Each of us may find ourselves looking for extra cash to cover some personal needs or emergency expenses. People with good credit typically seek help from banks or credit unions as they commonly offer the safest lending options. But what if you have a bad credit history and can’t count on assistance from a bank or a credit union? Luckily, you can still find an option that helps you cover some small financial problems today. That is when emergency loans come in to lend you a helping hand.
Small emergency loans are accessible online loans that offer fast financial assistanceto everyone who meets a few simple requirements. Emergency loan lenders know you’re more than just your credit score, so they consider borrowers with any credit history and income range to help needy people solve their money problems by the end of the next day.
It may be a challenge to choose the right loan provider among all the personal loan lenders, especially if it is your first lending experience. Thus, we’re here to help you figure out how emergency loans work and what to pay attention to when deciding on a loan. Although we don’t provide financial advice, we reviewed some emergency loan lenders to help you find the one that meets your needs. Here is the list of the best companies that offer emergency loans from direct lenders with no credit check and guaranteed approval.
The Best Emergency Loans for Bad Credit: Overview
When reviewing and rating lenders, we took into account several factors, such as interest rates, the speed of money transfer, the lender’s trustability, the amount of the loan origination fee, and the simplicity of eligibility criteria. Here are our top picks for the best emergency loans of 2022.
- 1FirstCashAdvance–a matching service that provides fast financial assistance and offers a full range of emergency loans with a high approval rate for bad credit borrowers.
- 15M Finance–a connecting company that offers competitive loan services for emergencies, including payday loans and bad credit personal loans.
- Same Day Loan–a loan provider that works with direct payday lenders only and provides bad credit loans with fast funding within a business day.
1FirstCashAdvanceis a lending service created to connect borrowers with the right online lenders. Middle-income and credit-challenged consumers can get the cash advance they need just by filling out a simple loan request form on the website. Once submitted, the company shares your application details with the network of trusted lenders to find the one that can meet your needs. 1FirstCashAdvance is also known for its fast money deposit within 24 hours. Thus, you can get an emergency loan within one day and solve your financial problems even without leaving your own home.
Another advantage of the company is that its services are free for borrowers. You don’t have to pay any origination fee to get connected with an online lender. Moreover, getting an emergency loan with 1FirstCashAdvance doesn’t affect your credit history. It happens because an emergency lender typically runs only a soft credit check. Although the service doesn’t guarantee you will get loan approval and don’t make any loan decisions, the approval rate is pretty high for both bad and fair credit borrowers.
- Reach the age of majority;
- Be a legal US citizen;
- Have an active bank account;
- Prove your minimum annual income is no less than $12,000;
- Provide the lender with your personal and contact information.
- Fast funding within a business day;
- No minimum credit score requirement;
- 24/7 application process;
- No origination fees or additional charges;
- No hard credit checks through main credit bureaus.
- Lenders typically pay attention to your income;
- A high interest rate may be offered on bad credit options.
15M Financeis a loan provider that offers fast bad credit options in case of any emergencies. It’s a connecting company that works with multiple direct lenders, so you don’t have to waste time searching for a loan provider. Once applying with 15M Finance, lenders will send you offers instead. As all the process basically takes place online, you can access financial support wherever you are. All you need is to have a phone or PC with Internet access.
As its lenders specialize in instant financial assistance, borrowers can generally access money within one business day, which is pretty fast. 15M Finance allows you to get an emergency loan with any credit rating. Moreover, the types of emergency loans it offers don’t hurt applicants’ credit scores. Thus, it may be a good option for those who want to rebuild their credit but need money desperately.
- At least 18 years old for most states;
- A permanent US resident with a valid ID;
- Income verification is mandatory;
- Have an active checking account;
- Specify your email and a US mobile phone number.
- Simple online application;
- Bad credit scores OK;
- Fast way of borrowing money;
- 100% free services;
- Don’t hurt your credit history.
- Some loan options may be expensive;
- No 100% loan approval.
Same Day Loan
Same Day Loanis a matching service that offers bad credit loans at competitive interest rates. Whatever your credit score is, it tries to help you access the best possible products. The company allows you to get an emergency loan within a business day or by the end of the same day to cover any emergency expense you may face without any restrictions.
Getting a bad credit loan from the service is pretty simple. The company has just a few easy-to-meet requirements and doesn’t pay much attention to your credit background. Everything starts with completing an online application form. Once complete, one of the lenders it is working with makes a soft credit check and sends you a loan decision. It usually takes less than an hour to get approved. After signing a loan agreement, the lender will transfer you the loan amount as soon as the next business day or even earlier.
