Best Emergency Loans for Bad Credit In 2021

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It is never a good time to be in need of a loan, but it is even worse when you have a bad credit score. It does not matter how dire your need is or how badly you need the personal loan, as any popular lending institution will credit check your score and instantly reject you. Banks and other institutions do not care if your poor credit is because of circumstances that were/are out of your control, they just see one score and make a decision based on it.

Luckily, there are institutions that will give you an emergency loan with bad credit. So, you do not have to worry if your credit score is below 620. In fact, you do not have to worry about your credit score at all. In this article, we will cover four lending services that will give you the money you need despite your bad credit.

2021’s List of Best Websites for Emergency Loans Online 

#1. MoneyMutual: Editor’s Choice for Best Emergency Loan Platform

#2. BadCreditLoans: Specializes in Online Loans for Bad Credit

#3. CashUSA: Best for Emergency Cash Immediately with Bad Credit

#4. Personal Loans: Best for Same-Day Loans

Here’s detailed reviews of our top picks:

#1. MoneyMutual: Editor’s Choice for Best Emergency Loan Platform

Introduction

MoneyMutual landed on our radar because of its high customer and business ratings. They have more than two million satisfied customers and that number keeps increasing day by day. 

All you need to get an emergency loan from them is to fill out a form that takes five minutes maximum. Then, you get a decision within a few hours, and, in most cases, the funds land in your account within 24 hours of submitting the form. We can attest to that, as we received the funds well within the advertised 24-hour period. 

However, you do have to keep in mind that the approval process and the actual process will take longer if you apply during the weekend or holidays. In those cases, you will likely have to wait until the next business day.

Highlights

MoneyMutual has the highest ratings out of any lending institution we have mentioned here today, which is how we know we are not the only ones who liked it. As we mentioned before, the service has more than two million satisfied customers as well as a great rating on the BBB.

  • Get Funds in Three Easy Steps

Unlike with banks, you do not need to run through hoops and present mountains of documentary evidence just to get your loan. MoneyMutual has an extremely easy process for you to get your money. You just fill in a form and wait for a lender to review and approve your loan application. It usually takes only a few hours (it did in our case), and you get your money by the next day. 

MoneyMutual does not charge you anything extra to be able to use its service to connect with the lenders. 

  • Short-Term Loans Ranging from $200 to $5,000

You can get an emergency fund ranging from as little as $200 all the way up to $5,000, which is a flexible enough range that covers a lot of needs, from groceries and vehicle repairs to rent and even medical bills.

  • Vast Network of Thousands of Lenders

It is worth mentioning that MoneyMutual itself is not a lending institution. Instead, it is a service that connects you with individual lenders. From a borrower’s point of view, it is a huge advantage, as your application gets reviewed by a lot of different lenders. Any one of them can review your application and agree to give you a loan. The sheer number of lenders means your application has a much better chance of getting approved, and once it does, you will mostly deal with the lender directly.

  • Variety of Interest Options and Loan Durations

Due to the vast network of lenders mentioned above, you have access to a wide range of interest options (starting at 6%) and loan durations (ranging from a couple of weeks to several months).

In case you have any issues or questions, the customer service at MoneyMutual is very helpful. You get prompt answers to all of your queries, and they even help you with fine-tuning your application so it has the greatest chance of success.

=> Click here to visit the official website of MoneyMutual

#2. BadCreditLoans: Specializes in Online Loans for Bad Credit

Introduction

BadCreditLoans, as its name indicates, provides loans to people whose credit score is too low for mainstream financial institutions. The network has made a name for itself in terms of reliability and promptness. 

You can get loans up to $10,000 by just filling in a form. The service will connect you with its network of lenders, who consider your application and give you an offer in return. You get multiple offers in as little as a few hours and can choose the one you think is best. It does not matter if your credit score is low or if you have a bankruptcy in your past, you will likely still find someone to give you the loan you need. Just make sure your bankruptcy case is finalized before you apply here.

Highlights

  • Part of a Trusted Network

You do not need to worry about predatory loans and hidden conditions when you apply for a loan here. Like every other service on our list, BadCredi Loans is part of the BBB, and the service does its best to protect the lenders by being transparent about all of the conditions of a loan.

All you need to do is to fill out their form, and your application gets sent to a network of lenders who review it. Within a few hours, you will receive a number of offers on your application, and you can pick between any of them based on your preference. All of the terms and conditions of the loan will be mentioned in the offer you receive, so make sure you give it a thorough read before you accept one.

