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There comes a time in everyone’s life when we need some money quickly. Rising costs make it harder than ever to have an emergency fund, and conventional banks don’t have the means to pay out a loan quickly. Fortunately, online lenders exist to get you extra cash in a quick and timely manner.
Of the top online lenders, MoneyMutual stands out as one of the best bad credit loans for its vast lender marketplace, fast application process, and loan amounts of up to $5,000. Read on to discover more about MoneyMutual and our other favorite picks.
10 Best Emergency Loans for Bad Credit
- MoneyMutual: Best Emergency Loan Overall
- CashUSA: Best With Education Tools
- 247CreditNow: Best for Speedy Response
- BadCreditLoans: Best With Low APR
- Personal Loans: Best Borrowing Range
- 247 Dollar Loan: Best for Students
- Funds Joy: Best Easy to Use Loans
- 247FastFunds: Best for Multiple Loans
- iCashLoans: Best for High Approval Rates
- BetterLoansMutual: Best for No Questions Asked
MoneyMutual – Best Overall Emergency Loan for Bad Credit
MoneyMutual allows emergency loans of up to $5000 from a huge pool of lenders while making the entire process quick and easy.
Fees: 5/5
MoneyMutual doesn’t charge anything for the use of its services. The platform isn’t a lender but rather a lending marketplace with a long list of available companies. If a business wishes to work with you, they will pay MoneyMutual to make the connection.
If you fall behind on your payments or default on the loan, there may be significant repercussions from the lender you’re working with. MoneyMutual oversees much of the process but never collects money from lendees.
Requirements: 3/5
To do business with MoneyMutual, you’ll need to receive a constant flow of at least $800 per month and be able to prove the source of income. Only U.S. residents can apply on MoneyMutual, and lendees must be 18 or older. It’s also necessary to have an active checking account to move money into and out of.
Borrowing Range: 4/5
Depending on what you need funds for, you can request as little as $100 or as high as $5000 at one time. If you remain in good standing with MoneyMutual and make regular payments to your lender, it is possible to find another lender should you need more cash in the future.
Speed of Loan Deposit: 4/5
After filling out the simple application to apply for a loan, you’re at the mercy of the online lending marketplace. If a lender offers you a loan right away and you accept its terms, it’s possible to receive funds in your bank account within 24 hours. Be sure to plan for weekends or holidays that may slow deposit speeds.
Security: 5/5
MoneyMutual uses TrustedSite to routinely scan its site for security risks. All data sent and received uses the highest quality AES256 bit encryption to protect your information from outside threats.
- Has served over 2 million customers
- Huge lender marketplace
- Quick application process
- Can get funded in 24 hours
- Unavailable in certain states
- Comparing online lenders is not intuitive
- Must make at least $800 per month
CashUSA – Best Emergency Loans for Bad Credit With Education Tools
CashUSA seeks to educate lendees through its comprehensive financial database while offering alternative money suggestions at the same time.
Fees: 5/5
CashUSA keeps all its services free for lendees while featuring a number of lenders and alternative means of attaining some extra income. Be it debt relief or sites that monitor spending, CashUSA understands that loans may not always be the answer. Each of these companies pay CashUSA to work with you, while you benefit from making lifestyle changes to free up some cash.
If you do go the loan route, CashUSA charges no fees to link you up with a lender. Keep in mind that missed payments will likely result in punitive action and the inability to use CashUSA’s services in the future.
Requirements: 3/5
Anyone applying for a loan with CashUSA must be at least 18 years of age and a resident of the United States. You’ll also need a current checking account in your name, along with a working email address and phone number. Finally, you’ll need to earn at least $1,000 per month after taxes from an external source to be eligible.
Borrowing Range: 4.5/5
When borrowing through any of CashUSA’s lenders, it’s possible to request between $500 and $10,000 in emergency funds. You’ll work with the lender to establish repayment terms and interest rates before signing any agreement.
Speed of Loan Deposit: 4/5
With such a fast application process, you may receive loan offers within a few hours. Once you accept the loan terms you like, your lender can deposit funds into your checking account within one business day.
