Submarine budget – US Submarine Thu, 04 Nov 2021 00:12:13 +0000 en-US hourly 1 Submarine budget – US Submarine 32 32 Payday Loans Direct Lenders Online Wed, 03 Nov 2021 23:48:08 +0000 Payday loans, quite a popular concept now, are short-term loans that are offered by many financial firms and provided on the condition that the borrower will repay the money when the next paycheck is received. Payday loans direct lenders provide relief to many individuals who are struggling with difficult finances. The following guide aims to […]]]>

Payday loans, quite a popular concept now, are short-term loans that are offered by many financial firms and provided on the condition that the borrower will repay the money when the next paycheck is received. Payday loans direct lenders provide relief to many individuals who are struggling with difficult finances.

The following guide aims to address all doubts related to payday loans direct lenders only or no denial payday loans from direct lenders only.

#1 Option For Payday Loans Direct Lenders – Viva Payday Loans

5 Best Payday Loans Direct Lenders Online – Quick Pick

With the prominence of internet activities, loan providers are now providing reliable platforms through which they can connect to borrowers. Not only that, brokers too have also now come up with their network of lenders with the objective of providing their clients with some of the best loan terms as per the requests received. We have done our bit to save your hassles of finding some options for payday loans from direct lenders. Here is a list of the 5 most reliable providers.

  1. Viva Payday Loans – Best for no denial payday loans direct lenders only. Visit now.
  2. Credit Clock – Best for requesting lower loan amounts.
  3. Money Lender Squad – Best for poor credit history.
  4. Very Merry Loans – Best for wide range of loan options.
  5. Heart Paydays – Best for same day decisions.

Payday Loans Direct Lenders Online – How to Apply

Payday lenders ensure that their online platform is simple and does not have complex structure. It is easy to navigate and access so that applicants can quickly apply for loans in times of distress. However, the exact application process can differ, though the basic steps are usually same.

Here, we explain the basic steps of applying through Viva Payday Loans. The system is completely transparent and can disburse loans within 15 minutes.

Step 1. Visit Viva Payday Loans Website: The first step is to visit the Viva Payday Loans website when you need no verification payday loans from direct lenders. There are several options of putting down information related to the loan. The website has all the details of loan, tenure, terms, and conditions and more.

Step 2. Complete The Application Form: Applicants need to fill in the required information in this form, which includes the loan amount. The loan amount can be filled in different denominations as per requirements, which are $100 – $5000. The repayment period of the loan is between 3 to 6 months.

Step 3 Get your decision: When the borrower has decided how much to borrow, some more information needs to be filled up. This is usually personal information such as name and email ID. Personal and income information is required by the broker to ensure that the customer qualifies for the loan and passes identity checks.

Step 4. Receive your loan: If approved, you’ll be redirected to a third party lender who can provide you with the loan. The chances of getting the loan approved is also quite high as Viva Payday loans does not require credit history check. In most situations, individuals receive their loans from different third party lenders who are in the broker’s network.

What Are Payday Loans Direct Lenders Online?

Payday loans from direct lenders are designed in a way so that the borrowers get instant approvals of loans, even if they are unemployed or have bad credit. These loans do not require any check or guarantor which means that the loan is received in a short time. The borrower can connect with the lenders directly for the process through certain brokers who act as mediators between the two.

At present, Payday loans are legal in 32 states. It means, a borrower needs to check if it is legal in their own state. The amount which can be borrowed, and the terms and conditions also tend to vary from one place to another.

5 Best Payday Loans Direct Lenders Online – Fully Reviewed

Understanding the demand for similar loans, brokers and lenders offering payday loans have increased. In the present times, there are several reliable names who are offering payday loans. Here are some of the popular providers who are known for no denial payday loans from direct lenders only.

1. Viva Payday Loans – Best for No Denial Payday Loans Direct Lenders Only

This is one of the most trusted providers under Payday Ventures Ltd. Though it is not a lender, it does have a wide network of lenders who use a matching service. This provider offers a simple loan application process. Loans are available from $100 to $5000. The repayment period is usually between 3 to 6 months which depends on the terms. APRs usually ranges from 5.99% to 35.99%.


  • It offers a simple and user-friendly website.
  • Users do not have to pay for the search tool used.
  • Wide range of lenders which means that chances of getting a loan is easier with no credit check.
  • Available in almost all US States.
  • Offers quick loans – within 2 minutes.


  • It is not available in all states of USA.

2. Credit Clock – Best for Requesting Lower Loan Amounts

This is one more popular broker which is known to provide loans to individuals in financial distress. It does use a unique algorithm which works to match the borrowers’ requirements with lenders. The match is based on the details of application and preferences. No fees is charged by the broker.


  • The website offers easy to use navigation.
  • The application form takes a few minutes to fill.
  • Individuals can apply for a maximum of $5000 loan.


  • The broker does not offer its services in a few states.

3. Money Lender Squad – Best for Poor Credit History

This is a popular payday loan broker that is known to provide credit when most other providers have rejected. offers credit in a short time without much of paperwork and spending time on background check. The website is quite simple and offers easy navigation. Borrowers will find all the necessary information related to payday loans direct from lenders online. The payment tenure of the loans is usually 6 months. There are several lenders working in collaboration which means the chances of getting loan approval are quite high.


  • The application process is easy and simple.
  • It is possible to get loans in just a few minutes.
  • Credit checks are not conducted by the broker.


  • There is not much information about the lenders available on the website.

4. Very Merry Loans – Best for Wide Range of Loan Options

Very Merry Loans is a non charging broker that acts as a bridge between lenders and borrowers. It does not charge any kind of extra fees for the purpose. Very Merry Loans receive a commission from the lender whenever any successful connection is made and strictly adhere to the regulations laid down.


  • The success rate for loan approval is quite high.
  • It works with state-approved lenders only.
  • It offers continuous loan processing – it works on holidays too.


  • Borrowing costs tend to vary from one lender to another.

5. Heart Paydays – Best for Same Day Decisions

Known to provide no verification payday loans from direct lenders, Heart Paydays is known to provide loans to those with bad credit. It provides loans with no guarantor and even for those who are unemployed. Those who have faced rejections multiple times from different places can apply here as well. The success rate is also quite high and is generally dependent on the quality of lenders matched with applicants. However, continues to be one of the most popular platforms to get loans quickly and without hassles.


  • Loan approval takes just a few minutes.
  • There is no credit check done.
  • Applicants can choose the repayment period and loan amount.
  • The website is easy to use and contains detailed information.


  • There is not much information available about the lenders.

Features of No Verification Payday Loans Direct Lenders

No verification payday loans are short-term in nature and are high-cost products. Loan amount is available in different denominations and is available from $100 to $5000. These loans are subject to federal and state laws. Payday loans are quite like traditional loans, but they do differ in many aspects, some of which are mentioned in brief.

  • Available in small amounts

These loans are available in small amounts when compared to traditional loans. For instance, individuals can apply for loans from $100 to $5000.

These loans are generally repaid in multiple payment structure or as a single payment. This depends on the terms and conditions. Payment due date is decided beforehand as per the conditions set. There are a few lenders who consider repayments before a schedule which helps in saving a lot of interest.

Repayment can be made when the borrower allows the lender to debit the funds electronically from the borrowers account. If the terms set other conditions of payment, it can be allowed as well.

One of the main reasons for the popularity of these funds is that there is no check on credit score. Thus, those with bad credit can also be eligible for loans. Those who are unemployed can also apply for the loan.

Loans are available at a high rate of interest than traditional loans. This is one of the biggest risks associated with such loans but they do help individuals in coming out from their financial distress.

Types of Payday Loans Direct Lenders

Payday Loans Direct Lenders For Bad Credit

Direct lenders refer to financial institutions that focus on disbursing small, short-term loans not more than a 2 year period. They operate through various establishments which can either be brick and mortar or internet-based. Many loan consumers want to remove the middleman and want to communicate with lenders directly. If you are new to the loan space, communicating with lenders directly can significantly help you. However, you have to make sure that the lender is legitimate and works for the best interest of their clients.

You may prefer accessing payday loans Australia directly from lenders as you may have a prior working relationship with them. Many direct lenders offer discounted interest rates and other types of perks when they develop a working relationship with a particular client. While connecting to a lending broker is always preferred, direct lenders can work wonders for some bad credit borrowers.

Payday Loan Direct Lenders for Benefits

According to the legal framework put forward by the United States Department of Labor, they provide an unemployment insurance program that provides benefits to workers who have lost their jobs due to no fault of their own. However, these individuals are normally disqualified from applying for loans from banks and financial institutions.

If you find yourself in such a situation, you can opt for payday loans from direct lenders for people with benefits. These lenders do not judge you on the basis of your financial situation and can provide you with short-term loans that can be used for vehicle repairs, gifts, family vacations, new furniture items, medical emergencies, vet bills, unexpected expenses, replacing broken appliances, buying groceries and paying for past due utility bills.

Payday Loan Direct Lenders for Unemployed

If you don’t have a traditional job, getting a loan from a normal bank can be impossible. Banks and traditional financial institutions want you to produce proof of income either by producing a salary statement or pay stub. This can be a problem if you are self-employed such as being a freelancer. If you don’t have proof of stable income, some lenders might consider the following as an alternative – interest and dividends, social security, long-term disability, alimony or child support, trust fund, rental property, and retirement or pension.

If you fall into this category, you can easily apply for payday loans from direct lenders who cater to unemployed individuals, or those who get their income from alternative sources.  Some lenders require you to earn at least $1000 monthly from any source to grant you the loan. However, the lack of income will prevent you from qualifying for higher loan amounts.

Another risk for loans for the unemployed is the high interest rates and fees. The lender takes this as compensation for allowing a high-risk applicant to borrow money. This will undoubtedly increase your cost of borrowing. You may also have to pay a higher loan origination fee due to the lack of income.

Payday Loan Direct Lenders Easy Acceptance

Contrary to popular belief, no direct lender can 100% guarantee approval of loans until they review the credit history of the individual, although their requirements are less rigid. Direct lenders take the necessary steps to ensure that the maximum amount of people can qualify for their financial products. This means keeping credit score requirements at a bare minimum and not asking for any proof of income. However, you would be better off if you use a broker for taking out a payday loan.

A broker can work wonders in these situations as it works with a large lending panel that consists of several lenders. This gives them the ability to better match the brrower’s needs with the requirements of a particular lender. On the other hand, direct lenders cannot ensure the approval of your application.

But what happens when you need to apply with a direct lender and you have no choice? You are advised to conduct thorough research into the background of the lender and its practices. You may have to make several comparisons to find out the most favorable terms, judging factors such as terms of the credit, interest rate, and total repayment amount to make the decision.

Advantages and Disadvantages of Payday Loans Direct Lenders Online

Those who are thinking about applying for no denial payday loans from direct lenders only need to know about the various advantages and disadvantages (if any) of these loans. Here is a glimpse:


  • The application process is fast
  • Applicants can apply for loans from $200-$5000
  • Loan is available for unemployed, those with no credit and even bad credit
  • Loan approvals possible in just 2 minutes
  • Paperwork and telephone calls are not required
  • Direct dealing with lenders
  • Payout can be in the same day


  • Some payday loan direct lenders charge high fees

Payday Loans Direct Lenders Eligibility Criteria

It is quite easy to meet the requirements set to get approval for payday loans from direct lenders online.

  • Must be a US Citizen
  • The applicant must have an active US bank account
  • Proof of at least 90 days of employment is needed
  • Should be a valid social security number holder

Application Process

Borrowers are attracted towards payday loans from direct lenders mainly because of ease and convenience. The application process is simple and quick.

Step 1. Visit Viva Payday Loans

Go to Viva Payday Loans and select your loan amount & term. The amount should be filled in after considering repayment factors. You might be tempted to fill in more amount but remember, you must pay it at the end. Borrowers can choose an amount that can be up to $5000. The repayment period can be till 2 years though it varies from one broker to another.

Step 2. Complete the loan request form

When you have filled the amount, you need to click on apply and wait for confirmation. You will soon know if you qualify for the loan. The entire process will take just a few minutes. Borrowers are assured that full privacy will be maintained and information will be confidential.