  • Covered Even if Your Application Gets Rejected

Even if your application does not get accepted, the service will connect you with offers for debt relief, credit repair, and more. Their customer service might even get in touch and offer to help you make some changes to your application so it can get accepted.

  • Loans Ranging from $500 to $10,000

For those of you who need more money than MoneyMutual can offer, BadCreditLoans has a higher loan limit, which will cover almost all emergency needs. 

Unlike so many online lenders that have service charges, BadCreditLoans will let you apply for a loan for free with no short-term or long-term commitments. All of the money you pay will go to your loan lender in order to settle the loan.

  • Impressive Network of Lenders

The service has thousands of loan lenders on its network, which significantly improves your chances of getting an emergency loan. The lenders cover various durations and interest rates depending on your needs, and even people with a bankruptcy in their past can secure a loan.

The customer service at BadCreditLoans is always ready to help you with your needs. Whether you want recommendations to other services that can help you with your situation or you want to maximize your chances of your application being approved, you will find all of the help you need.

=> Click here to visit the official website of BadCreditLoans

#3. CashUSA: Best for Emergency Cash Immediately with Bad Credit

Introduction

CashUSA claims to have one of the largest lending networks, and the service also utilizes its third-party network to present your application to the maximum number of payday lenders for approval. There are state, federal, and tribal lenders, so you get plenty of loan options when you apply.

Speaking of applying, we made sure to only pick services that give you a quick application process, and CashUSA is no exception. The actual application process will take you anywhere from five to ten minutes maximum, after which your application will be sent to the service’s network of lenders. In return, you will get offers, and you can accept any one you prefer.

Highlights

  • One of the Most Trusted Online Lending Services in America

When you are applying for a loan, trustworthiness is the first thing you should look for. After all, nobody wants to get stuck with a loan that robs them blind over years. Luckily, CashUSA is very trustworthy and is part of the BBB.

Submitting your application through the CashUSA website is very quick. The whole process takes a maximum of ten minutes, even quicker if you have all of your documents on hand. For details on which documents you should have beforehand, check out our FAQ section at the end of this article.

  • Borrow Anywhere Between $500 and $10,000

CashUSA’s vast network has thousands of lenders that can offer you loans of different amounts with varying interest rates and duration. 

The service itself is free to use for borrowers, and you will not have to pay anything on top of your loan. Getting a loan is stressful enough, and the last thing you want is to get inundated with extra charges.

When you submit your application, you will get acceptance offers from several lenders in a matter of hours. The terms and duration of the loan are clearly stated, and you can accept the most favorable one. We highly recommend you read through the entirety of the terms and conditions before you accept a particular offer.

  • Get a Loan Within 24 hours

You do not always have the luxury of time when you need an emergency loan with cash advance. But, you do not have to worry about the loan process taking very long with this service, as it is even possible to get a loan within 24 hours. 

  • One of the Largest Networks of Lenders

CashUSA connects you with lenders on its impressive service as well as third-party lenders, thanks to which your application gets the maximum exposure and chances of success. Due to such a vast network, you even get a line of credit option (in addition to traditional loans) in response to your application.

  • Offers Educational Resources

The service’s website has an education center about debt, finance, credit, and banking, where you can get answers to questions that many people have.

  • Friendly Customer Service

If you have any questions or issues, you can contact CashUSA support through phone, email, or their online form, and their customer service will do its best to help you.

=> Click here to visit the official website of CashUSA

#4. Personal Loans: Best for Same-Day Loans

Introduction

In case you need something over $10,000, or just want more options, Personal Loans has you covered. The service offers loans starting from $1,000 and going all the way up to $35,000. 

This increased limit does come at a price, though. Personal Loans require a credit score above 580 and a monthly income of at least $2,000 for you to be considered. As long as you meet these requirements, you will be good to go.

Highlights

  • Part of a Trustworthy Network

As with all of the other services on our list, Personal Loans are registered with the BBB and the OLA, so you do not need to worry about the service’s reliability. The platform has also made a commitment to responsible lending and warns you against potential scams and pitfalls that debtors usually fall into.

  • Connects You to Lenders Within and Outside Its Network

After filling in the form, you will get offers not just from within the Personal Loans network, but also from third-party lenders. From there, it is your choice which offers to accept. You can read the terms to decide which one is best.