Security: 2/5
CashUSA declares a secure process for handling all inquiries and personal information, but doesn’t provide specifics on encryption protocol or any measures it takes. The site does specify that it may share your information with its marketing partners, which you consent to by filling out their form. This leaves no guarantee that you won’t receive calls from third parties well after your financial woes are gone.
- Education center with info on credit and financing
- Available in every U.S. state
- Loans of up to $10,000
- Offers debt relief and credit monitoring
- Fast and convenient loans
- Need at least $1,000 per month after taxes
- Lenders charge high APR rates
- Passes your info to marketing partners
247CreditNow – Best Emergency Loans for Bad Credit and Speedy Response
With 247CreditNow, you’ll have a response from a lending partner within 90 seconds of submitting your information if approved.
Fees: 4/5
When you need money fast, 247CreditNow comes through with a free process and expedited response times. Even if you get approved quickly by one of 247CreditNow’s lenders, you’re under no obligation to continue the transaction.
Some emergency loan sites communicate potential fees from lenders well, but 247CreditNow does not. There’s no indication of what interest rates or payback times may be on a loan offer. If you miss a payment, repercussions could come in the form of penalties or collections.
Requirements: 4/5
247CreditNow mentions it may add more requirements without warning, but currently applicants must be at least 18 and a U.S. citizen or permanent resident. You’ll need a checking or savings account to work out of and at least $800 coming in each and every month.
Borrowing Range: 5/5
The emergency loans site has a wide range of loan amounts, from $100 all the way to $35,000. Those looking to borrow big money may face more stringent requirements and a lower likelihood of approval.
Speed of Loan Deposit: 4.5/5
The approval process moves very quickly, and you could have an approved loan within a few minutes of signing up. Once you’ve signed on the dotted line, you’ll still have to wait up to one business day for funds to hit your account.
Security: 4/5
All personal data bouncing around within 247CreditNow’s servers make use of 128-bit SSL encryption to keep it from falling into the wrong hands. While nothing to scoff at, some emergency loan sites tap into higher levels of security still. 247CreditNow will share information with lenders but makes no mention of sending it off to other third-party companies.
- Personal loans up to $35,000
- Lender response within 90 seconds
- Fast application process
- Minimum income of $800 per month
- Only uses 128-bit encryption
- No information on rates or fees
BadCreditLoans – Best Emergency Loans for Bad Credit With Low APR
Depending on how you set up your loan, it’s possible to bring interest rates down as low as 5.99% for repayment. In addition to emergency loans for bad credit, BadCreditLoans also offers auto loans, home loans, small business loans, mortgage, and debt consolidation loans.
Fees: 5/5
BadCreditLoans boasts a completely free service without cost or obligation. The site makes money by sharing your information with third-party companies that dabble in debt relief and credit repair. You may end up paying with your time, dodging calls from marketing partners well into eternity.
Requirements: 4.5/5
Signing up for the loan process with BadCreditLoans requires the completion of a somewhat lengthy online form. Those applying will need proof of U.S. citizenship and be at least 18 years of age. You must receive regular income from some source, but there is no minimum requirement on how much you have to earn.
You’ll need a checking account to transfer funds into and make monthly payments back to the lender. BadCreditLoans mandates a valid email address alongside work and home telephone numbers to facilitate communication.
Borrowing Range: 4.5/5
All lenders through BadCreditLoans offer loans ranging from $500 and $10,000, depending on your residence and status. Those able to pay funds back quickly can see considerable reductions in APR rates compared to other sites.
Speed of Loan Deposit: 3.5/5
BadCreditLoans doesn’t convey a clear line of sight from the application process to loan deposit. The site and its team work 24/7, but this is no guarantee lenders will move quickly to work with your application. You may also receive non-loan applications to process as alternatives to a loan.
Security: 3/5
Much like CashUSA, BadCreditLoans speaks of a security policy but doesn’t state precisely what that means. Its website does allude to encrypting incoming and outgoing data to keep your personal information safe.
As BadCreditLoans uses several marketing partners to bring in additional income, your information will likely end up in their hands before long. There’s always a cause for concern when so many companies have access to your private data.
