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Even if you try to avoid debt, sometimes life situations leave us no choice. Some people go through hard times and need additional assistance to get back on their feet again, while others unexpectedly run over the budget and look for some extra cash till the next paycheck. The reasons may be different. But despite the apparent equality of credit opportunities, not all people are really on an equal footing when it comes to loans.
Thus, people with bad credit scores typically can’t seek help from a bank or credit union. As most of the bad credit borrowers are more likely to have money problems due to a lower income, it may seem to be a vicious circle with no way out of financial difficulties. However, there are lenders that allow needy people to get bad credit loans with guaranteed approval. If you’re wondering where to apply online for an emergency loan, here are our picks for the best companies that provide personal installment loans with no credit check.
Best Bad Credit Loans: Top-3 Companies
You can find various lenders that offer online personal loans to meet growing borrowers’ demands. However, each lender has its own conditions and requirements. Thus, selecting the right loan provider is crucial, especially when it comes to loans for bad credit borrowers who don’t have many options to choose from. Therefore, we made our choice relying on the lender’s trustworthiness, interest rates, loan terms, requirements, and the speed of the funding process.
- https://1firstcashadvance.org – Best overall personal loans with guaranteed approval.
- https://15mfinance.com – Best loan company for no credit check loans.
- https://samedayloanstl.com – Best same-day loans online.
#1. 1FirstCashAdvance – Best Loans With No Minimum Credit Score Requirement
1FirstCashAdvance is a connecting company that helps people with a poor credit history find the right direct lender to overcome their financial problems. As the service has no minimum credit score requirement, the loans it offers are considered easy to get. Moreover, its lenders don’t perform hard credit checks through main credit bureaus, so you can get the loan amount you need without affecting your credit report.
Loans from 1FirstCashAdvance are very accessible as the eligibility requirements are pretty simple. So is an application process. As the company offers online applications, you just need to fill out and submit a loan request form on the website. Once a lender that has an offer for you makes a soft credit check, it sends you a loan decision by email. If approved, you will get the loan amount in your bank account as soon as the next business day.
Requirements
- Be over the age of 18;
- Have a valid ID;
- Confirm you have a steady income;
- Have an active checking account;
- Specify your full name, address, employment status, email, and cell phone number.
Pros
- 24/7 online application;
- Considers any credit score;
- Works with multiple lenders;
- Fast money funding;
- Free service with no origination fee;
- Simple eligibility requirements.
Cons
- Lenders may check your credit background through alternative means;
- Some bad credit options may come with high interest rates.
#2. 15M Finance – Best No Credit Check Loans For Fast Funding
15M Finance is a loan provider that offers both long-term and short-term loans with no minimum credit score requirements. As the company knows how challenging it may be to get a loan with bad credit, it works with trusted lenders only to ensure poor credit borrowers will not be left without financial aid. A lender that works with 15M Finance usually makes only a soft credit check, so your credit score won’t be affected.
The service provides a fast application process you can complete wherever you are. All you need is a few minutes of your spare time and a PC with internet access. You will get a response from the lender shortly after you complete an online application form on its site. If the loan decision is positive, the lender will transfer the funds to your checking account by the end of the next working day. However, in some states, you may be asked to visit the store to sign a loan agreement.
Requirements
- Be an adult resident of the US with a valid ID;
- Provide the lender with your contact and personal details by filling out an online form;
- Have an active bank or savings account;
- Prove your income is enough to fulfill your debt payment obligations.
Pros
- No hard credit checks;
- Easy to apply online;
- Bad credit OK;
- No origination fee you have to pay;
- Money deposit within one business day.
Cons
- High interest rates may be offered on bad credit loans;
- Some lenders may perform hard credit inquiries.
#3. Same Day Loan – Best Guaranteed Loans for Emergencies
Same Day Loan is a free connecting service with no loan origination fee or any other charges it takes from the customers. The company works with direct lenders only, which also helps you save money on third-party fees. You can obtain from $100 to $5,000, depending on the loan type, your income, and the state you apply in. Another advantage of applying with Same Day Loan is that it considers borrowers with bad credit scores and sets no restrictions on a loan purpose. Thus, you can apply even with a bad credit rating and cover any financial emergencies you may face.
