August 7, 2022

Best Emergency Loans for Bad Credit: Better Than Payday Loans

Online money lenders provide you the assistance you need when times get tough. However, sometimes your credit score does not meet the requirements of loan lenders.

With bad credit scores, scoring an emergency loan becomes very difficult. However, there are a lot of options that allow you access to emergency loans, even with bad credit.

So, we have compiled some top loan-lending companies that offer immediate cash transfer, convenient user policies, and low-interest rates. Read on to learn more about our top four picks for online networks that provide you with the best emergency loans with bad credit.

How Did We Compile This Emergency Lenders List?

We took into consideration different factors that play a key role in determining the best lender for emergency loans.

  • Time to process funds: We chose the networks that give access to loans in a short period.
  • APR (Annual Percentage Rate): Our picks charge very low APRs from the borrowers.
  • Financial stability: These networks consider your financial stability rather than credit scores.
  • Privacy: We have picked the networks that respect your privacy and security.
  • Other charges: These picks do not charge any origination fee other than the interest and loan amount.

Top Online Platforms for Emergency Loans with Bad Credit

  1. MoneyMutual: Best Online Platform & Editor’s choice
  2. BadCreditLoans:  Swift & Secure Dealing
  3. Personal Loans: Best Emergency Loans for Low Credit Scores
  4. CashUSA: Best Secured Loans

#1. MoneyMutual – Best Online Platform & Editor’s Choice

Courtesy of Credit Pros

MoneyMutual is one of the leading networks for providing emergency loans in the U.S. It is an online money-lending platform that links short-term money lenders with borrowers.

Founded in 2010, the mission of the network is to bridge the gap between the two parties. They intend to make money lending easier by providing immediate funds to the borrowing party.

They provide you easy and secure access to lenders, and the website is 100% authentic. Moreover, the process is safe, swift, and easy. In many cases, you do not need to submit your credit check. Therefore, even if you happen to have bad credit, it will not stand in the way of securing an emergency loan.

All you have to do is fill out a simple form provided on the website, which only takes about five minutes. Once you do that, the network provides you with information about short-term money lenders who might be able to provide you with immediate financial aid.


MoneyMutual is considered the best money-lending platform in the U.S. due to the positive reviews it has received from more than two million customers. It offers you various services, including payday loans, installment loans, and bad credit loans.

To be able to secure a loan from MoneyMutual, you have to be 18 years of age or older.

The network will ask if you possess an active checking account and have a source of income that provides at least $800 per month. Then, you are required to provide documents to confirm your employment status.

The requirements of the documentation vary from lender to lender.

Generally, the customers get approved for a short-term loan that ranges between $200 to $5,000. However, your qualifications determine the amount you get offered.

Once your loan application is approved, the amount becomes available to you in less than 24 hours.

The platform allows you to link with potential lenders, and it does not charge any fees for the service.

The transfer of funds is hassle-free and quick, and MoneyMutual maintains privacy between the parties. Therefore, it has nothing to do with the terms and conditions set between both parties.


  • Free service
  • Quick transfer of funds in less than 24 hours
  • Website is user-friendly and easy to navigate
  • Website is secure and protects user information
  • Reputed and credible online platform for emergency loans
  • Approval process is simple and safe
  • Over 60 enlisted money lenders available


  • Only available to U.S. residents
  • The eligibility criteria can be restrictive
  • Site is not responsible for any issues faced after the loan agreement has been signed

=> Click here to visit the official website of MoneyMutual

#2. BadCreditLoans – Swift & Secure Dealing

Courtesy of Credit Pros

BadCreditLoans is another online platform that connects lenders with borrowers, and they understand a bad credit score should not stop you from getting an emergency loan.

The website claims it helps you to find an option for your emergency loan needs when you cannot find funds from anywhere else.

With BadCreditLoans, you only deal with the lenders who specialize in bad credit finances. These lenders are willing to work with you to earn your trust and find great financial assistance suitable for your needs.

The platform is widely known for its funding time, swiftness in dealings, and security of user data. They provide a variety of loans to the customers, including personal loans, business loans, home loans, mortgage loans, or student loans.

Moreover, with BadCreditLoans, the procedure to apply is simpler than getting funding from banks or other financial institutions.


