Fastest Online Loans For Bad Credit in 2021

Fastest Online Loans For Bad Credit
GUIDE
Aaron Crowe
By: Aaron Crowe
Posted: June 9, 2021
Advertiser Disclosure

The fastest online loans for bad credit can provide quick loan approvals and give you money within a day of being approved. Whether you need an emergency loan or a few bucks just to hold you over until payday, speed can be a big factor when you need money.

Borrowers can use the money for just about anything, from car repairs and groceries to a family vacation. A short-term loan can be repaid quickly in a few weeks, or you may qualify for a long-term installment loan that can be repaid over several years.

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Online Loans For Bad Credit You Can Get Within 24 Hours

The lending networks we recommend below all allow fast loan approval, sometimes within minutes. This is just a prequalification, so you won’t receive your loan funds just yet. The service is free and you may receive multiple loan offers to consider.

You choose the loan offer you want, if any, and are then sent to the lender’s website to fill out a more detailed loan application. This should only take you a few minutes to complete. If you’re approved for a quick loan, the money can be deposited into your bank account within one business day.

  • 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 is our top-ranked lending network for many reasons. Among them is that it helps consumers find a small personal loan by filling out a short online form. If a lender then approves your loan request, you could get up to $2,500 in 24 hours or less.

The lenders will review your information and decide whether to offer you a loan. If you like the loan offer you receive, you’ll be redirected to the lender’s website to complete the loan application and review the loan term and repayment amount.

CashUSA helps borrowers with bad credit find loans of up to $10,000, with an approval decision coming within minutes. The online lender you choose can deposit your money directly into your checking account.

To qualify, applicants must earn at least $1,000 per month after taxes, have a checking account in their name, and provide work and home phone numbers, among other requirements.

Everyone has bills to pay, and BillsHappen helps borrowers obtain the money they need fast fast with quick loans of up to $5,000. Borrowers with any credit score can apply, and a personal loan can be sent within one business day after approval.

The prequalifying application at BillsHappen will ask for your driver’s license and cellphone number, home address, and whether you have a bank account and a job.

Lenders that work with CreditLoan.com have some of the smallest loan amounts available, starting at $250. A borrower can also get a bad credit loan for up to $5,000 through the provider and can be paid in an installment loan with fixed monthly payments over years.

A bankruptcy on your credit history is allowed, but it must be fully discharged.

Just from its name alone, you can tell that BadCreditLoans.com obviously works with bad credit loan applicants. Every online lender it works with can provide quick funding.

Bad Credit Loans’ lenders don’t require collateral, and a good credit score isn’t necessary for loan approval. But applicants must have a reliable income and a checking account to qualify.

If you need a big personal loan or a bad credit business loan, PersonalLoans.com should be able to help with a lending network providing loans of up to $35,000. The money can be used for any purpose, and you can get the cash within one business day of approval.

If none of PersonalLoans.com’s lenders can offer you a loan, the network may share some of your contact information with debt relief, credit repair, credit monitoring, or other services so you can see what they have to offer.

CashAdvance.com does exactly what its name says, connecting consumers to lenders for cash advance loans, also called payday loans. This type of emergency loan is meant to get a borrower through an unexpected expense until their next paycheck.  A payday loan through this provider starts at $100.

The advertised interest rate of 200% to 2,290% on a cash advance is much higher than it is from the other lending networks for a personal loan, so it’s in your best interest to repay the loan quickly. Payday loans aren’t legal everywhere in the U.S., so CashAdvance.com doesn’t offer loans in every state.

What is a Fast Online Loan For Bad Credit?

A fast online loan for bad credit is a personal loan that’s funded within one business day. This can be important if you need an emergency loan for an immediate need or a payday loan to keep you afloat until your next paycheck arrives.

All of the lending networks we reviewed can approve you for a quick loan and transfer the money into a bank account in one business day. Sometimes it’s less than 24 hours, depending on how fast your loan is approved. But remember that personal loan lenders probably won’t transfer funds on weekends or holidays, so if you apply for a loan on a Friday, you may not get the money until Monday.

The loans are available to people with bad credit, which is considered a FICO credit score below 580, based on the scale of 300 (worst) to 850 (best).

FICO Credit Score Scale

While people with bad credit can get a bad credit loan, the loans often come with higher interest rates, high fees, and limited loan amounts.

A short-term loan for a few weeks or so will usually have the highest interest rates and fees and offer only small loan amounts. Larger loan amounts can often be repaid over months or years with the same payment amount due each month.

A longer loan term will often have a lower interest rate than a short-term loan. Interest rates vary by lender, but most of the lending networks we recommend work with lenders that charge approximately 6% to 36% interest. The higher end is usually for people with a bad credit history, and they may not be able to borrow the highest loan amounts offered.

A short-term loan may not report your account to a credit bureau, while longer installment loans usually are reported. This is important because on-time payments will help improve your credit history.

How Do I Get a Bad Credit Loan?

Applying for a bad credit loan is relatively easy. Lender-matching services that work with a network of direct lenders offer an online loan application that can often be filled out in a few minutes.