Step 3. Wait for a decision

After you have submit the application form, a response will be presented to you within a few minutes from one of the available lending partners, if accepted. The process of approval takes a few minutes, subject to further checks and e-signing of your loan agreement.


What is classed as a payday loan?

Is there a need for good credit score to get approval for no verification payday loans from direct lenders?

Will a Payday loan be right for me?

Do Payday loans hurt your credit?

Do Payday loans affect mortgages?

Why choose a Payday broker over a direct lender?

About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.

]]> 0
Best Bad-Credit Loans for November 2021 Wed, 03 Nov 2021 23:48:05 +0000 Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. Personal loans can be used for everything from debt consolidation to […]]]>

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Personal loans can be used for everything from debt consolidation to major life expenses. 

The best rates and terms will only be available to people with the best credit, especially in a year that’s seen lenders tighten lending standards and requirements across the board. So if bestyour credit score is on the lower end, it’ll be more difficult to qualify for the best rates, if you qualify at all. 

Still, it isn’t impossible to qualify for a personal loan if you don’t have a great credit score.

Many lenders still offer personal loans to people with “fair” or “poor” credit — and some even specialize in offering loans and other financial products to those types of customers. But if you have debt, bad credit, or both, and you’re thinking about a personal loan, you should consider whether or not taking on new debt makes sense. 

You might be better off considering alternatives like credit cards with promotional rates or even a home equity line of credit (HELOC) if you own a home. Consider what it takes to make long-term financial improvements as well, such as rebuilding your credit or starting a debt management plan.

If you think a personal loan is your best option despite having a lower credit score, here’s what you should know:

Best Bad-Credit Loan Rates in November 2021

Institution Min. Credit Score Current APR Loan Term Range Min. Loan Amt. Max Loan Amt.
Payoff 640 5.99% to 24.99% 2 to 5 years $5,000 $40,000
Best Egg 640 5.99% to 35.99% 3 to 5 years $2,000 $50,000
Upgrade 620 5.94% to 35.97% 3 to 5 years $1,000 $50,000
Upstart 580 5.31% to 35.99% 3 to 5 years $1,000 $50,000
Rocket Loans 540 5.970% to 29.99% 3 to 5 years $2,000 $45,000
Prosper 640 7.95% to 35.99% 3 to 5 years $2,000 $40,000
LendingClub 600 8.05% to 35.89% 3 to 5 years $1,000 $40,000
Avant 580 9.95% to 35.99% 2 to 5 years $2,000 $35,000
LendingPoint 590 9.99% to 35.99% 2 to 5 years $2,000 $36,500

How we chose these lenders

This list does not represent the entire market. To rank the personal loan rates you’re most likely considering, we began by analyzing the 16 most commonly reviewed and searched-for personal loans that met NextAdvisor’s standards, as outlined in our Personal Loan Rates Guide. Each lender had to meet the following criteria to appear in this review:

Easy-to-access information

We eliminated lenders that make it difficult to find the above essential loan information on their websites without entering an email or other personal information. Many lenders prominently display this information on their sites, making it easy to compare to other lenders. If you’re in the market for a personal loan, we recommend a lender that’s transparent with its rates and approval requirements, and doesn’t require personal information for a rate comparison.

Reasonable APRs

We ruled out any lenders whose max APR exceeds 40%, which is well above the average APR you can find even if you have bad credit. A high APR will result in you paying more over the course of the loan.

Direct Lenders

Our list features only direct lenders, rather than intermediaries or loan marketplaces. We also ruled out credit unions, which have unique membership requirements and limit the number of people who could easily consider them for a loan. Credit unions can offer competitive rates to those who qualify; check your local area or use a credit union locator to compare rates.

No fees

None of these banks charge any fees or penalties for early payments or otherwise paying off your loan early. We don’t think you should ever have to pay a fee to get out of debt faster, so will never recommend a personal loan that includes such a fee or penalty.

Achievable credit score requirement

Each lender has a minimum FICO credit score that includes people in the “fair” credit score range, which includes scores between 580-669.

The above rates and loan information is accurate as of November 1, 2021. The NextAdvisor editorial team updates this information regularly, though it is possible APRs and other information has changed since it was last updated. Some of the lowest advertised rates might be for secured loans, which require collateral such as your home, car, or other asset. Also, some loan offerings may be specific to where you live.

Lender Overview


Overview: Avant is an online lender that serves customers with fair-to-excellent credit. It’s one of the only two lenders on this list that offers both secured and unsecured loans.

Pros: Avant’s bread-and-butter is unsecured loans, but it also provides secured loans for which you’d use your car as collateral. Avant doesn’t specify a minimum income, and the minimum credit score starts at 580, which FICO considers “fair” credit.

Cons: If you have a “fair” credit score, you won’t be eligible for the lowest APR available; you may get a rate as high as 35.99% so make sure to always make your monthly payments. You also can’t add a cosigner or co-borrower to your application to improve your chances of approval for a more favorable rate.

Current APR 9.95% to 35.99%
Loan Term Range 2 to 5 years
Loan Amount $2,000 to $35,000
Prepayment Penalty None
Origination Fee Up to 4.75% 
Minimum Credit Score 580
Minimum Annual Income None specified
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans Yes

Best Egg

Overview: The online lender Best Egg offers unsecured personal loans for everything from debt consolidation and home improvement to moving, child care expenses, and adoption.

Pros: Best Egg personal loans can range from $2,000 to $35,000, with repayment terms between three to five years. The minimum credit is 640, and you won’t be penalized if you want to pay off your loan early or make additional off-schedule payments.

Cons: You need a minimum 700 FICO score and a minimum individual annual income of $100,000 to get the lowest APR available. And if you have “fair” credit, you can’t boost your chances of approval through a co-borrower, cosigner, or collateral.

Best Egg
Current APR 5.99% to 35.99%
Loan Term Range 3 to 5 years
Loan Amount $2,000 to $50,000
Prepayment Penalty None
Origination Fee 0.99% to 5.99%; 4.99% for loan terms longer than four years
Minimum Credit Score 640; 700+ for the lowest APR
Minimum Annual Income $100,000 minimum individual annual income for the lowest APR
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans No


Overview: LendingClub is a peer-to-peer lender that offers unsecured personal loans through an online marketplace connecting borrowers and investors.

Pros: Personal loans range from $1,000 to $40,000, with repayment periods between three to five years. You can get a joint loan through LendingClub by adding a co-borrower to your application — something not all lenders offer.

Cons: You may have to undergo a more stringent verification process (i.e., providing more documentation to prove income, assets, and debt) due to pullbacks from the COVID-19 recession. If you have excellent credit, you may find better rates elsewhere as the lowest APR is higher than others on the list.

Current APR 8.05% to 35.89%
Loan Term Range 3 to 5 years
Loan Amount $1,000 to $40,000
Prepayment Penalty None
Origination Fee 2% to 6%
Minimum Credit Score 600
Minimum Annual Income None specified
Co-Borrower Allowed? Yes
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans No


Overview: LendingPoint is an online-only lender that offers unsecured personal loans to borrowers with “fair” credit” and steady income or employment.

Pros: The minimum credit score is 590, and the loans range from $2,000 to $25,000 with repayment terms between two to five years. You won’t have to pay a prepayment penalty if you decide to pay off your personal loan earlier than scheduled.

Cons: LendingPoint would prefer you be at your job for at least 12 months before applying to a loan, though it’s not a requirement. You need to make at least $35,000 per year, and you can’t add a co-borrower, a cosigner, or collateral to your loan to improve your chances of approval.

Current APR 9.99% to 35.99%
Loan Term Range 2 to 5 years
Loan Amount $2,000 to $36,500
Prepayment Penalty None
Origination Fee 0% to 6%, depending on your state
Minimum Credit Score 590
Minimum Annual Income $35,000 
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans No


Overview: Payoff is an online lender that works only with borrowers who want to consolidate high-interest credit balances.

Pros: The APR range is lower than many of its competitors, you don’t get charged late fees if you’re accidentally late making a payment, and you can receive free FICO score updates. 

Cons: To qualify for a Payoff loan, you need at least three years of established credit and a 640+ credit score. You also wouldn’t qualify if you live in Massachusetts, Mississippi, Nebraska, or Nevada, or want to take out a personal loan for anything other than debt consolidation. 

Current APR 5.99% to 24.99%
Loan Term Range 2 to 5 years
Loan Amount $5,000 to $40,000
Prepayment Penalty None
Origination Fee 0% to 5%, included in APR
Minimum Credit Score 640, and three years of established credit
Minimum Annual Income None specified
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans No


Overview: Prosper, a peer-to-peer lender, lends to borrowers with fair-to-excellent credit scores who want to consolidate debt and take on home improvement projects.

Pros: Co-borrowers and cosigners are allowed and might help boost your chances of getting approved for a personal loan with a better rate. Prosper’s loans range from $2,000 to $40,000 with repayment terms of three or five years.

Cons: If you don’t have solid credit, you may be stuck with an interest rate at the high end of the spectrum (35.99% APR). Prosper also doesn’t offer secured loans.

Current APR 7.95% to 35.99%
Loan Term Range 3 to 5 years
Loan Amount $2,000 to $40,000
Prepayment Penalty None
Origination Fee 2.41% to 5%
Minimum Credit Score 640
Minimum Annual Income None specified
Co-Borrower Allowed? Yes
Cosigner Allowed? Yes
Unsecured Personal Loans Yes
Secured Personal Loans No

Rocket Loans

Overview: Rocket Loans, a subsidiary of Quicken Loans, is a personal loan lender that serves borrowers looking to consolidate debt or finance home improvement projects or auto expenses.

Pros: Rocket offers the lowest minimum credit score (540) of any lenders we reviewed, so you may qualify for a personal loan with a “poor” credit score. You can also get instant decisions and same-day funding through Rocket.

Cons: You can’t boost your approval odds by applying with a co-borrower or cosigner, or by using an asset as collateral for a secured loan (Rocket doesn’t offer secured loans).

Rocket Loans
Current APR 5.970% to 29.99% with AutoPay (0.3% higher if invoiced)
Loan Term Range 3 to 5 years
Loan Amount $2,000 to $45,000
Prepayment Penalty None
Origination Fee 1% to 6%
Minimum Credit Score 540
Minimum Annual Income $24,000
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans No


Overview: Upgrade, an online-only lender, offers personal loans for debt consolidation and financing home improvement projects and major purchases.

Pros: Personal loans with Upgrade range from $1,000 to $50,000, with repayment terms between three to five years. You can apply for a joint loan if you want to better your chances of getting approved for a low rate.

Cons: If you have “fair” credit, you may end up with an APR as high as 35.97% and an origination fee as high as 8%. People who live in Hawaii and Washington, D.C., aren’t eligible for Upgrade personal loans.

Current APR 5.94% to 35.97%
Loan Term Range 3 to 5 years
Loan Amount $1,000 to $50,000
Prepayment Penalty None
Origination Fee 2.9% to 8%
Minimum Credit Score 620
Minimum Annual Income None specified
Co-Borrower Allowed? Yes
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans No


Overview: Upstart is an online lender that uses AI technology to evaluate and approve borrowers with non-traditional financial backgrounds, which includes those who may not have strong credit scores but are considered creditworthy in other respects (e.g., having a steady income and employment history).

Pros: Upstart’s AI technology factors employment and education history into your application, so if you have a limited credit history or are self-employed, your odds of getting a personal loan may be higher with Upstart than other lenders. The minimum credit score is 580 (considered “fair”), and you may receive funds as soon as the day after approval.

Cons: Even if you get approved for a personal loan with a “fair” credit score, you may be paying a very high APR. And if you live in Iowa or West Virginia, you won’t be eligible for an Upstart personal loan.

Current APR 5.3`1% to 35.99%
Loan Term Range 3 to 5 years
Loan Amount $1,000 to $50,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score 580
Minimum Annual Income None specified
Co-Borrower Allowed? Yes
Cosigner Allowed? No
Unsecured Personal Loans Yes
Secured Personal Loans No

Pro Tip

If you’re in need of a specialized debt payoff plan, we recommend looking at nonprofit credit counseling agencies. A credit counselor can help you create a budget and improve your credit score so that you won’t need to take out a personal loan designed for bad-credit borrowers.

