Fast Cash Loans For Bad Credit in 2021

Fast Cash Loans For Bad Credit
GUIDE
Ashley Dull
By: Ashley Dull
Posted: May 24, 2021
Advertiser Disclosure

Did you know that you can get fast cash loans for bad credit online? Underwriting algorithms have streamlined the process for anyone to get a loan, even those with a bad credit history. You can apply online and receive an instant approval decision, and your funds will be deposited into your bank account within one business day if you’re approved.

Read below to see our top-rated lender networks for finding a bad credit loan.

Cash Loans | FAQs

The Best Cash Loans For Bad Credit

The following seven companies are all lender matching services. That means you fill out a single prequalifying form that is then sent to the company’s network of lenders that will determine whether you qualify for a loan.

If you do qualify, you may be presented with multiple loan offers to choose from, each with its own loan term, interest rate, and repayment schedule. There is never any obligation to accept a loan offer.

  • 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
  • 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 $5,000 Varies Varies

See representative example

MoneyMutual has long been our top-ranked short term loan provider. The company has been around for over a decade and you may recognize it from its TV commercials. If a lender decides to work with you, you’ll be forwarded to its website to complete the loan application and finalize your loan agreement.

CashUSA is another reputable lender network that provides large loan amounts of up to $10,000 to borrowers who have bad credit. Applicants must earn at least $1,000 a month (after taxes), have a checking account in their name, and provide work and home phone numbers, among other requirements.

BillsHappen indicates on its website that it specializes in quick funds, helping its applicants “find a personal loan lender now.” However, its funding timeline is the same as that of the rest of the lenders on this list — one business day. A valid state driver’s license, among other requirements, is required to apply, but there is no minimum credit score requirement.

You can get a small loan of just $250 from CreditLoan or you may qualify for an installment loan that you can pay back in fixed monthly payments over time. CreditLoan indicates on its website that you can increase your chances of approval by getting a cosigner, only asking for the amount you need, and having your documents prepared before applying, among other things.

It would be odd if a business named Bad Credit Loans didn’t approve bad credit applicants. Thankfully, this is no oddball business — Bad Credit Loans is a reputable lender network committed to responsible lending. You can apply, review, and accept your loan offer easily online.

PersonalLoans.com offers applicants the largest loan amount on this list. However, only borrowers with good to excellent credit will receive that large of a loan. Bad credit loan requests are generally capped at $5,000 to $10,000, as indicated by the other lender networks we’ve reviewed.

CashAdvance.com specializes in payday loan options that serve well as an emergency loan when you need fast cash to get you through to payday. Payday loans are not legal in all states, which is why CashAdvance.com does not offer loans in every state.

What is a Fast Cash Loan?

A fast cash loan is a personal loan that is funded quickly. All the lending networks we’ve reviewed above can deposit funds into a bank account within one business day.

That means if you apply on Monday, you could receive your money on Tuesday. It also means that if you apply on Friday, you may not receive your money until Monday.

A cash loan can be a short term loan that requires repayment within days, weeks, or a few months (loan terms vary by lender and the state you live in). But a cash loan can also be an installment loan that is repaid over several months or years.

Short term loan options usually charge the highest interest rates and fees and are for small loan amounts. Installment loans charge lower interest rates and are for larger loan amounts.

Installment Loans vs Short Term Loans

Another key difference is that a short term loan may not report your account to the credit bureaus. Installment loans will almost always report to at least one credit bureau, which means on-time payments will help you build positive credit history.

Small, short term loans are generally easier to be approved for than large installment loans, but the networks we recommend all work with bad credit borrowers, so don’t let a damaged credit report deter you from applying.

How Can I Get a Fast Cash Loan?

You have a few options for obtaining a quick cash loan. First, you can check out any of the networks we’ve reviewed above and see if you prequalify for a loan.

Prequalifying will not affect your credit score and will tell you whether you match with an online lender. You can prequalify with all seven networks to really exhaust your online options and it still won’t cost your wallet or your credit score anything.

If for some reason you don’t qualify for an online loan, for example, you don’t have a checking account — a pretty standard requirement necessary to deposit and withdraw money — more options are available to you.

