6 Best Money Loans Online

6 Best Money Loans Online
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Adam West
By: Adam West
Posted: November 4, 2019
Our popular “How-To” series is for those who seek to improve their subprime credit rating. Our articles follow strict editorial guidelines.

The internet makes so many things easier. With a few clicks or taps, you can order food from your favorite restaurant, search for your next home, or even compare the best money loans online.

Online lending marketplaces don’t limit you to your town, city, or state. You can apply for a loan with a lender anywhere in the U.S. — and in many cases, you can have your money within 24 hours. Below you’ll find our top choices for the best money loans online for consumers who don’t have perfect credit.

1. MoneyMutual: Money Loans Online of Up to $2,500

MoneyMutual is an online lending marketplace, meaning it shops your information to a host of partner lenders to find the best possible deal based on your financial circumstances and needs. You could receive multiple loan offers to choose from.

While there are several such marketplaces online, MoneyMutual’s partner lenders have cornered the market on short-term loans of up to $2,500.

The online application takes less than five minutes to complete and loan decisions are made within minutes. If you qualify, you can receive loan funding into your linked checking or savings account in as few as 24 hours.

Since MoneyMutual is not your actual lender — and each lender on the lending network has different acceptance standards and loan terms — you’ll have to carefully check every potential loan offer you receive to find one that is right for you. That means looking at the interest rate, the term length of the loan, and the total cost required to pay your loan off.

MoneyMutual has helped more than 2 million consumers find loans since 2010 and maintains an A+ rating with the Better Business Bureau. MoneyMutual is not available to residents of New York.

2. CashUSA.com: Money Loans Online of Up to $10,000

The CashUSA.com lender network accepts loan requests of up to $10,000 for borrowers who need a large loan amount. If approved, your lender can wire funds within 24 hours to your bank account. Repayment terms range between three and 72 months.

Since the network partners with many different lenders, it can often find one that works with consumers who have bad credit, which increases the odds of each applicant finding a loan that meets their needs. Each lender offers varying interest rates that start at 5.99% and top off at 35.99%, based on the borrower’s creditworthiness.

   
★★★★★

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

You can get a loan decision within minutes after a brief application process. To qualify, you must be at least 18 years of age, a U.S. citizen or permanent resident, earn at least $1,000 a month after taxes, have a checking account in your name, and a valid email address and phone number.

Not every applicant will receive a loan offer of $10,000, and all loan approval decisions rely on your current credit history. CashUSA.com may require additional information from you after your initial application, which may extend the time needed to reach a loan decision.

3. CreditLoan: Money Loans Online of Up to $5,000

The CreditLoan.com network accepts applications for loans as small as $250 and up to $5,000. Depending on your credit history, you could receive multiple loan offers from which to choose.

Many of the lenders on this network specialize in extending loans to consumers who have poor credit. CreditLoan has facilitated more than 750,000 loan connections since the network’s inception in 1998.

Once you submit your loan application, the network quickly shops your request to its lenders and could return with one or more loan offers. Each offer sends you to the lender’s website where you can view the details of the loan, including the loan amounts and payoff terms.

If you decide to accept the loan, you will need to complete the lender’s online paperwork. You’ll also link your checking or savings account so the lender can wire the loan funds to you. This often happens within 24 hours but can move a little slower on the weekends or holidays.

Since CreditLoan.com is only the lending marketplace — not the actual lender — you’ll continue to work with your chosen lender to pay off your loan. Your interest rate and loan repayment terms will vary by the amount of your loan and the lender you choose.

4. BadCreditLoans: Money Loans Online of Up to $5,000

BadCreditLoans.com is one of the oldest online lending marketplaces, having served customers since 1998. The company’s name tells you upfront that it extends most of its loans to consumers who have bad credit. Many applicants who struggle to qualify for loans from banks or credit unions often find the money they need on this network.

BadCreditLoans doesn’t limit its loan products only to consumers with bad credit. It also provides loans to people who are just starting to build credit and may not have enough history under their belt to qualify for a more traditional loan.

You could receive a loan offer of between $500 and $5,000 with repayment terms ranging from three to 60 months. Loan interest rates range from 5.99% to 35.99%, based on your creditworthiness and verified income. Not every applicant will qualify for a top-end loan and each lender on the network sets unique terms for every loan offer.

5. PersonalLoans.com: Money Loans Online of Up to $35,000

Many lenders, both online and offline, extend loans for specific purposes. These include mortgage loans for a new home and auto loans for a car. But a personal loan gives you the complete freedom to use your funds for any purpose you choose.

PersonalLoans.com has one of the largest online networks of personal lenders. And when it comes to finding a personal loan, there’s strength in numbers.

If you have bad credit or no credit at all, you’ll increase your chances of finding a loan if you use a lending marketplace that shops your application to a larger number of lenders. And since there are so many lenders on this network, you could qualify for a loan of up to a whopping $35,000.

Repayment terms range from three to 72 months with interest rates of 5.99% up to 35.99%, based on the loan type and your credit history.

Most lenders can process applications and disburse funds within one business day. That timeline often beats out most banks and credit unions is one reason why online lending marketplaces like PersonalLoans.com continue to gain market share in the loan industry.

