1-Hour Loans for Bad Credit: Cash, Payday & Personal Loans

1 Hour Loans For Bad Credit
GUIDE
Ashley Dull
By: Ashley Dull
Posted: November 9, 2020
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You would think most lenders could offer 1-hour loans for bad credit with today’s advanced technology. After all, running credit checks and digitally signing paperwork takes just a matter of minutes with current innovations in financial technology.

But most traditional lenders can still take days to fund a loan. And that’s only if the lender considers applications from consumers who have bad credit.

Thankfully, that aforementioned technology has paved the way for online lending marketplaces where you can submit one application to dozens of lenders and get your decision in less than an hour, often in a matter of minutes. If approved, you can have your money in hand within 24 hours.

If you can’t wait 24 hours, use the links below to skip ahead to our same-day options:

Online Lenders | Same-Day Options | FAQs

1-Hour Loans for Bad Credit Online

Online lending networks act as a bridge between you and the direct lender. You submit one prequalifying form through the network, which sends your information to all of its partnered lenders throughout the U.S.

Those lenders use automated underwriting processes to make near-instant decisions on your loan. In many cases, qualified applicants receive multiple loan offers to choose from in a matter of minutes.

Once you complete your online paperwork, which can take less than one hour to finish, the lender will transfer your funds to a linked checking or savings account and you will have your money in one business day or sooner. You may see the funds in your account the same day if you apply early in the day.

  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2,000,000 customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $2,500 Varies Varies

See representative example

MoneyMutual offers personal loans of up to $2,500 that consumers can use for any purpose. The vast network of lenders and quick turnaround times make this a great option for an emergency loan with a competitive interest rate.

To qualify, applicants must show proof of current employment or income of at least $800 per month (including benefits checks, child support, or other supplemental income), be 18 years or older, a U.S. resident, and have an active checking account.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

CashUSA lenders not only provide personal loan options of up to $10,000, but some of the lenders on the network offer revolving lines of credit you can continue to spend after making monthly payments, just like a credit card.

Qualified applicants must be 18 years or older and a U.S. citizen or permanent resident. You must also provide proof of a steady monthly income of at least $1,000 after taxes, a checking account in your name, and active home and work phone numbers as well as a valid email address.

BillsHappen provides a quick and easy application process to link you with a lender that can provide quick approval and funding of a short term loan of up to $5,000.

To speed up the application process, have your driver’s license, your Social Security number, a home or cellphone number, checking or savings account information, home address, and employment or benefits income information ready. Applicants must be at least 18 years old and a U.S. citizen or permanent resident. Lenders consider applications from consumers of all credit types.

CreditLoan partners with multiple lenders that specialize in extending loan offers to consumers who have bad credit. The application process takes only minutes to complete and, if approved, you can have the loan proceeds in your linked checking or savings account within 24 hours or less.

Although the network boasts that it considers any type of credit for a loan, it does not accept applicants who have an active or recently discharged bankruptcy case.

BadCreditLoans offers an array of loan options, including personal, business, student, auto, and home loans as well as a limited number of credit card options. The availability of each type of loan will depend on your creditworthiness, though this network specializes in bad credit loans.

To qualify, you must be at least 18 years or older with proof of citizenship or legal residency. You must have a regular income, either from full-time employment, self-employment, or disability or Social Security benefits. Lenders also require an active checking account in your name, work and home telephone numbers, and a valid email address.

PersonalLoans.com provides a fast and easy form that can connect you with a direct lender that provides loan options for just about any credit type. Since the network partners with several lenders that offer a variety of loan products, there is no way to tell for certain what the terms for any potential loan offer may be.

This is one of the few networks licensed to operate in all 50 U.S. states with lenders all around the country that can approve applications quickly and disburse funds as soon as your paperwork clears (typically within 24 hours).

  • Short-term loan of $100 to $1,000
  • Bad credit is welcomed
  • Large network of lenders
  • Loan decision as fast as a few minutes; funding as soon as next business day
  • Required: Income of $1000+/month and at least 90 days on job
  • Click here for official site, terms, and details.
             
★★★★

3.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% - 2,290% Varies

See representative example

CashAdvance can offer a 1 hour payday loan option by connecting you with payday lenders that offer short-term loans to bridge the gap to your next paycheck.

These loans often require repayment in full — with interest — within two to four weeks. Hour payday loans often have very high interest rates since they do not typically require a credit check and come with a high risk for the lender. This should be a last resort if you need an emergency loan and do not qualify with the lenders listed above.

Ways to Get an Emergency Loan Today

While a good online lending network, such as those listed above, can approve your loan application in less than one hour, you will likely have to wait up to 24 hours to receive your money.

That is because most of the lenders that partner with online lending networks have offices spread throughout the country. There is no way to pick up your money in person, so it has to be sent electronically to a linked checking or savings account. That can take up to one business day.

