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Best Emergency Loans for Bad Credit: Top Direct Lenders of 2022

There are a lot of options that allow you access to emergency loans, even with bad credit.
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Life is quite unpredictable. Even with the best financial management, you can suddenly find yourself in a financial emergency. Sudden events may arise, causing you to spend all your savings. In the end, you might be left unable to cover your bills. This is why you need emergency loans. 

Not everyone can access the regular emergency loans provided by banks. They are hindered because of bad credit. The banks only want to loan money to credit-worthy people. However, whether creditworthy or not, everyone has bills to pay. This limitation has put many people in tight financial positions.

Thankfully, there are excellent options for people who cannot get loans from the bank, called emergency loans with bad credits. The best emergency loans include a convenient time frame for making monthly payments.

Fortunately, many companies provide emergency loans to those with bad credit. These companies understand that bad credit history happens to many people and is not a reflection of you. Therefore, they do not give your credit score as much weight when considering you for a loan.

Instead, the lenders will assess your application to know if you can leverage other ways to repay the loan. For example, having a steady job increases your chances. Also, the lender will take into account whether you have something to offer as collateral.

We know how essential emergency loans are, so we selected some brands for review. They offer a platform that gives you access to a vast network of lenders. You can trust the lenders on each platform because the platform managers vet them. Some personal loan lenders will even deposit funds into your bank account on the same day you are approved for financing.

Hopefully, this will help you avoid wasting time. You can check out our top selection and apply through one of the linked platforms. We have also included a guide to help your research and a section for the frequently asked questions. Keep reading for our in-depth reviews of the top four lending platforms for emergency loans if you have bad credit.

4 Best Emergency Loans Lenders For Fast Cash In 2022

  1. MoneyMutual: Overall Best Lending Platform for Emergency Loans, Editor’s Choice
  2. Bad Credit Loans: Best Emergency Loans For Bad Credit
  3. CashUSA: Most Popular Direct Lenders for Instant Cash & Credit Approval 
  4. Personal Loans: Online Personal Loans For Emergencies 

#1. MoneyMutual: Overall Best Lending Platform for Emergency Loans, Editor’s Choice

Overview

MoneyMutual is a leading online lending marketplace. It connects you to the top money lenders in the industry. Essentially, this platform serves as a mediator that brings borrowers and lenders together.

MoneyMutual’s primary goal is to process short-term loan applications quickly. Then, it presents your preliminary application to potential lenders. These lenders then review your information and send their offers. You can review the terms and conditions offered before accepting a loan offer.

MoneyMutual does this while maintaining a high level of online security. The procedure is straightforward and fast. Therefore, you can complete the loan application in minutes. 

Customers may receive their loan in as little as 24 hours if their application is accepted. Also, MoneyMutual’s affiliates provide loans of up to $5,000.

Furthermore, new users can access educational tools to learn more about managing loans.

MoneyMutual belongs to the Online Lenders Alliance (OLA). This is how its lending network has grown over time. Currently, you can contact more than 100 lenders through MoneyMutual. This saves you time and worry.

MoneyMutual’s services are free. You will only need to pay the lender’s fees for the loan. Furthermore, the platform’s official website is secure.

We are impressed with its customer service team. You can start live chat support on the site. This allows you to get assistance or answers in real-time. Therefore, do not hesitate to contact them if you are confused about any part of the loan application process.

Highlights 

Accepts Requests from Applicants With Bad Credit

MoneyMutual is ideal for individuals with bad credit. It comes in handy when all other solutions seem to be out of the question. The platform will not judge your eligibility based on your credit history. Instead, it will run a soft check to confirm your eligibility.

Quick Funding

One of its best features is fast funding. Its lending partners will transfer the loan into your bank within 24 hours. As a result, if you need an emergency loan of between $200 and $5,000, MoneyMutual is your best choice.

Customized Services

MoneyMutual hosts a community of lenders. They offer customizable options for people with bad credit histories. Some of the custom options include the loan duration, APR, and direct bank transfer.

Reliable Lenders

There is something for everyone regardless of your credit. Lenders can adjust the loan options to meet your needs. However, you must present your application accurately.

