“Get Money Now, Pay Later” Loans in 2021

Get Money Now Pay Later Loans
GUIDE
Adam West
By: Adam West
Updated: August 12, 2021
Advertiser Disclosure

Get money now, pay later loans are the best way to borrow money without having to repay your debt right away. A personal loan lets you make monthly payments that satisfy your debt over time.

Our top-rated online lending networks provide every borrower with fast approval decisions and payouts. Even better, these networks specialize in bad credit loan products that won’t deny you because of your past financial mistakes.

You can apply for a loan through a network in a matter of minutes and potentially receive multiple loan offers from which to choose. Once you complete the short prequalification form and subsequent loan agreement online, you can have money in your account as soon as tomorrow.

“Get Money Now, Pay Later” Personal Loans

A personal loan can put money in your bank account within one business day, and you don’t have to repay your debt right away. You’ll pay a series of monthly payments that allow you to affordably satisfy the loan.

And along the way, your on-time payments will help to improve your credit score.

  • 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

You can submit a loan request to MoneyMutual in less than five minutes. The network immediately forwards your request to all of its partner lenders. Within minutes, you could receive an email with multiple short-term loan offers to choose from.

These small loan offers will each have a different interest rate, loan term, and monthly payment based on your credit history and loan request. These lenders won’t disqualify you because of a bad credit score.

CashUSA maintains an extensive network of lenders that can process your online loan request and preapprove your application in a matter of seconds. If approved, you can receive a direct deposit of your loan proceeds within one business day.

This network considers applications for larger loans and can help borrowers with bad credit find an online installment loan. And unlike a payday loan or cash advance, you won’t get saddled with a hefty interest rate for your short-term loan.

BillsHappen can provide an online installment loan or payday advance loan to applicants who meet the network’s flexible criteria. If approved, you can have money in your checking account as soon as the next business day.

The network can also provide more than one payment option to fit your monthly budget. This can include monthly or bi-weekly payments to pay off your installment loan.

CreditLoan.com can offer a flexible loan term with an interest rate lower than that of a payday lender. After a brief credit check with at least one of the major credit bureaus, you can get preapproval for a bad credit loan and begin filling out your loan paperwork.

And unlike applying for a loan with a bank or credit union, your single loan request will travel to several lenders, which means increased chances of finding the best possible loan without adding multiple inquiries to your credit history.

Bad Credit Loans claims that it can often find a loan for borrowers who can’t find a loan elsewhere. This service is faster and more convenient than applying through a bank or credit union and can put money in your checking account within a matter of hours.

And since your lender specializes in bad credit loan products, you don’t have to worry about your credit history disqualifying you from consideration. Most lenders require you to set up an automatic payment plan from your checking account, which will deduct your payment on a set day each month. This eliminates the potential for late payment or other unwanted fees.

PersonalLoans.com maintains two separate lending networks — one for applicants who have good credit and one for applicants who have bad credit. This means your loan application will only be reviewed by lenders that are ready and willing to work with you.

Your monthly payment and overall fee structure will depend on the lender you work with and the type of loan you accept. The lender will make a direct deposit of your loan into a linked bank account within one business day so you won’t be stuck waiting for your money.

CashAdvance.com can connect you to a payday lender that can quickly process your cash advance loan request. Remember that these loans require repayment in full, typically within seven to 30 days, and charge a very high interest rate.

If you’re looking for true get money now, pay later loans, consider an installment loan that gives you more time to repay your debt and is far more affordable over the long term.

“Get Money Now, Pay Later” Credit Cards

Most people don’t think of credit cards when looking for a loan, but the options below can be an excellent way to borrow money and pay it back over time. The best part of using a credit card for a loan is that you can continue to draw from your available credit limit as you make payments.

These cards also have interest rates — called APRs — comparable to those of personal loans for bad credit. But you’ll have to wait up to 10 days to receive your card in the mail before you can access your funds, which means a credit card may not be the best option for everyone.

  • See if you’re pre-qualified with no impact to your credit score. All credit types welcome to apply.
  • Up to $1,000 credit limit doubles up to $2,000! Simply make your first 6 monthly minimum payments on time.
  • Free access to your Vantage 3.0 score from Experian when you sign up for e-statements
  • Monthly reporting to the three major credit bureaus
  • Use your card at locations everywhere Mastercard® is accepted
  • Checking account required
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes 24.99% - 29.99% (Variable) Yes 8.5/10

The Surge Mastercard® typically offers a higher-than-average starting credit limit for bad credit applicants. This means you can gain access to more money despite having bad credit.

However, you’ll be charged a high interest rate and several fees that can cost you a bit more than the average credit card for bad credit. This card also has a strict late payment policy, so it’s best to set up automatic payments so you never miss your due date.

  • Easy pre-qualification process with fast response
  • Less than perfect credit is okay
  • Online servicing available 24/7 at no additional cost
  • Unsecured credit card, no security deposit required
  • Account history is reported to the three major credit bureaus in the U.S.
  • Click here for official site, terms, and details.
★★★★★

4.6

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 Minutes 24.9% Yes 8.0/10

The Indigo® Platinum Mastercard® Credit Card is one of three credit cards for bad credit from Indigo. Before you apply, you can submit a prequalifying form to match you to the card that best suits your credit profile. Prequalifying conducts a soft credit check that won’t hurt your credit score.

Use your card responsibly by making on-time payments and maintaining a low balance to improve your credit score. This will help you upgrade to a better credit card in the future.

