9 Online Installment Loans for Bad Credit (Dec. 2023)

Online Installment Loans

It’s easy to feel hemmed in when you have bad credit but need money quickly. Ideally, you’d like instant approval for a loan, preferably with no credit check. Despair not — we have identified six providers of online installment loans that will be happy to work with you.

All these lender networks offer quick decisions, and some, like CashAdvance.com, require a minimum income instead of a credit check.

We also recognize three credit cards that are good alternative sources for instant cash and cater to consumers with bad credit. With so many choices to consider, you just may find the perfect option for your needs. So, read on for our top choices for short-term loans, long-term loans, and credit card options. We’ll also address come of the most commonly asked questions on this topic.

Short-Term | Long-Term | Credit Cards | FAQs

Best Short-Term Online Installment Loans for Bad Credit

These two lending services specialize in short-term loans for folks with bad or no credit. These are good choices when you need quick cash to tide you over for a short period. Best of all, they approve loans based on your monthly income, whatever your credit rating.

  • 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
  • See official site, terms, and details.


Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

See representative example

MoneyMutual is a loan-matching service that requires you to have a job with a monthly income of at least $800 to access its lender marketplace. Requesting a loan of up to $2,500 is simple and takes only a few minutes. MoneyMutual circulates your loan request to its lender network where one or more lenders may invite you to fill out a loan application.

The lender will set the rate and term of the loan. You’ll need a checking account to qualify for a loan, as the lender will deposit your loan proceeds there. MoneyMutual is one of the largest loan-matching services, with more than 2 million customers since inception. Residents of New York are not eligible for this lending service.

CashAdvance.com requires borrowers to have a monthly after-tax income of at least $1,000. You also must be a U.S. citizen age 18 or older and have a checking account and email address. This lending service specializes in short-term loans that are due on your next pay date, but you can also get a longer installment loan.

Loan amounts range from $100 up to $999, with rates set by the lenders on the CashAdvance.com network. If you’re approved, you can have the loan proceeds deposited into your checking account as quickly as the next business day. This lending service is not available in some states.

Best Long-Term Online Installment Loans for Bad Credit

If you need an installment loan for a term of several months or years, consider one of these lending services. All can facilitate loans quickly and welcome borrowers with bad credit.

CashUSA.com can help you find a loan of $500 or more. Even with bad credit, you can qualify if you earn at least $1,000 per month after taxes, have a checking account, are at least 18 years old, and are a U.S. citizen or permanent resident. It takes just a few minutes to request a loan.

CashUSA.com dispatches your loan request to its lender network, where a direct lender can contact and work with you. Typical APRs range from 5.99% to 35.99%, with terms of three to 72 months. After filling out an application with a direct lender, expect a speedy decision, and, if approved, a quick deposit of loan proceeds into your checking account.

CreditLoan matches you to lenders offering loans from $250 up to $5,000 for folks with all types of credit, including scores below 630. This lending service has connected more than 750,000 borrowers to lenders since 1998. To qualify, you’ll need a bank account to receive loan proceeds.

You can use the CreditLoan online calculator to explore possible monthly payments. The lender that CreditLoan matches you with will have you fill out an application and, if approved, specifies a loan amount, interest rate, and repayment terms. Expect quick funding to your bank account after approval.

Bad Credit Loans has been in business since 1998. Its job is to find you a lender that offers loans from $500 to $5,000. You start by filling out a short loan request form. Bad Credit Loans then invites the members of its lending network to work with you. After filling out a loan application form, the lender will render a decision. If it approves the loan, you can expect the proceeds as early as the next business day.

Typical APRs range from 5.99% to 35.99%, with repayment periods from three to 60 months. However, the actual interest rate and term will be determined by the lender. You must be a U.S. citizen and at least 18 years old with a regular income, checking account, and valid email address.

If you need a loan between $500 and $35,000, you can request a loan from PersonalLoans.com, which operates in all 50 states. You must be a U.S. citizen or resident age 18 or older with monthly income, a bank account, and a Social Security number.