What Are Bad-Credit Loans?

Bad-credit loans are for borrowers with low credit scores or a limited credit history. Oftentimes, people end up with low credit scores because of missed payments, bankruptcies, or heavy debt loads — or because they haven’t had enough time yet to establish a credit history. Personal loans are more difficult to get when you have bad credit. But many lenders do offer them — and some even specialize in bad-credit borrowing. 

What is a bad credit score?

Each credit scoring agency defines a bad credit score differently. But for our purposes, we’ll refer to FICO credit scores here. FICO scores are between 300 and 850; the better your credit, the higher your score.

A bad credit score falls within FICO’s “fair” or “poor” credit tiers:

  • Fair credit: 580 to 669
  • Poor credit: 300 to 579

What makes a bad credit score?

There are five factors that make up your FICO score. The percentages reflect how important each of them are:

  • Payment history (35%)
  • Amounts owed (30%)
  • Length of credit history (15%)
  • New credit (10%)
  • Credit mix (10%)

If your credit score is low, it’s likely because you haven’t consistently made payments or because you have substantial debt from multiple loans. Your credit score can also get dinged if you have a short credit history, if you have only had access to one type of loan or credit, and if you have recently gotten a new credit card or loan.

How to Get a Bad-Credit Loan

The process of getting a personal loan with bad credit may be more difficult than if you had excellent credit — but you can find one that’s flexible or affordable. You’ll just have to do a little more digging and consider how a loan payment may fit into your budget.

1. Figure out what your needs are

First, consider why you need a personal loan. Are you looking to consolidate credit card debt? Fund a wedding or vacation? Taking out a loan is a big responsibility and can damage your financial health if you’re not careful. We recommend taking out a loan only if it’s going to improve your financial health. Otherwise, you could be sinking yourself into unnecessary debt with unfavorable terms.

2. Shop around

Find out what banks, credit unions, and online lenders offer personal loans for people with “fair” or “poor” credit. With the COVID-19 pandemic, many lenders have tightened their qualification standards and limited lending to people with good-to-excellent credit, but there are still options out there for you. Just make sure the interest rates and fees aren’t too high and that the lender is reputable.

3. Get prequalified

Many lenders offer the option to apply for pre-qualification, where you can enter a limited amount of information about yourself on the website and see what type of APR and loan terms you’d potentially qualify for. It’s not an official offer, but it does give you a sense of your eligibility for the loan without the lender running a hard credit inquiry on you. A hard credit check (one or multiple) can lead to a temporary decrease in your credit score.

4. Apply

Qualifications and required information will differ between lenders, but you’ll likely need to provide the following details:

  • Permanent address
  • Social Security number
  • Employment history
  • Source(s) of income
  • Existing debts and assets
  • Purpose of the loan
  • Co-borrower or cosigner information

Lenders will also run a hard credit check to understand what your credit score and debt-to-income ratio are. 

5. Gather documentation, once approved

If you’re approved for a personal loan, the lender will need to verify the information you provided during the application process. So it’s helpful to keep the following documents on hand:

  • Driver’s license or other type of photo ID
  • Proof of Social Security number
  • Tax returns
  • Paystubs
  • W-2 forms
  • If paying off debt: account numbers and balances of loans, credit cards, or other debt

6. Withdraw funds 

Once the lender has verified your documentation, you’re ready to receive the loan amount — if you’re approved. Lenders will either mail you the check, direct deposit the cash, or send a wire transfer. And it can take anywhere from one day to a week to receive it. To mitigate any potential problems in the future, we recommend setting up autopay with your lender so you never miss a bill payment.

How to Avoid Scams

Scams are abundant in the world of bad-credit lending. Many predatory lenders will entice people with promises of quick cash, only to charge extremely high fees and interest rates. As a result, those who have low income or low credit scores can find themselves in a cycle of debt. Here are some ways you can avoid getting scammed by a predatory lender.

1. Avoid lenders that don’t ask for your credit

Even if they’re accepting of bad credit, a reputable lender should still ask for your credit history and sources of income. It’s a bad sign if a lender seems like it would accept anyone; it could mean it’s more interested in extracting fees from people than lending responsibly.

2. Check if the business is licensed and has good reviews

Any lender you work with should be licensed by the Federal Trade Commission in your state. You can find out this information through your state regulator or attorney general. We also recommend checking the lender’s letter-grade with the Better Business Bureau (BBB), which rates companies based on consumer complaints. If a prospective lender has been sued by a state attorney general, for example, you’ll be able to see those details on its BBB page.

3. Don’t pay cash upfront

It’s normal for origination, application, or appraisal fees to come out of the loan amount. But if a lender is charging you cash upfront, that is a major red flag.

4. Ignore the hard sell

Reputable lenders typically aren’t advertising to you over the phone or at your front door. If an ad or sales pitch seems like a scam, it probably is. Similarly, you shouldn’t work with any lender that tries to pressure you into applying or signing a contract.

5. Look for signs the lender is real

Your lender should have a robust and secure website (starting with “https” in the url in your browser and a padlock symbol), as well as a physical address. Online lenders may not have physical storefronts you can walk into, but they should still have an address that signifies an office staffed by employees.

Types of Bad Credit Loans

1. Secured and unsecured personal loans

Personal loans are either secured or unsecured. To get a secured loan, you need to put up an asset (such as your home or vehicle) as collateral for the loan. When you do this, the bank gets extra reassurance about your application and is more likely to approve you or give you a lower APR — but the risk is you could lose that asset if you fall behind on payments. Unsecured loans don’t require collateral and may come with higher interest rates and lower loan amounts, but they’re less risky for you as the borrower.

2. Payday loans

Payday loans are short-term, high-cost loans — often for $500 or less. You can get these loans quickly, but the fees and interest rates are exorbitantly high. Payday loans frequently land people in cycles of debt due to often-predatory lending terms. We recommend avoiding payday loans at all costs.

3. Cash advances

Cash advances are short-term cash loans borrowed from the available balance on your credit card. They can be an easy method for fast cash, but the interest rates are often much higher than a credit card’s standard purchase APR or a personal loan APR.

4. Bank agreements

Bank agreements are small loans given out by banks who have existing relationships with customers. If you’re in a bind, your bank may be able to loan you some cash — but keep in mind these policies are not official and the terms and requirements will differ depending on the lender and the applicant’s financial profile.

5. Home equity loans for bad credit

Home equity loans are fixed-term, fixed-rate loans taken out from the value of your home. These loans are secured by your home equity and may be available to you as a homeowner, even if you have “fair” or “poor” credit. But know that you are taking on additional risk — if you fall behind on payments, your home could go into foreclosure.

6. HELOCs for bad credit

Similar to home equity loans, a home equity line of credit (HELOC) is secured by the value of your home. But with HELOCs,  you’re borrowing from a revolving credit line (not unlike a credit card) and can withdraw cash any time you want within the draw period of the line of credit. After the draw period, you’ll enter a repayment period in which you cannot withdraw more cash and must pay back what was borrowed in a certain amount of time. Because of the COVID-19 pandemic, HELOCs have become extremely difficult to get for anyone with less than “good” credit.

7. Student loans for bad credit

Student loans are available to borrowers with “fair” or “poor” credit who are looking to pay for tuition, student living expenses, textbooks, and other learning essentials. You likely won’t be able to take out a personal loan for student expenses, so instead, you’ll need to shop around among specialized student loan lenders.

How to Choose the Best Bad-Credit Loan Company

Having a less-than-perfect credit score can limit your options when it comes to finding a lender, but you should still shop around for the best terms and do your research to make sure you’re working with a reputable lender. Here are some things to look out for:


In general, having a less-than-ideal credit score will disqualify you from getting the best rates, but you should still be mindful of what APRs (Annual Percentage Rate) you’re getting and shop around to get the best deal. Generally, APRs over 40% should be avoided. High APRs may be a sign of a predatory lender and taking loans with high APRs may make it more difficult for you to get out of debt. 


Besides the APR, fees are another important factor to watch out for, as they can quickly rack up. Common fees include application fees, origination fees, late payment fees, and prepayment penalties. Fees typically come out of the loan amount, so be wary of any lender charging money upfront. And it’s best to avoid lenders that charge prepayment penalties, which charge you a fee if you decide to pay off your loan early. 

Credit Score Requirements

Having a low credit score may rule out your ability to get a loan from certain lenders, but all the lenders we picked for this list have a minimum FICO credit score requirement in the “fair” credit score range, which is 580 – 669. Many lenders will list the recommended credit score ranges on their site, and some may even let you see if you pre-qualify without a hard credit inquiry. It’s important to keep in mind the credit score requirements and be strategic about applying so that you’re only applying to loans you have a good chance of qualifying for. 

Secured or Unsecured Loans

One factor to take into consideration when choosing a lender is if you want to get a secured or unsecured loan. With secured loans, you put down an asset — such as a house or a car — as collateral, which the lender can seize if you don’t make your payments. Since secured loans offer less risk to the lender, you may be able to get better rates or qualify with a lower credit score. However, you should weigh the pros and cons carefully and make a decision based on your individual financial situation. 

Transparency and Customer Service

A final thing to watch out for is the transparency of the lender and the quality of customer service. For this list, we at NextAdvisor ruled out lenders who did not make essential information easily accessible. A lender that is transparent about basic information does not guarantee they’ll be transparent about everything. And a lender that hides important information or appears misleading is never a good sign. 

Getting a sense of the quality of customer service before you sign with a lender can also be helpful. The lending and repayment process can be long and complicated, and working with a lender that’s helpful when issues arise can save you a lot of headache in the long run. You can check out customer reviews and complaints — as well as how the company responded to them — on consumer review websites like the Better Business Bureau (BBB).

Frequently Asked Questions About Bad-Credit Loans

How can I fix my credit to get a better loan?

If you want to increase your credit score to better your chances of getting a loan, here are some ways to do it:

  • Pay your bills on time. Payment history accounts for 35% of your FICO credit score, so the best way to increase your credit score is to pay your bills on time and in full every month.
  • Check your credit report for errors. You can check your credit report for free from the three major credit reporting agencies — Equifax, Experian, and TransUnion — every year. Report any errors to the credit bureau responsible so that your credit score isn’t harmed by inaccurate information. 
  • Don’t close old credit cards, even if you’ve paid them off. The average age of your credit history accounts for 15% of your FICO credit score. Even if you don’t intend on using a card regularly, it’s best to keep it open, especially if the card is your oldest card.
  • Avoid opening too many new cards at once. Recent activity accounts for 10% of your credit score, so you’ll get dinged if you open — or even apply for — too many credit cards and loans at once. 

What is an unsecured personal loan?

With a secured loan, you put down an asset — such as a house or a car — as collateral, and the lender can seize that asset if you don’t make your payments. An unsecured loan does not require putting down collateral. Unsecured loans are considered riskier for the lender, and because of this, unsecured loans will typically have higher interest rates, lower loan amounts, and stricter credit requirements than secured loans.

Even if you don’t have assets on the line, defaulting on an unsecured loan still has serious consequences. It will seriously damage your credit score, and lenders may take legal action against you. 

How much can I borrow?

The amount you can borrow will depend on the lender you choose and your credit application. The loan amount offered by the lenders we included here range from $1,000 to $50,000. In general, the higher your credit score, the larger the loan amount you’re likely to be approved for. The APR you pay on the loan will also vary depending on the loan amount. Larger loan amounts will also typically have longer loan terms. 

Can you get a small loan with bad credit?

Having bad credit will make it harder for you to get a loan, but it is possible. All the lenders we included on our list have minimum FICO credit score requirements in the “fair” range, which includes scores from 580 – 669. Keep in mind that the lower your credit score, the higher your APR will likely be. Be wary of payday loans or other predatory lenders who may offer loans to those with poor credit at the cost of extremely high APRs and fees.