- No applicants under 18 years old;
- Have a valid government-issued ID;
- A permanent US citizen;
- Have an active bank account, email, and cell phone number;
- Be employed or have a steady monthly income of no less than $1,000.
- Easy to apply;
- Fast money funding;
- Consider poor credit;
- No origination fees;
- Don’t affect your credit score.
- A bad credit emergency loan may be costly;
- A lender may reject you for a loan.
What Are Quick Loans for Bad Credit?
An emergency loan is a type of assistance that allows people with any credit scores to borrow money fast. These loans may either have repayment terms of up to 60 months or require you to turn back money in one large sum by your next paycheck. However, all emergency loans have one thing in common. They are aimed to help people overcome their financial emergencies as soon as possible.
Unlike a bank or a credit union loan, an emergency loan has a simple application process that is almost paperless and faxless. An emergency loan offers fast money funding within a business day, so you don’t have to wait for days or weeks until you get loan proceeds. Moreover, some lenders may offer same-day funding options for those who get approved before 10:30 AM on a working day.
An emergency cash advance is also available with a fair and bad credit score without lowering it by a few points. Direct lenders generally don’t perform hard credit inquiries through major credit reporting bureaus, so you can obtain the loan amount you need and leave your credit rating unchanged.
What Are My Options If I Need Emergency Cash Immediately?
Everything depends on your situation, debt-to-income ratio, and the loan amount you need to cover your expenses. Here are three general types of emergency loans to consider:
- Payday loans. A traditional payday loan is a lending option with limited repayment terms and loan amounts. In most states, you’re allowed to borrow from $100 to $1,000, depending on your income. Loan terms usually can’t exceed 30 days. Commonly, you need to return a loan cost (loan principal plus interest rates and fees) by your next payday in one large payment. Payday loans are basically one of the most accessible loan options. Payday lenders consider any credit score and have no strong eligibility requirements. Nevertheless, payday loans are usually expensive. Typically, borrowers have to overpay $10 to $30 per each $100 obtained;
- Installment loans. An installment loan allows you to obtain up to $5,000 and pay it off within the repayment terms of 3 to 24 months in fixed monthly payments. As it is easier to repay the funds when the loan amount is divided equally by the number of months of repayment terms, installment loans are considered less stressful in contrast to payday loans. However, installment cash advances are still expensive borrowing options. An annual percentage rate on such a loan may be from 16% to 100%;
- Bad credit personal loans. A personal loan for bad credit is a type of borrowing that offers more reasonable interest rates, flexible repayment terms, and higher loan amounts compared to other emergency loans. You can get up to $15,000 and repay the money within 60 months in equal monthly payments. Although these loans are considered the most acceptable among all the emergency options, they usually have more document and eligibility requirements. Some personal loans for bad credit may also require collateral.
How Fast Can I Receive Emergency Loan Funds?
Loan providers usually pay much attention to the speed of the funding process. Thus, an emergency loan offers a fast money transfer within one working day. Sometimes you can access money faster if you apply and get approved early in the morning on a business day.
Is It Possible to Get an Emergency Loan With Poor Credit?
Sure, it is! Unlike banks and credit unions, online lenders are usually not so focused on your credit score. In most cases, they just want to ensure your income is enough to make a monthly payment without delays. Thus, you’re welcome to apply with both a bad and good credit score if you can verify you have a steady source of monthly income.
When to Consider Urgent Loans for Bad Credit?
As an emergency loan usually has a high interest rate, you should think twice before using it and make sure you really need it. Most borrowers usually take out personal loans for bad credit to cover their urgent needs or unexpected expenses. Here are common reasons for getting an emergency loan:
- Medical bills;
- Repair works;
- Credit card payments;
- Daily expenses.
You can also use emergency loan funds to consolidate debt in order to combine all your existing loans into one and make it easier to manage your finances.
Available Alternatives to Emergency Loans
Here are some options to consider before applying for an emergency loan.
Traditional Personal Loans
Personal loans from a bank or a credit union usually have lower interest rates and offer higher loan amounts. Banks and credit unions offer either secured or unsecured loan options. Typically, unsecured personal loans require you to have a good credit score and above-average income to qualify. Thus, bad credit score borrowers usually consider secured loans that require collateral. It may be a home (home equity loan), a vehicle (auto title loans), or any other valuable property you own. However, secured loans are pretty risky. You should ensure your monthly payment amount suits your budget to avoid missing payments. If you don’t fulfill your debt payment obligations, it can lead to losing your property.
