The idea that “accidents happen” is a fact of life. No matter how careful you are, no matter how well you save, you aren’t immune to financial emergencies. When something bad happens, it may leave you wondering if it’s possible to manage your finances to deal with the situation without bankrupting yourself.
Most people apply for an emergency loan in their time of need. An emergency loan means you get the money as quickly as possible so you can handle what’s happening. Much like any other loan product, an emergency loan has certain terms and conditions to follow, including interest rates and loan length.
As helpful as an emergency loan is, many wonder where to find emergency loans with bad credit. Your credit score determines your eligibility for financing. The lower your credit score, the lower your chances of a successful application. A low credit score, especially when combined with a history of missed payments and an unstable financial situation, makes lenders wary about giving you money.
There is hope for people with bad credit. We’ve put together a list of what we consider to be the four best emergency loan providers that are willing to talk to people with bad credit. There’s nothing stopping you from getting the money you need when you need it, not even a bad credit score.
Our List of Top 4 Emergency Loans:
- MoneyMutual: Overall Best Bad Credit Emergency Loans
- Bad Credit Loans: Most-Trusted for Poor Credit Score Loans
- CashUSA: Highest Approval Rate, No Credit Check
- Personal Loans: Get Instant Loans at Lowest Interest Rate
Here’s the detailed review of our top picks:
#1. MoneyMutual: Overall Best Bad Credit Emergency Loans
MoneyMutual is at the top of our list with good reason. The company has helped thousands of people get through financial issues. This is just one of the reasons that this is the first name people think of when considering a bad credit loan provider.
Applying with MoneyMutual couldn’t be easier. It takes just five minutes or less to fill in the online application. MoneyMutual then takes the information in the form and compares it to eligibility criteria for different loan providers in their lending network to find the right lender for you. Soon after, you should receive competitive loan offers from lenders willing to work with a bad credit score. The website accepts applications for payday loans, bad credit loans, and regular installment loans.
The lenders that work with MoneyMutual include all the important details such as terms and conditions in your loan offers. The only restrictions are that you need to be at least 18 years old, earn at least $800 per month, and have a checking account. This remains one of the most convenient options for getting through a tough financial situation.
You won’t need to worry about the security of your information either. The website is protected by Norton encryption to be as secure as possible. The customer reviews for the service also seem legitimate. Keep in mind that the website’s job ends as soon as you apply for a loan. The website can’t promise the same level of security once you go off-site and visit the lender’s website.
MoneyMutual makes it easy for consumers to find and request emergency loans without having to deal with queues and lengthy interviews. It doesn’t take much to see what made this one of the most trusted names in the financial market.
Fees and Interest Rates
The interest rate for your loan depends on the loan type and your situation. Their average Annual Percentage Rate (APR) ranges between 5.99% and 24.99%. MoneyMutual doesn’t charge origination fees for emergency loans and doesn’t provide emergency loans directly. It works as a middleman connecting applicants and lenders.
When you have selected the most attractive offer, you’ll be taken to the lender’s website to start negotiations and arrange a loan. Those loan providers have unique terms and conditions, including interest rates. You’ll have to talk to the provider about what they expect from you.
Loan Limits and Terms
With one of the largest lending networks of any online loan platform, MoneyMutual is the expert at connecting people who need money to people who have it. You can find emergency loans between $100 and $5,000. Loans as low as $500 are more likely to be approved.
Given that MoneyMutual is just the middleman between two parties, it doesn’t define the terms and conditions of the loan. These conditions are set by the lender and you’ll need to talk to them if you wish to change anything. Be sure to read through the terms and conditions of a loan before signing for it so you understand exactly what you’re getting yourself into.
MoneyMutual offers three loan types – payday loans, cash advances, and bad credit loans. Payday loans are the easiest ones to qualify for. They have high-interest rates to account for that, however, so you should be careful about reading all the information in your loan offer.
- Quick application
- Different loan types
- Encrypted website
- Borrow between $100 and $5,000
- Not available to applicants in Connecticut or New York
#2. Bad Credit Loans: Most-Trusted for Poor Credit Score Loans
Bad Credit Loans is another great option to consider if you’re looking for an online lender that connects you to lenders. What makes this service so reliable is that they still try to help even if they can’t find the right loan for you. If that happens, the website redirects you to other resources where you can find the help and support you need to get your credit back on track.
The name “Bad Credit Loans” says it all—this is where you go to find emergency loans with bad credit. The service connects people to loan providers when they need them and offers plenty of other advice and works with charity programs.
