8 Best Online Cash Loans for Bad Credit in 2018

8 Best Online Cash Loans for Bad Credit in [current_year]
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Ashley Dull
By: Ashley Dull
Posted: July 11, 2018
BadCredit.org's popular "How-To" series is for those who seek to improve, rebuild or better understand their subprime credit rating.

With many countries, like Sweden and China, implementing digital payments at an incredible rate, the death knell for cash is starting to ring. But here in the US, the clamor for digital payments has yet to hit the fever pitch of other places, and cash is still the most popular way to pay.

In fact, many vital expenses, such as rent and utilities, often require a cash bank transfer or check to pay, making cash a virtual necessity. When you need cash beyond what you can pull from your savings, a personal loan or credit card can be useful resources.

When you have bad credit, however, those resources become a lot more limited — and more expensive. Despite those limitations, resources are out there, including several different types of cash loans to fit the needs of a variety of borrowers.

Installment | Short-Term | Credit Card

Best Cash Installment Loans for Bad Credit

Personal installment loans are often the most affordable way to obtain cash, thanks in part to their relatively low interest rates. And installment loans are particularly useful when you need a large amount and/or you need more than a few months to repay the loan.

While installment loans tend to be more affordable on the whole, of course, not all loans are created equal. You’ll still want to compare rates and fees to ensure you get the best deal. An online lending network, like our top-rated picks below, can help you compare options without a lot of legwork.

   
★★★★★

4.9

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

Although it’s important to compare interest rates when looking for a personal loan, the APR isn’t the only factor that will determine the affordability of your loan.

Essentially, installment loans are typically repaid in monthly installments. The size of those installments is determined based on the amount borrowed, the APR charged by the loan, and the length of the loan term.

As such, two loans for the same amount and with the same APR could have vastly different monthly payments if they are of different duration. Similarly, the overall cost (total interest fees) can also vary based on how long you take to repay the loan.

For example, a $5,000 loan with a 15% APR will have a monthly payment of approximately $451 if repaid over one year. The monthly payment drops to $139 if the loan term is extended to four years. However, the four-year loan will cost an additional $1,263 in interest fees over the life of the loan.

Best Cash Short-Term Loans for Bad Credit

With payday loan and cash advance lenders in shopping plazas in nearly every city, short-term loans are often the first thought for those with bad credit who need cash in a hurry. But while short-term cash advance loans are prevalent and fairly easy to obtain, they’re definitely the most expensive option.

Given the high costs, you shouldn’t simply borrow from the first storefront you pass; comparing rates and fees can be essential in finding the most affordable short-term loan. An easy way to connect with multiple lenders at once is with an online lending network, such as our expert-rated options below.

  • Short-term loan of $100 to $1,000
  • Bad credit is no problem
  • 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.
             
★★★★

4.0

Overall Rating

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

See representative example

Despite being easy to obtain, short-term cash advance loans should be your option of last resort in most cases — and not solely because of the ridiculously high fees. A less obvious danger of short-term loans is how they’re repaid.

The opposite of installment loans, short-term cash advance and payday loans are repaid in a single lump sum that includes both the principal — the amount borrowed — and all fees.

For example, a typical short-term loan of $500 could have $100 in finance charges (likely charged as $20 per $100 borrowed). On the loan’s due date, the borrower would need to repay the full $500 plus the $100 in fees for a total of $600, all at one time.

While many lenders will let you roll over your loan, it will mean additional finance charges and potential late fees, which can turn an already expensive loan into a cycle of debt that’s hard to escape. If you’re at all unsure of your ability to repay your short-term loan, find an alternative financing method.

Best Cash Credit Card Loans for Bad Credit

In some cases, cash may not be as necessary as you think; a credit card can often be used in lieu of cash for many expenses, though some merchants may charge you an extra processing fee to use a card. If you really do need cash, however, your card may still be of use.

That’s because most credit cards, including the options for bad credit below, will allow you to make a cash advance with your card — for a fee. But while not exactly inexpensive, credit card cash advances can be completed in a matter of minutes.

  • Checking account required
  • Application response in 30 seconds
  • Know the score! Quarterly FICO score on your monthly billing statements
  • All credit types welcome to apply
  • Your First PREMIER Bank credit card activity is reported to the Consumer Reporting Agencies each month. Making your payment on time and keeping your balances low relative to the credit limit will result in positive marks on your credit report
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
6 minutes See issuer website Yes 9.5/10
  • Easy application! Get a credit decision in seconds.
  • Build your credit history – Fingerhut reports to all 3 major credit bureaus
  • Use your line of credit to shop thousands of items from great brands like Samsung, KitchenAid, and DeWalt
  • Not an access card
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
5 Minutes See issuer website Yes 9.0/10
  • All credit types welcome to apply
  • Monthly reporting to the three major credit bureaus
  • Fast and easy application process; results in seconds
  • Use your card at locations everywhere that Mastercard® is accepted
  • Free online account access 24/7
  • Checking Account Required
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10

Getting a cash advance from a credit card is very simple and can typically be done at an ATM or associated bank branch. To use your credit card at an ATM, you’ll need to contact your issuer to obtain and/or establish a cash advance PIN for your card.

Before running off to the nearest ATM, of course, you need to know the price for convenient cash. Primarily, every cash advance will be accompanied by a cash advance fee, usually 3% to 5% of the total advance.

And, like any other credit card transaction, cash advances will be charged interest fees based on the cash advance APR. In the majority of cases, the cash advance APR will be higher than the normal purchase APR.

Cash advances also don’t qualify for the interest fee grace period that applies to most new purchases, meaning each cash advance transaction will start accruing interest as soon as it posts to your account. On the plus side, as long as you make at least the minimum required payment (though more is better), you can pay off your cash advance at your pace.

Compare Your Options for the Best Rates & Fees

Cash may not be as popular as it once was, but it’s hardly dead — at least, not in the US. While everything from vending machines to taxi drivers can now accept credit cards, plenty of transactions still often rely on tangible currency, including many vital housing expenses.

While cash resources can be limited for consumers with poor credit, it’s not impossible to find a cash loan. Unfortunately, bad credit does more than just limit your resources — it also makes them much more expensive. That’s why it’s important to compare rates and fees before making a decision to ensure you get the best rate possible.