Credit Card Cash Advances
Getting a credit card cash advance allows you to cover any unexpected expenses you face without wasting time. You can use the money in your account within your credit limits wherever you are. However, credit cards may lead to increasing debt and come with high interest rates after your interest-free promotional period ends.
If you have no money in your high-yield savings account and you don’t want to obtain debt from a lender, there are various platforms that allow you to borrow money from other participants. However, you should be careful and follow all the safety regulations, as any financial institution does not control such transactions. Peer-to-peer lending may also mean taking out money from your family members and friends that allows you to save money on interest rates.
Pawn Shop Loans
Pawn shop loans can provide you with the loan amount you need in exchange for the property you own, for example, expensive gadgets, jewelry, etc. Pawn shops don’t require you to provide access to your bank account, so you can get cash on hand and spend the funds for any needs. However, if you will not repay the money on the due date, the lender can sell your items.
Useful Tips on Choosing Unsecured Personal Loans
First of all, take into consideration the lender’s reputation and the loan conditions it offers. The amount of your monthly payment, the interest rate, the loan term, and the eligibility requirements are the main things you should pay attention to when choosing a personal loan.
How to Apply for an Unsecured Personal Loan?
The whole application process for emergency loans usually takes less than 10 minutes. Here are some common steps you should take to get an unsecured personal loan:
- Complete a loan request form. Depending on the particular lender, it may either be an online or in-store application.
- Get a loan offer. Once you submit your application, the lender that meets your needs makes a soft credit check and sends you a loan decision.
- Sign your loan documents. But first, read it carefully to ensure all the conditions are good for you.
- Receive a loan amount. The lender will transfer money to your bank account as soon as the next business day.
What Is The Best Emergency Loan to Consider?
The best personal loans are those with reasonable rates, flexible terms, and suitable loan amounts. Shop around to find the option that matches all these parameters.
Does an Emergency Loan Impact My Credit Score?
In most cases, online lenders make only soft credit checks that don’t affect your credit rating. Thus, you can solve your money problems and keep your credit score unchanged.
Can I Get Same Day Loans Bad Credit?
Direct lenders usually deposit funds to a borrower’s checking account by the end of the next working day. If you’re looking for same-day funding, try to get approved before 10:30 AM on a weekday.
What's the easiest loan to get with no credit? ›
The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.What loans can a person with bad credit get? ›
Secured, co-signed and joint loans are the easiest to get with bad credit. A secured loan requires collateral like a car or savings account, which the lender can take if you fail to repay. A co-signed or joint loan requires you to add someone with better income and credit than you to the application.Can I get a loan with a credit score below 500? ›
With a credit score of 500 or below you may only be eligible for certain types of loans such as payday loans, title loans, personal installment loans, and pawnshop loans. If you're specifically in need of an unsecured loan then payday loans online or personal installment loans would be for you.Can I get a loan with no credit? ›
It is possible to get a loan with no credit, but there are some potential pitfalls to be aware of. Lenders may require you to put up property (such as a car or a home) as collateral to secure the loan, and loans for people with no credit may come with high interest rates and fees.Where can I borrow money immediately? ›
If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions.What apps let you borrow money immediately? ›
- Earnin: Best for low fees.
- Dave: Best for small advances.
- Brigit: Best for budgeting tools.
- Chime: Best for overdraft protection.
- MoneyLion: Best for multiple financial products.
- Summary of cash advance apps.
Your bank may offer both secured and unsecured personal loans, but poor credit may only qualify you for a secured loan. Once you've secured a loan with collateral, typically a savings account or CD, you may not have access to those funds until the loan is paid in full.Is fast loan advance legitimate? ›
Fast Loans appears to be in the business of defrauding consumers. Fast Loans is not licensed by DFI to conduct the business of a consumer lender. DFI could not verify the identity or contact information for the company and it appears to be a fictitious, illegitimate business entity.What is a personal installment loan? ›
A personal installment loan is a type of loan where you borrow a sum of money and must pay it back in fixed amounts called “installments.” Personal installment loans are closed-end loans, meaning that the lender gives you all of the money at the beginning.Does Spotloan check your credit? ›
While Spotloan checks your credit history with various credit reporting agencies, your application will not have a direct impact on your FICO score. Available in most states.