BadCreditLoans has very simple criteria when it comes to eligibility for emergency loans. The preliminary requirements include that the borrower must be a permanent resident or citizen of the U.S., be above the age of 18,  and have a steady income source. It does not require you to have any minimum salary, only proof of your employment.

In addition, the borrower has to have an active and valid bank account under their name.

In order to get the process started, you have to fill in a simple form. The form will include details like the amount requested, the type of credit, the reason for the loan, and personal information. The reason for your emergency loan is just a preliminary requirement, and it will not disqualify you.

Once you have filled out the form, the platform will connect you to a lender, who will give you a contract with their offer. Ensure you read the contract carefully before submitting the form.

The company ensures your personal and financial information is kept safe. They use advanced encryption technology to safeguard your information from unauthorized access.

The network allows you to request funds between $500 to $10,000, and you have the liberty to repay the amount within 36 months. However, the interest rate, clearly stated in the terms and conditions, differs from lender to lender.

Once you secure a loan from the lender, the funds get transferred to your bank account within 24 hours.


  • Simple and easy application process
  • Connects you to a variety of lenders
  • Provides necessary factual information about your lender
  • Funding available in less than 24 hours
  • Flexible credit requirements
  • Reputed lending network since 1998


  • Requires you to submit a lot of personal information
  • Those with low credit scores might be limited to loans up to $1,000

=> Click here to visit the official website of BadCreditLoans.

#3. Personal Loans – Best Emergency Loans for Low Credit Scores

Courtesy of Credit Pros

Personal Loans is another online money lending service that provides loans to borrowers with low low credit scores. The network promises to provide safe, secure, and fast transfer of emergency funds to the customers.

The network does not lend the money directly to the customers, but it works to get you a lender on their website.

If you are looking to get a personal loan in a very short period, Personal Loans is your answer. They protect your information with their advanced data encryption technology, ensuring the safety and security of their customers are not compromised.

The process to apply for an emergency loan is quite straightforward. You have to fill the online form and follow a few easy steps. Within a matter of seconds, your information gets reviewed by enlisted lenders and other third-party lenders.

You are free to choose from a variety of lenders. So, select the one that suits your requirements the best. Then, the lender will electronically deposit your money within one business day.

The network does not charge any additional cost to submit a loan application, and there are no hidden charges.

In addition, you are under no obligation to provide additional information for being invited by a money lender.


To get started with Personal Loans, you must first fill out a form. One great thing about this network is they give you a solid reason for every piece of personal information that is asked, which helps to build the customer’s trust in the company.

Personal Loans allow the borrowers to receive loans ranging from $1,000 to $35,000. When you qualify for an installment loan from Personal Loans, you get offered very affordable monthly payments.

To fit into the eligibility criteria, you need to be over 18 with a valid social security number. In addition, you need to be a permanent resident of the U.S. and have a valid bank account.

Once you strike a deal with the lender, your funds get transferred into your bank account in less than 24 hours. The loan repayment term varies from 90 days to 72 months.

It is also important to know that this network does not force the customers to repay. If you cannot repay the loan in the previously agreed period, you can directly contact your lender or the customer care services to get flexibility regarding the payment.

If the borrower misses the deadline, they still have a chance, as they can benefit from the relaxation provided by the network and propose a new date for repayment.


  • Provides safe and secure funding within one business day
  • Website is easy to navigate
  • Loan amounts from $1,000 to $35,000
  • Available throughout the U.S.
  • Process is fast and convenient
  • Easy repayment plans proposed
  • Loan repayment deadlines can be extended


  • If the credit score is very low, the borrower’s request for approval may get denied

=> Click here to visit the official website of Personal Loans

#4. CashUSA – Best Secured Loans

Courtesy of Credit Pros

CashUSA is an online lender network that provides secured and unsecured personal loans to customers with no minimum credit score requirement.

It also provides you with all of the necessary information about many finance-related concepts, such as credit score, debt calculation, planning of paying back student loans, budget choosing, and more.

CashUSA does not lend the money directly, but it directs you to money lenders that provide loan services.

In addition, the website of the network is easy to navigate and features a user-friendly interface.

The amount of the emergency loan varies from $500 to $10,000, and the loan payment and repayment terms depend on your credit score and loan amount, among other things.