This allows an applicant with a bad credit score to prequalify for an unsecured personal loan. The lending network will have some basic prequalification requirements, such as:

  • Age: At least 18
  • Citizenship: Be a U.S. citizen or resident and have a valid Social Security number.
  • Income: Reliably collect a minimum amount of income or benefits each month, such as $800 to $1,000, depending on the lender.
  • Bank account: Active bank or credit union account in your name.
  • ID: Social Security number, valid email address, bank account details, and phone numbers for work and home.

If you meet those simple requirements, then you should prequalify for an emergency loan. The lending network should notify you within minutes of receiving your loan application if it has a lender to recommend to you. If it does, you’ll be sent to the lender’s website to provide more information on the loan application.

You’ll likely be asked by the lender for your permission to access your credit report from a credit bureau. This credit check is a hard inquiry and may drop your credit score by five or 10 points for up to a year.

The lender should give you a loan decision within seconds of checking your credit score. You’ll then get the loan documents to review, which will include the interest rate and loan terms. Make sure you understand all of the terms, including fees, such as an origination fee, that may be charged.

Even for someone with good to excellent credit, the lending networks only provide unsecured loan options. This means no collateral, which is a must-have when applying for a secured personal loan, is required. A car title loan, for example, is a secured loan where the lender can take your car if you don’t repay the loan.

If you agree to the loan terms and electronically sign the contract, your loan funds can be deposited into your bank account in one business day. Loan payments through automatic debits to your bank account will typically start a month later when the monthly payment is due.

Will My Credit Score Be Checked?

Yes, your personal credit score will be checked by each lender you apply to unless you’re approved for a type of payday loan. Payday loans usually only rely on your income and your ability to repay the loan quickly — not on your credit score.

This credit check shouldn’t dissuade you from applying because the lenders that work with the lending networks all serve borrowers with bad credit. These lenders don’t usually impose minimum credit score requirements on their applicants. Your credit score is just one factor in the decision of any reputable lender to give you a loan.

Just as a credit card company checks an applicant’s credit score and credit history, so will a subprime lender. It wants to see whether you’ve missed a monthly payment, for example, which may be an indication of you being a high risk for missing future payments, even if the repayment term is generous.

Perceived Credit Risk Chart

Having a good credit score can help lower the interest rate on the loan you’re applying for. You may want to work on improving your score — such as through a credit builder loan — before applying.

A credit builder loan is a financial product in which a lender puts money into a savings account for you, and you repay the loan over time. The payments are reported to the credit bureaus, which should raise your credit score over time. The money is then returned to you after the loan is paid off.

Where Can I Get a Loan With Bad Credit ASAP?

For a loan option that will put money in your pocket quickly, a fast online loan for bad credit works about as fast as can be expected. The money can be deposited into your bank account within one business day of approval.

That’s less than 24 hours after applying for an online loan if your loan application is approved. And it should be if you meet the lender’s minimum requirements, which includes earning at least $1,000 per month. Even with bad credit, you can be quickly approved for this type of loan.

The lending network that ranks highest at BadCredit.org is MoneyMutual. It helps borrowers find a short-term loan for up to $2,500, even if they have bad 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

MoneyMutual and the other lending networks don’t do a hard credit check for prequalification, which means that your credit score won’t be accessed by the lender to determine whether you qualify for one of its loans.

MoneyMutual only requires a regular income of at least $800 per month. Borrowers must also be at least 18, a U.S. resident, and have an active checking account.

Can I Use a Fast Online Loan as a Business Loan?

A fast online loan can be used for any purpose, including a small business loan.

The average business loan from the Small Business Administration is $107,000. Running out of capital is common for small businesses, though not everyone may need as much as the average loan amount from the SBA.

A small business loan from a lending network that’s fast, done online within one business day, and made to a business owner with bad credit can be a sensible solution.

These loans can also be used for debt consolidation. If you’ve maxed out your credit card and have high balances on a few others, then it may be worthwhile to look at debt consolidation and pay all your cards off. A lower overall interest rate over a year or so can make them cheaper to pay off.

While you can borrow one of these loans to pay for your college textbooks, these lender networks do not recommend using their products as a type of student loan.

Can I Get a Fast Online Loan From a Credit Union?

If a payday lender sounds too ominous, then you may want to look to a credit union for a short-term loan.

Credit unions offer something called Payday Alternative Loans (PALs), which you can learn more about here. PALs were designed specifically to help bad credit borrowers avoid predatory lending services.

PAL Chart

A minimum credit score may not be an obstacle because a credit union is more likely to look beyond your credit history and consider your standing as a credit union member. If you’ve repaid loans from the credit union on time in the past, it can only help your application.

Compare the Fastest Online Loans For Bad Credit

The fastest online loans for bad credit come from lending networks that allow potential borrowers to get multiple loan quotes at once after filling out a short online application. Borrowers can get loan offers from a number of lenders, so applying at more than one of the lending networks we recommend may be worth their time.

All of these lenders work with people who have bad credit, so they know the financial difficulties you may already be facing. Loan approval can take just a few minutes, and sometimes as quickly as a few seconds. The loan funds can be deposited in your bank account within one business day, giving you the money you need to pay for an emergency expense.

It doesn’t cost anything to apply with a lending network, and the initial prequalification won’t lower your credit score. If you have bad credit and are looking for a fast loan, then a bad credit loan may be worth checking into.

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