Pros

  • Loans up to $5,000
  • Free application 
  • Fast money transfer
  • Reputable brand 
  • Flexible repayment plans

Cons

  • Proof of $800 monthly income required
  • Not available in New York or Connecticut

#2. Bad Credit Loans: Best Emergency Loans For Bad Credit

Overview

People who need urgent funds can turn to Bad Credit Loans. This platform provides easy access to fast emergency loans. Also, its lending partners don’t discriminate against bad credit applications.

Bad Credit Loans connects you to a community of lenders offering various loan options. Since Bad Credit Loans’ founding in 1998, emergency loans have been its specialty, and it collaborates with state and tribal lenders.

We noticed it offers transparent services. This is good for new users. It allows you to compare quotes from different companies.

Also, you can borrow from $500 to $10,000. The money you get depends on your income. This helps to ensure you can conveniently repay the loan.

Bad Credit Loans does not give loans directly to customers. Instead, it connects its users with lending partners.

After receiving your application, the platform will do the rest. It advertises your request to different lenders. A lending company that approves your request will contact you. And, if you like their terms, it is a done deal. It is necessary to provide accurate contact details. The lenders contact you via email or phone. Then, if you like the offer, you can accept it. This is done on the lender’s official website. 

The process may seem elaborate, but it is fast. Moreover, you don’t have to be concerned about your personal information. Bad Credit Loans only shares your contact information with lenders. The platform is encrypted to keep user information safe.

Once you sign the agreement, the lender transfers the money. Depending on the lender, you can get the loan in 24-hours.

We confirmed that Bad Credit Loans is an excellent intermediary. Many customers have used the platform. Its reviews are excellent. We also like the fact that the platform protects user data.

Highlights

Transparency

The platform is open about its operations. Furthermore, it reveals the estimated fees lenders charge. In most cases, the lenders require an origination fee. They need this fee to process your loan. However, before signing an agreement, we advise you to read the terms.

Variable APRs

It is possible to get a loan from $500 to $10,000. Also, the APR ranges from 5.99% to 35.99%. We observed that the annual percentage rate (APR) is calculated based on the amount of your loan, payback terms, and loan duration. Generally, you have from 90 days to 72 months to repay loans. 

Security and Privacy

Protecting the security and privacy of its lenders is essential. We are happy Bad Credit Loans regards customer security as a priority. You can rest assured that your personal information is protected.

Financial Education Resources

Several instructional articles are available on the Bad Credit Loans website. These materials help consumers understand loans. Also, articles highlight how to avoid scams. And you can find tips on loan management and repayment.

Pros

  • Loans up to $10,000
  • Instant fund transfer
  • Flexible terms for loans
  • Free to use platform
  • Additional educational resources
  • Online security 

Cons 

  • Some lenders may charge high APRs

Overview

CashUSA offers quick loans to clients who need emergency funds. So far, CashUSA is one of the most trusted lending platforms in the United States. It has a secure website that enables fast loan processing.

CashUSA has over one million monthly customers. The reviews show that the CashUSA system is easy to use. First, you must register on the website. Then, it will match you with possible lenders. After that, you may review the offers. 

For those looking for an unsecured personal loan, Cash USA is one of the most reputable lenders. You can get loans from $500 to $10,000. The platform of lenders includes both state-based and tribal lenders. However, keep in mind that tribal lenders’ interest rates may be higher. We confirmed this by comparing it with the state lenders. The difference is because federal and tribal rules recommend higher rates. 

Also, you can repay the loans between 3 months and 72 months. The loan duration depends on the amount borrowed and interest. An unsecured loan is easier to obtain because it does not require collateral, but secured loans have lower interest rates.

CashUSA protects user data as well. All data is stored on remote servers. Also, it encourages users to set up two-factor authentication access codes. This provides more data security. Additionally, you can get your money the next working day after your application is approved.

Highlights 

Loan Processing

Unlike conventional banks, CashUSA works with many lenders who give you loans. After submitting your request, the platform will immediately forward it to the lenders. From there, they process your application and send you the money. But you must meet the eligibility criteria.

Active Customer Service

CashUSA’s customer service team works in real-time. They can assist you with any inquiries or answer your questions. There is a contact form on the website. Simply click on it if you need to contact its staff. Alternatively, you may get in touch with CashUSA via phone or email. There are also associated Facebook and Twitter accounts.

