6 Quick Cash Loans for Bad Credit

6 Quick Cash Loans for Bad Credit
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Anna Baluch
By: Anna Baluch
Posted: November 15, 2019
Our popular “How-To” series is for those who seek to improve their subprime credit rating. Our articles follow strict editorial guidelines.

Sometimes things happen in life that put you in a spot where you’re in need of some quick cash. Your car may suddenly break down, forcing you to pay for a repair as soon as possible. Or, your child may require an urgent dental procedure that you need money for right away.

Whatever your situation may be, rest assured that there are quick cash loans for bad credit that can help. These loans can provide the cash you need to fund just about any expense quickly.

Let’s dive deeper into some of the quick cash loans available so you can make an informed decision for your unique budget and needs.

Best Quick Cash Loans Online

Not all quick cash loans are created equal, so it’s a good idea to evaluate all your options before selecting one. The best online quick cash loans for bad credit come from the following reputable lending networks.

  • 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 can connect you to several quick cash loans so you can choose the one that’s right for you. Once you fill out a short online form, MoneyMutual will connect you to lenders in its network.

Even if you don’t have the best credit, you may still be eligible for a quick cash loan via MoneyMutual if you earn at least $800 per month. You can get approved for up to $2,500 and receive the cash via direct deposit in 24 hours.

Unless you live in New York (the one state MoneyMutual does not serve), you can use its online marketplace at no charge.

   
★★★★★

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 offers loans of up to $10,000, may make sense if you’re facing a costly emergency. After you complete its secure online form, CashUSA.com can connect you to loan offers from its partner lenders.

It requires that you have a minimum monthly income of $1,000 after taxes. Its lenders offer loans of between $500 and $10,000 for terms of three to 72 months. You can expect an APR that ranges anywhere from 5.99% to 35.99% depending on your credit.

You don’t have to have the best credit to get a quick cash loan from CashUSA.com and can receive a loan decision in a few minutes. This marketplace also offers an education center full of up-to-date financial tips.

CreditLoan.com has matched more than 750,000 borrowers to lenders who offer quick cash loans since 1998. It welcomes all credit types and can connect you to loans that range from $250 up to $5,000. Once you’re approved for a loan through this online marketplace, you may get the funds via direct deposit the next day.

In addition to quick cash loans, CreditLoan.com offers reviews on lenders and banks as well as financial guides and interactive stories you can use to improve your financial well-being.

Bad Credit Loans specializes in helping people with bad credit receive the quick cash loans they need to fund various expenses. If you have bad credit, you can use Bad Credit Loans to get connected to lenders that offer three- to 60-month loan terms for loans ranging from $500 to $5,000 with interest rates of 5.99% up to 35.99%.

While Bad Credit Loans caters to those with bad credit, you still have to show that you earn regular income via full-time employment, self-employment, or Social Security to use the marketplace. If you’re approved for a quick cash loan from one of its lenders, you can get your cash as quickly as the next business day.

PersonalLoans.com can give you the chance to secure a quick cash loan ranging from $500 to $35,000 with terms of three to 72 months. Its lenders’ interest rates are between 5.99% and 35.99% and you don’t need good or excellent credit to qualify.

However, you are required to show that you are financially responsible and don’t show a pattern of late payments, overwhelming debts, or active or recent bankruptcies. You can receive quick cash from PersonalLoans.com as your funds may be in your account in one 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

You can apply for a quick cash loan of up to $1,000 via CashAdvance.com, regardless of your credit. Once you apply, your application will be matched with lenders who will then provide you with their loan terms.

CashAdvance.com works with a large network of lenders that offer short-term loans ranging from $100 to $1,000 and can offer you the cash you need as soon as the next business day. If you have an income of at least $1,000 per month and have been at your job at least 90 days, it may be a great option.

Where Can I Go to Borrow Money Fast?

Several resources can help if you need to borrow money fast. You can fill out a form on an online marketplace like MoneyMutual, CashUSA.com, or CreditLoan.com and get connected to lenders who are willing to lend you money quickly.

