Written by: Eric Bank
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
Consumers with all types of credit can borrow money online. That means you can access a cash loan even if you have bad or no credit, with or without a credit check.
The loan matching companies we review here specialize in finding you an online loan for bad credit. They all work with lender networks that are happy to consider your loan requests and work with you to provide the loan you need.
These loan companies fill the gap left by many banks that will not issue loans to consumers with poor credit. They also offer convenient and fast service that bank branches can’t match.
Best Places to Borrow Short-Term Money Online
Sometimes, you need a little extra cash to get you through to your next paycheck or benefits check. These loan companies specialize in short-term cash advances that you repay in a week or two.
1. MoneyMutual
- Short-term loans up to $5,000
- 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 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual is a source of short-term cash advances of up to $5,000. You can request a loan despite bad credit because the lenders on the MoneyMutual network look beyond credit history to get you cash quickly, often the next business day after approval. More than 2 million customers have obtained loans through the lending source.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com partners with direct lenders of online loans as large as $20,000. Of course, a bad credit score will limit the amount you can qualify for, but excellent credit isn’t required to apply and get a loan.
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
CreditLoan has been arranging loans since 1998 and has served more than 750,000 borrowers. The lenders on its network can lend you from $250 to $5,000 despite bad or scant credit. As with all the loan companies in this review, CreditLoan charges no fees for its service. Check out its personal loan calculator to preview your monthly payments.
- Quick loans up to $5,000 as soon as tomorrow
- Submit one form, get multiple options
- All credit ratings welcome — good or bad
- Requires a checking account and $800 minimum monthly income to apply
- No collateral or cosigner required
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
InstallmentLoans.com can help you secure a payday loan or other short-term loan arrangement when you need to borrow money quickly. The site uses SSL technology to keep your information private and secure, and you won’t be charged any fees to use this service.
- Short-term loan of $100 to $1,000
- Large network of lenders
- Loan decision as fast as a few minutes
- Funding as soon as the next business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $1,000 | 200% - 2,290% | Varies | See representative example |
CashAdvance.com can get you a short-term cash advance from $100 to $999 that you repay on your next payday. You start by filling out a short loan request form that CashAdvance.com circulates to the payday lenders on its network, which operate in most states. You then finish applying with the chosen lender.
You need to be a U.S. citizen, age 18 or older, and employed with an income after taxes of at least $1,000 per month.
Best Places to Borrow Long-Term Money Online
Perhaps you need a while to repay the loan and would prefer a monthly payment. The following loan companies can arrange online installment loans with repayment terms of several years or as short as three months. You need not have a good credit score as long as you have a checking account to receive a direct deposit of your loan funds.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% - 35.99% | 60 Days to 72 Months | See representative example |
24/7 Lending Group can help you find an installment loan that you repay over as long as 72 months. You may receive up to four loan options to choose from. Be sure to carefully read the loan’s interest rates and terms before accepting any offer.
7. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% - 35.99% | 3 to 72 Months | See representative example |
CashUSA.com will work with its lender network to get you a loan if you earn at least $1,000 per month after taxes, even if you have bad credit. Loan amounts start at $500, and you need not submit to a credit check to prequlify. Once approved, you should receive the loan proceeds deposited into your checking account within one business day.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% - 35.99% | 3 to 60 Months | See representative example |
Bad Credit Loans is a loan matching service where a network of lenders can get you a loan offer after you fill out a short request form. With experience dating back to 1998, it can arrange loans from $500 to $10,000 with terms of three to 60 months to repay. You must be a U.S. citizen, 18 or older, with a valid email address. The network lender will determine the actual APR and terms.
- Loans from $250 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $35,000 | 5.99% - 35.99% | 3 to 72 Months | See representative example |
The lenders on the PersonalLoans.com network can offer you a personal loan from $500 to $35,000. If approved, you’ll have three to 72 months to repay. You must be at least 18 years old and a U.S. citizen or resident with regular income. You fill out the online request form to access a lender that will set your interest rate and terms. PersonalLoans.com operates in all 50 states.
How Can I Borrow Money Online Instantly?
The online lenders in this review make it easy to apply for a loan in just a few minutes and get an instant decision. It’s amazing how quickly they work.
Each provides a short online loan request form that it uses to match you to a network lender. The purpose of the request form is to qualify you for a loan and to determine which lender best suits your needs.