Repayment Plans

Even if you have a bad credit score, you may still get a loan of up to $10,000. However, your credit score determines the amount of money you can borrow. Loan APRs differ from one lender to the next. Depending on the lender’s terms, repayment duration lasts from 90 days to 72 months.

Building Credit

The platform offers special programs to help you build your credit profile. Lenders will send you these proposals after assessing your application. It is a win-win situation. You can get money to borrow and repair bad credit. Such debt relief and credit offers are substitutes for loans.

Pros 

  • Loans up to $10,000
  • Free service
  • Fast funds withdrawal
  • Highly secured website
  • Accepts bad credit scores
  • Great customer service
  • Short and long term loans

Cons

  • Only available to U.S. citizens or permanent residents
  • Lenders may have additional eligibility requirements

#4. Personal Loans: Online Personal Loans For Emergencies 

Overview

Personal Loans is an online financial support platform. It helps people with bad credit overcome limitations to access loans. The company focuses on providing access to emergency loans but does not place restrictions on how you can spend the money.

All applications go through a screening process. The company ensures you have provided accurate data. This helps to speed up loan processing. It checks information such as your contact and financial details. So, you must be careful when completing the online form. 

Furthermore, the personal loan approval procedure is fast. The lenders understand you need money urgently. We confirmed that they transfer loans 24-hours after approving your request.

Unlike other platforms, Personal Loans does not have a minimum credit score requirement. That means you can use the service to find online lenders who provide emergency loans to people with bad credit. These loans are convenient. Many lenders on this platform allow you to repay your loan in 3 to 72 months. The loan duration depends on how much you borrow. You can then enter into a loan agreement with the lender who has made you the best offer.

Personal Loans offers its platform to you for free. This is great news for people who have run out of money. All you need to do is register your profile.

Also, there is no obligation to accept any loan offer. In some cases, you may not find a suitable offer. You should contact Personal Loans if this happens. The service will go the extra mile to help you find more quotes and surely find a suitable offer this time. 

Regarding user safety, we have good news; the platform only uses personal information to contact you.

Regarding fees, you will pay interest on the loan. This money goes to the lender who gives you the loan. These fees, however, vary depending on the lender’s policies. But you can frequently negotiate.

Therefore, you need to examine the loan conditions first. When you understand the cost implications, you can sign the deal.

Highlights

Various Loans Available

Personal Loans offers a wide range of loan options. This makes it easy for you to find a suitable offer. Also, it may allow you to request more loans if you can repair your credit history. Overall, we are impressed with its support system.

Excellent Customer Service

On the official website, you can get helpful information about the platform. The customer support team gives enough information to help users navigate the website. However, if you have any questions, you may also contact the support team directly. Contact channels include phone, email, or online chat. The platform is also present on Facebook, Twitter, and Google+.

Transparency

Everything about this company is transparent. This is another reason why we like it. You can find out lenders on the site. Also, you can calculate estimated values for fees. The platform also makes it easy to confirm that there are no hidden fees.

Keep in mind that Personal Loans is not a direct lender. Instead, it connects you to lenders who provide the loans. As a result, the platform is not accountable for any issues after you sign a deal with lenders.

Flexible Payback Plan

Generally, lenders adhere to a straightforward, set repayment schedule. This means you’ll know precisely how much you will owe. This information is helpful because you can create a repayment plan. In addition, some lenders grant extensions.

They may give you a few days to meet payment if you request an extension; however, it is best to stick to the original agreement. This helps to build your credit rating.

Pros

  • Loans up to $35,000
  • Fast withdrawal
  • Various loans for bad credit clients
  • Multiple lenders

Cons

  • Applicants with bad credit may face an amount limit for loans

How We Made the List of Best Emergency Loan Lending Portals?

It’s challenging to find a company that accepts your bad credit situation. They all want to make money. Therefore, these companies hardly take risks. 

Many companies will promise to offer you loans, but during the process, the story changes. They start demanding a good credit score. These companies are time wasters. We ensured that the platforms on our list offer guaranteed access to loans.