The service offers a simple and quick application process that takes you less than 10 minutes to complete. With just a minimum action taken, you can get loan proceeds as soon as the next business day. Just fill out an online application form and get a loan decision by email shortly after you complete the process.
Requirements
- No underage applicants;
- Be a legal citizen of the US;
- Keeping your bank account active is mandatory;
- Verify your steady source of monthly income;
- Have a permanent address, active email, and a US mobile phone number.
Pros
- Minimum action to apply;
- 24/7 application process;
- Money transfer within one working day;
- No origination fee;
- Don’t affect your credit score;
- Available with any credit history.
Cons
- Loans for bad credit may be costly;
- Lenders can’t guarantee you will be approved.
What Are Bad Credit Loans?
Personal loans for bad credit are unsecured cash advances created to help people with poor credit overcome their financial problems. These loans are considered easy to get, as lenders are commonly not focused on the applicant’s credit score. In most cases, personal loan lenders look at your ability to repay the funds on time. Thus, if you can verify your income and it is enough to make your monthly payment, it won’t be a problem to get a loan with bad credit. Online lenders also make only soft credit inquiries, so applying for a bad credit loan doesn’t hurt your credit score. As bad credit loans are unsecured debt, they don’t require any collateral.
A personal loan for poor credit may be a good option if you have a low credit score and need up to $5,000 instantly to cover your financial emergencies or major purchases. These loans are quick and can provide you with a loan amount by the end of the next business day. Depending on your personal cash advance type, repayment terms may be from 14 days to 60 months. For example, payday loans need to be repaid in one lump sum by your next paycheck, while installment loans offer flexible loan terms with equal monthly payments you can make within 3 to 60 months.
How Do Loans for Bad Credit Work?
Bad credit loans work almost like traditional loans from banks and credit unions. However, these cash advances are offered by online lenders and allow borrowers with any credit score to get fast financial assistance. Online lenders and loan companies usually provide accessible options with a minimum loan amount of $100 and a maximum loan amount of $5,000. Nevertheless, minimum loan amounts may vary from state to state and from lender to lender.
Sometimes bad credit loans may be expensive. It happens because lenders try to minimize their risks in case of defaults. That is why you should be cautious when using an unsecured loan with poor credit. You can get into a debt trap rapidly if you use a bad credit cash advance for unnecessary spending or luxurious purchases.
A personal loan for poor credit is always faster and easier to get compared to a traditional loan. It happens because lenders don’t check personal loans borrowers’ application data through major credit bureaus. It impacts the speed of the loan verification process, so you don’t have to wait for days to get a response from the lender.
In most cases, you just need to complete a simple online form to apply. Once submitted, the lender reviews your personal and credit details through free sources and sends you a loan decision. If approved, you will get a loan offer. As loan documents always contain important details that affect your monthly payments, you should read them carefully before signing. If everything is clear for you, sign the loan contract. Once signed, the lender will transfer cash to your checking account within one business day.
Types of Loans for People With Bad Credit
There are three common types of bad credit loans. Some of them were created to meet borrowers’ short-term needs, while others are better to use as long-term financial solutions.
- Payday loans. A payday loan is an unsecured cash advance with short repayment terms that usually don’t exceed 30 days. Therefore, loan amounts you can borrow are also limited. Depending on the state, your income, and the direct lender, it can be from $100 to $1,000. You will be asked to pay the whole loan balance at once on the due date, so sometimes, paycheck loans are considered inconvenient in terms of the repayment period. However, online payday loans for bad credit are one of the easiest options to get. But get ready that an annual percentage rate on such a loan may be over 400%;
- Installment loans. Installment cash advances allow you to borrow up to $5,000 and repay the money in fixed monthly installments within 3 to 24 months. Thus, an installment loan is usually an almost stress-free type of borrowing. It is also available for borrowers with any credit history but may be pretty expensive due to longer loan terms. An annual percentage rate on an installment loan may be from 16% to 100%;
- Bad credit personal loans. Personal cash advances for less-than-perfect credit were created to meet your long-term needs. They have flexible repayment terms that are up to 60 months and higher loan amounts of up to $15,000. You can repay the loan cost in fixed monthly payments, which allows you to avoid financial stress. An interest rate on a personal loan is usually reasonable. It may be from 5.99% to 35.99%, depending on your credit score and debt-to-income ratio. At the same time, personal cash advances typically set more eligibility requirements.
