Emergency Loans with No Credit Check in 2021

Emergency Loans With No Credit Check
GUIDE
Aaron Crowe
By: Aaron Crowe
Posted: December 30, 2020
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If you have bad credit and need money fast, emergency loans with no credit check can be lifesavers.

A damaged car, an emergency room visit, or a broken refrigerator, among other things, can require getting ahold of some cash quickly so you can pay for those bills and get on with your life.

We recommend seven lending networks that match borrowers with short-term loans from an online lender. All it takes is filling out a short online application.

Lenders | FAQs

Best Emergency Loans for Bad Credit

Only a soft credit check is done after filling out an application on a lending network’s website. It won’t hurt your credit score, and it allows you to be preapproved for loans and can lead to getting multiple offers from different lenders.

You’ll then be directed to the lenders’ websites to complete the loan application, which may require a credit check. But if you’re preapproved, you may still qualify, even if you have bad credit. That’s because the lenders these networks work with specialize in helping people with bad credit obtain a small personal loan.

  • 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 connects borrowers with lenders that can provide an emergency payday loan of from $100 to $2,500 in as little as 24 hours. That’s a quick loan that can get you the emergency cash you need fast.

Its online form takes about five minutes to fill out. A decision from a lender could come within minutes of submitting information. The loan provider will send you the terms and conditions of the online payday loan, including the interest rate, dates for repayment, and finance charges.

Different lenders may offer many different kinds of online loans, and you choose which, if any, offer you want to accept.

   
★★★★★

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

Emergency costs vary. If you’re facing a big financial problem and need a large emergency loan, the online lender CashUSA helps people with bad credit scores find direct lenders for loans of up to $10,000. Submitting a loan request is free.

The annual percentage rate, or APR, from its network of lenders ranges from 5.99% to 35.99% with a loan term of 90 days to 72 months.

The company gives the example of borrowing $1,500 over two years at a 7.9% APR. Each of the 24 monthly payments will be $67.77 for a total amount of $1,626.54. You’d pay $126 in interest to borrow $1,500 over a loan term of two years.

Emergency cash loans for people with bad credit are a focus of BillsHappen. The lenders it works with provide installment loans that can be used for any purpose. Some common reasons are auto repairs, debt consolidation, home improvement, and medical expenses.

Even if you’re on a fixed income, many of the lending partners of BillsHappen specialize in providing loans to people who receive various types of benefits, including Social Security, retirement, or veteran’s benefits. And you won’t have to take out a secured loan, which can require putting your car up as collateral.

If you have a job and also receive benefits, only list your income source that represents the higher percentage of your monthly income.

With loan amounts starting at $250, CreditLoan helps consumers with bad credit — or no credit at all — find emergency loans within minutes. Money can be deposited in your bank account within 24 hours of approval.

Having a poor credit history won’t prevent you from being approved for a loan. But the lenders from this network probably won’t loan you money if you’re currently going through a bankruptcy. Before applying, check that your case is fully discharged and that the judge has signed off and completed your paperwork.

If your credit score is so low that you don’t expect to qualify for a loan from a bank or credit union, BadCreditLoans may be able to help. This network can connect you with lenders that specialize in loans for bad credit with no minimum credit score required to apply.

The interest rate on these loans will likely be higher than it would be for someone with good credit, but it’s a chance to get an emergency loan and build your credit score with on-time payments that the lender may report to the credit bureaus.

Loan amounts through BadCreditLoans lenders vary from $500 to $5,000, but the company says that it’s common for people with bad credit to be approved by its network of lenders for smaller loan requests of below $1,500.

PersonalLoans connects customers to personal loan companies that lend up to $35,000, so if your emergency is a big one, it may be able to help.

As a small personal loan, the money you borrow can be used for any reason you want, even if it’s not an emergency. Loans through PersonalLoans can be used for anything from a vacation to debt consolidation. This leeway isn’t allowed for a student loan, business loan, small business loan, title loan, auto loan, or mortgage loan.

The network of personal loan providers that PersonalLoans works with requires applicants to have no accounts more than 60 days late, no active or recent bankruptcies, no pattern of late payments, no debt that can’t be covered by current income, and no recently charged-off accounts.

  • 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 connects consumers with a network of lenders that provide a type of emergency loan called a cash advance loan. This type of emergency payday loan rarely requires a credit check.

The main requirement is that you have enough income to repay the loan on time. CashAdvance helps borrowers find short-term loans of $100 up to $1,000.

To avoid late payments, lenders may require customers to allow automatic withdrawals from the customers’ checking accounts to pay the loan on the due date.

Can I Get an Emergency Loan with Bad Credit?