The website provides information on how people can apply for emergency loans, how to be careful with money to prevent future financial issues, and how to pay a loan back quickly and efficiently. Given that financial emergencies can—and do—happen at any time, it’s good to know that you can count on Bad Credit Loans for a quick and easy emergency loan.
Having bad credit does make it more difficult to borrow money from a financial institution. That’s nothing to worry about with Bad Credit Loans, as the service sends you to people who are more than willing to lend money to people with bad credit.
You’ll have your application filed in just five minutes. From there, the website finds lenders who suit your needs. Open the website and apply for the loan directly and wait for responses.
Fees and Interest Rates
Bad Credit Loans mostly deal in small emergency loans with interest rates between 5.99% and 35.99%. Actual interest rates may vary as the website doesn’t provide loans directly and instead connects you with lenders.
You can use the platform to find a loan without spending a penny. Finding and obtaining a loan has never been easier thanks to the latest technological advancements. Some people with bad credit are still hesitant to apply for a loan out of fear of their application getting rejected. You don’t need to worry about that with Bad Credit Loans.
The website is made for people with bad credit that won’t let them borrow emergency funds when they need it. The website doesn’t list any terms and conditions and doesn’t make any promises because everything comes down to the lender. This makes the whole process smoother.
Bad Credit Loans connects you to lenders who are willing to work with someone in your situation. You can contact the lenders directly to learn more about interest rates, terms, and conditions before accepting a loan.
Loan Limits and Terms
Lenders in the Bad Credit Loans network are willing to offer between $500 and $10,000 to borrowers with bad credit. How much you can borrow depends on your needs. The loan term also varies, typically between 3 months and 36 months.
You’ll need to meet some basic criteria to use Bad Credit Loans. You must be at least eighteen years old, have an income source you can use to pay the loan back, be a legal citizen or resident of the United States, and have a checking account to accept the loan.
Bad Credit Loans isn’t involved in anything past the initial process. The lender takes over from here. Lenders have specific terms, conditions, amounts, and term lengths you need to go through before agreeing to anything. Find a loan that best suits your budget and financial needs. Of course, you could reject all the offers and start again somewhere else.
Bad Credit Loans is a great resource for anyone who needs money and is worried their bad credit rating is holding them back.
- Borrow up to $10,000
- Free and fast application
- Flexible credit requirements
- Plenty of information and advice on borrowing money
- Not every lending partner works with applicants in every state
#3. CashUSA: Highest Approval Rate, No Credit Check
CashUSA is one of the first websites to go to when you need an emergency loan. The website has been there for thousands of people who needed emergency loans without compromising their safety and security. CashUSA employs industry-standard encryption to ensure your private information stays private.
CashUSA is a great resource to find emergency funding when facing a financial crisis. The platform has a mix of state and tribal lenders to guarantee a quick and reliable service that effectively caters to your needs. Please note that tribal lenders are not bound by state laws and limitations and often have higher interest rates because of it.
Visit the CashUSA website to get started. You may find a loan in less than five minutes thanks to the simple online form. Your request is sent to lenders who can approve or deny it. Once someone approves and you arrange the loan properly, the money is in your account within one or two business days.
Like the other services we’ve looked at today, CashUSA doesn’t offer emergency loans directly. Instead, the website finds a suitable lender and connects you to them. Given that different lenders have different criteria and requirements, the website finds lenders to suit your needs and requirements. It does all the hard work for you. Not only does CashUSA connect borrowers and lenders, but it also has plenty of other educational resources and information to help you make an informed decision.
Loan Fees and Interest Rates
As the website exists only to connect lenders and borrowers, CashUSA doesn’t determine interest rates or fees on emergency loans. Those are all determined by lenders. However, it’s free to use the website to find a loan. You can search for loans and apply for them without spending a penny.
Not only does the website offer free applications, but you don’t have to worry about sending separate requests to multiple lenders as everything is done through CashUSA. Loan requests are sent to lenders on your behalf, according to your circumstances and the information in the application form.
When you receive an offer from one of the lenders in the network, you can go through it and see if you agree to it or not. If you do, accept the offer, and prepare to get your loan. If not, decline the offer and keep up the search.
Loan Limits and Terms
CashUSA has some of the least restrictive eligibility requirements we’ve seen. You’ll have to be at least 18 years old, have a checking account for the money to go into, and earn at least $1,000 after taxes. Applicants must also be a citizen or legal resident of the United States to qualify.