Reasons for Getting Personal Loans for Bad Credit
People usually obtain bad credit loans to cover unexpected expenses or daily needs. Sometimes borrowers use them as debt consolidation loans that make it easier to manage their finances. A debt consolidation loan allows you to combine all your existing debt obligations into one and avoid late or missed payments. However, you can use these loan options not only to consolidate debt but also to cover your medical expenses, utility bills, car repairs, credit card payments, etc.
How Fast Can I Access Bad Credit Loan Funds?
Typically, most lenders transfer the funds to your account by the end of the next business day. Sometimes lending companies offer same-day money funding for borrowers who apply and get approved early in the morning on a weekday.
Can I Apply for Unsecured Personal Loans With Bad Credit?
Many lenders have no minimum credit score requirements, so you don’t have to worry about it. Whatever your credit score is, you can apply and get the assistance you need. However, you should understand that there are other reasons for being rejected for a loan. For example, a lender can send a negative loan decision if a borrower has a high debt-to-income ratio or doesn’t have enough income for the requested loan amounts.
Available Alternatives to Bad Credit Loans
If you’re looking for some alternative ways of financing with a higher loan amount or lower interest rates, here are some options to consider.
Secured Personal Loans
Secured loans may be a good solution if you need a significant loan amount and own some valuable property. A secured loan offers lower interest rates and is available with any credit score but requires you to provide the lender with collateral. Thus, home equity loans use your home as a pledge, while auto title loans bail your vehicle. You can typically get up to 80% of your property’s estimated value to cover your personal needs. However, secured loans are usually risky. You can lose your home or a car in case of late payments.
Credit Cards
Credit card issuers may also consider borrowers with less-than-perfect credit scores, so it may be your chance to both get the funds you can access at any moment within your credit limits and rebuild your financial strength. Credit card issuers often offer free promotional periods with no interest rates and origination fees. Nevertheless, be careful. An interest rate you can get after your grace period ends may not be the one you can afford.
P2P Loans
If you want to save money on interest rates and get cash without any risk, consider borrowing money from your family members or friends. This option may be a good solution if you need a small amount to cover your cash shortages.
Loans from Pawn Shops
Pawn shop loans are secured loans that can provide you with the money you need by using some of your valuable items as collateral. These loan options are good for people who have no bank accounts or don’t want to provide a lender with access to their financial details. However, if pawn shop loans are secured by a pledge, your items may be sold if you won’t repay the money on the due date.
What to Pay Attention to When Choosing Unsecured Loans: Useful Tips
The main thing you should know is that you should not obtain the first loan that comes along. Even if you face an emergency, you should consider at least a couple of loan offers and choose the one that is more suitable. Also, consider some alternatives. Maybe your spouse has good credit, so you can consider joint personal loans. If a bad credit loan is your only option, pay attention to the lender’s reputation, interest rates, minimum and maximum loan amounts, and loan terms. Also, ask your manager about the type of credit check the company performs and what its options are for borrowers with poor credit scores.
How to Get a Bad Credit Personal Loan: Application Steps
A bad credit loan application process usually takes less than 10 minutes. Follow these steps to get a no credit check loan:
- Fill out a form. Enter your personal, contact, and income details and submit a form to share your data with the lender.
- Get loan approval. The lender will make a soft credit check and send you a loan decision within an hour or less.
- Sign loan documents. If approved, read and sign your loan contract if loan conditions suit you.
- Receive the money. Access the funds in your checking account within one business day.
FAQ
What Is The Best Personal Loan to Consider?
The best loan is the one with a low interest rate, no loan fees, suitable loan amounts, and flexible terms. At the same time, it may be a challenge to find a loan that combines all these features.
Can I Get Loans for Bad Credit Online Same Day?
You can find various personal loan lenders in your area or on the internet. Follow our advice to select the right one or consider the services we picked.
Is It Real to Get Personal Loans With a Bad Credit Score?
Unlike a loan from a credit union, an online loan usually has no minimum credit score requirements. Thus, you can get an emergency loan with any credit score. Moreover, many lenders perform only a soft credit check, so applying for such a loan doesn’t hurt your credit.