  • Offers Several Types of Loans

Whether you need a payday loan, debt consolidation, a line of credit, or something else, Personal Loans has you covered. Even if you do not qualify for an emergency loan, you will get recommendations for several services, like credit repair, debt relief, credit monitoring, and more.

Some emergencies might require more than what our other recommendations can offer. If your particular circumstances need more than $10,000, Personal Loans is the best service for you. As long as you fulfill the conditions for the service, you can get a loan of up to $35,000.

The service does not charge you any fee on top of the loan amounts to be able to apply through it. The whole process is free, so you can apply and receive offers from lenders without any worries.

Almost all applications are accepted and approved very quickly, and you will have your funds within the next 24 hours of applying. To speed up the process, make sure you have all of the necessary documents on hand. We have mentioned the required documents in our FAQ section below.

  • Short to Medium-Term Loans

Another distinguishing feature of Personal Loans is that it gives you loans with terms from 90 days all of the way to 6 years. This gives you a lot of breathing room to pay back your debt.

If you have any questions or concerns, you can reach Personal Loans’ support by using their toll-free number or by emailing them directly. However, we recommend calling them for a quicker response.

=> Click here to visit the official website of Personal Loans

How We Made This List Of The Best Emergency & Instant Payday Loans Online For Bad Credit

The following are the factors we took into consideration when making this list.

  • Reputation and reliability: We only selected lending platforms with a solid reputation for reliability. All of the ones covered on our list are registered with the Better Business Bureau (BBB), and their rankings are stellar. In addition, all of these services are part of the Online Lenders Alliance (OLA). What does this mean for you? It means you do not have to worry about predatory loans, as these companies follow and abide by strict industry guidelines.
  • Transparency: When you look at online lending services, you will notice there is a lot of fine print involved. So, we made sure there are no hidden catches with these services. Each and every condition is clearly stated, and you will not get hit with hidden charges. Just make sure you review the loan’s conditions before you accept it.
  • Flexibility: This is a list of emergency loans for people who have bad credit, so only lenders that are flexible in their terms and conditions were selected. All of these businesses will give you a loan even if you have a sub-600 score.
  • Speed: You likely need money now. So, no matter how reliable, transparent, or flexible a lender is, the loan will not help you if the processing time is several weeks. That is why we made sure to pick businesses that give you speedy loans, and some will even give you a loan in as little as a few hours.

How to Pick a Money Lending Service?

A lot of people Google online lending services but do not know how to pick between them. The short answer to this question is that you should look for the same factors we used to make this list. We will cover these factors from a borrower’s perspective.

  • Do your research: Before you pick a service, do some research on the internet. Look up user reviews of that service, and check if it is registered with the Better Business Bureau and the Online Lenders Alliance (OLA). Doing so will pay back in the long term, as services registered with the aforementioned associations will protect you against predatory loans. 
  • Make sure the service is transparent: Wherever lending is involved, there is always a lot of fine print and hidden conditions. So, you should make sure the service you are using tells you everything you need to know upfront. One good rule of thumb is that if it seems too good to be true, it is.
  • Apply through multiple services and networks: Good services will not charge you for applying or getting a loan through them, so there is no reason why you should not apply through multiple networks. It does not cost you a penny, and you have the most chance of getting that money you need.

FAQs: Emergency/Quick Loans for Bad Credit

Q1. What paperwork is required by these lenders/services?

Before you apply to any network, you should get all of the necessary paperwork in order. It needs to be scanned so you can easily submit it. Here is the paperwork you will usually need:

  • Proof of identity (state ID or driving license)
  • Proof of residence (such as utility bills)
  • Proof of income (pay slips usually work)
  • Copies of your tax returns
  • Your own bank account

It is not strictly required, but you should also prepare a personal statement as to why you are taking the loan, and supplement that statement with supporting documents, like a medical bill, to strengthen your case. 

The reason behind our suggestion is that a lot of borrowers commit fraud. So, by making a personal statement backed by evidence, you are telling the lenders the emergency money you need is a rare occurrence. Almost everyone has rare occurrences like this in their lives where they need to borrow money. However, people who commit fraud do it repeatedly and often. By supplementing your application with optional information like this, you will show the lenders you do not normally borrow money, and you are doing it for actual emergency reasons.

Q2. How much money can I borrow?