Also, we ensured that the lenders offered reasonable annual percentage rates (APRs) and interest rates. People who need these loans should not pay exorbitant fees. The idea is to solve pressing issues, not to become more indebted.

Overall, we looked for companies that offer the best services. They are interested in helping people with bad credit. What’s more, many of them can help you repair your bad credit. These are benefits we want you to get while using their loans.

What We Looked For 

  • Repayment Period: Most people worry about paying back their loans. This is because most lenders have rigid repayment plans. It is best to take loans with reasonable repayment plans. Therefore we selected platforms that guarantee flexible repayment plans. They are sensitive to their customers’ financial difficulties. And, from reviews, we see many customers enjoy their services.
  • Loan Terms and Conditions: It’s essential to know every detail about the loan. After that, if you are satisfied, sign the agreement. But first, ensure the loan terms are favorable. For some people, this part may seem confusing. As a result, we selected companies with customer-friendly policies. Their loan conditions are adaptable. So, you can find lenders who tailor their services specifically to meet your needs.
  • Data Privacy: We believe these loan deals are confidential. Therefore, lenders must protect their customer’s privacy. Before taking loans, you will provide confidential information. The lenders are responsible for protecting your data. A breach can cause serious problems. That is why we only selected companies with the best online security.
  • Fees and Services: A company’s reputation depends on its ability to provide excellent services to its clients. The chances are that many of the customers are new. Therefore, having a perfect customer support system helps. Additionally, we’ve filtered out companies that charge high fees. We did this after confirming the standard fees that they should charge for such loans.
  • Eligibility Criteria: To borrow money from online lenders, customers must be eligible. Some organizations have simple conditions. However, the case is different from other companies. We have found companies that only need basic information. For example, you only need to provide proof of a steady income, identity card, and physical address. 

Buying Guide for Emergency Loans

Before dealing with any money-lending websites, you should have a strategy. This is why we have written this buying guide. It will help you know what to look for when considering a loan quote. Most emergency lenders deposit loan proceeds into the borrower’s account within a few business days of approving a loan application.

You will easily tell a good loan from bad ones with this information. Overall, the loan should be a convenience, not a burden. 

  • Company Reputation

A company’s reputation tells a lot about its operation and services. Generally, first-time customers prefer to work with reputable organizations. This is why these companies strive to build a good public profile. But some fail at it. Therefore, you must do a comprehensive background investigation. Your goal is to determine whether the company can meet your financial needs satisfactorily.

  • Platform Integrity and Security

The company must prioritize protecting sensitive, private information. Bad things can happen if your information falls into the wrong hands. 

You must check each site to ensure it is protected. Look out for indications that they have installed online security tools. If you cannot find the information, contact the platform’s support team. 

In addition, you may look into any past infractions or lawsuits that have occurred. Note whether the organization has had any security breaches. If that has happened, it is a red flag. So, you should look for a more secure platform to use.

  • Terms of Repayment

The repayment terms for an emergency loan vary. It depends on the loan you take. Some payback periods last for months or even years. At the same time, you can complete other loan payments in weeks. Before committing to a loan, be sure that you understand the duration. Please do not hesitate to ask questions if the loan conditions are unclear.

  • Loan Limit

Many lending companies want to loan more money out. Therefore, you may not be able to get everything you want. These companies try to share their resources to meet every client’s demand. Before taking a deal, please ensure they give you all the money you need.

If the company does not give you enough money, you have wasted time. That is so because you cannot solve your financial emergency. However, this should not be an issue. Most lenders specify their loan limits. But, ask questions if you don’t find this information on the official website.

  • Compare Other Alternatives

After submitting a request, you will get multiple quotes from lenders. Read the contract over and over again. It is possible to discover information in the small print that is not in your favor. This is why you should compare quotes.

Other lenders may offer better conditions. As we mentioned earlier, the loan should be convenient. So, do not look back on selecting the best offer. If you are not sure about comparing quotes, ask google. You will find helpful hints online.

FAQs: Best Emergency Loan Lenders

Q1. How can emergency loans help during a financial crisis?

An emergency loan can be a lifesaver during tight financial situations. You can avoid losing your shelter or risking a jail term due to debt. Also, you can survive on emergency loans until you receive your monthly income. These loans also help you pay off unexpected medical bills.