Moreover, the repayment period for the loans can be anywhere between 90 days and 72 months.

Also, note that CashUSA does not charge you any additional fees for filling out the application form.


To fit into the eligibility criteria, the borrower has to be at least 18 years old and a U.S. citizen or permanent resident. The borrower also needs to have an income of at least $1,000 per month after tax and a valid and active bank account under their name.

The application process also works similarly to others on this list.

You are required to fill out an application form, which includes some basic information like your name, a valid email address if you are an active military member, and the amount you want to borrow.

In the next step, you must provide more detailed information like your phone number, home address, monthly income, social security number, and bank account type.

In the last and final step, you have to provide the company with information about your bank account and a few other things.

The lenders may ask you to send more information before signing an agreement. If the borrower’s application is not approved, they can easily submit another loan request.

Some lenders may charge you for late repayment of loans, while others might even charge you for paying the loan too early.

The customer care executives are quite friendly and available at all times to resolve issues. In addition, the website has received a lot of positive reviews from customers across the U.S.

The website shows you a list of all of the available lenders, and you are free to choose the lenders you find most suitable for your requirements.


  • Funds are directly transferred to the borrower’s bank account in one business day
  • Matches borrowers with lenders within a few minutes
  • Application process is easy and quick
  • Ensures your privacy is maintained
  • Borrowers get to compare different lenders before choosing one


  • Loan amount is limited to between $500 and $10,000
  • Does not support a mobile app

=> Click here to visit the official website of CashUSA

Factors to Consider When Getting Emergency Loans with Bad Credit

You must consider a number of factors when looking for an emergency loan, especially when you have bad credit. If you are searching for an online money lender, keep these things in mind.

●     Eligibility

First, you need to filter through the many loan options and choose the most suitable one for you. This is because online money lenders have eligibility criteria that you need to fit into to gain access to emergency funds.

Many lenders fix a minimum amount that the borrower regularly receives, whether it is salary, alimony, or other government benefits. Overall, they simply need to know you have a stable source of income.

Some money lenders might even check your credit score and recent credit transactions. Therefore, you need to consider the eligibility criteria before applying for an emergency loan.

●     Interest Rates

The most important factor to consider is the interest rate. You need to ensure the online lender provides an affordable rate of interest on the loan. So, do not go for the first option that offers to provide you a loan. Although you have bad credit, you still have options.

So, try to make a list of all of the available options and compare the interest rates charged by them. Many lenders offer a fixed interest rate, while others charge a fluctuating rate of interest. In this case, the changing index rate impacts the fluctuating rate of interest.

●     Terms and Conditions

When your emergency loan gets sanctioned, the lender gives you access to the loan agreement. The loan agreement includes all of the basics as well as the important things the borrower should know before getting the loan.

A borrower must pay very close attention to all the parts of the agreement. But a special focus should be on the terms and conditions.

You need to be careful and read the whole thing before signing the agreement. If all terms and conditions sound favorable to you, only then should you sign the loan agreement. Ensure that you understand everything properly and have no issues with any of the terms listed by the lender.

●     Other Charges

The lender may charge several fees and service charges to the borrower for the loan. Apart from the loan amount and the interest rate, they may charge origination fees, charges for advance payment, bounced checks, late payment, and processing fees.

Not all money lenders charge all these fees, and rate or chargeable fees range from 1% to 6% of the loan amount. The fees vary from one lender to the other. It also changes from state to state.

●     Time

An emergency loan is generally needed almost immediately. Here the time to receive the loan plays a key role in determining whether you should choose the lender or not. Receiving the funds may not serve much value to you if they take a very long time to get processed.

Since the funds are needed now, you have to check whether the potential lender can provide the money instantly.

There are many online money lenders that can offer you a loan as soon as one business day. If the money takes more than two or three days to access, it might not be right for you, if urgency is the main factor you are looking for.

●     Backup

Although there is a strong chance that you will get the loan, you need to consider your financial status. Ensure that you have adequate funds or assets that you can turn into cash. These liquid assets can help you in times of need. They may come to your rescue in times of crisis.

FAQs about Emergency Loans

Q. What are the different types of emergency loans?

There are numerous types of personal loans that borrowers can get access to, some of these are listed here.