The maximum amount a service will let you borrow varies. MoneyMutual, for example, lets you borrow a maximum of $5,000, whereas BadCreditLoans and CashUSA let you borrow up to $10,000. But, the maximum amount you can borrow is not usually determined by a service’s limit. 

One of the first things borrowers look at is your DTI, or your debt-to-income ratio. If your income is $1,000 a month, you will not be able to borrow as much as if you were earning $2,000 per month. 

You can calculate your own DTI by adding all of your debts, including your car loan and mortgages, and then dividing them by your income. The lower your DTI, the higher the chances of your loan getting approved. As a rule of thumb, a DTI that is lower than 35% (0.35) is considered good.

Q3. How can I improve my credit score?

If you have a bad credit score and want to improve it, there are several ways, a few of which are mentioned below.

  • Obtain a credit card: If you earn enough and can show the income proof to a bank, try to obtain a credit card, and make a few tiny purchases every month. You do not have to drag out the repayments. In fact, we highly recommend not doing so. It does not matter if you settle your credit card debt every month without paying any interest, as your credit score will still improve considerably, provided you pay on time. 
  • Settle your bills on time: Outstanding debts are not the only thing that ruins your credit score, causing it to go down. If you have a history of not paying your utility bills or rent on time, that will also severely affect your credit score, and banks will not lend to you. If you can afford to, it is a good idea to always pay your utility bills, rent, etc. ahead of time. Missing even one payment lowers your score.
  • Ask family for help: Those of you who have family members with a good credit score and a credit card can ask the relative in question for partial ownership of their credit card account. Not only will you share their good credit and be able to get loans based on it, but your own credit score will also improve as you make payments. Just having partial ownership with someone who has good credit will increase your chances of getting a loan. 
  • Make sure your report contains the correct info: If you try everything and your credit score still is not improving, make sure to request and review your own credit report. Having incorrect information in your report, even due to inadvertent errors, can impact your credit score. So, do not think that any mistake is too small. Double check everything and correct even spacing errors.

Q4. What are the advantages of having a good credit score?

A good credit score has many advantages, a few of which are mentioned below.

  • Access to favorable loans: When you have a good credit score of 700 or above, you can get access to loans that have a much lower interest rate and longer duration. The higher your score, the more trustworthy you appear to lenders. Since you will appear to be a risk-free investment with a high credit score, lenders will not only be more willing to give you a loan, but they will also give you favorable terms.
  • Easy access to credit cards: Banks want people with high credit scores to have their credit cards, since that is one of their major sources of revenue. A high credit score will basically guarantee you access to a credit card.
  • Lower interest rates on credit cards: The lower interest rate with a high credit score does not just apply to loans. You also get a much lower interest rate with far more favorable terms when you have a good score.
  • Great deals on car insurance: To be fair, this also depends on your driving history. But, as long as you have not been involved in a lot of car accidents in the past, a good credit score will ensure you pay a much lower monthly premium on your car insurance.
  • Better employment opportunities: Do not worry, as employers cannot legally access your credit score and will not do so without your written consent. However, a lot of high-profile employers will ask you to prove your trustworthiness before they hire you, especially if your next job involves dealing with a lot of confidential information. In this regard, a good credit score will help you immensely.

Q5. Should I get professional help to improve my credit score?

Normally, we would advise against it. In order to save some cash, you should first try improving your credit score on your own using the recommendations we have mentioned above. However, if you try everything and your credit is still not improving, only then should you seek professional help.

One thing to be wary of here is that you should never trust financial services or advisors who guarantee they will improve your credit score. This is a common debt assistance scam, and you should run the other way if you encounter it. These companies usually demand payment upfront. 

As with everything related to loans, do plenty of research before you trust an institution or an individual to help you with your credit. Legit companies will never ask you for payment upfront unless they have rendered you a service. So, make sure you choose a company with good reviews online.

In Conclusion: 

There are a number of lenders and services online, all claiming they have your best interests at heart when giving you a loan. The reality is that this industry is full of scams, and you need to be very careful when applying for loans. The trouble is that people who are already under immense pressure due to financial stress do not usually think to do their due diligence, as they just want financial first aid as fast as possible, which is what these companies count on.

Luckily, good companies and services do exist and, to save you the headache, we have mentioned four of these services today. Whether you go with our recommendations or not, make sure you do plenty of research before you take out a loan. Once you accept the conditions of a loan and the money lands in your account, the conditions, even the hidden ones, are final.



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