If you have a bad credit score, here are some things you can do to improve your chances of getting approved:

  • Lowering your debt to income ratio (total debts divided by total income)
  • Demonstrating that you have a stable source of income
  • Getting a co-signer on the loan, if the lender allows it
  • Getting a secured loan instead of an unsecured loan

Can you get a loan if you’re unemployed?

It is possible to get a loan if you’re unemployed, but it may be harder, and there are certain considerations you’ll need to take in mind. Lenders ask for employment information because they want to make sure you can make the monthly payments. If you have a source of alternative income outside of a traditional job — unemployment benefits, social security benefits, a side hustle, or a spouse’s income — you may have better chances of getting approved for a loan.

Can you get a loan with no credit check?

Most reputable lenders, even ones that have lower credit score requirements, will require a credit check. Be wary of companies who promise to accept anyone; it may be that they’re more interested in making money off of high fees and APRs than lending responsibly.

What’s the easiest loan to get with poor credit?

In general, secured loans are easier to get than unsecured loans because they’re less risky for the lender. Secured loans also tend to come with lower interest rates than unsecured loans, even if you have poor credit. Secured loans are riskier for the borrower, however, because you could lose your collateral if you don’t make payments.

One type of loan you should avoid is payday loans, which may have low credit score requirements at the cost of high fees and APRs that could dig you deeper into debt. 

How will applying for a poor-credit loan impact my credit score?

When applying for any loan, the lender will run a “hard” credit inquiry on you, meaning they’re pulling your credit report from a credit bureau to assess your creditworthiness. A “hard” credit inquiry can temporarily harm your credit score and may stay on your credit report for two years. Because recent activity accounts for 10% of your credit score, it’s best not to apply for too many new credit accounts in a short period of time.

Sometimes lenders will offer a “soft” credit inquiry to allow you to check if you’re pre-qualified for a loan and what rates you’ll get before you formally apply. “Soft” inquiries will not affect your credit score. 

What documents are required to apply for a bad-credit loan?

Requirements will vary from lender to lender, but in general, here’s what you should have on hand when you apply for a loan:

  • Driver’s license or other type of photo ID
  • Proof of Social Security number
  • Tax returns
  • Paystubs
  • W-2 forms
]]> 0
Best Emergency Loans for Bad Credit in 2021: Get Installment Loans for Low or No Credit Check [Top Loan Places Near Me] Wed, 03 Nov 2021 23:48:02 +0000 The idea that “accidents happen” is a fact of life. No matter how careful you are, no matter how well you save, you aren’t immune to financial emergencies. When something bad happens, it may leave you wondering if it’s possible to manage your finances to deal with the situation without bankrupting yourself. Most people apply […]]]>

The idea that “accidents happen” is a fact of life. No matter how careful you are, no matter how well you save, you aren’t immune to financial emergencies. When something bad happens, it may leave you wondering if it’s possible to manage your finances to deal with the situation without bankrupting yourself.

Most people apply for an emergency loan in their time of need. An emergency loan means you get the money as quickly as possible so you can handle what’s happening. Much like any other loan product, an emergency loan has certain terms and conditions to follow, including interest rates and loan length.

As helpful as an emergency loan is, many wonder where to find emergency loans with bad credit. Your credit score determines your eligibility for financing. The lower your credit score, the lower your chances of a successful application. A low credit score, especially when combined with a history of missed payments and an unstable financial situation, makes lenders wary about giving you money.

There is hope for people with bad credit. We’ve put together a list of what we consider to be the four best emergency loan providers that are willing to talk to people with bad credit. There’s nothing stopping you from getting the money you need when you need it, not even a bad credit score.

Our List of Top 4 Emergency Loans:

  1. MoneyMutual: Overall Best Bad Credit Emergency Loans
  2. Bad Credit Loans: Most-Trusted for Poor Credit Score Loans
  3. CashUSA: Highest Approval Rate, No Credit Check
  4. Personal Loans: Get Instant Loans at Lowest Interest Rate

Here’s the detailed review of our top picks:

#1. MoneyMutual: Overall Best Bad Credit Emergency Loans

MoneyMutual is at the top of our list with good reason. The company has helped thousands of people get through financial issues. This is just one of the reasons that this is the first name people think of when considering a bad credit loan provider.

Applying with MoneyMutual couldn’t be easier. It takes just five minutes or less to fill in the online application. MoneyMutual then takes the information in the form and compares it to eligibility criteria for different loan providers in their lending network to find the right lender for you. Soon after, you should receive competitive loan offers from lenders willing to work with a bad credit score. The website accepts applications for payday loans, bad credit loans, and regular installment loans.

The lenders that work with MoneyMutual include all the important details such as terms and conditions in your loan offers. The only restrictions are that you need to be at least 18 years old, earn at least $800 per month, and have a checking account. This remains one of the most convenient options for getting through a tough financial situation.

You won’t need to worry about the security of your information either. The website is protected by Norton encryption to be as secure as possible. The customer reviews for the service also seem legitimate. Keep in mind that the website’s job ends as soon as you apply for a loan. The website can’t promise the same level of security once you go off-site and visit the lender’s website.

MoneyMutual makes it easy for consumers to find and request emergency loans without having to deal with queues and lengthy interviews. It doesn’t take much to see what made this one of the most trusted names in the financial market.

Fees and Interest Rates

The interest rate for your loan depends on the loan type and your situation. Their average Annual Percentage Rate (APR) ranges between 5.99% and 24.99%. MoneyMutual doesn’t charge origination fees for emergency loans and doesn’t provide emergency loans directly. It works as a middleman connecting applicants and lenders.

When you have selected the most attractive offer, you’ll be taken to the lender’s website to start negotiations and arrange a loan. Those loan providers have unique terms and conditions, including interest rates. You’ll have to talk to the provider about what they expect from you.

Loan Limits and Terms

With one of the largest lending networks of any online loan platform, MoneyMutual is the expert at connecting people who need money to people who have it. You can find emergency loans between $100 and $5,000. Loans as low as $500 are more likely to be approved.

Given that MoneyMutual is just the middleman between two parties, it doesn’t define the terms and conditions of the loan. These conditions are set by the lender and you’ll need to talk to them if you wish to change anything. Be sure to read through the terms and conditions of a loan before signing for it so you understand exactly what you’re getting yourself into.

MoneyMutual offers three loan types – payday loans, cash advances, and bad credit loans. Payday loans are the easiest ones to qualify for. They have high-interest rates to account for that, however, so you should be careful about reading all the information in your loan offer.


  • Quick application
  • Different loan types
  • Encrypted website
  • Borrow between $100 and $5,000


  • Not available to applicants in Connecticut or New York

⇒Visit the official website of MoneyMutual

#2. Bad Credit Loans: Most-Trusted for Poor Credit Score Loans


Bad Credit Loans is another great option to consider if you’re looking for an online lender that connects you to lenders. What makes this service so reliable is that they still try to help even if they can’t find the right loan for you. If that happens, the website redirects you to other resources where you can find the help and support you need to get your credit back on track.

The name “Bad Credit Loans” says it all—this is where you go to find emergency loans with bad credit. The service connects people to loan providers when they need them and offers plenty of other advice and works with charity programs.

The website provides information on how people can apply for emergency loans, how to be careful with money to prevent future financial issues, and how to pay a loan back quickly and efficiently. Given that financial emergencies can—and do—happen at any time, it’s good to know that you can count on Bad Credit Loans for a quick and easy emergency loan.

Having bad credit does make it more difficult to borrow money from a financial institution. That’s nothing to worry about with Bad Credit Loans, as the service sends you to people who are more than willing to lend money to people with bad credit.

You’ll have your application filed in just five minutes. From there, the website finds lenders who suit your needs. Open the website and apply for the loan directly and wait for responses.

Fees and Interest Rates

Bad Credit Loans mostly deal in small emergency loans with interest rates between 5.99% and 35.99%. Actual interest rates may vary as the website doesn’t provide loans directly and instead connects you with lenders.

You can use the platform to find a loan without spending a penny. Finding and obtaining a loan has never been easier thanks to the latest technological advancements. Some people with bad credit are still hesitant to apply for a loan out of fear of their application getting rejected. You don’t need to worry about that with Bad Credit Loans.

The website is made for people with bad credit that won’t let them borrow emergency funds when they need it. The website doesn’t list any terms and conditions and doesn’t make any promises because everything comes down to the lender. This makes the whole process smoother.

Bad Credit Loans connects you to lenders who are willing to work with someone in your situation. You can contact the lenders directly to learn more about interest rates, terms, and conditions before accepting a loan.

Loan Limits and Terms

Lenders in the Bad Credit Loans network are willing to offer between $500 and $10,000 to borrowers with bad credit. How much you can borrow depends on your needs. The loan term also varies, typically between 3 months and 36 months.

You’ll need to meet some basic criteria to use Bad Credit Loans. You must be at least eighteen years old, have an income source you can use to pay the loan back, be a legal citizen or resident of the United States, and have a checking account to accept the loan.

Bad Credit Loans isn’t involved in anything past the initial process. The lender takes over from here. Lenders have specific terms, conditions, amounts, and term lengths you need to go through before agreeing to anything. Find a loan that best suits your budget and financial needs. Of course, you could reject all the offers and start again somewhere else.

Bad Credit Loans is a great resource for anyone who needs money and is worried their bad credit rating is holding them back.


  • Borrow up to $10,000
  • Free and fast application
  • Flexible credit requirements
  • Plenty of information and advice on borrowing money


  • Not every lending partner works with applicants in every state

⇒Visit the official website of Bad Credit Loans

#3. CashUSA: Highest Approval Rate, No Credit Check


CashUSA is one of the first websites to go to when you need an emergency loan. The website has been there for thousands of people who needed emergency loans without compromising their safety and security. CashUSA employs industry-standard encryption to ensure your private information stays private.

CashUSA is a great resource to find emergency funding when facing a financial crisis. The platform has a mix of state and tribal lenders to guarantee a quick and reliable service that effectively caters to your needs. Please note that tribal lenders are not bound by state laws and limitations and often have higher interest rates because of it.

Visit the CashUSA website to get started. You may find a loan in less than five minutes thanks to the simple online form. Your request is sent to lenders who can approve or deny it. Once someone approves and you arrange the loan properly, the money is in your account within one or two business days.

Like the other services we’ve looked at today, CashUSA doesn’t offer emergency loans directly. Instead, the website finds a suitable lender and connects you to them. Given that different lenders have different criteria and requirements, the website finds lenders to suit your needs and requirements. It does all the hard work for you. Not only does CashUSA connect borrowers and lenders, but it also has plenty of other educational resources and information to help you make an informed decision.

Loan Fees and Interest Rates

As the website exists only to connect lenders and borrowers, CashUSA doesn’t determine interest rates or fees on emergency loans. Those are all determined by lenders. However, it’s free to use the website to find a loan. You can search for loans and apply for them without spending a penny.

Not only does the website offer free applications, but you don’t have to worry about sending separate requests to multiple lenders as everything is done through CashUSA. Loan requests are sent to lenders on your behalf, according to your circumstances and the information in the application form.

When you receive an offer from one of the lenders in the network, you can go through it and see if you agree to it or not. If you do, accept the offer, and prepare to get your loan. If not, decline the offer and keep up the search.

Loan Limits and Terms

CashUSA has some of the least restrictive eligibility requirements we’ve seen. You’ll have to be at least 18 years old, have a checking account for the money to go into, and earn at least $1,000 after taxes. Applicants must also be a citizen or legal resident of the United States to qualify.

If you meet those criteria, you can request loans up to $10,000. The website is different from some of the other names in our list because you can find smaller emergency loans other services don’t offer. What truly makes CashUSA stand out is that you can apply for a personal loan no matter your personal credit situation. One click is all it takes to find a wealth of lenders willing to work with you.

We’ve investigated CashUSA ourselves and can say that this website is as good as its word. There are plenty of educational resources to help guide you through the entire process and a wealth of unbiased advice. This is easily a platform worth your time and attention.

We remind you to go through the full terms and conditions of any loan offer you receive, including the APR, fees, and other terms and conditions. You should know all of this so you can make an informed decision about which loan to pursue.