You will have to look locally for loans that approve your application quickly and disburse funds right away. But remember that you often have to pay for speed and convenience. If you have a poor credit score or recent negative items on your credit history, these loans may cost you substantially more than waiting 24 hours for an online loan.

If you simply cannot wait that long, you have a few other options to consider:

  • Local Payday Loan Office: There are payday lenders such as Advance America in just about every city and town in the country. These 1 hour payday loan locations will often skip the credit check if you can prove you have sufficient income to pay off the short term loan. Just keep in mind that this is a very short term loan. In most cases, you will have to repay the cash loan in full — including interest — within two to four weeks. These are often called payday advance loans because they are meant to bridge the gap between paydays. As such, the interest rates on these loans can climb into the four digits, making them incredibly expensive options. Only consider them if you have a serious emergency and no other option.
  • Pawnshop Loan: Much like hour payday loans, you can skip the credit check and get money quickly with a pawnshop loan. To qualify, you must place an item of value up as collateral for the loan. If you do not repay the loan on time, you lose the item you pawned. To make these loans worthwhile for the lender, you will typically have to offer up an item that is substantially more valuable than the loan amounts you need. So if you need a $500 loan, you should expect to offer something that has a resale value of $1,000 to $1,200. If you are willing to take that risk, a pawnshop can typically turn around and pay out a loan in less than 1 hour.
  • Title Loan: A title loan has some similarities to a pawnshop loan. The big difference is that a title loan only accepts a paid-off vehicle as collateral.
    With a title loan, you hand your vehicle’s title over to the lender. This can be a car, truck, motorcycle, boat, or anything with a clear title of ownership. You also pay the lender a fee for the loan. Typically you have 30 days to pay off the loan. If you do not, the lender retains ownership of the vehicle and you lose all rights to it.
  • Cash Advance App: Several cash advance mobile applications, including Earnin, Possible, and Dave, allow you to create an account and request small payday advance loans that the app will expect you to pay off when your next paycheck arrives through direct deposit. To qualify, you must give the app permission to automatically withdraw the owed money on your next payday.
  • Borrow the Money From a Loved One: This is a risky proposition, as loans to friends and family have ruined many relationships. Just be certain that you can repay any money you borrow to avoid these potential issues.

If you can wait up to 24 hours for a loan, you could save a substantial amount of money — and incur less risk — with a personal installment loan from an online lending network. These loans offer a competitive interest rate and flexible loan term that give you time to pay off your online lender.

Many online lender networks offer unsecured personal loan options that don’t require collateral for approval and have very forgiving terms for borrowers who have bad credit.

While you may be attracted to the thought of guaranteed payday loans or a 1 hour loan that doesn’t require a credit check, you will pay substantially more for these loans.

How Can I Get a Loan in an Hour?

If you need to be approved for a bad credit loan in less than one hour, your best bet is to apply to one of the online lending networks listed above.

These networks allow you to submit one loan request that reaches many lenders at once. These lenders then compete for your business. If approved, you can finish your loan paperwork online and receive your funds within 24 hours.

Direct Lenders vs Lending Networks

But if you need cash in hand within an hour, you will have to look at local loan options that include a payday loan center or a pawnshop. While these loans can offer quick approval and fast payouts, they often come at a much higher cost.

Most 1-hour loans for bad credit that offer fast payouts will require collateral for instant approval. That means you will have to risk something of value to receive your loan. If you fail to repay your loan on time — for any reason — you will lose any payments you’ve made toward the loan as well as the collateral item you risked to get the loan.

This is also known as a secured loan because your collateral acts as security — similar to how a landlord would require a security deposit before you rent an apartment. An unsecured loan does not require collateral for approval.

An unsecured personal loan will often come with higher fees to offset the risk the lender takes in lending money to someone who has bad credit.

What is the Easiest Loan to Get with Bad Credit?

Bad credit loans are not as difficult to find as you may think. But if your credit history and credit score will keep you from qualifying for a traditional loan, other options may be more forgiving of your past mistakes.

As we talked about above, a secured loan will require you to pledge an item of value as collateral should you stop making payments on the loan. The lender will typically require your collateral to have a value of 75% to 100% more than the amount of your loan. So, for example, you may need to risk an item with a resale value of $1,000 to receive a $500 loan.

Since the lender knows it can keep and sell your collateral if you stop making payments, it may not require a credit check to approve your loan. This is often the case with pawnshop loans.

One-hour payday loans may also skip the credit check if you can show proof of income and the ability to repay the loan quickly.

The downside to cash advance and pawnshop loans is that they are not installment loans and require payment in full — including interest — in 30 days or less. The high interest rate (often more than 300%) also means that you will have to come up with a lot more money than what you borrowed in a very short time frame.

Can I Get a $500 Loan with Bad Credit?

If you can meet certain income requirements and do not have an active or recently discharged bankruptcy case, you may qualify for a $500 loan through an online lending network.