- APR as low as 5.99%
- Loans up to 10,000
- Extended lender network
- 72-month maximum repayment term
- Longer application process when compared to others
- May share your information with marketing partners
- APRs can run very high
Personal Loans – Best Borrowing Range for Emergency Loans for Bad Credit
Stretching from $1,000 to $35,000, Personal Loans has emergency loan amounts for every occasion.
Fees: 4/5
Personal Loans does not have hidden fees or upfront costs for using its service. You’ll have ample time upon receiving an offer to review the terms before making a decision, so you don’t get locked into any unnecessary fees. Depending on the repayment rate, you may encounter high interest amounts.
Requirements: 3/5
You’ll need to prove your ability to repay a loan in order to have success with a lender. Applicants must have full-time employment, be self-employed, or receive benefits from Social Security or a disability. Depending on the lender, you may need to show a pay stub.
Personal Loans specifically states that lendees have a Social Security number, be a legal U.S. citizen or permanent resident, and be at least 18 years of age. You’ll also need a valid checking account the lender will deposit funds into.
Borrowing Range: 5/5
Personal Loans starts on the high end, with a minimum $1,000 loan for applicants. Those just needing a few hundred dollars for a small project or bill may want to look elsewhere. However, for those with lofty goals, you can increase the loan amount as high as $35,000.
Speed of Loan Deposit: 4/5
Once you’ve completed the application process, you may start hearing from lenders in a matter of hours. After taking the necessary amount of time to read and understand the terms, you can approve a loan or wait for another to come your way. As soon as you accept the loan that works best for you, it’s possible to see funds deposited within a business day.
Security: 4/5
Personal Loans protects all your information with advanced data encryption technology. You can fill out your application knowing that hackers can’t reach what’s important to you. It is worth noting that Personal Loans shares these same records with non-loan companies as a trade-off for keeping its site free.
- Loans reach up to $35,000
- Competitive interest rates
- Up to 6 year repayment terms
- Access to loans beyond Personal Loans’ network
- Potential hard credit check
- Shares info with non-loan partners
- High minimum loan amount
247 Dollar Loan – Best Emergency Loans for Students
247 Dollar Loan works great for students, with quick approval times and low income requirements.
Fees: 3.5/5
Despite the name, 247 Dollar Loan is not a lender but a marketplace for lenders to work through. The site makes its services free to lendees, as lenders pay for access to your application.
With such a speedy short-term loan process, you may receive an offer within minutes of signing up. It’s important to carefully review the terms, as interest rates with 247 Dollar Loan are known to be very high.
Requirements: 4/5
To be eligible for a loan, you’ll need a savings or checking account with the ability to accept direct deposits. Individuals must be 18 years or older and U.S. citizens or permanent residents. Lastly, you must have a minimum monthly income of $800.
Borrowing Range: 3/5
247 Dollar Loan suffers significantly in this category, with a loan ceiling at the $1,000 mark. Working with such small amounts helps the company streamline the application process. This is why 247 Dollar Loan works so well for short-term loans.
Speed of Loan Deposit: 4/5
Funds typically appear within a single business day of your loan approval. At times, lenders may request additional information that may prolong the process.
Security: 4/5
There’s not a lot of information you need to supply 247 Dollar Loan during the approval process, but what you do can have serious implications if it falls into the wrong hands. 247 Dollar Loan uses 128-bit encryption similar to what web browsers use when holding your data. While not as strong as some sites, it offers a healthy layer of protection.
- Ideal for short-term loans
- Application process takes 2-3 minutes
- Loan decision comes within minutes of form submittal
- Personal loans top out at $1,000
- Only 128-bit SSL encryption
- Very high APR rates
Funds Joy – Best Easy to Use Emergency Loans for Bad Credit
Funds Joy’s intuitive website makes it a breeze to apply and receive approval for loans up to $5,000 at a time.
Fees: 4.5/5
Funds Joy facilitates the loan process from beginning to end and doesn’t charge a dime for doing so. The company connects those in need of a loan with more than 60 available lenders in hopes of achieving a match. Lenders pay Funds Joy for the ability to connect with you and your needs.
The site offers no clear detail on fees or rates that a lender may charge upon a loan agreement. Fortunately, you’ll be able to review all the digital paperwork before deciding to move forward with a loan.