  • Fast application process
  • Website secured by encryption
  • Borrow up to $10,000
  • Potential to find smaller emergency loans


  • Loan terms and interest rates may vary depending on applicant state

⇒Visit the official website of CashUSA

#4. Personal Loans: Get Instant Loans at Lowest Interest Rate


Personal Loans are the fourth and final name on our list. This is another example of a great platform where borrowers can find lenders. You’ll have the chance to obtain a personal loan between $1,000 and $35,000.

This Utah-based company has stood the test of time by delivering great service to customers. Everyone has positive things to say about Personal Loans. It all starts with a simple form you can file without having to even leave your house. The website is easy to navigate to make the process as effortless as possible.

After completing your application, the website passes your information around between lenders. If someone agrees to your request, you’ll go to their website so you can finalize the details, read the terms and conditions, and obtain the loan. Remember to pay careful detail to the small print in the agreement.

If you accept the loan and agree to the terms and conditions, the money should be with you within one business day.

Personal Loans have plenty to offer those in need. Even if you can’t find a lender directly through the platform, it could still have recommendations on who you can contact to get the loan you’re looking for.

Personal Loans also have secure encryption running across the website to keep your details safe.

Interest Rates and Fees

You won’t pay a penny to file your application. Personal Loans offers that service free of charge. The platform also doesn’t get itself involved directly with your loan offer, meaning they have no control over loan fees or rates.

The APR range is about average for this kind of service, with APRs between 5.99% and 35.99%. These are fixed interest rates, meaning that you won’t be caught out paying more than expected if the market changes.

Loan Limits and Terms

With loans available between $1,000 and $35,000, we’re sure you will find a great loan to suit your needs. These emergency loans come with terms of up to 72 months. Aim to borrow less if you need less, as smaller loans are easier to obtain and repay and better for you in the long run.

You’ll need to make at least $2,000 per month, be at least 18 years old, have a social security number, and have a bank account to qualify for a loan with Personal Loans.


  • Loans available up to $35,000
  • Connect to lenders for free
  • May receive funds within one business day
  • Safeguards your personal information


  • Has the highest minimum income requirement

⇒Visit the official website of Personal Loans

The Factors We Considered for Our List

Now you’ve seen our list of the best four choices for emergency loans, you might be wondering how we put it together. Here are the main factors we considered when compiling our list:

Company reputation is always a key consideration, especially with something sensitive like an emergency loan. No matter the platform you choose, ensure you go through some testimonials to get an idea of what to expect and how trustworthy people think the service is.

  • Flexible Terms and Conditions

As you assess the terms and conditions of a loan, don’t forget that some lenders offer emergency loans to people with low credit scores all the way down to 600 or lower. However, the lower your credit score, the more difficult it is to find a loan with flexible and fair terms and conditions. Don’t be afraid to keep looking and find the perfect loan for your needs.

They’re called “emergency loans” because you need the money in an emergency. The faster the money is in your account the better. What’s the point of an emergency loan if the money arrives too late? We recommend platforms like MoneyMutual that send your money in as little as 24 hours.

Avoiding hidden fees and extra charges is one of the most important things to do when seeking a loan. The platforms we’ve looked at today offer full transparency and disclose all terms and conditions, including fees and charges. You know you’ll never be charged more than they say and there are no hidden fees to worry about.

Can I Get a Bad Credit Emergency Loan?

Getting an emergency loan when you have bad credit is possible. The first thing to do is go over your financial records. Lenders ask for a variety of records, including a recent payslip, W-25 form, 1099 form, and two years of tax returns. You should also get some recent bank statements and have the name and number of your employer to hand just in case.

Lenders also ask for some evidence of your identity and address. This could be a state-issued identity card, a driver’s license, or a medical bill, or other official letters.

You should be prepared to explain why you need the money and how you plan to use it. You can also include some documentary evidence to support your request and boost your eligibility for the loan. Having a good reason for wanting the money will help to convince the lender you need the money and won’t spend it on something frivolous.

Lenders will also want some proof you can pay them back before they issue a loan. Your ability to repay a loan is determined by the debt-to-income ratio. A credit score is also part of the process. You should have no problem securing a loan if less than 35% of your income goes towards paying debts.

After preparing all that, it’s time to look for a lender. When you find one, you’ll be asked for a soft credit check. This is a basic check that doesn’t affect your credit rating. Lenders may ask for a hard credit check, which is more thorough and could affect your rating.

Be sure to go through the full terms and conditions of a loan before you sign for it. Remember that you should never borrow more than you can afford to repay. Only take on emergency loans you know you’ll have no problems sticking to and paying back.

How to Recognize Payday Loans

Many people are so desperate for money they consider payday loans. You’ll likely qualify for a payday loan even with a bad credit score, but we suggest you use them only as a last resort. Payday loans are unreliable and have high-interest rates that make them difficult to pay back. These emergency loans are for those with no other option.

A payday loan doesn’t sound so bad until you look at the terms and conditions. That’s when you see the insane interest rates and understand how much financial trouble you’re in if you don’t pay it back on time.

Here are the classic signs of a payday loan:

  • The lender says you can get the loan without a credit check at all. Legitimate lenders always ask for at least a soft credit check.
  • You can only borrow a small amount of money, typically under $500, and have no problem getting approval
  • The APR is incredibly high
  • You only have a month or two to pay it back

What You Need to Know About Emergency Loans

  1. Submitting a loan application doesn’t mean you’ve got the loan and your application will be accepted. No lending platforms offer a full guarantee your application will always succeed. Most websites have disclaimers saying you might not find the right lender with them. Even people with a good credit rating might have some trouble getting emergency loans from certain providers.
  2. Online lenders rarely ask for a hard credit check that can damage your credit score. They have other ways to determine your reliability and ability to repay a loan on time.
  3. You should have the paperwork finalized as soon as you can. This ensures you get the money faster.
  4. Understand the difference between a secured and unsecured loan. A secured loan has a lower interest rate, but you put an item of value, such as a vehicle, up as collateral. Your property is seized and sold if you fail to repay the loan, giving the lender a chance to make their money back. An unsecured loan has a higher APR but doesn’t rely on collateral.
  5. High-interest rates are part and parcel of getting a loan with a bad credit rating. It’s not all bad, as most platforms offer fixed interest rates. This means you won’t be stuck paying more than you agreed to if the market shifts.


Q1. Is 600 a poor credit score?

FICO defines credit scores between 600 and 660 as being “Fair,” not Poor. However, this is not considered a good credit score either. Having a credit score of 600 means you’re one point away from being in “Poor” territory. Consider 600 to be the bare minimum credit score for finding a good loan.

Q2. How much can I borrow with my low credit score?

How much you can borrow depends on the lender. Some lenders offer higher value emergency loans, but those typically come with higher interest rates. You should think about how much you need rather than how much you can borrow at once. Do you need $3,000? Only borrow $3,000, even if you qualify for more. A smaller loan is easier to repay and more likely to be accepted.

Q3. Are there alternatives to interest-based loans?

If you can’t get a personal loan or installment loan because of your credit rating, but still need money, then you have two options. The first is to sell belongings and raise money that way. The other is to borrow from someone you know.

However, even when borrowing from friends and family, you need to agree to some conditions and stick to them. While you might not lose personal property by not repaying a private loan from a friend, you could lose the relationship and that is far more precious than any material good.

Q4. What makes borrowing online better than borrowing through traditional lenders?

There are several things that make borrowing money online better than traditional lenders. Firstly, you get access to all the lending platforms you need without having to leave your house. You also avoid going through several hard credit checks that could decimate your credit rating. Online lenders also have reasonably fair interest rates compared to their brick-and-mortar counterparts.

Q5. Which is the best online lending platform?

We’ve looked at four lending platforms today. While all of them are great, we feel that MoneyMutual is the one that deserves to be called the best.

Final Thoughts

Borrowing money online has changed the face of the financial industry for the better. Unlike standard lenders that have lengthy application processes and meetings before giving their approval, an online platform can get you the money you need in as little as 24 hours.

Online lenders also help to improve your credit score. They report to credit agencies like any other lender. A bad credit loan is one way to give your credit rating the shot in the arm it needs. If you make timely payments and stick to the loan agreements, you’ll have an easier time getting a loan in the future with a better credit score. Some people go so far as to borrow money for the sole purpose of improving their credit.

]]> 0
Are early wage access products a worker-friendly innovation — or loans that need regulation? Wed, 03 Nov 2021 23:47:59 +0000 Hello and welcome back to MarketWatch’s Extra Credit column, a weekly look at the news through the lens of debt. This week we’re once again digging into an obsession of mine: How we define debt or credit and the implications of that definition for businesses and consumers.  Earned wage access products have been at the […]]]>

Hello and welcome back to MarketWatch’s Extra Credit column, a weekly look at the news through the lens of debt.

This week we’re once again digging into an obsession of mine: How we define debt or credit and the implications of that definition for businesses and consumers. 

Earned wage access products have been at the center of that debate recently. These products, sometimes called on-demand pay and early wage access, allow users to receive income from their jobs before it would normally hit their bank account. 

Companies offering these products generally work in one of two ways. In the first model, these companies partner with employers — including some of the biggest and most well-known — and integrate into their payroll system to provide users with money they’ve earned working for the company but haven’t yet received due to the typical biweekly pay cycle. Sometimes the service is offered for free to the employee, in many cases because the employer pays for it. In other cases, users may pay a fee. 

Other earned wage access providers don’t work with employers at all. Instead they ask for access to a user’s bank account and determine how much and when an employee gets paid either through information provided by the user or other data, like how much time they spend at work based on their cell phone patterns. Based on that information, they’ll assess whether and how much money makes sense to advance to the user and provide them with the funds. 

Boosters of these products say they’re disrupting the payday loan industry, using technology to find a cheaper way to provide workers who may have poor or thin credit with the funds they need, and in many cases, have already earned. But as the sector has grown into a multi-billion dollar industry over the past few years, debate has been brewing around whether these products are credit as defined by law. 

How lawmakers and regulators come down in that debate could have major implications for the types of disclosures these types of products are required to provide and the rules, particularly surrounding discriminatory lending, that they may need to follow. It’s a question swirling around a variety of fintech products that supporters say are offering consumers a much-needed alternative to traditional financial services and consumer advocates worry are actually loans trying to avoid the regulations that come with them. 

Some states are looking at this question as it relates to earned wage access products. The Consumer Financial Protection Bureau may look too. 

CFPB weighed in last year

Last year, the CFPB under Kathy Kraninger, the then-director appointed during the Trump administration, issued an advisory opinion saying that earned wage access products that work through employers and that don’t charge employees to use them aren’t credit products and therefore don’t have to abide by certain lending laws. The agency also said that certain earned wage access products offered by Payactiv, a provider in the space, can operate without worry about being held liable to those lending rules. 

Now, a group of consumer advocates is asking the Biden-era CFPB to reverse that decision. Earlier this month, a coalition led by the National Consumer Law Center and the Center for Responsible Lending, wrote to the agency urging officials to regulate earned wage access products as credit. 

“These are loans and viewing them as not credit, allows all sorts of evasions and predatory high cost lending,” said Lauren Saunders, associate director at NCLC. “If somebody advances you money ahead of payday and you repay it on payday, that’s a payday loan.” 

The CFPB under Kathy Kraninger, the then-director appointed during the Trump administration, issued an advisory opinion saying that earned wage access products that work through employers and that don’t charge employees to use them aren’t credit products

Aaron Marienthal, Payactiv’s general counsel said, “it’s not surprising that Payactiv disagrees with most of the assertions in the letter.” Payactiv came up with “an innovation that fixes a lot of problems with other alternative liquidity options that are out there on the market,” he added. “And so suggesting that these products are in any way negative or not consumer-friendly is really backwards.”  

A CFPB spokesperson said the agency had received the consumer groups’ letter and officials “appreciate this coalition’s input on this issue.” 

Some say the question of where the products fit is murky

To some, the question of whether these products are credit is murky. Jim Hawkins, a professor at the University of Houston Law Center, said he started looking at the earned wage access industry more closely in part because he finds products that “don’t fit neatly into the ‘this is credit’ or ‘this not credit’ categories,” interesting. 

