans, business loans, home loans, and much more, going up to $10,000.
We really liked Bad Credit Loans because the service offers an educational section talking about things like loan scams, how to spot them, and how to avoid them. There are also plenty of articles provided with information about personal finances, banking, and loans.
- 100% free service
- Side-by-side comparison of loan options
- Vast network of tribal and state lenders
- Many loans have flexible terms
- Get up to $10,000
- APRs range from 5.99% to 35.99%
- Get the funds in 24 hours
- APRs can be very high depending on credit score
How It Works
Bad Credit Loans states that its lenders are willing to give out loans to people with bad credit with a more significant focus on credit history and income. They primarily work with installment loans.
To be eligible for emergency loans with bad credit, you need to meet several criteria:
- Be 18 years old
- Provide a social security number, or some proof of legal citizenship or residency
- Have a regular income stream from employment or other sources
- Have an active checking account in your name
- Provide your email address
- Provide home and work telephone numbers
If you meet these criteria, applying for a loan will take only a few minutes. You’ll need to fill out a convenient online form and answer a few simple questions. Next, that application will be sent to the vast network of lenders who are online, and once they review it, you might receive an offer.
Once you connect with a lender, the lender will verify your information and get in touch with you. Depending on the information, the lender might offer you a loan instantly.
You should carefully read the terms and conditions of the loan offer and calculate to see if it fits your budget. You’re not obligated to accept. If you do accept, you need to sign it via electronic signature. The lender will transfer the funds to your checking account within 24 hours.
Features and Benefits
Besides Bad Credit Loans being a free service that you can use to obtain as many offers as you like, it offers a couple of other cool features.
One of those is the ability to receive multiple offers and compare quotes. You can get multiple quotes from lenders, and Bad Credit Loans allows you to compare them side-by-side to help you make the best loan decision.
Another benefit is the extensive anti-scam articles Bad Credit Loans provides. They can teach you how to spot a scam involving all types of loans like job scams, debt collection scams, phishing scams, wire transfer scams, and much more.
Bad Credit Loans generally has positive reviews from customers. This comes from the fast service it provides as well as the solid customer support.
One customer named Bea said, “I was really happy with the customer service and how easy it was to find a loan w/bad credit. I will recommend this.”
Mirta Lee said: “I am very impressed with how professional, easy, and safe this loan site is. I have bad credit. But Bad Credit Loans was great—everything was simple, I got approved right away, and my information was never sold or stolen. Not half bad for a cash advance site.”
#3. CashUSA.com: Best to Provide Cash Advance
CashUSA.com is a Las Vegas-based company that is widely considered America’s most trusted resource for quick cash and short-term loans.
CashUSA.com connects you to various lenders and allows you to view terms, current rates, and associated fees. Having a network of state and tribal lenders will ensure that even people with awful credit scores get a chance at a loan.
What we liked about CashUSA.com is its financial education resources, streamlined system that is available to customers free of charge.
With CashUSA.com, you can get loans for medical bills, home repairs, education, or even things like a new pool. Moreover, these loans are unsecured, meaning you don’t have to put up collateral like your house or car.
You can submit a loan request ranging from $500 to $10,000, with APRs ranging from 5.99% to 35.99%, and repayment times from 3 to 72 months.
- Convenient and fast
- Large network of state and tribal lenders
- Fantastic education center
- Available in all 50 states
- Loan terms are easy to understand
- Loans are tailored to your situation and history
- Repay the loan in up to 72 months
- CashUSA.com might profit from selling your data
- Interest rates could go as high as 35.99% for bad credit
How It Works
To start the loan application process, you just fill out an easy online form. It contains questions about your personal details and banking information. The online form can be filled out super-quickly if you have your banking information on hand before starting the request.
To apply for the loan, you will need:
- An estimate of your credit range
- ID showing you’re at least 18 years old
- Be a U.S. citizen or have permanent residency
- Have a monthly income of $1,000 after taxes
- Have a valid checking account
- Have a working email and phone number
Once you successfully fill out the form, it will be forwarded to the available lenders. The procedure is pretty straightforward, and if a lender wants to give you a loan, they will contact you with the offer. Some lenders offer more than traditional loans; they might provide you with a line of credit.
You will be redirected to the lender’s website, and once you review the terms of the loan, you can accept or reject it. CashUSA.com is not part of the negotiation between you and the lender.
Features and Benefits
CashUSA.com’s application process is easy and fast, only connects you to relevant lenders, and doesn’t cost anything.
An exciting feature of CashUSA.com is that your request will only be submitted to relevant lenders. Using intelligent algorithms, CashUSA.com will match you with the appropriate lenders for your situation.
Lenders who wouldn’t want to work with you based on your loan maximums, age, demographic data, or other reasons will be left out of the mix. This is a great feature for saving time as CashUSA.com will sort only relevant opportunities.