Once you prequalify, you are automatically transferred to a lender’s website where you complete the application process. Typically, you’ll provide income and residence information that the lender will use to evaluate your request. If you meet the lender’s requirements for income and other factors, you’ll be offered a loan with a specified APR and repayment period.
You are under no obligation to accept the loan offer, but there is a time limit to decide whether to take it. The offer can be made so quickly that it makes sense to take a minute to carefully evaluate it.
Ask yourself whether you can afford the repayment terms and interest rate. If you decide to proceed, you can expect to receive the loan proceeds within a business day or two.
The lender makes it easy to repay the loan. On each payment date, the lender will access your bank account and collect the amount due.
You don’t have to write a check or remember to transfer the money — the lender sets it all up. Your task is to ensure that you have sufficient money in your account on the payment date, lest you be charged overdraft and late fees.
Can I Borrow Money Online with No Credit Check?
Banks use credit checks to evaluate the riskiness of a potential borrower. They may use one or more of the three national credit bureaus (Experian, TransUnion, and Equifax) to check your credit score and perform a hard inquiry on your credit report.
That hurts your credit score by about five points, although your score will recover within a year. But the lending companies reviewed here all offer no-credit-check loans that will not affect your credit score.
To approve loans without a credit check, these lenders will need to verify that you:
- Are at least 18 years old
- Are a U.S. citizen or resident
- Have a checking account
- Have a regular income from an employer, Social Security, or some other source
If you meet the lender’s criteria, you can be offered the loan without a credit check. Bear in mind that the APR the lender will charge is dependent on its perception of your creditworthiness.
Without a credit check, the lender will naturally have to charge a higher APR because of the added credit risk the lender is taking on. That’s the cost of having bad or no credit.
One alternative is to boost your credit score before applying for an online personal loan. This requires some lead time, but you can take a few steps to quickly improve your credit score:
- Review and correct your three credit reports. You can get them for free at AnnualCreditReport.com. The credit bureaus must respond to your request to fix your reports, and removing mistaken derogatory information will immediately increase your score.
- Use Experian Credit Boost to immediately add a dozen or more points to your credit score. This free feature gives you credit for your utility and rent payments, as well as benefits, and it’s free.
- Resolve delinquent accounts and collections. You can ask a collection agency to remove itself from your credit report as part of your settlement with it.
- Reduce your credit balances, and make sure you repay each account without missing any due dates.
Taking these steps may raise your credit score enough to allow for a credit check and access to a lower APR.
Can I Get an Online Loan without an Income?
Truthfully, you cannot get an online loan without some form of income. The good news is that your income does not have to come from employment. Here are some alternative sources of income that can qualify you for an online loan:
- Social Security retirement benefits
- Social Security disability benefits
- Social Security survivor benefits
- Federal or state welfare programs
- Pension income
- Annuity income from insurance contracts or retirement accounts
- IRA required minimum distributions
- Unemployment benefits
- Regular payouts from lottery winnings
- Trust income
- Guaranteed royalties
- Rental income
As you can see, unemployed individuals have many possible alternative income sources that will suffice for the online lenders reviewed here. You will also have to meet the requirements for citizenship/residency and age. All the online lending services require that you have a bank account for the transfer of loan proceeds and repayments.
You could consider alternatives to online personal loans if you can’t prove any sources of income, such as:
- Loans from friends and family. These can be easier to obtain and have very flexible terms. Beware of souring important relationships.
- Credit card cash advances. If you own one or more credit cards that offer cash advances, you can obtain cash without filling out an application form.
- Asset-backed loans. You may be able to arrange a cash-out refinance loan backed by your home or car. Typically, you can receive cash up to the equity you own in the asset. The equity is the difference between the asset’s value and the loan balance.
While these are all valid alternatives, you should not pursue loans you cannot repay, as this can further damage your credit and could result in bankruptcy.
Compare Rates and Terms from the Comfort of Home
Borrowing money online is easy, thanks to loan matching services. By filling out one short loan request form, the service will interrogate its network of lenders and find you one or more willing lenders.
By using any of the loan companies reviewed here, you can compare rates and terms without cost or obligation, all from the comfort of home. As always, only borrow what you need and make sure you repay in full and on time. Doing so can help you improve your credit score and reduce the interest rates you’ll have to pay in the future.
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