6 Best Instant Loans Online

Instant Loans Online
GUIDE
Eric Bank
By: Eric Bank
Posted: December 11, 2019

Time matters when you are short of cash. What you want is fast access to a loan, even if your credit is bad. Few borrowing sources are quicker and more accessible than providers of instant loans online.

The six lending services reviewed here operate by immediately circulating your loan request to their networks of direct lenders who specialize in loans to consumers with bad credit. These lenders finish the loan application process in about 10 minutes and render instant decisions.

If approved, you can collect your loan as soon as the next business day. Whether you need a short cash infusion to get you through to the next payday or a longer-term loan that you can conveniently repay in fixed installments, one of these loan services may be a perfect fit for your needs.

Short-Term | Installment | FAQs

Instant Short-Term Loans Online

Whether you get paid every one, two, or four weeks, you’ll always have a gap between paychecks that sometimes presents an unmanageable financial situation. These two lenders bridge the gap with short-term cash advances that you repay when you receive your next paycheck.

  • 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 is a provider of cash advances of up to $2,500. You use its short, online loan request form to signal your interest in a loan.

MoneyMutual matches you to the most appropriate lender on its network, where you can finish the application process in a few minutes. Decisions are instantaneous, and the loan proceeds are deposited into your bank account as soon as the next business day.

  • 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.com can get you a fast loan for sums between $100 and $999. Its network of lenders will quickly respond to your loan request if you meet the minimum requirements.

You must be a U.S. citizen, age 18 or older with a monthly income of at least $1,000 after taxes. CashAdvance.com is a source of instant online loans in most states, but not all.

Instant Installment Loans Online

These lending services can help you obtain an instant loan that you repay in fixed monthly installments. These companies come in handy when you need loans larger than those available from a cash advance. They all offer fast decisions and fast funding.

   
★★★★★

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

CashUSA.com provides you access to lenders who offer installment loans with terms of three to 72 months. The minimum loan amount is $500.

To qualify, you must be a U.S. citizen, at least 18, with an income of $1,000 per month or more. CashUSA.com emphasizes how quickly it can arrange a personal loan for its clients, with funding the next business day after loan approval.

CreditLoan has helped more than 750,000 consumers get online loans since 1998. The loan amounts can range from $250 to $5,000 for periods of three to 60 months.

Lenders on the CreditLoan network are happy to arrange loans to consumers with bad or no credit, and it does so with no fees to borrowers. The website offers a personal loan calculator where you can work out your monthly payments.

Bad Credit Loans can arrange loans from $500 to $5,000. To qualify, you must be at least 18 years old, a U.S. citizen, and have an email address. The short request form on the Bad Credit Loans website lets you start the process.

You will be put in touch with a lender who will finish the application and decide on the loan. Once approved, you will receive your money on the next business day.

PersonalLoans.com arranges personal loans with terms of three to 72 months for amounts of $500 to $35,000. You must have a regular income, be at least 18 years old, and a U.S. citizen or resident.

The loan matching service uses a network of lenders who will provide you with the loan’s actual interest rate and payments.

How Can I Get an Instant Loan?

You can get an instant loan very quickly with an online loan-matching company. It’s as easy as 1, 2, 3:

  1. Fill out the short loan request form, which will include general questions about your identity, income, citizenship status, and the amount you want to borrow.
  2. Receive a link from a lender in the loan service company’s network and fill out the lender’s application form.
  3. Get a loan approval and receive the loan proceeds in your bank account on the next business day.

You can use the loan proceeds as you see fit. The lender provides you a repayment schedule.

Typically, on the payment date(s), the lender will take the money from your bank account. If your account balance is too low, you will probably have to pay a late fee or an overdraft fee.

There are other ways to get an instant loan. One good alternative is to get a cash advance from your credit card. If you have a credit card that allows it, you can get a credit card advance without any preparation.

The amount you can access is limited by your credit limit and current balance. You incur interest daily starting from the date of the cash advance.

Less desirable options are payday and auto lien loans. Payday loans are expensive and charge high late fees. Auto lien loans are dangerous because you can lose your car if you don’t repay on time. These loans are expensive too. A better alternative is an auto cash-out refinance loan, although lenders for this type of loan are not as quick as other lenders.

What’s the Best Online Loan Company for Bad Credit?

If you need a short-term loan, our top pick is MoneyMutual. It is not a direct lender. Rather, it operates a network of lenders who work with consumers having poor or no credit.

MoneyMutual Logo

MoneyMutual is our top pick for short-term loans online.

These lending networks became popular during the Great Recession when bank loans dried up. Now, lending networks provide credit to consumers who do not qualify for a bank loan.

The great advantage of these loan matching companies is that they move fast. They are in constant communication with their lender network and can quickly connect your loan request form to one or more lenders.

The online loan applications typically require about five screens to collect the information needed to evaluate the loan. Providers of bad-credit loans look at other personal qualifications apart from credit score, including your income and expenses.

CashUSA Logo

CashUSA is our top pick for installment loans online.

If you need a long-term loan right away, our top choice is the CashUSA.com loan matching company. With loan amounts beginning at $500, you can access a bad-credit loan when you have earnings as low as $1,000 per month, after taxes. This rather lenient requirement serves low-income persons with bad credit.

As with the other services reviewed here, CashUSA.com is perfect for consumers who need a loan as soon as possible. It can arrange loans with terms as long as 72 months, and you may be able to arrange a loan without a hard credit check that would reduce your credit score.

It’s always important to read and understand the loan terms, including the interest rate, monthly payments, and total cost of the loan.

Can I Get a Quick Loan from My Bank?

Banks have many advantages. They offer insured savings, convenient checking, and around-the-clock ATMs. What they aren’t known for is speed, especially speedy loans.

Banks, for various reasons, are cautious institutions that require careful underwriting of loans to assess the risks of default. In fact, during the Great Recession, banks became even pickier and only in the last few years have somewhat relaxed their underwriting standards. However, one thing hasn’t changed — banks require oodles of paperwork when you apply for a loan.

Things have improved. Many banks now offer apps that allow you to do remote banking without visiting branches. You can even apply for a loan on a bank website. But even so, the period between applying for a bank loan and receiving the funding can stretch out for days or weeks.

Meanwhile, the online loan service companies reviewed here are built for speed. It takes two or three minutes to enter your loan request.

Direct Lenders vs Lending Networks

Between the time you press send and the appearance of a loan offer can be a few seconds, followed by another 10 minutes to fill out the lender’s application. The lender can give you a decision in a few minutes and deposit your loan proceeds into your bank account the following morning.

About 30% of U.S. households are unbanked or underbanked. Millennials are notoriously bank-shy. Online lenders fill a need for millions of consumers who want to minimize their contact with banks. The online lenders reviewed here don’t require that you have a long-standing relationship with a bank to get a loan, even if your credit isn’t good.

Online Loans are Safer, Cheaper than Title and Payday Loans

Instant loans online are a reality. They provide consumers who have bad credit with access to loans despite low credit scores.

The ones reviewed here are all speedy. You can apply for a loan in under 15 minutes and get the money on the next business day.

Moreover, these loans are cheaper and safer than auto title loans or payday loans. If you take an online loan, paying it back on time may help you improve your credit score.

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