PersonalLoans.com works with an extensive network of lenders, including many that specialize in subprime installment loans. Most loans, but not all, charge 5.99% to 35.99% APRs and have repayment periods from three to 72 months. Normally, your loan proceeds will be available in your bank account as quickly as the next business day.

Consider a Credit Card Alternative to Installment Loans

One important alternative to online installment loans is a cash advance from your credit card. You don’t need to fill out a loan application form, and you can access the money via an electronic funds transfer to your checking account.

You repay the advance monthly in amounts at least equal to the minimum required payment. While cash advance APRs are generally higher than a credit card’s purchase APR, it can still be much lower than many short-term loan APRs.



Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes 35.99%* Yes 8.5/10

The Total Visa® Unsecured Credit Card is marketed to folks with bad credit. You can use it to get a cash advance that begins charging interest on the transaction date. The card charges an initial set-up fee, an annual fee, and after the first year, a monthly servicing fee. There is no cash advance fee for the first year.

The Total Visa® Unsecured Credit Card reports your transactions to the three national credit bureaus, which allows you to improve your credit by making timely payments. You must have a checking account to apply for this card. The card is available in several designs.



Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
10 minutes 35.99%* Yes 8.0/10

The First Access Visa® Card welcomes applicants with bad credit who are U.S. residents over the age of 18 with a checking account. The card is not available in New York or Wisconsin. When you qualify for the card, you can select one of several different card designs for free.

The card doesn’t charge a cash advance fee for the first year. It does charge a one-time program fee and an annual fee. After the first year, you’ll face a monthly servicing fee. The First Access Visa® Card is issued by the Bank of Missouri.

  • Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
  • All credit types welcome to apply!
  • Monthly Credit Score – Sign up for electronic statements, and get your Vantage 3.0 Score Credit Score From Experian
  • Initial Credit Limit of $300 – $1,000 (subject to available credit)
  • Monthly reporting to the three major credit bureaus
  • See if you’re Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Online account access 24/7
  • Checking Account Required


Overall Rating

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

The Surge Mastercard® is designed to help folks with bad credit build or establish credit. It reports your card activity to the three national credit bureaus, which means you have an opportunity to improve your credit score by making timely payments. When you apply for the Surge Mastercard®, you’ll be reviewed for an unsecured card and could receive a credit limit anywhere from $300 to $1000.

To apply, you must be a U.S. citizen or resident over the age of 18. The card charges an annual fee but waives the monthly maintenance fee for the first year. Cash advance interest is charged beginning with the transaction date.

What is an Online Installment Loan?

An online installment loan has two major distinguishing features:

  1. Online: You apply for the loan and sign the loan agreement online. You do not have to go to a bank branch to apply. The loan proceeds are deposited into your bank account through an electronic funds transfer. You repay your loan online, by making a one-time payment, setting up recurring payments, or giving the lender permission to take payments directly from your bank account. In sum, you can arrange an online installment loan from the comfort of your favorite chair and receive a decision almost instantly.
  2. Installment: You repay the loan in scheduled payments, usually monthly. The repayment amount is fixed and includes the interest you incurred since the last payment. Note that this differs from a credit card advance. Although you repay an advance in one or more installments, the amount of each payment is up to you, as long as it meets the card’s minimum payment requirement.

All six of the lending services in this review offer online installment loans. All allow you to fill out a short loan request form, which they review for compliance with their rules, (such as age, citizenship, and bank account requirements).

If you pass muster, these lending services can operate in one of two ways:

  1. The lending service circulates your loan request within its network of lenders and forwards you to one or more lenders that express interest in offering you a loan.
  2. The lending service reviews your loan request and decides which of its partner lenders is most appropriate for your needs. It then forwards you to the loan application page on the chosen lender’s website, where you finish applying for the loan.

Note that the lending services simply match your request to a lender. It has no control over the loan interest rate or terms.

Can You Get an Installment Loan with Bad Credit?