“Different earned wage access products are structured differently, but some theoretically have no cost,” he said. “Most of the time what people are worried about with credit is that it’s going to be too costly. On the other hand, especially where there’s a third party involved that’s giving the money in advance, that looks like a debt. If you owe a third party — even if it’s going to come directly from your paycheck — it still looks like a debt.” 

To Hawkins, this ambiguity means it makes sense to design regulations for these products that are more specific to what they do. For example, he thinks they should be required to be non-recourse, or that earned wage access providers can only get funds from someone’s paycheck and a user isn’t personally liable — or subject to debt collection — beyond that. 

In researching these products for a law review article, Hawkins also found that many have terms that are “pretty abusive to consumers,” he wrote, including requiring users to give up their right to trial by jury and their right to sue as part of a class action. Hawkins thinks these kinds of contract terms should be banned as part of regulating the industry. 

James Kim, a partner at Ballard Spahr, who co-leads the firm’s fintech and payments team, said depending how the products are structured, they are already regulated under laws governing payroll deduction and wage garnishment. Any effort to treat earned wage access products as credit would have to be mindful of how they interact with those state laws already on the books, he said. 

He added that some companies have designed their products carefully so that they’re clearly not credit: by partnering with employers who are the entities responsible for ensuring the companies get their money back and by only providing funds to consumers that they’ve already earned. 

“Depending on how the product is designed and structured and delivered there is some regulation around it,” he said. “Therefore there’s no need to rush to judgement. Let’s thoughtfully play this out rather than have this urgency that is false and this desire to paint the entire industry or all products with a broad brush.” 

Hawkins worries that categorizing earned wage access products as credit and regulating them as such could wind up pushing consumers towards more dangerous products. 

“The reality is we’re living in a society where people don’t have access to cheap credit and sometimes have liquidity concerns,” Hawkins said. “If we regulate this out of existence or create an environment where companies don’t want to experiment with better financial products we’ll be left with the ones we’ve had forever and those are really expensive.” 

Worries the products post similar risks to payday loans

It’s true that even when they’re not free, earned wage access products are typically cheaper than payday loans. In some cases, companies will charge a fee, typically $5 or less, for workers to access their pay early multiple times during a certain period of time, sort of like a subscription. In other cases, they may charge a similar fee per transfer. That’s compared to an average of $55 per two weeks for a payday loan, according to a 2016 report from The Pew Charitable Trusts. 

Still, the products can pose risks to consumers that are similar to payday loans, said Rebecca Borné, senior policy counsel at the Center for Responsible Lending. For one, just like with payday loans, consumers can end up in a cycle of relying on the advances these products provide. 

“Because they accessed that $200 early, then they need to access $200 the next pay period and the next pay period,” she said. “The costs of even low-cost earned wage access loans can really add up. What we don’t want to happen is borrowers end up in this cycle of paying anywhere from $30 to $50 to $100 a month just to have gotten one paycheck early.”  

These products also could wind up having high effective interest rates. In his law review article, Hawkins uses the example of a hypothetical employee who makes $80 a day paying $3 to access half of their daily pay seven days early. “The effective interest rate would be close to 390%, the same annual percentage rate (“APR”) as many payday loans,” he writes.

In addition, when earned wage access products don’t work through an employer and instead are sold directly to the consumer, they have access to the user’s checking account. “That is huge,” Borné said. 

“They put the lender first in line,” she said. That means the company could put the consumer at risk of triggering insufficient funds fees or overdraft fees if they debit money from the user’s bank account to get paid back for the advance and the funds aren’t there.  

“All of those risks are the very same risks we talk about when we talk about payday lending,” Borné said. When a borrower uses a payday loan, they also give the lender access to their checking account either by writing a check dated to the borrower’s payday or by giving the lender electronic authorization to debit the account on pay day. 

The CFPB’s advisory opinion only applies to a specific category of products, those that work with employers and are free. “My thought was this covers so little of the market that it’s not that significant,” Hawkins said of the CFPB opinion issued last year. 

But consumer advocates worry that the agency’s determination that at least some versions of this product aren’t credit could be — and is already being used — in debates in statehouses around the country to convince lawmakers to exempt the products broadly from regulations surrounding loans and credit, like usury laws.  They also worry it could undercut supervisory and enforcement actions by regulators against lenders that violate lending laws with products that do cost money.

Marienthal of Payactiv said the company is “actively working with regulators and legislators” to establish guardrails for earned wage access products, like requiring employer verification of wages and ensuring the products are non-recourse so they don’t impact a user’s credit score or result in the user facing debt collection. 

Consumer advocates worry that companies’ push to regulate these products as something other than credit “will lead to evasion of consumer protection and fair lending laws,” they write in the letter

“We would acknowledge that a free loan against somebody’s wages is a much better option than a really high cost payday loan,” Borné said. “We’re more concerned about making sure these are regulated in a sound way. Today we may be talking about a free earned wage advance and tomorrow we might be something that is 400% APR.” 

Some states, like Georgia, New Jersey and North Carolina have considered carve outs from lending laws for these products that are “extremely broad,” Borné said. If those exceptions turn into laws, Borné and other consumer advocates worry that riskier earned wage access products could flood the market and that payday lenders may even start to style themselves as earned wage access providers. 

In California, regulators are gathering data 

In California, regulators are in the midst of considering how to approach these products. Recently the state’s Department of Financial Protection and Innovation received expanded authority through the legislature, giving the agency broad powers to supervise and regulate consumer finance products, similar to the CFPB at the federal level. 

But they want to do it right, said Suzanne Martindale, the senior deputy commissioner of the consumer protection division at the agency, ensuring that they strike the right balance between protecting consumers — “particularly when were talking about some of these small dollar offerings, we know they’re being used by people who may be chronically economically insecure,” she said — and fostering responsible innovation. 

One thing that is clear, Martindale says, “it’s not about whether or not to regulate a product, it’s about how.” 

To do that, the agency is gathering information. Earlier this year DFPI memorandums of understanding with several early wage access companies to provide the state with data about things like the company’s number of transactions, volume in dollar amount and effective APR. The agency plans to use this data to get an inside look at how these businesses work and determine which laws apply to the companies, regardless of how the companies describe themselves. 

The California regulator hasn’t decided yet whether these products fit into the category of credit, Martindale said. 

“We have not made a determination yet, we want to have transparent dialogue with the companies and with stakeholders,” she said. “We may, for example, make a determination that we believe needs to be addressed through future regulation. We want to be proactive, but we want to be measured in our approach, because we want to get it right.” 

]]> 0
Forget payday loans, this is Canada’s new generation of high-interest loans – National Wed, 03 Nov 2021 23:47:57 +0000 All Kathleen Zane wanted to do was buy a couch. Instead, she says she ended up with $5,850 in debt and a personal loan with an annual interest of 29.99 per cent. “I was crying,” Zane says of the moment she says she realized how high her interest rate was. Debt from high-interest installment loans, […]]]>

All Kathleen Zane wanted to do was buy a couch. Instead, she says she ended up with $5,850 in debt and a personal loan with an annual interest of 29.99 per cent.

“I was crying,” Zane says of the moment she says she realized how high her interest rate was.

Debt from high-interest installment loans, a fairly new product which has gained popularity in recent years, is becoming increasingly common among Canadians with low credit scores or short credit histories. And critics say the loans can be as treacherous for consumers as payday loans.

Borrowers can only take out a maximum of $1,500 through a payday loan, notes Donna Borden, a national leader at anti-poverty group ACORN leader and acting chair of the organization’s the East York Chapter in Toronto.

“Now, if somebody wants more … then (lenders) just say, ‘Well, we’re providing installment loans,” she says.

Story continues below advertisement

ACORN says it has seen a 300 per cent increase in the share of borrowers taking out high-interest installment loans between 2016 and 2021.

Read more:
Pay $4,300, get $1,750 back after 3 years. One man’s cautionary tale about ‘savings loans’

Payday lenders are exempt from federal rules capping the maximum annualized interest at 60 per cent and can charge interest rates of up to 500 or 600 per cent. But they are also small, short-term loans — and often tightly regulated. Canadians cannot borrow more than $1,500 through a single payday loan and usually must pay the loan from their next paycheque, according to the Financial Consumer Agency of Canada (FCAC).

High-interest installment loans, on the other hand, are subject to the 60 per cent limit on interest. But they also allow Canadians to borrow up to tens of thousands of dollars for terms of up to several years, sometimes resulting in consumers paying more in interest than they received through the loan payout.

The public profile of the lenders that offer high-interest personal loans is also often quite different from that of payday lenders. Zane’s loan, for example, is from Easyfinancial, a division of Goeasy, a Mississauga, Ont.-based alternative lender that counts more than 400 retail locations across Canada.

Goeasy, boasts an A+ rating from the Better Business Bureau, awards for best corporate culture and place to work, and says it has raised more than $3.8 million to support the Boys and Girls Clubs of Canada and Habitat for Humanity. An Easyfinancial airy storefront on Toronto’s trendy Queen Street East features high ceilings, exposed brick interiors and a “Proudly Canadian” sign on the window.

Story continues below advertisement

Read more:
When he lost his income amid COVID-19, Spring Financial gave him a loan but no cash upfront

In an email to Global News, Goeasy said its Easyfinancial loans help credit-challenged Canadians rebuild their credit profile until they can borrow at lower rates from banks and traditional lenders.

“With over 8.4 million Canadians with non-prime credit scores, our customers are hardworking everyday Canadians that have typically been turned down by banks and traditional lenders,” the company wrote. “Often met by life’s circumstances that have negatively impacted their credit, they turn to easyfinancial for financial relief and a second chance.”

Some payday lenders are also offering personal installment loans. On its website, for example, Money Mart mentions installment loans before its “cash-advance” loans, which work like a traditional payday loan.

The company did not respond to several requests for comment.

Traditional lenders, such as big banks, also offer installment loans but at much lower interest rates. However, people with low credit scores are often turned away.

Global News has interviewed borrowers who took out high-interest personal loans and reviewed their loan agreements. The documents all contain plain language that clearly lays out the terms of the loan. They also allow borrowers to repay part or all of the loan at any point as a lump sum without penalties.

Story continues below advertisement

Read more:
By the numbers: How to reduce your debt when you can’t repay

But two of three borrowers told Global News they did not understand that the loans came with such high-interest rates. And two out of three borrowers said their lender proactively contacted them about taking on more debt just months after signing their first loan agreement. A third borrower said he filed a consumer proposal because he couldn’t keep up with his loan.

Click to play video: 'Money Matters: Paying off credit card debt faster'

Money Matters: Paying off credit card debt faster

Money Matters: Paying off credit card debt faster – Oct 5, 2021

In Grimsby, Ont., Zane, a now-retired call-centre employee, says when she signed up for financing for a $1,466 couch from Surplus Furniture and Mattress Warehouse in November 2019, she says she didn’t understand she’d taken out a high-interest personal loan with Easyfinancial.

Story continues below advertisement

Her loan agreement shows she borrowed the amount for couch, an additional $395.50 and a fee of $102 for a total of just under $1,965. The loan had an annual interest rate of 29.99 per cent. The annual percentage rate (APR), which indicates the total cost of borrowing including interest and other charges, was just over 39 per cent.

Image courtesy of Kathleen Zane.

Easyfinancial offers unsecured and secured personal loans, auto loans and financing for the purchase of goods and services through over 4,000 retail and merchants such as Surplus Furniture and Mattress Warehouse, the company told Global News via email.

The installment loans provided by Easyfinancial for purchase-financing are separate from a lease-to-own program for household goods such as furniture and appliances that is available through Easyhome, another division of Goeasy, the company said.

Zane says she doesn’t remember receiving communications from Easyfinancial until a few months after she bought her couch. Her first payment was due at the beginning of February.

Story continues below advertisement

In mid-March, though, just as Ontario went into lockdown due to the spread of COVID-19, Zane said she received a call from an Easyfinancial representative saying she’d been pre-approved to borrow up to around $5,000 and inquiring about whether she needed to borrow more.