If you meet those criteria, you can request loans up to $10,000. The website is different from some of the other names in our list because you can find smaller emergency loans other services don’t offer. What truly makes CashUSA stand out is that you can apply for a personal loan no matter your personal credit situation. One click is all it takes to find a wealth of lenders willing to work with you.
We’ve investigated CashUSA ourselves and can say that this website is as good as its word. There are plenty of educational resources to help guide you through the entire process and a wealth of unbiased advice. This is easily a platform worth your time and attention.
We remind you to go through the full terms and conditions of any loan offer you receive, including the APR, fees, and other terms and conditions. You should know all of this so you can make an informed decision about which loan to pursue.
- Fast application process
- Website secured by encryption
- Borrow up to $10,000
- Potential to find smaller emergency loans
- Loan terms and interest rates may vary depending on applicant state
#4. Personal Loans: Get Instant Loans at Lowest Interest Rate
Personal Loans are the fourth and final name on our list. This is another example of a great platform where borrowers can find lenders. You’ll have the chance to obtain a personal loan between $1,000 and $35,000.
This Utah-based company has stood the test of time by delivering great service to customers. Everyone has positive things to say about Personal Loans. It all starts with a simple form you can file without having to even leave your house. The website is easy to navigate to make the process as effortless as possible.
After completing your application, the website passes your information around between lenders. If someone agrees to your request, you’ll go to their website so you can finalize the details, read the terms and conditions, and obtain the loan. Remember to pay careful detail to the small print in the agreement.
If you accept the loan and agree to the terms and conditions, the money should be with you within one business day.
Personal Loans have plenty to offer those in need. Even if you can’t find a lender directly through the platform, it could still have recommendations on who you can contact to get the loan you’re looking for.
Personal Loans also have secure encryption running across the website to keep your details safe.
Interest Rates and Fees
You won’t pay a penny to file your application. Personal Loans offers that service free of charge. The platform also doesn’t get itself involved directly with your loan offer, meaning they have no control over loan fees or rates.
The APR range is about average for this kind of service, with APRs between 5.99% and 35.99%. These are fixed interest rates, meaning that you won’t be caught out paying more than expected if the market changes.
Loan Limits and Terms
With loans available between $1,000 and $35,000, we’re sure you will find a great loan to suit your needs. These emergency loans come with terms of up to 72 months. Aim to borrow less if you need less, as smaller loans are easier to obtain and repay and better for you in the long run.
You’ll need to make at least $2,000 per month, be at least 18 years old, have a social security number, and have a bank account to qualify for a loan with Personal Loans.
- Loans available up to $35,000
- Connect to lenders for free
- May receive funds within one business day
- Safeguards your personal information
- Has the highest minimum income requirement
The Factors We Considered for Our List
Now you’ve seen our list of the best four choices for emergency loans, you might be wondering how we put it together. Here are the main factors we considered when compiling our list:
Company reputation is always a key consideration, especially with something sensitive like an emergency loan. No matter the platform you choose, ensure you go through some testimonials to get an idea of what to expect and how trustworthy people think the service is.
- Flexible Terms and Conditions
As you assess the terms and conditions of a loan, don’t forget that some lenders offer emergency loans to people with low credit scores all the way down to 600 or lower. However, the lower your credit score, the more difficult it is to find a loan with flexible and fair terms and conditions. Don’t be afraid to keep looking and find the perfect loan for your needs.
They’re called “emergency loans” because you need the money in an emergency. The faster the money is in your account the better. What’s the point of an emergency loan if the money arrives too late? We recommend platforms like MoneyMutual that send your money in as little as 24 hours.
Avoiding hidden fees and extra charges is one of the most important things to do when seeking a loan. The platforms we’ve looked at today offer full transparency and disclose all terms and conditions, including fees and charges. You know you’ll never be charged more than they say and there are no hidden fees to worry about.
Can I Get a Bad Credit Emergency Loan?
Getting an emergency loan when you have bad credit is possible. The first thing to do is go over your financial records. Lenders ask for a variety of records, including a recent payslip, W-25 form, 1099 form, and two years of tax returns. You should also get some recent bank statements and have the name and number of your employer to hand just in case.
Lenders also ask for some evidence of your identity and address. This could be a state-issued identity card, a driver’s license, or a medical bill, or other official letters.
You should be prepared to explain why you need the money and how you plan to use it. You can also include some documentary evidence to support your request and boost your eligibility for the loan. Having a good reason for wanting the money will help to convince the lender you need the money and won’t spend it on something frivolous.