  • Cash advance apps: These apps provide a new way to get an advance on your next paycheck. But there’s a verification process involved that may take up to a day or longer before you can receive your funds. We’ve reviewed some of our favorite cash advance apps in this article.
  • Credit card cash advance: Do you have a credit card with credit available to make purchases? If so, you can withdraw a cash loan from your available credit limit. The amount you can withdraw will depend on how much credit you have and the issuer’s cash advance limit restrictions. But you won’t have to undergo a credit check, and you can withdraw funds at an ATM immediately. Just know that cash advance transactions are subject to a cash advance APR that is normally higher than your purchase APR. And most cards eliminate the grace period, meaning you’ll begin to accrue interest the day you withdraw the money.
  • Payday Alternative Loan (PAL): Payday Alternative Loans (there are two types, PAL I and PAL II) were created by the National Credit Union Administration as an alternative to traditional payday loans. They’re a type of emergency loan with an affordable monthly payment available to credit union members, but not all credit unions offer PALs.
  • Pawnshop loan: If you own valuables, such as a laptop, jewelry, or some other item worth money that you don’t want to sell, you can collateralize it for a loan from a pawnshop. You take the item to the pawnbroker who will then provide you with a secured personal loan of up to 60% of the item’s value. You’ll finalize a loan agreement that states if you do not repay the loan, the shop keeps your item to sell and recoup its money. This is why it’s never a good idea to pawn sentimental items.
  • Car title loan: This is one of the riskiest loan types to pursue and should only be considered in dire situations. If you own the title to your vehicle, you can use it to secure a quick cash loan. You give the title to the lender until the debt is repaid. If you fail to repay the loan, the lender will repossess your car. A car title loan is usually very expensive, and you may be charged a loan origination fee.

All of the lending networks above provide unsecured loan options, whereas the loans we just mentioned — pawnshop loans and car title loans — are secured loans. A secured loan requires collateral for a borrower to get the loan. This is a way for lenders to offset the risk of doing business with applicants who have a poor credit history.

What’s the Easiest Loan to Get With Bad Credit?

A payday loan is the easiest unsecured personal loan for someone with a bad credit score to get. The easiest secured loan someone with a bad credit score can get is likely a pawnshop loan. That’s because neither of these loans requires a credit check.

A payday loan is a short term loan product that must be repaid within one week to as many as 60 days. All you must do to get the loan is provide proof of income and that you have a bank account from which the lender can automatically withdraw repayment.

The terms of payday loans vary by state. These loans are illegal in some states due to the predatory nature of payday lending.

Some states charge upward of 700% interest for a small loan that needs to be repaid with the borrower’s next paycheck. This tends to put borrowers in a cycle of debt because many of them already live paycheck to paycheck, which means they can’t afford to lose a couple of hundred dollars from their next one.

A payday loan can really strain your budget and has led to countless horror stories. However, if it means feeding your family tonight, consider a payday advance a viable option if you can pay the loan under the terms of the loan agreement.

Where Can I Borrow $2,000 With Bad Credit?

All of the lending networks we recommend provide loans of up to $2,000 or more. Our top-rated network, MoneyMutual, provides loans of up to $2,500 to borrowers with less-than-excellent credit.

  • 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
  • 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 $5,000 Varies Varies

See representative example

It would be difficult to get a $2,000 loan from a pawnshop or from friends and family. But if you can prove you have the income to repay a loan from an online lender and meet a few other basic criteria, qualifying for a loan of $2,000 is very possible, regardless of your credit score.

Your next best option is to locate your nearest credit union and see if you qualify for a PAL II, which, coincidentally, has a maximum loan amount of $2,000.

Are Fast Cash Loans Payday Loans?

Sometimes. The reputable lender networks above partner with lenders from all over the country, some of which are payday lenders. A payday lender may offer you a loan, but you don’t have to accept it — you’re never obligated to accept any loan offer you receive.

You could also receive an offer for an installment loan and have several months or years to repay the loan. Just because a loan is funded quickly doesn’t mean it’s a payday loan.

Compare Fast Cash Loans For Bad Credit Online

We’ve come to the end of our review of fast cash loans for bad credit and hope you’ve found what you’re looking for. Every loan company we’ve discussed has been in the business of lending for years, and we encourage you to do further research by checking out their ratings with companies like the Better Business Bureau and Trustpilot.

While the interest rate and loan term you receive is determined by your credit history, don’t let that stop you from completing a loan application. These companies specialize in funding loans for bad credit borrowers and want to approve your application — it’s how they make money, after all.

Advertiser Disclosure

BadCredit.org is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free for users, we receive advertising compensation from the financial products listed on this page. Along with key review factors, this compensation may impact how and where products appear on the page (including, for example, the order in which they appear). BadCredit.org does not include listings for all financial products.

Our Editorial Review Policy

Our site is committed to publishing independent, accurate content guided by strict editorial guidelines. Before articles and reviews are published on our site, they undergo a thorough review process performed by a team of independent editors and subject-matter experts to ensure the content’s accuracy, timeliness, and impartiality. Our editorial team is separate and independent of our site’s advertisers, and the opinions they express on our site are their own. To read more about our team members and their editorial backgrounds, please visit our site’s About page.