At the time Zane says she, like several others of her co-workers, had just taken a leave of absence out of concern about contagion in the Barrie, Ont.-based call centre where she worked.

“I’m sitting there thinking, ‘I’m not going to get paid by anybody at my company … the government’s not going to pay me. So I better take out this loan because I have to pay the rent,’” Zane recalls.

At the time the federal government had not yet announced the Canada Emergency Response Benefit (CERB), the first of Ottawa’s COVID-19 income support benefits for individuals.

Zane’s second loan agreement with Easyfinancial shows she borrowed $5,850 with a loan term of 36 months and an APR of around 30 per cent. At the time, she was also dealing with her critically ill mother, who would pass away a few days later, she says. She says she did not realize what the conditions of the loan were until several months later, when she says she asked the company to provide details on the balance of her loan.

For months she says she had “no idea” of how expensive the loan was.

Story continues below advertisement

Read more:
Have you heard about savings loans? Think carefully before signing up for one

Easyfinancial said it provides “a copy of the full loan agreement either in printed form, or electronically, to every customer immediately after signing.”

In Scarborough, Ont., Salvatore Costa, who works as a caregiver for mentally and physically disabled adult men, also says he didn’t understand the terms of the high-interest installment loan he took out with EasyFinancial in December 2018.

Click to play video: 'Money123: How to build credit from scratch'

Money123: How to build credit from scratch

Money123: How to build credit from scratch – Dec 7, 2019

Costa says he needed money for a second-hand car and the first and last months of rent on a new apartment after moving to the Greater Toronto Area from Regina. He’d seen a TV commercial for Easyfinancial, so he headed to one of the lender’s retail locations and signed an agreement to borrow just under $7,420.

Story continues below advertisement

The loan had an APR of more than 47 per cent and a term of 3.5 years, according to documents reviewed by Global News. Costa’s total interest obligation was $7,837, more than the principal he had borrowed.

Salvatore Costa.

Image courtesy of Salvatore Costa

Costa says he didn’t check the details of the agreement and felt rushed into signing.

“I didn’t do my due diligence like I should have before signing anything, but everything was like ‘rush, rush, rush,’” he says. 

Eventually, Costa says he couldn’t afford the loan’s $234 biweekly payments and filed a consumer proposal to reduce his debt load. He says he didn’t fully understand the conditions of his loan until the licensed insolvency trustee who administered the proposal explained them to him.

Costa, who says he is still paying down part of his debt to Easyfinancial, says filing the proposal came with a sense of relief.

Story continues below advertisement

“I was overjoyed that there was a deal with the stuff,” he says.

Easyfinancial said that, either in person or over the phone, it verbally walks customers through “all key elements of the loan, including the interest rate and the total cost of borrowing, which are disclosed in plain language on the first page.”

‘They keep telling me refinance your loan’

In North Etobicoke, Ont., Patricia Edwards says her current 36-month loan with Money Mart for $4,850 at an interest rate of 46.9 per cent represents her second refinance agreement with the company.

Edwards, who currently works as a cleaner for a grocery store chain, says she initially took out a $1,500 high-interest installment loan with Money Mart to help her two daughters pay rent while the younger one looked for a job after transitioning off welfare.

Story continues below advertisement

Read more:
Man with autism told to pay $4,442 to get $1,750 after 3 years with Spring Financial loan

Patricia Edwards.

Image courtesy of Patricia Edwards

Since then, she says, she has received regular communication from the company asking her whether she’d like to refinance and borrow additional funds.

“They keep telling me, ‘Oh, refinance your loan, you’ll save some money,’” she says.

After borrowing the initial $1,500 in the spring of 2019, Edwards says she refinanced and borrowed additional funds later in the year to buy Christmas presents for her family. Then on April 1, 2020, worried about her ability to pay her bills during the pandemic, she refinanced again borrowing just under $2,840 on top of $2,010 to extinguish her previous loan.

“I said, it’s best to have some extra money in the bank,” she recalls.

Story continues below advertisement

Global News has only been able to review Edwards’ April 1 loan agreement, which shows her payment will total just over $9,000 by the end of the term.

Edwards says she’s now borrowing to pay for public transportation to get to work or to cover her rent.

“It’s an endless cycle. It’s like being in a tornado and you’re just whirling around month after month,” she says. “It’s never a catch-up.”

Breakneck growth, little oversight

ACORN’s 2021 report on high-interest loans found that, out of 376 low-income survey respondents across Canada, 70 per cent had used payday loans and 45 per cent had taken out at least one high-interest installment loan.

The share of borrowers with costly installment loans had more than tripled since the organization took a similar survey in 2016, according to the report.

Story continues below advertisement

Between 2016 and 2020, Easyfinancial parent company Goeasy saw its annual earnings after expenses skyrocket from $33.2 million to $117.6 million, a 250 per cent increase.

Boren links the breakneck growth of lenders like Easyfinancial to a lack of regulation targeting high-interest personal loans.

While nine out of 13 provinces have regulations specifically targeting payday loans, “far fewer” provinces have specific rules around other forms of high-cost lending such as installment loans, the ACORN report notes.

Only Alberta and Manitoba have regulations in place for high-cost credit, while B.C. is in the process of establishing stronger regulations protecting financial consumers. Quebec, on the other hand, is unique among the provinces for having set the maximum allowable annual interest rate at 35 per cent, far lower than the federal threshold.

Read more:
Canada cancelling wage subsidy, announces $7.4B in new COVID-19 supports

ACORN is asking that Ottawa lower the federal ceiling on interest rates to 30 per cent from 60 per cent for installment loans.

In its 2021 federal budget, the Trudeau government said it would launch consultations on “lowering the criminal rate of interest in the Criminal Code of Canada applicable to, among other things, installment loans offered by payday lenders.” The Liberal party reiterated that promise in its 2021 election campaign a few months later.

Story continues below advertisement

Easyfinancial, for its part, does not offer payday loans and includes a clause in its loan agreements demanding that its borrowers pay off any debt from payday loan using the proceeds of their new installment and refrain from using payday lenders until they’ve paid off their installment loan.

“We believe that it is in a customer’s best interest to pay off any outstanding payday loans and avoid using them in the future,” Goeasy told Global News.

Click to play video: 'Bank of Canada warns Canadians need to be ‘prudent’ when taking on household debt'

Bank of Canada warns Canadians need to be ‘prudent’ when taking on household debt

Bank of Canada warns Canadians need to be ‘prudent’ when taking on household debt – May 21, 2021

Goeasy and other alternative lenders Global News has spoken to in the past argue they are a better alternative to payday lenders for borrowers who cannot get credit at mainstream financial institutions such as banks and credit unions. Goeasy noted the APR on its loans ranges from 9.9 per cent to 46.9 per cent, adding that the APR for a payday loan is more than 200 per cent.

Story continues below advertisement

Goeasy also said another “key point of differentiation” is that debt repayments made for installment loans are reported to credit bureaus whereas repayment for payday loans are not.

“That is extremely important for consumers with non-prime credit scores, as it helps them rebuild their credit so they can reduce their cost of borrowing over time and get back to qualifying at a major bank,” it said via email.

Read more:
Here’s what happens to $1K in credit card debt when you make only minimum payments

The company added that since 2016 it has reduced its weighted average interest rate by almost 30 per cent and now offers the vast majority of its loans at interest rates below its maximum stated rate. Sixty per cent of its customers improve their credit score and a third of them are able to access credit from mainstream lenders within 12 months of borrowing through one of Goeasy’s divisions.

But Canadians who have no credit history or want to rebuild their credit score can do so through a secured credit card, without taking out an expensive secured savings loan, licensed insolvency trustees have previously told Global News.

Global News reporting also indicates alternative lenders don’t always grant a “cooling off” period for installment loans during which borrowers can return the funds and cancel the loan if they change their minds. Many provinces require this of payday lenders by law, according to the FCAC.

Story continues below advertisement

Goeasy said it provides customers with a cooling-off period of 10 days. However, Global News could not find a mention of this in the three Ontario-based loan agreements it reviewed from the company.

The company said that the cooling off period is a standard benefit provided by provincial consumer protection legislation but that not all provincial guidelines require a corresponding clause in the loan contract itself.

Goeasy also said it highlights the cooling period in a new version of its easyfinancial website.

Borden, who says her own experience borrowing through a high-interest installment loan led her to join ACORN years ago, says another issue is a lack of recourse for consumers who have grievances linked to the costly loans.

“I had nowhere to complain,” she says.

© 2021 Global News, a division of Corus Entertainment Inc.

]]> 0
Is it possible to get a payday loan without a credit check? Wed, 03 Nov 2021 23:47:54 +0000 In order to find out if your loan application has been approved, you don’t have to wait for weeks or days. Filling out mountains of paperwork, verifying income, running credit checks, and answering a slew of financial questions will take time, and you don’t want to waste it. In order to get a loan without […]]]>

In order to find out if your loan application has been approved, you don’t have to wait for weeks or days. Filling out mountains of paperwork, verifying income, running credit checks, and answering a slew of financial questions will take time, and you don’t want to waste it. In order to get a loan without having to check your credit, we know you want a simple application process.

There is an efficient, simple, and less stressful method for obtaining your money. Find out how. Payday loans without credit checks are available. With this loan, you can borrow a large sum of money and pay it back over a long period of time.

Start making Your Life Better with Payday Loans

You don’t need a credit check to get a payday loan. Only those who truly need these loans are eligible for them. It only takes a few minutes to submit an application. Basic financial and personal information must be provided. Adding any attachments is unnecessary. It’s another perk of these loans to be able to pay back your money in just 18 months. When it comes to the possibility of having to pay back a large sum on your next payday, you don’t have to worry.

If you have bad credit, you don’t have to worry

This is especially important for people with poor or no credit. It will allow you to overcome one of your biggest obstacles when applying for a loan.

Getting a loan can be difficult if you have bad credit or have a poor credit rating. Traditional lenders require a lot of paperwork and a high credit rating to approve a loan. It’s possible to get an online payday loan with no credit check and instant approval from

Your applicant’s credit score is required information. Your credit rating will not be affected by this information because it will be hidden from view. You won’t have to wait days for a loan from us. We are able to provide loans quickly because our application form is simple and straightforward.

A few advantages to getting a payday loan with no credit check

For those who have bad credit and have difficulty getting loans from traditional lenders like banks, we offer loans tailored to their needs. There are no credit checks required for payday loans that don’t require credit checks. When approving a loan, we looked at a borrower’s current financial situation, as well as their ability to repay the loan on the agreed upon terms.
Don’t be afraid to apply for a loan even if you have a low credit score. Rather than applying for a traditional bank loan, look into our no-credit-check payday loans. There are no credit checks required when you apply for these loans. The rest is up to you. Within 15 minutes of submitting your loan application, you’ll receive an answer. We are here to assist you in regaining financial stability.

From the Convenience of Your Own Home, Apply Now!

The entire application process can be completed online, making it more convenient. Thousands of people will wait in line for a loan. Getting a bank loan, even if you have a bad credit history, can be a difficult process. There are long periods of time spent chatting with bank employees.

Now you can get online payday loans without a credit check! You don’t have to leave your house to apply for a loan. To apply, all you need is an Internet connection and a place to sit down. Get rid of your financial woes by applying for our payday loans without a credit check right now.

]]> 0
The Credit System Fails Underprivileged Communities. Here’s What Can Be Done About It Wed, 03 Nov 2021 23:47:52 +0000 Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. Dee Olateru immigrated to the United States from Nigeria in 2002 […]]]>

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Dee Olateru immigrated to the United States from Nigeria in 2002 just before her 17th birthday, to attend college. She had no idea what credit was, let alone how to use it responsibly. 

Dee Olateru
Dee OlateruCourtesy of Dee Olateru

It’s a common issue for many Americans. The easiest way to build credit is through responsible credit use, but that’s difficult when you’re starting from zero or were never taught how lending works. And research indicates that some Americans face larger hurdles than others. 