Each lender is different, but many of them can deposit money into your account as soon as the next business day. You can pay back the money you borrow via fixed monthly payments over term periods that often range anywhere from three to 72 months.

Fortunately, you don’t have to have stellar credit to get a quick cash loan. In fact, there are marketplaces, such as Bad Credit Loans, that specifically cater to those with low credit scores. As long as you meet the minimum income requirements of $1,000 per month, you should be able to secure a quick cash loan easily.

The sooner you pay back your loan, the more money you’ll save in the long run, so it’s a good idea to opt for a shorter loan term if you are confident you can make the monthly payments. If you don’t have much money left over after covering your expenses each month, however, you’ll likely be better off with a longer-term loan.

Can I Get a Personal Loan with a Credit Score of 550?

On the standard 300 to 850 scale, a 550 credit score is considered bad. While you may not be able to lock down the lowest interest rate and most favorable terms with a 550 credit score, it shouldn’t prevent you from getting approved for a personal loan.

Credit Scores and Risk

Some lenders may extend you a loan offer with a 550 credit score as long as you demonstrate that you have a regular monthly income and are financially responsible. For instance, PersonalLoans.com can approve you for a quick cash loan with a credit score of 550 as long as you can show that you don’t have a history of late payments, bankruptcies, or large amounts of debt.

If you get a personal loan with a 550 credit score and are displeased with your interest rate and terms, focus on improving your credit so that the next time you’re in need of quick cash, you’ll be eligible for a more favorable loan. You can do so by paying your bills on time, only applying for and opening new credit when necessary, and keeping a close eye on your credit accounts and disputing any errors or inaccuracies.

With a credit score of 550, you’re only 90 points away from having a fair credit score and 150 points from a good score. With a bit of hard work and dedication, you can achieve a better credit score.

Which Loan Company is Best for Bad Credit?

Your lifestyle and financial situation are unique. Therefore, a loan company that may be right for your friend may not make sense for you. To determine which loan company is ideal for your specific needs, do your research and compare all the options available to you.

If you need to pay for a $9,000 surgery, a loan from a CashUSA.com lender may be a good option because CashUSA.com offers loans of up $10,000. On the other hand, if you’re in need of a smaller loan of $500 to replace the radiator in your car and you have bad credit, you may want to consider a loan from a Bad Credit Loans lender.

When comparing your options, be sure to look at the interest rate and terms of each one. Ideally, you’ll want to go with the lender that offers you the lowest interest rate and the shortest terms. This way, you’ll pay as little as possible for the loan.

However, if the monthly payments for a three-month loan, for example, simply do not fit in with your budget, you’ll want to go with a longer loan term with lower payments, even if that means you’ll have to pay more for your loan over time.

Can I Get a Loan if I Don’t Have a Bank Account?

When you apply for a quick cash loan, most lenders will ask you for your bank account information so they can deposit the money directly into your account. While you can get a loan without a bank account, your options are limited.

Photo of a Title Loan Sign

Title loans are an option if you don’t have a bank account, but you risk losing your vehicle if you can’t repay the loan.

If you own a car, you may be able to get a car title loan with no bank account. But, a car title loan can be very expensive and put you at risk of losing your car, so it’s best to avoid this option whenever possible.

Another loan you may be eligible for without a bank account is a pawn shop loan. Once you give a valuable item, like a drum set or china cabinet, to a pawn shop, you’ll be able to borrow anywhere between 25% and 60% of its resale value. If you opt for a pawn shop loan, expect a higher interest rate than you’d be able to get with a personal loan.

So, while you can get a loan without a bank account, know that it will likely cost you more. With a bank account in your name, you can open the doors to lower interest rates and more favorable terms.

Look Online for Fast Funding

The next time you need quick cash for an unexpected expense, remain calm and remember that a quick cash loan is within reach, even if you have bad credit. By searching online, you can find reputable lending networks across the country, which greatly expands your funding options.

Never rush into a loan agreement. Take the time to closely evaluate all of your options so you can make the ideal choice for your situation.