Lenders will also want some proof you can pay them back before they issue a loan. Your ability to repay a loan is determined by the debt-to-income ratio. A credit score is also part of the process. You should have no problem securing a loan if less than 35% of your income goes towards paying debts.
After preparing all that, it’s time to look for a lender. When you find one, you’ll be asked for a soft credit check. This is a basic check that doesn’t affect your credit rating. Lenders may ask for a hard credit check, which is more thorough and could affect your rating.
Be sure to go through the full terms and conditions of a loan before you sign for it. Remember that you should never borrow more than you can afford to repay. Only take on emergency loans you know you’ll have no problems sticking to and paying back.
How to Recognize Payday Loans
Many people are so desperate for money they consider payday loans. You’ll likely qualify for a payday loan even with a bad credit score, but we suggest you use them only as a last resort. Payday loans are unreliable and have high-interest rates that make them difficult to pay back. These emergency loans are for those with no other option.
A payday loan doesn’t sound so bad until you look at the terms and conditions. That’s when you see the insane interest rates and understand how much financial trouble you’re in if you don’t pay it back on time.
Here are the classic signs of a payday loan:
- The lender says you can get the loan without a credit check at all. Legitimate lenders always ask for at least a soft credit check.
- You can only borrow a small amount of money, typically under $500, and have no problem getting approval
- The APR is incredibly high
- You only have a month or two to pay it back
What You Need to Know About Emergency Loans
- Submitting a loan application doesn’t mean you’ve got the loan and your application will be accepted. No lending platforms offer a full guarantee your application will always succeed. Most websites have disclaimers saying you might not find the right lender with them. Even people with a good credit rating might have some trouble getting emergency loans from certain providers.
- Online lenders rarely ask for a hard credit check that can damage your credit score. They have other ways to determine your reliability and ability to repay a loan on time.
- You should have the paperwork finalized as soon as you can. This ensures you get the money faster.
- Understand the difference between a secured and unsecured loan. A secured loan has a lower interest rate, but you put an item of value, such as a vehicle, up as collateral. Your property is seized and sold if you fail to repay the loan, giving the lender a chance to make their money back. An unsecured loan has a higher APR but doesn’t rely on collateral.
- High-interest rates are part and parcel of getting a loan with a bad credit rating. It’s not all bad, as most platforms offer fixed interest rates. This means you won’t be stuck paying more than you agreed to if the market shifts.
Q1. Is 600 a poor credit score?
FICO defines credit scores between 600 and 660 as being “Fair,” not Poor. However, this is not considered a good credit score either. Having a credit score of 600 means you’re one point away from being in “Poor” territory. Consider 600 to be the bare minimum credit score for finding a good loan.
Q2. How much can I borrow with my low credit score?
How much you can borrow depends on the lender. Some lenders offer higher value emergency loans, but those typically come with higher interest rates. You should think about how much you need rather than how much you can borrow at once. Do you need $3,000? Only borrow $3,000, even if you qualify for more. A smaller loan is easier to repay and more likely to be accepted.
Q3. Are there alternatives to interest-based loans?
If you can’t get a personal loan or installment loan because of your credit rating, but still need money, then you have two options. The first is to sell belongings and raise money that way. The other is to borrow from someone you know.
However, even when borrowing from friends and family, you need to agree to some conditions and stick to them. While you might not lose personal property by not repaying a private loan from a friend, you could lose the relationship and that is far more precious than any material good.
Q4. What makes borrowing online better than borrowing through traditional lenders?
There are several things that make borrowing money online better than traditional lenders. Firstly, you get access to all the lending platforms you need without having to leave your house. You also avoid going through several hard credit checks that could decimate your credit rating. Online lenders also have reasonably fair interest rates compared to their brick-and-mortar counterparts.
Q5. Which is the best online lending platform?
We’ve looked at four lending platforms today. While all of them are great, we feel that MoneyMutual is the one that deserves to be called the best.
Borrowing money online has changed the face of the financial industry for the better. Unlike standard lenders that have lengthy application processes and meetings before giving their approval, an online platform can get you the money you need in as little as 24 hours.
Online lenders also help to improve your credit score. They report to credit agencies like any other lender. A bad credit loan is one way to give your credit rating the shot in the arm it needs. If you make timely payments and stick to the loan agreements, you’ll have an easier time getting a loan in the future with a better credit score. Some people go so far as to borrow money for the sole purpose of improving their credit.