Several of the networks listed above offer bad credit loan options of $500 or more to qualified applicants. Often, you must show proof of income of $800 or more (some networks require $1,000 or more) each month after taxes.

These lenders often specialize in working with consumers who have a bad credit score, meaning your credit may not disqualify you from the loan.

And since these networks provide installment loan options, you can repay the debt in a series of monthly payments instead of all at once. That makes them a more attractive — and more affordable — option compared to bad credit payday loans.

Short Term vs Installment Loan

If you qualify for a loan, the lender will complete the paperwork with you online. The process typically takes one hour or less. Once the paperwork is completed, you will receive your money to a linked checking or savings account within one business day.

When Are Bad Credit Payday Loans a Good Idea?

Because of their sky-high interest rates and short repayment windows, a payday loan (or online payday loan) is almost never a good idea. But sometimes you need a small loan to get you to your next paycheck, and you may have no other option.

Bad credit payday loans often have interest rates of 300% or more and require repayment by the borrower in one lump sum within 15 to 30 days.

A general rule of thumb is that you will have to repay at least $15 in interest for every $100 you borrow. That may not sound like much initially, but it adds up quickly — especially if you cannot pay the loan off on time.

If you do not repay the loan by the agreed-upon date, the lender will roll your loan over into a new 30-day loan with an even higher interest rate.

Say you need to take out a $375 loan with a 30-day repayment window. Based on the lowest finance charge available ($15 per $100 borrowed), you will need to repay $431.25 in one month. If you have to rollover your loan into a new one, you would owe $495.94 (plus fees) to satisfy the debt. That means your $375 loan turns into $500 owed in just 30 days.

These types of situations are not uncommon. Some borrowers who received loans of $2,500 ended up paying more than $50,000 in total to repay the debt because of the continued rollovers and increased penalties.

What Credit Score is Needed to get 1-Hour Payday Loans?

Many payday lenders will not require a credit check for loan approval. Instead, the lender may examine your paycheck stubs or direct deposit history to make sure you have a steady income and can afford to repay your loan within the 15- to 30-day window.

No-Credit-Check Loans

The only time a payday direct lender may require a credit check is to make certain you do not have an active bankruptcy case or have accounts that are past due or in collections. If you do not, the lender will likely look past your credit score — no matter how bad it is — and approve your loan.

Can I Get a Fast Loan without a Credit Check?

Lenders rely on credit checks to examine your credit history and make sure you do not have a history of bailing on your debt and leaving other lenders holding the bag. As a result, most traditional lenders will require a credit check to make sure you are not too great of a risk. There are exceptions, though.

If you have collateral to offer, some specialized lenders will extend a loan to you without checking your credit. This could include a title loan, where you hand over the title to a car, truck, motorcycle, or boat as collateral, or pawnshop loans, where you can use jewelry, antiques, or other valuable items as collateral.

Payday lenders do not require collateral, but they do charge very high fees to skip the credit check process.

There are cases in which you could qualify for an online loan without a credit check, but you should expect to pay more for the service, as the lender will require extra fees to compensate for the added risk.

Can I Get a Short Term Loan from a Credit Union?

A credit union is a great place to find a short term loan with an interest rate and a loan term that are better than those of a bank loan.

In some cases, you do not need to be a long-term member of the credit union to apply for the loan. You may be able to set up an account for as little as $5 and apply for the loan the same day.

These loans, also known as PALs (or Payday Alternative Loans) are designed to help consumers who have a bad credit score avoid the potential pitfalls of high-priced cash advance loans.

Credit Union Payday Alternative Loans (PALs)

You could qualify for a PAL of between $200 and $1,000 and have as long as six months to repay the loan. The credit union will typically charge a fee of $20 to $25 to process your loan.

You can have up to three PALs in any six-month period, but you cannot have more than one active PAL at a time. Interest rates vary on these loans, though they cannot exceed 20% on any loan.

Do Guaranteed Payday Loans Exist?

You can typically find guaranteed payday loans if you meet a few specific criteria:

  • Have a steady income via direct deposit
  • No active or recent bankruptcy cases
  • No current past due or collections accounts

Your income can be from employment, child support, or government benefits. The lender will typically require the income to come via direct deposit so it can verify you receive steady paychecks and have the ability to repay the debt.

If you meet those criteria, a payday lender will typically offer you a short term loan of between $100 and $1,000 without conducting a full credit check.

You may, however, have to undergo a credit check so the lender can verify you do not have any past-due bills. The lender will typically not look at your credit score, though, to determine loan eligibility.

Get Approved for 1-Hour Loans for Bad Credit Online

We have all been in situations where we need an emergency loan. Life happens, and it often requires quick loans to get through certain situations.

If you’re looking for 1-hour loans for bad credit, consider one of the online lending networks listed above. You could find multiple lenders that will compete for your business so you can choose the best loan offer that comes your way.

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