Requirements: 4.5/5
Funds Joy doesn’t have rigid requirements to qualify for a loan. Those looking for extra money simply have to reside in the United States, be 18 years old or older, and have a stable source of income.
Borrowing Range: 4/5
Those needing emergency funds can choose between $200 and $5,000 during the sign-up process. The amount you choose and payback terms will have the highest effect on your interest rate.
Speed of Loan Deposit: 4/5
When you agree to a loan amount with a lender, Funds Joy states you’ll receive funds in no time at all. There’s no clear information on exactly how long the process takes.
Security: 3/5
Funds Joy doesn’t clarify how it safeguards your personal data. It does state in the privacy policy that the site can share personal and non-personal information with affiliates and partners for several purposes.
Because the emergency loan provider wants to keep a good reputation, they do have safety measures in place to keep your personal details away from unscrupulous individuals.
- Fast application process
- Easy to use website
- Over 60 lenders on file
- Some lenders perform hard credit checks
- No phone support
- Need a stable source of income
247FastFunds – Best Emergency Loans for Those Needing Multiple Loans
For multiple projects, 247FastFunds makes it possible to request additional loans as long as you’re faithful with payments.
Fees: 4/5
247FastFunds recognizes the need for fast cash in a flash. The company uses a lending network to get individuals in touch with participating lenders while keeping the process quick, easy, and free.
When you receive a loan from a lender, you’ll have the chance to look over the specifics before making a decision. It will be clear on the document what your monthly payments will be and the complete fee schedule. Missed installments may result in excess fees and the possibility of dealing with collections.
Requirements: 3/5
Requirements for setting up your loan are a bit more stringent than some other emergency fund sites. You’ll have to show proof of employment and a clear record of you working more than 90 days at your current job. In the application, you’ll need to list a working phone number for work and home and a valid email address.
Furthermore, it’s essential to have around $1,000 per month after taxes, be a U.S. citizen or permanent resident, and be over the age of 18.
Borrowing Range: 4/5
247FastFunds lets you take out a loan as low as $100 for simple needs or up to $5,000 for large-scale emergencies. Your credit score may play a role in your ability to obtain a higher amount of loan.
Speed of Loan Deposit: 4/5
After working through the inquiry process, you may receive a loan offer from one of 247FastFunds’s affiliates. If you approve the amount and repayment terms, it’s possible to see funds in your account within 24 hours.
Security: 4/5
247FastFunds prides itself on a secure connection to its database. The site protects your data with 2048-bit encryption featuring SSL security.
- Can request new loans at any time
- 2048 bit security with SSL
- ACH transfer for monthly payments
- Unclear APR numbers from lenders
- Must be employed at present job for at least 90 days
- Requires an income around $1,000 per month
iCashLoans – Best Emergency Loans With High Approval Rates
iCashLoans may not offer the highest loan amounts, but the lending marketplace sees more approvals than most other sites.
Fees: 3.5/5
There are no fees concerning iCashLoans and its loan application process. You won’t receive a charge for filling out forms or receiving offers from lenders. Those lenders pay the emergency loans site to access your information.
There’s a high likelihood that a lender will reach out to you, even with the worst credit. From there, it’s up to you whether you accept the terms or go back to the drawing board. iCashLoans doesn’t share possible APR rates or what repayments may look like.
Requirements: 4.5/5
Because the lenders with iCashLoans approve a majority of applications, they want to ensure you have the means to pay back everything you borrow. You’ll need to be 18 years of age and a U.S. citizen or permanent resident with a checking account in your name.
Additionally, iCashLoans requires a working telephone number for home and work, and the lending marketplace will verify you’ve been working there for at least 90 days. Whether from that employer or other means, you must have at least $1,000 in income every month.
Borrowing Range: 3/5
There’s not a ton of wiggle room with loan amounts. You can dial in a small loan at $100, but the max you can borrow is only $1,000. Repayment terms are usually short because of these low amounts.
Speed of Loan Deposit: 3.5/5
You’ll have to wait for final approval from your lender before receiving funds into your checking account. With a little luck, you’ll see the money in your account within 24 to 48 hours.
Security: 3.5/5
iCashLoans uses the Comodo certification authority to protect your personal information in their system. Its SiteLock technology protects against ransomware, combats threats, and scans constantly for malware.