Can I get a loan with a 480 credit score? ›
As a result, a 480 credit score will make it difficult to qualify for a loan or unsecured credit card, and you will need to focus on rebuilding your credit before trying to get a mortgage, car loan, etc.What kind of loan can I get with a 570 credit score? ›
Credit cards and auto loans offer the best approval odds for someone with a 570 credit score. For example, people with credit scores below 580 take out roughly 12% of car loans versus only 6% of mortgages, according to 2017 Equifax data.How can I qualify for GTB quick credit? ›
- Customer must maintain a minimum monthly lodgement of N20,000 or earn a minimum net monthly salary of N10,000.
- Customer must not have any history of dud cheques.
- Customer must have satisfactory credit reports.
- Customer must not have any unpaid obligations.
There's no such thing as a zero score. Having “no score” simply means you don't have any number tied to your credit profile. You can be absent from the scoring model if you've never had a credit card or loan, or if you haven't used credit in a long time.What if I have no credit score? ›
Not having a credit score isn't necessarily bad, but it's not ideal. It can prevent you from qualifying for loans, credit cards and housing and complicate your ability to rent cars and get cellphone and cable subscriptions. Establishing credit as early as possible is a good way to set yourself up for the future.What is DigiDo app? ›
Meet DigiDo - your new trusted partner for cash loans on the quick loans market. With our personal loan app Philippines you can get fast loans via your mobile device! New simple way to get loan online! Just enter the necessary data into the online application, the amount and the way you receive the money!Is GSIS emergency loan available? ›
GSIS members who have existing emergency loan balance may borrow up to Php40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of Php20,000. Those without existing emergency loan may apply for Php20,000. Pensioners may likewise apply for a Php20,000 loan.How do I borrow money from Palmpay? ›
- Download Palmcredit on google play store.
- Sign Up and fill the necessary details.
- Put in your bank information and apply for your. desired loan.
- Fill in your personal details.
- Congrats, you can now withdraw your money.
- Dave — Best for Highest Cash Advance.
- Empower — Best for Quick Cash Advances.
- Earnin — Best for Earning-based Borrowing.
- PayActiv — Best for Short-term Loans.
- Brigit — Best for Same-day Loans.
- MoneyLion — Best for Multiple Options.
- Vola — Best for Same-day Cash Advances Up to $300.
- Open your Cash App mobile app.
- Tap the Banking icon in the lower-left corner.
- Scroll until you find the word Borrow.
- Tap Unlock to view how much you can borrow.
- Follow the on-screen instructions to borrow up to that amount.
How do I borrow $100 from Cash App? ›
- Open Cash App.
- Tap on your Cash App balance located at the lower left corner.
- Go to the “Banking” header.
- Check for the word “Borrow.”
- If you see “Borrow,” you can take out a Cash App loan.
- Tap on “Borrow.”
- Tap “Unlock.”
- Cash App will tell you how much you'll be able to borrow.
Cash App Borrow is a type of short-term loan offered through the Cash App platform. This is how it works: If you're eligible you can take out a loan from $20 to $200. You then have four weeks to pay back the loaned amount plus a 5% flat fee.Can you get a personal loan without a job? ›
Yes, you can get a loan without a job, as long as you provide an alternative source of income, put up collateral or find a cosigner. Lenders won't discriminate against you just because you don't have a job, but they will require you to demonstrate the ability to repay what you borrow somehow.What do I need to get a loan from my bank? ›
- Personal details, including name, address, phone number and date of birth.
- Loan details, including desired loan amount, loan purpose and repayment term.
- Social Security number.
- Proof of employment and income.
- Information about current debts.