If you happen to have good credit, you may qualify for an unsecured personal loan.

These are basically installment loans provided in a lump sum with a fixed interest rate and paid over a specific period of time.

Generally, people who take personal loans borrow huge amounts from banks and other financial institutions. But if you need a small amount of money, you can get a personal loan for the amount.

These loans are best for those borrowers who can easily fit into the eligibility criteria of the lender. They are most suitable for people who are in a secure financial position.

When the borrower uses the available balance on their credit card to take out a loan, it’s called a cash advance. The credit card company charges processing fees and high interest rates for cash advances. It is considered one of the fastest ways to get emergency loans.

These loans are best for those borrowers in ardent need of the funds and can not wait for a longer period. Cash and credit advances are useful for people who can repay the amount within a few months.

Payday loans are short-term loans that need to be paid by the next payday. These loans are paid as a whole by the end of the repayment period. They are considered one of the riskiest kinds of loans.

The interest rate and the fees charged on these loans are extremely high. When you fail to make the repayment, you can end up in a debt trap. These loans can have an APR as high as 400%

These loans are not recommended and should only be a last resort. Payday loans are generally used by people unable to get any other type of loan from a lender.

People with extremely bad credit use title loans. If you own a car, you qualify to access a short-term loan with your car as leverage. The credit score doesn’t get checked in these types of loans.

That seems like a great alternative but note that the lender has the right to seize your car if you are unable to repay the loan.

Q. Can you get an emergency loan if you’re unemployed?

The answer is yes. A borrower can get an emergency loan even if they don’t have traditional employment.

When you choose to take a loan from an online lender, they want to check that you have adequate means to repay the debt. Some online lenders insist on seeing traditional employment proof. But many online lenders give out loans based on income sources like:

  • Government Benefits
  • Retirement Accounts
  • Rental Property
  • Alimony
  • Investments
  • Annuity
  • Student Aid
  • Child Support

A borrower can get an emergency loan if they happen to have a regular source of income to ensure that the borrower is financially stable.

Q. Will an emergency loan impact your credit score?

A lot of emergency loans can impact your credit score, while some won’t.

If the lender you have borrowed from does not report your account to the credit bureau, it will not impact your credit score in any way. But if the lender reports your account, it can lead to two completely different impacts on your credit score.

The way you manage the borrowed money will determine whether it will boost your credit score or lower it.

When you take a new loan, it increases your outstanding debts.

Credit agencies keep a check on your financial activities. If you have an outstanding personal loan and ask for another loan within a period of months, your application for the loan is more likely to be rejected.

Your overall history will determine how emergency loans will affect your credit score. If you have a credit history of managing the debt with regular repayments, your credit score won’t go down. When you make regular payments, your credit score may even get boosted.

Q. What fees do lenders charge?

Lenders make the decision about charging certain kinds of fees for their services. It implies that some lenders may charge fees while others don’t.

Here is a list of some common fees you have to pay:

Interest is basically the profit that money lenders make from loaning the money to borrowers. You can not avoid the interest fees.

When a borrower makes an offer with the lender, a due date defines the repayment of the loan. If the borrower fails to repay the amount in the previously agreed time period, they might have to pay late payment fees.

Some lenders charge these fees while others don’t. These are the fees that borrowers pay to cover the cost of drafting the paperwork. The fees may be fixed fees or a percentage of the overall amount.

Many lenders charge the borrowers some amount for filling out the application form. This fee remains unpaid even if the lenders reject your loan request.

If the borrower repays the whole amount too early, they may have to pay penalties. That is because the future interest-related earnings of the lender get eliminated.

Ensure that you ask all relevant questions before you sign the loan paperwork. Some of these fees are paid at the time of loan agreement, while others get charged later on.

Final Thoughts

Life is full of uncertainties, and sometimes, when life throws certain curveballs at you, a little help is needed. A lot of unforeseen events can make a huge dent in your financial condition. Therefore, online money lender platforms are important to help you in times like those.

All the platforms we discussed above come with their own pros and cons. However, the decision lies in your court, since you have to choose the best option for you.

One great part about all these platforms is that they connect borrowers to the lenders without charging anything in return. So, if you’re looking for emergency loans with bad credit, you might want to check these out.

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