Another great feature is the education center CashUSA.com provides. It has regularly written articles that are sorted into four categories: Credit, Finances, Debt, and Banking
Reading the articles in each of these categories can help you clear out any dilemmas about taking out a loan and teach you how to handle your finances in the future.
CashUSA has a friendly and knowledgeable customer support staff. You can get in touch using the online web form or try calling the phone number. The support staff is active during the week, and you will get the proper service.
CashUSA is rated an excellent 3.9 out of 5 stars on third-party sites. One customer named Emir said, “They have really great customer service, they were careful and made sure I understood everything and asked if I had any questions. My questions were answered with a professional but honest answer, I recommend it!”
#4. Personal Loans: Best for Bad Credit Personal Loans
If you’re looking for a considerable loan amount, Personal Loans has lenders giving loans ranging from $1,000 to $35,000. It’s a free-to-use service, connecting clients looking to borrow and potential lenders in one place.
You can apply for a loan for any reason, be it a home improvement project, debt consolidation, medical expense, holiday, or other reasons. You can get a loan on bad credit, and it can be a personal installment loan or a payday loan from both peers and banks.
The short-term installment loans have due dates of up to six months, and repayments for other types of loans range from 90 days to 72 months.
Hailing from Roosevelt, Utah, Personal Loans is a fantastic service for consumers looking to get fast and hassle-free financial funding from a broad network of lenders.
Suppose you’re worried about the safety of your data. In that case, Personal Loans protects your information with advanced data encryption technologies and is part of the OLA (Online Lenders Alliance), dedicated to providing quality and responsible business practices.
- Funding typically takes one business day
- Borrow up to $35,000
- Options for short-term repayments to save on interest
- Lenders perform soft pulls on your credit history
- Easy and convenient loan application
- Compare offers by multiple lenders
- No minimum credit score requirement
- APRs can get very high for large loan amounts
- The minimum loan amount is $1,000
How It Works
As with other companies on our list, you start by filling out an online form. To fill out the loan request, you need to provide information on how much you need to borrow, your credit type, the reason for the loan, as well as some personal, banking, and income information.
The entry requirements for the loan application are:
- You must be older than 18
- Must have a valid social security number, and be a legal U.S. citizen or resident
- You need to have regular income from employment, disability, or social security benefits
- Have a valid checking account opened in your name
- Information about credit type and payment history (no payments later than 60 days)
- No recent bankruptcies
The information you fill out will be shown to lenders and third-party lenders for review. Shortly after the review, lenders will invite you to fill out additional information at their respective websites, and if the loan is approved, you will be given the terms and conditions of the contract.
Always read the details containing the amount you need to pay back and the repayment time frame. If you accept the deal, the lender will deposit the funds to your account within one to five business days.
Features and Benefits
Personal Loans’ most prominent benefit is that it can connect you with many lenders willing to offer larger loan amounts with longer repayment times.
Moreover, the service is free, giving you access to hundreds of lenders across the U.S. with super-fast funding times. You will get the funds in your account in a single business day.
The biggest benefit of Personal Loans is that you fill out one basic online form and get connected to many lenders that you can easily compare.
You could receive multiple offers that you can compare to see how well you fare in the loan market. You will get a better sense of what to expect from your loan agreement so you can make a better-informed decision.
If you have any questions about the service of Personal Loans, feel free to contact customer support. Personal Loans is dedicated to customer satisfaction, and if you have any questions, you can reach the support staff through email or phone.
Personal Loans has an excellent rating of 4.6 out of 5 stars on TrustPilot.
Ramil W. said, “Very satisfied return customer and approval process is as easy as it can be. They came through for me again in a time of need. You guys are the real MVP!”
Things We Considered Before Making the List of Online Payday Lenders
Personal finances and taking out a loan are serious topics, so we tried to include only the best services that offer emergency loans with bad credit.
The lending services were chosen in accordance with a few criteria:
- Reputation and Customer Reviews
We included lending services that have kept their customers happy and lived up to their reputation. We read many reviews from trusted third-party websites and saw real testimonials from people who were satisfied with the service they got.
Moreover, we chose companies that are rated by the Better Business Bureau (BBB).
- Credit Flexibility and Requirements
Of course, our primary focus was on lending services that can connect you to lenders willing to work with bad credit. Most of these services have lenders that will work with credit scores in the low 600s and even some who are willing to work with the lower brackets.
These lenders choose to offer a loan based on recent credit history, monthly payments, and a regular monthly income rather than the entire credit score.
- Applying and Funding Times
We’re talking about emergency loans, so naturally, time is of the utmost importance when considering a lending service. We chose companies that offer an easy and streamlined loan request process.
The services on our list have application forms that are filled out within a matter of minutes and instantly forwarded to the network of lenders after. Lenders who are online will inspect the loan request immediately and might send you an offer.