You can get a cash advance online from a payday loan company, or from a lender who offers personal installment loans. If you have a credit card, you may be able to use it to get a cash advance.What is fast cash advance? ›
Fast Cash Advance is a tax time advance that gives taxpayers access to cash before the IRS can release it. Fast Cash Advance is a tool to help tax professionals attract and retain more clients. Advance Amounts.Who is fast loan direct? ›
FastLoanDirect is a loan comparison site that promises to provide users with personal loans regardless of credit score. In our FastLoanDirect review, we will go over everything you need to know about this company to help you decide if it's right for you.Is CreditNinja a payday loan? ›
At CreditNinja, we specialize in offering quick, reliable solutions that help your financial situation. We offer a safe, manageable, and more affordable overall experience than your average payday loan. Plus, our fully online application is quick and easy. So, avoid the dangers of online payday or cash advance lenders.How do I get a Ninja loan? ›
How a NINJA Loan Works. Financial institutions that offer NINJA loans base their decision on a borrower's credit score with no verification of income or assets such as through income tax returns, pay stubs, or bank and brokerage statements. Borrowers must have a credit score over a certain threshold to qualify.Where can I get a loan and make monthly payments? ›
|Lender||Best For||Minimum Credit Score|
|Stilt||personal loans with monthly payments for immigrants||None|
|Avant||personal loans with monthly payments||580|
|SoFi||personal loans with monthly payments||680|
|CashUSA.com||bad credit loans with monthly payments||Bad Credit|
Why can't I get approved for a loan? ›
The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.Are payday loans still available in Virginia? ›
Payday loans are legal in Virginia, though the state puts some restrictions on lenders.Who can help me with money urgently UK? ›
If you're finding it difficult to pay for food or your essential bills, it may seem like there's no help available. However, trust funds, credit unions, councils, energy providers, the government and charities all offer a range of practical support for people who need financial help urgently.Is cash float a direct lender? ›
As a direct lender, we can offer loans direct to people looking for a fast decision, even if they have a poor credit score. Unlike other payday lenders, there is no minimum repayment period. Our bad credit payday loans can be repaid early to save money and there is no early repayment fee. Cashfloat.How can I get money today? ›
- Sell spare electronics. ...
- Sell your gift cards. ...
- Pawn something. ...
- Work today for pay today. ...
- Seek community loans and assistance. ...
- Ask for forbearance on bills. ...
- Request a payroll advance. ...
- Take a loan from your retirement account.
The first cash loan in Cashalo can be issued in the amount of no more than PHP 1,500 at 10% per month for a period of no more than 45 days. You can get your first credit using only one ID. The second and subsequent cash loans can be taken in the amount of PHP 2,000 to PHP 10,000.How long should you wait to apply for a loan after being denied? ›
However, be aware that you need to wait at least one month before reapplying for a loan after being denied and that you should only sign up for a loan if you are sure you will be able to make the monthly payments plus interest and fees. You can also try reapplying for a smaller loan amount.Where can I get a real payday loan online? ›
- MoneyMutual: Best pick overall.
- SoFi: Get added perks easily.
- CashUSA: Caters to all 50 states.
- BadCreditLoans: Great for low credit scores.
- ZippyLoan: A high loan maximum awaits you.
- 247 Dollar Loan: Apply for your loan easily.
You can get money quickly from the best Virginia lenders. They can approve you faster and have quicker applications. Online applications are also possible for Virginia payday loans.Are online loans illegal in VA? ›
All loans made to Virginia residents over the internet for more than 12% APR, are unenforceable loans. All internet payday loans are illegal. And any open-end loan (that is not statutorily-exempt), must provide borrowers a 25-day grace period without any fees or charges.
How can I get free money? ›
- Join a Focus Group.
- Start Some Freelance Work. ...
- Review a Mock Trial. ...
- Earn While You Shop. ...
- Sign Up for Surveys. ...
- Watch Videos. ...
- Listen to Music. ...
- Play Games.
- Enroll in a hardship program. ...
- Make a budget and prioritize your expenses. ...
- Cut your spending. ...
- Manage credit cards wisely while unemployed. ...
- Apply for government assistance. ...
- Think before withdrawing money from your 401(k) ...
- Take out a home equity loan to pay off debt.
- Go on a picnic. ...
- Go to no-cost museum and zoo days. ...
- Give geocaching a try. ...
- Leverage your chamber of commerce. ...
- Take a historical city tour. ...
- Visit a farmers market. ...
- Go camping. ...
- Do a photography challenge.
You can get a loan without a bank account. But beware of limited and expensive options. Having a bank account — specifically a checking account, in many cases — is a common requirement when you apply for a personal loan. If you don't have a bank account, or think you can't get one, you may still have some loan options.What is Cashfloat? ›
Cash float can be understood as 2 things: (1) The amount of cash put in the cash drawer at the beginning of each working shift, usually in a small amount. It will be used as change for cash transactions, because customers often do not pay the exact amount for the purchase in cash.Is PM loans a direct lender? ›
Are PM Loans a Direct Lender? PM Loans is a direct lender and a broker as well giving you the best of both worlds. If we can't offer you a loan, we'll try to find one from our panel of lenders.