- High approval rates
- Good customer service
- Quick loan application process
- Only for loans up to $1,000
- Must be employed at least 90 days
- Requires $1,000 per month income
BetterLoansMutual – Best Emergency Loans for Bad Credit With No Questions Asked
BetterLoansMutual allows you to go about the loan process and respects your privacy along the way, not even asking where your funds will go.
Fees: 3.5/5
There’s no need to pay any money upfront when working with BetterLoansMutual. The company doesn’t charge lendees so much as a penny, instead forcing lenders to pay for the chance at working with you.
As you receive loan requests, it’s your responsibility to read through the agreement and ensure you’re comfortable with the fine print. The site doesn’t disclose APR information, so ensure you don’t bite off more than you can chew.
Requirements: 3/5
Lendees have to be U.S. citizens or at least permanent residents 18 years of age or older. You’ll need a checking account, a working home and work phone number, and a valid email address. The site will verify your employment status and confirm you have at least $1,000 coming into your account each month.
Borrowing Range: 4/5
When looking for a loan, you can shoot for any amount between $100 and $5,000. Lenders will assess the risk of doing business with you and may counter with an alternate number.
Speed of Loan Deposit: 4/5
After working through the process, you’ll need to sign off on whatever loan works best for your situation. The lender will then finalize things on their end, and you should see a deposit in your account around 24 hours later.
Security: 2.5/5
In 2018, the Better Business Bureau shared a concern about BetterLoansMutual’s lack of security. The emergency loans site now uses a secure SSL connection to shield your information from outside sources.
- Site doesn’t ask questions about loan purpose
- Simplified loan process
- Safe and secure submissions
- Must have a job for at least 90 days
- Need an income around $1,000
- Does not disclose lender fees
Our Methodology for Selecting the Best Emergency Loan
As we crunched the numbers on the best emergency loans for bad credit, a number of features stood out to us. We used the following factors when making our picks.
Fees
It should come as no surprise to see fees on the top of this list. Anyone requesting an emergency loan is clearly in need of money, and no one wants to be left off even worse than when they started. Although costs aren’t always transparent, the best lending marketplaces should pass along as many fees to the lender as possible. Ideally, interest rates from lenders should be reasonable and not impossible to pay back.
Requirements
When it comes to emergency loans, having a long list of requirements can preclude individuals from getting the money they need. We aimed for sites that minimized requests for your personal information and proof you have large amounts of income. After all, there wouldn’t be a need to borrow funds if we had so much come in.
Borrowing Range
It’s always helpful to use one company for present and future loan inquiries. Those with an extensive borrowing range can help with minor damages or significant expenses, depending on the need. Being able to work with the same company gives you peace of mind, and it can’t hurt your chances of being approved.
Speed of Loan Deposit
When you need money, you need it now. No one has time to wait for a lengthy approval process or slow transfer speeds. The best emergency loan sites can find you a loan within minutes and have the funds in your bank account within one business day.
Security
No matter how you shake it, you will need to provide personal information when applying for a loan. This will undoubtedly include your bank account number, which would be disastrous if it fell into the wrong hands. There are various levels of security among websites, and the best emergency loan companies will have the means to keep your data safe.
How to Obtain an Emergency Loan
Understanding the complex nature of emergency loans is not easy. The answers to the questions below should help bring things into focus.
The Best Emergency Loans – Final Thoughts
Emergency loans can be a lifesaver when disaster strikes. However, the procedure can take days or weeks through traditional financial institutions. The right online lending marketplace can remove all the guesswork from the application process and have money in your account before you know it. When you need cash quickly, we feel any one of the sites on this list can get you what you need. All you have to do is pick one and start the process.
If you’re looking for emergency business financing, don’t forget to check out our detailed guide on the best bad credit business loans. Make sure you have a business bank account before you apply for one.
A linguistic engineer who writes to solve problems. Ahad is a cybersecurity, blockchain, and business writer who often takes on art, politics, and economics too. He’s written for various tech publications and has reviewed quite a lot of software over his career. When he’s not writing, he’s probably on horseback, caring for his houseplants, or training Bonsai trees.