Bad credit can lead to many problems, including having difficulty getting approved for loans at reasonable interest rates. When an emergency pops up, finding money quickly is important, and finding it when you have bad credit can be especially difficult.

Having a poor credit history means you’re a credit risk to lenders, which often means paying a higher interest rate than you would if you had good credit. That leads to a higher monthly payment than someone would get on a signature loan, which is an unsecured loan requiring an income, good credit, and a signature.

If you have bad credit, you’re essentially paying more for the same products, including loans, than people with better credit scores.

Average Personal Loan APR by Credit Score

The good news in all of this is that the lending networks we recommend all work with lenders that cater to people who need a quick loan in an emergency. These lenders make the loan application process simple and work with people who have bad credit.

Having enough monthly income to repay the loan can be more important than having a good credit score.

How Can I Borrow Money without a Credit Check?

A soft credit check is done during the initial application process with the lending networks we recommend. This won’t affect your credit score because it’s not an official credit check.

However, each lender may have its own underwriting rules after your initial application is approved by the lending network. This next step with the actual lenders may require having a credit check, also called a hard pull, which may affect your credit score.

If you have bad credit, you may be worried about such a credit check. Since you’ve already been prequalified by a lending network, there shouldn’t be much to worry about because it has referred you to the lenders that have indicated they’re willing to work with you, so being approved for a loan — even if you have a bad credit score — shouldn’t be a problem.

Lenders may require more information from you to help determine whether you’re eligible for a loan and which interest rate and other terms will be offered to you. You may need to supply your:

  • driver’s license
  • Social Security number
  • phone number(s)
  • checking or savings account info
  • home address

And you’ll need to be:

  • age 18 or older
  • a U.S. citizen or permanent resident
  • employed, self-employed, or receiving benefits

What is the Easiest Loan to Get with Bad Credit?

All of the lending networks we recommend work with lenders that specialize in helping customers with bad credit.

That said, your short term loan may require paying the highest interest rate offered by a lender. Interest rates vary by lender, but about half of the lending networks we recommend work with lenders that charge up to 35.99% APR for an installment loan.

One company charges higher rates, but it offers probably the easiest type of loan to get with bad credit. CashAdvance’s lenders charge 200% to 2,290% APR for a payday loan, which is basically an advance on your next paycheck. In an emergency, such a high rate may be worth it if you can pay it back on time in a few weeks.

Payday loans are the most expensive type of emergency loan. A payday loan of $200 paid back in two weeks can charge an interest rate of between 391% and 782%, according to CashAdvance.

Example Cost of a Short-Term Loan

An in-person or online payday loan is often the most expensive loan option. Such lenders mainly want to see proof that you can pay off the debt in 14 to 30 days. If you have proof of income, you should qualify for a payday loan.

An income of at least $1,000 per month is often required for a payday loan, as is being employed at your job for at least 90 days.

But even with bad credit, you may qualify for a loan if it’s for a small amount of money, such as $500 or so. That makes it less risky than a big loan for the lender, though you may still be charged a higher interest rate than someone with a good credit score.

How Can I Get Emergency Money Fast?

The lending networks above know that their customers sometimes need an emergency loan fast. These customers probably wouldn’t be applying for an emergency payday loan if they didn’t need to.

Many of the companies we’ve recommended work with lenders that provide loan funds in as few as 24 hours. Most lenders make the application process easy, requiring five minutes or less to fill out an online form that can lead to loan preapproval.

Though the interest rates you’re offered may be high, these loans are often a superior option to a secured loan, which requires using collateral — such as your car or home — to secure a loan.

To help make your loan approval from a direct lender more likely and fast, read each lending network’s minimum requirements on its website. For example, you may need to have a cellphone number, been employed at the same job for at least three months, and have $1,000 in monthly income. If you can’t meet those minimum requirements, then you may want to look elsewhere for a loan.

Fill out the form completely and truthfully. Some lenders may later require proof of employment, and you don’t want to be denied an emergency loan at the last minute because you lied about your income.

Another way to get an emergency loan fast is to use your credit card. If the emergency bill can be paid with a credit card and you can afford to pay off the credit card in full when the credit card bill comes due, then charging the cost may be worthwhile.

Chances are, however, that if you have bad credit or no credit, you may not have a credit card. Or if you do, it may charge much higher interest rates than cards for people with good credit. This is why it’s important to ensure you can pay the credit card bill off in full and on time.

Another option is a cash advance on your credit card, which may allow about 20% of your available credit limit to be advanced to you in cash. The APR on cash advances is higher than it is for purchases, so consider this a last resort.