It’s easy to get an installment loan if you have great credit. But it’s important to know that many installment loan providers specialize in accommodating consumers with bad or no credit.

The six lending services and three credit cards reviewed here all give folks with bad credit the opportunity to borrow money. Several of the lending services accept applicants based on monthly income rather than credit score.

Consumers with bad credit can also access loans via credit card cash advances. The three cards reviewed here are geared toward folks with bad or no credit.

Example of Credit Card Terms and Conditions

The rates and fees you’ll be charged for cash advances are laid out in your card’s terms and conditions.

As you would expect, these cards do not offer rewards or costly perks — the biggest perk is that they report your activity to the three credit bureaus (TransUnion, Experian, and Equifax), just as the providers of online installment loans do. Also, they all let you select a card design for free.

What are the Best Bad Credit Installment Loans?

The top provider of short-term online installment loans is MoneyMutual. It ranks highest because it has the lowest requirement for monthly income ($800) and the most extensive record of arranging loans (more than 2 million customers).

The lenders in the MoneyMutual network will lend up to $2,500 if you meet their qualifications. The biggest negative is that this loan service is not available in New York.

The top-rated long-term installment loan service is CashUSA.com, which can facilitate loans as small as $500. The repayment period can stretch out as long as 72 months, and its interest rates are in line with those of the other matching services.

You need to show an after-tax income of at least $1,000 per month, which is roughly equal to the U.S. poverty level for individuals. Thus, it is fairly easy to obtain this card even if you have subprime credit.

If you’d prefer a credit card cash advance instead of an online loan, the Total Visa® Unsecured Credit Card ranked highest in this review. The card is designed for consumers with bad credit, and it offers cash advances up to half your credit limit.

As with all credit cards, this one charges interest beginning on the day of the cash advance. It also charges a one-time introductory fee, an annual fee, and a monthly servicing fee after the first year.

Credit card cash advances offer some advantages. You don’t have to fill out a separate application for each cash advance, and you can get the money on the same or next business day.

Can I Get an Online Installment Loan with No Credit Check?

Credit checks are standard operating procedure in the loan industry. They require a hard pull (full retrieval) of your credit history from one or more of the national credit bureaus.

That’s a potential problem because a hard pull can lower your credit score. And, in any event, if you have bad credit, a hard pull will do nothing to reassure a lender that depends on credit scores to underwrite loans. To their credit, many of the loan services in this review offer you an alternative to credit scores — namely, having sufficient income to support loan repayment.

MoneyMutual appears to have the lowest income requirement of only $800 a month. It and the other loan-matching services perform only a soft (partial) pull of your credit history, which will not affect your credit score.

Hard vs Soft Credit Inquiries

Two other loan services, CashAdvance.com and CashUSA.com, require an after-tax income of $1,000 per month. The other requirements are pretty standard — U.S. citizenship, age 18 or older, and a valid email address. In virtually all cases, online installment loans charge a much lower APR than do payday lenders, and that helps you avoid a debt spiral.

You can also access cash through a credit card cash advance. The three cards reviewed here all cater to folks with poor credit, and all three report to the major credit bureaus to help build your credit if used responsibly.

Credit card advances are fundamentally different from online installment loans in a couple of important ways. Credit cards are revolving accounts — you can borrow money, pay it back, and borrow it again, all without filling out applications. In addition, you have more flexibility to decide how much to repay each month, as long as it meets the minimum balance due.

Always Repay Your Loan on Time to Build Credit

All the loan sources reviewed here report your payment activity to the three credit bureaus. This provides a great opportunity to build your credit.

Simply repaying on time can help you raise your credit score. It also helps to repay a loan faster than required.

Occasionally missing a loan payment is not the end of the word, but it’s likely to hurt your credit. If this happens, resolve to avoid late or missed payments in the future.

Online installment loans could be your ticket to better credit, even when you have bad or scant credit. By demonstrating financial responsibility, you can start repairing your credit and perhaps gain easier access to loans.

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