6. CashAdvance.com: Money Loans Online of Up to $1,000

CashAdvance.com does as its name implies — it provides access to short-term loans that can give you a quick cash boost until your next payday.

Since 1997, CashAdvance.com has connected consumers to a vast network of lenders that offer loans from $100 up to $1,000, with terms that require prompt repayment, generally within weeks. Cash advance loans charge much higher interest rates than do traditional loans, and that is why we suggest using these types of loans only as a last resort.

  • 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

If you cannot repay your loan under the agreed-upon terms, you can find yourself subjected to interest rates that range between 200% and 2,290% — which can make these loans extraordinarily costly if not handled responsibly.

To qualify for a loan, you must be age 18 or older, currently employed, and earn at least $1,000 per month after taxes. Lenders require proof of income for approval. You’ll also need to provide your current contact information, including your phone number and email address.

Some of its lenders may require more information to process your loan request. If that happens, you’ll submit that information to the lender on its own website. CashAdvance.com will not ask you for more information beyond what’s required in its initial application.

What is the Best Online Loan?

This depends greatly on the amount of money you need and how long you’ll need to pay off the debt. For example, if you need $5,000, you wouldn’t want to apply for a loan with MoneyMutual, as the lenders in its network only provide loans of up to $2,500.

The best online loan for you will be one that can match your request and provide fair terms that won’t cost you an arm, leg, or another necessary appendage.

But, regardless of your financial needs, you’re best served by choosing an online loan that comes from a lending marketplace. That’s because these marketplaces require one form to shop your loan request to several lenders, which can result in multiple loan offers for you to choose from.

Another key factor in favor of lending networks is that they limit the hard inquiries placed on your credit report. Every time you apply for a credit card or loan, the lender who receives your application places a hard inquiry on your report. This gives the lender access to your credit file so he or she can make a loan decision.

Each inquiry lives on your credit report for up to two years. A few of these inquiries are fine. Lenders understand that you’ll occasionally apply for a loan or credit card. But once you surpass a certain number — typically more than two or three — you’ll see each inquiry slightly lower your credit score.

Hard vs Soft Credit Inquiries

That’s because lenders see excessive credit applications as a sign of financial stress — this can make lenders perceive you as a risky borrower.

Approximately 10% of your overall FICO credit score is based on the number of inquiries made on your credit report. While there are ways you can petition to remove existing inquiries from your credit report, you aren’t guaranteed to see a removal or improve your credit score for the effort.

By using a lending marketplace, you’ll only one see one hard inquiry placed on your credit report, unless you choose a cash advance loan that may not check your credit at all. Lending networks give you the opportunity to compare multiple loan offers without incurring multiple hard inquiries.

Where Can I Borrow Money Fast?

Securing a personal loan from a bank or credit union can take anywhere from a day to a few weeks. Not everyone has the patience — or financial ability — to wait that long. That’s why so many consumers turn to online marketplace lenders for fast approval and quick loan funding.

Most lender networks, such as those above, provide online applications that take less than five minutes to complete. The network then takes your application and shops it to a host of direct lenders and returns the best loan offer — or multiple loan offers, depending on the network and your qualifications — in a matter of minutes.

Once you’ve settled on an offer, you’ll leave the marketplace and complete the loan paperwork with the specific lender whose offer you’ve chosen. Most lenders can complete the process the same day and wire funds to a linked checking or savings account within 24 hours, though some can take longer on a weekend or holiday.

The speed of online networks and the number of lenders offering loans to consumers who have bad or no credit has helped the online lending industry explode over the last five years.

Just remember to check the marketplace you use to make sure it works with borrowers in your location. Local governments place limitations on where some lenders can operate. A good example of this is MoneyMutual, which cannot accept applications from borrowers in New York.

Every network needs to obtain a license to operate in the states where they conduct business. While many networks work in all 50 states, some networks are not licensed to operate in certain states.

Can You Get a Loan without Proof of Income?

Most lenders require proof of income to approve a loan application, but there are exceptions to the rule. Lenders that don’t rely on employer income may require other forms of proof you can repay the loan. This could include alternative sources of income — such as Social Security benefits, a pension, child support, or retirement savings.

You may also find a lender who will approve your loan application if you provide collateral. This requires you to put up something of value — such as your home, car, jewelry, or other items — as an incentive for a lender to approve your application. If you fail to repay your loan, though, you will lose the item you’ve placed as collateral.

Another option to secure a loan without proof of income is to find a cosigner who is willing to vouch for you to get the loan.

Pros & Cons of Cosigned Loans

This requires the cosigner to include his or her information on your loan application to improve your approval chances. This gives you even more responsibility to pay off your loan, as any late or missed payments affect your and the cosigner’s credit rating.

While this can work well for both parties when payments are made on time, it’s not to be taken lightly, as there are many cases where co-signing ended with disastrous effects.

Get Money Fast with an Online Lending Network

When looking for the best money loans online, seek out lender marketplaces with a long history of lending success, such as those mentioned above. If you’re in a financial bind, you don’t have time to play the waiting game while a bank loan officer considers whether to approve your loan application.

A good lending marketplace not only works to process your application and disburse your loan funds quickly, but it also helps limit the number of hard inquiries placed on your credit report, which can help your credit score over the long run. With on-time repayments, you can improve your credit profile so loan approvals come even easier the next time you need money.