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A Guide to Bad Credit Loans

Getting any kind of loan when you have bad credit is an uphill battle, especially if you’re just walking into your bank and hoping they’ll have some financial mercy on you. Unfortunately, in today’s world, every loan application is really just a table of figures that tell the prospective lender whether they should take you seriously. If you have bad credit, any decision that’s based on your credit is probably not going to go your way.

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Luckily, there are still some alternative lenders who are willing to put aside your credit woes and consider other aspects of your financial stability during the deliberation process. In this guide, we’ll point you in the right direction so you can find quick loans for bad credit and take care of your emergency funding needs in less than a week:

Payday Loans

Cheap payday loans are by far the most popular and suitable loans for anyone who has bad credit because payday lenders do not look at your credit score as the primary determining factor Instead, they look at how much money you’ve been making at your job or through other sources of income to estimate how much you will be able to pay back on a monthly basis.

During the loan application process, you’ll need to submit your ID or driver’s license along with the routing and account number for your checking account, as this info will be used to verify your identity and set up direct deposit withdrawals on the designated repayment dates.

Essentially, you’ll be agreeing to an automatic payment schedule, so that a portion of each of your upcoming paychecks goes towards repaying the loan. This structured and predictable approach can make it a more manageable loan type for people who have had difficulty handling variable interest rates, lines of credit, and other more complicated forms of borrowing.

Not having to do anything but leave a certain amount in your checking account makes it easy to stay on top of your repayments and avoid late penalties. However, many payday lenders don’t report to the credit bureaus, so while this is a great option for someone who needs quick money, it isn’t always suitable for credit rebuilding.

Vehicle Title Loans

If you have a vehicle that you own the title to and you don’t want to sell it to make the money, you can bring the title to a title pawn place and they’ll give you a fraction of what the vehicle is worth as a loan. The upside is that you can sometimes keep driving the vehicle, but you won’t technically own it in full for as long as you owe the title pawn place. The downside is that if you fail to make your payments and you default on the loan, then the title pawn place would have the right to repossess your car.

This is one of those options that you hope you never have to deal with but at the same time, it has to be mentioned because they will not consider your credit as a factor at all. Almost the entire decision will be based on the value of your vehicle, your ownership status (you have to own the vehicle fully or have a lot of equity in an expensive vehicle), and how much money you make – to ensure you’ll be able to pay it back in a timely and reliable manner.

Pawn Loans

Taking your belongings to a pawn shop in exchange for a small loan that is only worth a fraction of the value of what you pawned is never an ideal scenario but it’s often the only remaining option for some people who need to find quick loans for bad credit. If you’re really in need of a quick loan and your bad credit won’t allow you to borrow money any other way, give it a try.

Downsizing and either liquidating or pawning some of your belongings might be the only reasonable route. depending on what you’re pawning, this may even be a less risky option than a car title loan or secured loan. Pawnshops are also fairly ubiquitous and you’ll receive the money the same day in cash. The downside is that you’ll lose your stuff if you don’t pay and you’re only going to be able to borrow a tiny amount compared to what the items are actually worth.

Poor Credit Personal Loans

Personal loans used to be mainly for people with decent or good credit, but nowadays there are so many alternative lenders competing for business that it’s become almost too easy to find quick loans for bad credit borrowers.

However, for the sake of being accurate, it’s important to note that personal loan providers do often take your credit into consideration – but there are some who will let you get away with having a score in the low 500s as long as the other factors check out.

The key to finding low credit personal loan lenders that will actually approve you is to avoid the offline banks and lenders and look for urgent loans. On the other hand, be aware that a lender performing a hard check on your credit report could cause damage to your credit score

Secured Loans

A secured loan is a great option for someone who wants to get a loan and repay it back as a means of rebuilding their credit. Many secured loan providers will report to the major credit rating bureaus and will, therefore, have a positive impact on your credit score. As long as you continue to make your monthly payments in full and on time, you should see your score gradually elevating.

The term “secured” loan simply means that the value of the loan is secured by some form of collateral, such as a cash deposit. This is the way secured credit cards work – you deposit $200 and the bank lets you borrow that same $200. In a way, you’re borrowing your own money, but by paying it back you increase your credit score and, therefore, give yourself a way to actually borrow larger sums of money in the near future once you’ve entered the 700 club and beyond.

Peer to Peer Loans

Peer to peer loans are a newer concept that is kind of similar to the peer to peer file sharing technology that you see online, except instead of sharing files, people are sharing loans with borrowers. Basically, you get access to a network of private investors who want to loan individuals and small businesses money.

Believe it or not, there are thousands of super-rich investors who literally use investing as a hobby because they have so much money to throw around. To them, $10,000 is a drop in the bucket. However, the competition for P2P loans can be heavy and many lenders are looking for the perfect pitch or cause to back up the loan. Thus, the P2P loan game does require a bit of creativity. Also, most private investors are savvy and won’t consider applicants with poor credit, so you’ll still see a low chance of approval.

The way you sift through the lenders who definitely wouldn’t approve you is to simply find out whether they do a hard credit check. If they do then that means someone with bad credit shouldn’t apply. The reason why peer to peer networks made it onto this list is that these investors are allowed to make their own rules and aren’t governed by any organization’s lending policies. This means that some of them – even if it is a minority – are willing to bend the rules and approve people who couldn’t otherwise be approved for any kind of loan due to very low credit. Surprisingly, some investors even get a rush out of investing in the underdogs and helping them rise up.

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$100 - $5,000
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Is poor / bad credit accepted?
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Do I pay it all back at once?
No
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Co-Signed Loans

You might be familiar with the process of co-signing a loan. If you’re not, here’s a quick rundown – you find someone who cares about you enough to co-sign a loan application in order to boost your chances of approval and increase the amount of money you’ll be able to borrow. This is only an option for individuals who have someone that they can depend on to do them such a huge favor.

Co-signing is no small task because it means that whoever helps you out with their signature would also be held liable for paying back any money that you leave owed. If you fail to make your repayments after they have co-signed for you, then the debt would go on their credit as well as yours. Thus, it’s best to only go down this route if you’re sure you’ll be able to pay the loan back faithfully, as not doing so could leave one of your close friends or family members with damaged credit as well.

While leaning on someone you know to help you out of a situation might not be the most prestigious route to take, sometimes getting rid of your pride and being humble enough to ask for help is the right move strategically because it helps you avoid unnecessary struggles.