Can I Get a Loan with a 500 Credit Score?

Yes, you may be able to get a loan with a 500 credit score, as long as you can provide proof you have the means to repay the loan.

Lenders are more likely to look for customers with a regular income of at least $1,000 per month rather than consider a customer’s credit score. MoneyMutual requires earning at least $800 per month.

Credit scores range from 300 to 850 in the FICO 8 scoring method, so a 500 credit score sounds like it may be decent. It’s almost halfway between the lowest and highest scores, so you may think it’s a middle-of-the-road score, but that’s incorrect.

A credit score of 500 is in the very poor or bad range of 300-579, and about 16% of consumers have credit scores in that range. A 500 credit score puts you near the bottom of credit scores. You’ll likely be charged the highest interest rates for loans.

Why? Because creditors consider you more of a risk.

FICO® Score Range

About 16% of Americans have credit scores in the 300-579 range.

Experian says that 62% of consumers in the very poor range are likely to fall behind on their loan payments by more than 90 days. It also found that 19% of people with a 500 score have been past due for 30 days or more within about the last 10 years.

Can I Get a Small Loan with No Credit?

The smallest loan available to people with no credit is a payday loan from CashAdvance. Its network of lenders offer short term loans starting at $100.

Consumers with no credit or with a minimum credit score may qualify for a payday loan. The main requirements for approval are having an income of at least $1,000 per month and being employed at your current job for at least 90 days.

Payday advance loans are easy to get, but they’re also usually the most expensive type of emergency loan to help people get through paychecks. That’s why they must be repaid within two to four weeks, though you can extend them by rolling them over.

Interest rates from a payday lender can be incredibly high, and payday loan interest rates may reach up to 2,290% from CashAdvance.

While you may think you have no credit because you have a short or limited credit history, you may actually have bad credit. No credit and bad credit are not the same, but chances are you can find an emergency loan from lenders that specialize in bad credit loans.

These lenders compete with other lenders for your business through the online lending marketplaces we’ve reviewed.

Direct Lenders vs Lending Networks

Loans that were once almost impossible to get if you had bad credit are now within reach from a variety of lenders. Instant approval on loan decisions is almost a given if you qualify, and the money can be deposited in your bank account within one business day.

Will I Need a Bank Account for Loan Approval?

Yes, a bank account is often needed for loan approval for a few reasons — the first being as a way to give you the money for the loan.

A checking or savings account is required to transfer the money to you, often within 24 hours of the loan being approved. A checking account is generally preferred over a savings account.

A bank account may also be required so loan payments can be automatically withdrawn by the due date. Not all lenders will require this, but some may ask you to set it up so payments are made on time, which will help raise your credit score.

If your account is too low to make the required payment on time, then be sure to contact the lender early to ask for more time. If not, you could be charged a late fee, your bank may charge an overdraft fee, and your credit score could be affected by showing a late payment.

Can I Get an Emergency Loan from a Credit Union?

Yes, and you have two ways to get one. First, if you belong to a credit union, you can ask lending experts there if emergency loans are available. Chances are they have some type of loan to help you in an emergency.

If not, then you may want to consider a payday alternative loan, or PAL, to borrow up to $2,000. They’re less expensive than traditional payday loans and can be repaid from one to 12 months instead of two to four weeks that most payday loans require.

You must first be a member of a federal credit union to qualify. You may also find similar loans at state-chartered credit unions. Not all federal credit unions offer PALs.

PALs are designed to help credit union members avoid the high costs of traditional payday loans and improve their credit history so they can move on to other mainstream financial products.

Credit Union Payday Alternative Loans (PALs)

A typical payday loan charges an origination fee of $15 per $100 borrowed. The average payday loan borrower is in debt for five months a year, paying an average of $520 in fees to repeatedly borrow $375, according to Pew Charitable Trusts.

PALs charge a maximum application fee of $20 to borrow $200 to $1,000, and an origination fee of $40 to $50 when borrowing up to $2,000.

Compare Emergency Loans with No Credit Check Online

Emergency loans with no credit check can be lifesavers if you have bad credit and one of life’s dilemmas occurs. They can be the difference between getting your car repaired and getting to work, or paying for emergency medical care that a family member needs.

Finding an emergency loan from the lending networks listed above shouldn’t take much time. Online applications can be filled out in minutes, and a decision to prequalify you for the loan amounts you need should come quickly, too. You’ll then be matched with lenders that will give you the interest rates and other loan terms, and you can choose the loan option you like best.

If approved, money can be deposited in your checking account within 24 hours. That’s a quick turnaround for an emergency loan, and one that you and your family will likely be grateful for when that emergency is taken care of.

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