We can go on writing about the benefits of emergency loans because there are many. However, you must have valid reasons before taking a loan.

Q2. How can I apply for emergency loans with bad credit?

The first thing you must do is ascertain your financial status. How bad is your credit profile? This information will guide the lenders to help you out. 

Next, find lending platforms that connect you to the lenders. There are so many of them online. But, you must be careful to avoid scammers. Please use any of the brands we reviewed above to be safe.

Next, apply for a loan. Follow the guidelines on the website and submit your form. The rest is easy. They will contact you to offer loan deals. You can choose the most suitable loan offer from the quotes you receive.

Q3. Why do emergency loan services attract more customers?

Many people prefer online loans to traditional money lending platforms. This is because internet loans are simple, quick, and convenient. There aren’t any complicated processes to worry about.

By choosing online loans, you can avoid the inconvenience of visiting a bank. Also, you do not go through the stress of completing huge paperwork for loan applications. Also, you have an opportunity to select a suitable loan offer from multiple options.

Q4. Can I get an emergency loan with bad credit?

Yes, you can get a loan with bad credit. These lenders focus on other criteria. For example, you should have a regular income. Alternatively, you can obtain a cosigner to stand as your guarantor and improve your chances of approval.

Other criteria include being 18 years or older, having a valid ID or driver’s license. You must be a citizen of the United States, with a valid email, contact number, and checking account.

Please note that these conditions vary among lenders online.

Q5. What is a debt-to-income ratio?

The debt-to-income ratio refers to the part of your income used to pay off current debt. The lending companies do this evaluation before giving you a loan.

You should spend less than 40% of your entire income on your current debt. Or else, you may find it difficult to secure other loans. This is because lenders consider you a liability. 

Overall keep your debt-to-income ratio below 40%. This will convince lenders that you can repay the loan.

Q6. Is it safe to apply for a loan online?

Yes, applying for emergency loans with bad credits online is safe. You only need to ensure the company you use is reputable. It must implement proper security protocols on its platform.

Generally, these protocols prevent hackers from accessing the site. Also, your user data is safe. All users have unique access codes. You are encouraged to change your password regularly. It must also be a secret. 

Please reach out to the customer support team if you are in doubt. Ask them questions about the methods used to protect the platform.

Q7. Are emergency loans secured or unsecured?

Unless otherwise stated, the loans given by the platforms listed above are unsecured. Generally, people prefer unsecured loans to secured loans. This is because they do not have collateral for secured loans. However, unsecured loans attract higher interest. The platforms we have reviewed work with lenders of unsecured emergency loans for those with bad credits.

Q8. What are the penalties for late payments?

If you notify your lender in advance, they may extend your due date for payment. On the other hand, there are penalties if you miss payments. Some companies will charge an additional fee. This means you pay more money. Also, missing payments can affect your credit profile. Therefore, it is best to avoid late or missed payments.

Concluding Thoughts: Should You Trust These Online Loan Lending Companies?

Individuals who have urgent financial needs can apply for emergency loans. We have chosen the best four platforms for you. Our selection is based on extensive research. However, our recommendation is MoneyMutual.

It is easy to request an emergency loan and get approval. All you have to do is fulfill the lender’s requirements. Usually, they transfer your loan into a checking account. This is done within 24 hours, or less in some cases.

To avoid regrets, please read the conditions before accepting a loan offer. Also, don’t rely just on the lender’s information. Instead, compare interest rates and conditions. If you need some advice on choosing a loan, reach out to customer service. Some emergency loan lenders even disburse funds on the same day that they are approved, making it easier to meet urgent needs. However, same-day loans, like other personal loans, may have fees, such as origination fees, and you can expect to pay interest on the amount borrowed.

Finally, after you secure your emergency loan, make every effort to pay it back. Missing monthly installments increase your debt. However, if it seems like you may be late with a payment, notify your creditor. They may be able to extend your payment period. 

In contrast to making late payments, meeting deadlines for payments increases your credit score. If your lender allows it, you can enable automatic payments. You won’t miss the deadline this way, and your credit score will improve.

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