  • Checking account required
  • Fast and easy application process; response provided in seconds
  • A genuine Visa® card accepted by merchants nationwide across the USA and online
  • $300 credit limit (subject to available credit)
  • Multiple card designs available
  • Reports monthly to all three major credit bureaus
  • Click here for official site, terms, and details.
★★★★★

4.5

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes See Terms Yes 8.5/10

Every new Total Visa® Unsecured Credit Card member starts with the same credit limit. But you can earn credit limit increases over time that boost your spending power.

And, unlike a loan, you can use your Total Visa credit line over and over after you repay your balance. Total will report your payment history and balance to the major credit bureaus, which can help improve your credit score over time.

  • Checking Account Required
  • Reporting monthly to all three major credit reporting agencies
  • Perfect credit not required for approval; we may approve you when others won’t
  • Easy and secure online application
  • $300 credit limit (subject to available credit)
  • The First Access Visa Card is issued by The Bank of Missouri pursuant to a license from Visa U.S.A. Inc.
  • Click here for official site, terms, and details.
★★★★

4.3

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
10 Minutes See Terms Yes 8.0/10

The First Access Visa® Card claims that it may approve borrowers when other card issuers won’t. That’s because this card is designed to give bad credit borrowers a second chance. All new cardholders start with the same credit limit, which can increase over time with responsible spending and on-time payments.

Just be aware of the fees charged for this card, as it can get pricey if you carry a balance or submit a late payment.

How Can I Get Money Now and Pay Later?

Non-traditional lenders have leveraged technological improvements over the last decade to provide faster, more convenient, and more affordable loans to the general public. Thankfully, the large number of lenders using this technology has increased the competition for your business.

Today, you can qualify for a loan in a matter of minutes, and have money in your checking account by the next business day. Instead of rushing to repay your loan, you can satisfy your debt over a series of monthly payments.

If you’d prefer to pay off your debt quickly, some lenders allow you to repay your debt in one lump sum.

Several apps let you borrow money and may not require a credit check to do so. The payday advance app (sometimes called a cash advance app) simply needs access to your checking account to verify proof of income and deposit the funds. You can access the money through an ATM withdrawal or by using your debit card.

If you’re in a jam and need money instantly, you can consider a vehicle title loan or a local payday lender. Just be aware that these loans are very expensive and incredibly risky. Even a single late payment can result in you losing your collateral (i.e. your vehicle) or added fees that can multiply your debt beyond the original amount you borrowed.

You can also consider a personal loan — otherwise known as an installment loan — if you need a larger sum of money. And unlike a title loan or a risky online loan, an unsecured personal loan won’t charge you an egregious interest rate or force you to risk your valuables as collateral.

Lastly, the advent of Buy Now, Pay Later (BNPL) providers, such as Affirm and Klarna, allows you to buy something online and pay for it over time. Of course, a BNPL service provider is only useful if what you need the money for can be purchased online and the merchant partners with a BNPL provider.

How Long Does It Take to Get a Loan?

Most online lenders and lending networks can process your initial loan request in 60 seconds or less. This means you may be preapproved by several lenders who will present you with multiple unique loan offers to choose from.

Once you select a loan offer and complete the loan application, the lender will sign off on your loan and initiate a direct deposit of your funds into your bank or credit union account by the next day. Some lenders offer expedited processing for an added fee that can put money into your account immediately.

Loan Deposit Time

The exception to next-day funding is if you apply for your online loan after regular business hours, on the weekend, or on a holiday. Most lenders can only process loans during regular business hours, though most can still preapprove you via automated underwriting at any time of the day or night.

What Credit Score Do I Need For Loan Approval?

Lenders don’t always publicize their required minimum credit score for approval. This is because your credit score isn’t the only factor the lender considers when reviewing your loan application.

For example, an applicant may have a bad credit score from previous financial mistakes but a good income and little debt. If the mistakes aren’t too recent, this loan request has a good shot at approval.

Aside from your credit score, your lender may also consider your:

  • current employment status and length of employment
  • current income
  • monthly debt obligations
  • recent payment history

These items are just as important as your credit score and can make or break your loan application.

Should I Choose a Credit Card or a Personal Loan?

This depends on how much you need to borrow and how often you use your current credit card.

If you don’t have a credit card and have bad credit, you can expect to qualify for a card that provides around $300 as a starting credit limit. Credit card issuers keep this amount low until you can show a record of on-time payments and you don’t max out the card.

If that amount isn’t sufficient for your needs, you may be better served with a personal loan. These loans can offer larger loan amounts and give you a reasonable amount of time to pay off your debt.

Loans vs Credit Cards

But if you only need a small loan that a credit card can cover, applying for a card may be the better choice. A credit card will give you a revolving line of credit you can keep reusing after making payments. It will also help you establish a long-term track record of on-time payments, which will help you improve your credit score over time.

A personal loan is a one-time use financial product that only allows you access to funds at the time of the loan. After you repay the debt, you’ll have to apply for another loan if you need more money.

Get Approved For “Get Money Now, Pay Later” Loans Online

Borrowing money doesn’t have to be stressful. With so many online lenders competing for your business, many will consider your application despite your bad credit score.

With a good online lending network, you can unlock the get money now, pay later loans you need without having to risk your valuables or pay an unfair interest rate. And if you make your payments on time each month, your loan can improve your credit score and help you build a healthier financial future.

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