Moreover, after you accept the terms of the contract and seal the deal with an online signature, you will have the money in your account within one weekday.
- Transparency and Fees
We only included transparent lenders about what they do with your information and the fees they charge for their service. After all, when you’re looking for emergency loans with bad credit, the last thing you need is another emergency in the form of a surprise hidden fee.
Be careful when finalizing the deal of a loan with a lender because the companies on our list only act as a middle man and have no power over the loan agreements. Always read the contract’s fine print carefully to ensure you are not set up for additional fees.
A fee that commonly occurs when taking out short-term loans is the origination fee.
Things to Keep in Mind Before Getting a Instant Payday Loan With Bad Credit
- Your Credit Score
Your credit score is measured using the FICO (Fair Isaac Corporation) credit system. Having a low score can seriously hinder your ability to get a loan with decent terms and interest rates.
Knowing what your credit score is can give you an idea of what loan terms to expect. You can get a free yearly estimation at Annualcreditreport.com.
The FICO scores range from 300 to 850 and are classified into the following five categories:
- Poor credit score (less than 580) – Scores below 580 are considered very poor, and consumers with these scores are classified as risky borrowers.
- Fair credit score (580 to 669) – These scores are still below average, and you might not get good loan terms. But many lenders are willing to work with people from these categories.
- Good credit score (670 to 739) – These scores are considered the average or above it. Borrowing with a good credit score should be easy.
- Very good credit score (740 to 799) – Scores in these ranges are considered low-risk, and lenders will provide you with favorable terms.
- Exceptional credit score (800 to 850) – People looking for a loan with exceptional credit scores get the most competitive rates and loan terms.
How Your Score Is Calculated
Five main factors make up your credit score:
- History of payments (35%) – It’s improved when you pay your bills and loan installments on time.
- The total amount owed (30%) – Also known as credit utilization, it considers the percentage of credit that the person currently uses.
- Length of credit history (15%) – Longer credit histories are considered less risky, as there is more past data to show payment history.
- Credit types (10%) – It shows the different types of credit a person uses.
- New credit and accounts (10%) – This factors in how many new accounts and credit cards a person has opened recently.
You Won’t Always Get an Offer
Applying doesn’t guarantee you a loan. This even applies to borrowers with good credit. Lending service sites have a disclaimer telling you that you will not always find a match. Sometimes lenders just don’t see you as a good fit.
Applying May Hurt Your Credit Score
Lenders can perform two types of checks on your credit history. A hard pull can harm your credit score affecting the new credit aspect of your FICO score. Most lenders perform a soft pull that won’t be calculated into the credit score, but be careful when applying.
Have Your Information Ready
When you’re looking to qualify for an emergency loan with bad credit, you should have all your documentation ready—things like personal information, government ID, banking information, and information about employment and income.
The faster you gather your paperwork, the quicker the application process.
Secured vs. Unsecured Loans
Most lenders work with unsecured loans. Unsecured loans may have higher APRs, but they are safer options than secured loans. Secured loans require some sort of collateral like your car or house, which you could lose if you can’t make the payments on time.
You should also consider fixed vs. variable interest rates. If you’re a borrower with bad credit, you will pay high-interest rates. But, if you choose a fixed interest rate, you won’t have to worry about fluctuations in the market that might increase the interest rates.
FAQs About Payday Lenders Providing Emergency Loans
Q1. How do I know if my credit score is bad?
The definition may vary between institutions and lenders, but 580 and below is generally considered bad credit. Some lenders might even cut off people with credit scores below 620. If you don’t know your score, you can get a free estimate once a year at annualcreditreport.com.
Q2. How can I improve my bad credit score?
A bad credit score can be slowly brought back to a good one. The most important thing you can do is make timely payments. Paying off debt and bills on time will improve your payment history, positively influencing your credit score.
You can also bring your credit utilization down. Try paying off previous debt and keep your credit card use to below 30%. One more easy way to improve your score is by keeping your old accounts open. This helps the length of the credit history aspect be positive.
Q3. How long will it take me to go from a bad to a good credit score?
This depends on the individual and their credit history. Each person has different reasons that made their credit score bad, but if you apply the changes mentioned above, you could get a positive credit score within 12 to 18 months.
Final Thoughts: From Which Loan Company You Should Get an Emergency Loan From if You Have a Bad Credit Score
Getting a loan is a major financial decision. If you have an urgent matter and you have no other choice, go for it! A bad credit loan could even prove to be a positive decision. If you pay it off on time, your credit score will increase, and the cash will help you deal with the emergency.
The best services to help you find an emergency loan are MoneyMutual and CashUSA.com. Remember to always read the fine print and terms, and do not accept loans that will not match your budget. We hope this article helped you clear out some things and find a crucial loan at the right time.