People of color, those from low-income households, and immigrants across the U.S. may face increased challenges when it comes to building and maintaining good credit. This, in turn, makes borrowing money more difficult and more expensive — leading to issues with debt, difficulty securing housing and employment, and holding many underserved communities back from building wealth.

“I was oblivious to anything about the financial systems in the U.S., including the system of credit,” says Olateru, 36, now a consultant at an accounting firm and founder of The Rich Immigrant, a personal finance blog. As a result, she says she made several mistakes along the way, including maxing out her first credit card and making minimum payments for a long time while the debt balances grew. 

Despite systemic barriers holding millions of Americans back, there are things you can do build or repair your credit. It starts with knowing how the system works.

“I think many of us are just in that position where we’re just doing what we need to do to survive,” Olateru says. “We don’t know what we don’t know.”

Who Does the Credit System Leave Out?

Olateru is one of many who thinks the American credit system is stacked against underprivileged communities from the start. 

“We see strong racial disparities in credit health that have endured over time,” says Kassandra Martinchek, a research analyst for the Center on Labor, Human Services, and Population at the Urban Institute, pointing to data collected on credit health during the COVID-19 pandemic. 

The issue for many people disadvantaged by the current system, she says, is a lack of credit history, which leaves the scoring systems unable to generate a score for them at all. Around 45 million adults are considered “credit invisible,” meaning they either have no credit score or thin credit files without enough information to create a credit score, according to data from the Consumer Financial Protection Bureau (CFPB).

Black and Hispanic Americans are more likely than white and Asian Americans to have no credit score or have unscored credit records according to the CFPB data — about 15% of Black and Hispanic Americans don’t have a credit score compared to 9% of white and Asian Americans. What’s more, around 30% of Black and 25% of Hispanic Americans say they never even had the chance to build good credit, according to a recent survey from Credit Sesame, a credit monitoring service. 

Martinchek says low-income consumers make up another demographic disproportionately disadvantaged by the credit system. About 45% of adults in low-income neighborhoods are credit invisible or have unscored credit records, the CFPB data shows.

Immigrants like Olateru also often struggle to build credit. They may face language barriers, lack prior knowledge of the credit system, or simply have no experience using credit in the U.S. Even if they have established credit from another country, those records and financial history rarely transfer over to the credit system in the U.S. 

What’s Stopping People From Building Credit?

CFPB data suggests that credit invisibility starts in early adulthood and can last over time. Family or community support can be important to getting a first bank account or credit card. 

“There is a lack of financial literacy where they just don’t know what approach to take in terms of getting credit,” says Bola Sokunbi, founder of Clever Girl Finance. “There is also the issue of minorities being underbanked, which means that they’re unlikely to inquire about credit because they don’t have a bank account.”

Whether someone grew up in a community with few financial institutions, lacks the funds to open a credit or a bank account, or simply finds the credit system intimidating and confusing — they may be at an early disadvantage to building credit, and that can pass down through generations.

Add any past credit mistakes or credit report errors into the mix, and it can make things even more complicated. Errors are common: one in five people have an error on their credit report, according to a 2012 study by the Federal Trade Commission

You could have a job and regularly pay your bills on time, but if you lack a credit history, your score will be low or simply nonexistent. That’s because traditional credit score models don’t consider factors like rent, utility payments, TV and phone bills, or deposit account information. Credit scores also rely heavily on the number of years a person has had and used available credit.

This narrow view of creditworthiness has led to a system riddled with structural inequality, according to Aaron Klein, a senior fellow in economic studies at the Brookings Institution. 

“Most people need to borrow at some point in their life for a car, for a house, to start a business,” Klein says. “And the information I have about you from the past is going to help me predict your future. That’s great if the past was based on fair and equitable treatment of groups, but we know it isn’t.” 

Disadvantages of Living With Limited or No Credit

It’s no secret that credit scores matter in the U.S. Credit is a way to build wealth, gain career opportunities, and secure housing. Without it, you’ll struggle to qualify for everything from an auto loan to a mortgage and even most credit cards. Here’s a look at some of the ways that having limited or no credit history can make life harder: 

Borrowing Is Harder and More Expensive

Before approving a loan, lenders use your credit history to assess your risk of defaulting. Without credit, it’s a lot harder and more expensive to borrow money from traditional lenders because it’s more difficult to prove your repayment ability. Even if you qualify, you’ll probably have unfavorable terms and a high interest rate.

Most credit scoring models, like FICO and VantageScore, use a range between 300 and 850. Urban Institute data shows borrowers with Vantage scores equal to or less than 600 pay nearly $400 more in interest for a $550 emergency loan over three months, according to Martinchek, and $3,000 more in interest for a $10,000 used car loan over four years, compared to borrowers with good credit scores.

This leads many people without credit histories to turn to predatory lenders with sky-high interest rates and fees, often leaving them in a cycle of debt and unable to meet financial goals.

“When you look into many of these minority communities, the opportunity for credit is the payday loan or the check-cashing place on the corner of the main street of their neighborhood,” Sokunbi says. 

Barriers to Housing and Employment

Without an established credit history, you may have a hard time qualifying for a mortgage or renting an apartment. Just like with an auto or personal loan, lenders use your credit history to make lending decisions for mortgages, and a good score indicates that you’re more likely to pay them back. Even if you rent, some landlords will run a credit check when you apply for an apartment to help determine how likely you are to pay your rent on time each month.

Some employers will also check your credit before making hiring decisions, often looking to gain insight into your past responsibility or any signs of financial distress. Only 11 states — California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Nevada, Oregon, Vermont and Washington —  and the District of Columbia prohibit employer credit checks or restrict how the information from reports can be used.

Higher Insurance Costs

In many states, insurance companies use your credit to help determine your auto insurance premiums. They can pull information from your credit report to give you a credit-based insurance score, similar to credit scores. If you have poor credit or no credit, you are more likely to pay higher insurance premiums. 

Following debate on it being a discriminatory practice, some states have banned use of credit in pricing auto insurance, including California, Hawaii, Maryland, Massachusetts, Michigan, Oregon and Utah.

Ways to Build Credit From Scratch

Even with no credit history or prior high-interest debts, there are ways to enter the system and begin building credit or working to repair a previously damaged credit score. And new scoring models and technologies are making credit more accessible than ever. Here are a few ways you can begin to build, or rebuild, your credit: 

Connect With Local Organizations

If you feel intimidated or overwhelmed by the credit process, local credit bureaus and community-based organizations are good resources for assistance. They can work one-on-one with you to offer financial literacy tools and resources, provide options to obtain credit, and help you build a positive credit history. 

Community Development Financial Institutions, or CDFIs, are a great place to start. These may be banks, credit unions, or other private financial institutions that offer accessible financial services within financially vulnerable communities. To find a CDFI near you, check out the Opportunity Finance Network’s CDFI locator tool.

You may also want to speak with a credit counselor about your finances, especially if you’re carrying debts. Free or low cost credit counseling is commonly offered through nonprofits, and can offer a range of solutions, from expert advice to debt management plans. The National Foundation for Credit Counseling and the Financial Counseling Association of America are good resources to find a reputable credit counselor.

Secured Credit Cards

Building credit from scratch, or rebuilding credit from past mistakes, are both possible if you start slowly with the right financial tools. 

Secured credit cards are easier to qualify for than most general credit cards. That’s because, instead of being assigned a credit limit upon approval, you’ll be required to pay a refundable cash deposit when you open your card, which acts as collateral and protects the issuer against any unpaid charges. The minimum security deposit required is often around $200-$300, and typically acts as your card’s credit limit. After you establish a pattern of consistent payments, many issuers will refund your security deposit, and may offer to upgrade you to an unsecured card. 

But before you sign up, make sure you have the cash to pay the deposit upfront, and read your card agreement carefully so you know what’s expected of you as a cardholder. 

There are also card options you may be eligible for without a security deposit. These cards are designed to be more accessible and use an alternative approval process, so they don’t require a normal credit score to qualify. 

For example, the Petal 1 “No Annual Fee” Visa Card uses your income, savings, and spending habits reported in your application to create a “Cash Score” to determine your approval instead of your credit history. It functions just like a normal credit card. The Tomo Credit Card is another option that doesn’t consider credit history during the approval process, instead relying on banking information you provide in the application. But unlike a typical card, the Tomo card requires you to make weekly payments through an autopay system that prevents you from carrying any balances. 

Credit Builder Loans

A credit builder loan is specifically designed to help you improve your credit score. After approval, the lender holds the amount borrowed — generally in the range of $300 to $1,000 —  in a bank account while you make payments over a period typically set at 6 to 24 months, according to insight from the CFPB. Your lender reports your payment history to the credit bureaus to help you build your credit history, and you, in turn, generally receive the money only after you pay the loan in full. 

Another option to build credit is simply borrowing a low-interest personal loan through your local credit bureau and paying it back over time responsibly, but you should only do that if you feel confident about paying it back. “The key to building credit successfully is making your payments on time,” Sokunbi says

Join a Lending Circle

A lending circle — in which you and several others all pitch in to lend each other money — can be an affordable way to build credit, as long as you make sure your payments are reported to the credit bureaus. Joining lending circles through companies like the nonprofit Mission Asset Fund, mobile app Esusu, and website EMoneyPool make it easier to guarantee your payments are reported.

For example, Mission Asset Fund only requires that you have a source of income and “manageable” amount of debt to participate in a lending circle, according to its website. If your debt exceeds more than half your income, the company requires you to take its financial education courses before you can join a lending circle. The organization’s lending circles consist of six to 12 people, with loan amounts from as little as $300 to $2,400, and monthly payments ranging between $50-$200. 

If you want to join a lending circle, make sure you do thorough research ahead of time to avoid hidden costs or scams. Look for lending circles that report to at least one of the three major credit bureaus, but ideally all three: Experian, TransUnion, and Equifax

Use Alternative Data Scoring 

Traditional credit score models look at five main factors to calculate credit scores, including payment history, amounts owed, length of credit history, new credit, and credit mix. But over the last few years, more companies have begun incorporating additional information — like rent and utility payments — to help more people access loans and bank accounts. Urban Institute data suggests that factoring in such additional information could enable credit scoring for more than 50 million people and raise credit scores for those with thin files.

Already, FICO (the most commonly-used credit scoring system) offers two alternative data scoring products — FICO Score XD and UltraFICO Score. FICO Score XD uses utility, phone, and TV bill payment data to generate a traditional FICO score, whereas the latter uses deposit account information to do the same. Experian also offers a product called Experian Boost that allows consumers to boost their credit score by sharing their TV, phone, and utility bill payments.

These products are intended to open the door to building credit, but they’re still a work in progress. You have to actively sign up to participate, and alternative data isn’t universal across all scoring models, so you can’t guarantee which score a lender or creditor is going to pull. 

Become an Authorized User

If you have a trusted loved one with good credit, a great way to build credit yourself is to become an authorized user. A parent, spouse, other family member, or even a close friend can add you to their credit card account, allowing you to charge purchases and build credit history. But the primary cardholder is still responsible for any charges.

This requires a high level of trust with the primary cardholder of the account, so make sure the person you choose is financially responsible and pays their balances on time each month. You should also establish from the beginning how you’re going to pay them for any charges you make, and how you will use the card.

Do Your Own Research

Financial literacy can be one of the biggest barriers to building credit, saving, investing, and more. You can empower yourself financially by doing your own research through books, podcasts, online government resources, and reputable mainstream media sites on the internet. 

“Even though there is the financial literacy gap, many people have access to a smartphone or to the internet where they can do research,” says Sokunbi. 

That’s what Olateru did. As a young immigrant, Olateru didn’t have parents with credit in the U.S. to explain to her how the system works or how to build wealth. Instead, she turned to Google to teach herself about personal finance. 

“I had to have my ‘aha’ moment, and that was when I was graduating,” she says. “I had some tuition to pay off, had no job, had credit card debt, and realized I needed to figure my life out. And I went to Google.”

Olateru says she’s still on her financial literacy journey. But she’s learned the biggest form of wealth you can pass down is knowledge. Sokunbi shares a similar philosophy.

“It’s important for us to kind of pay it forward in terms of talking to our friends and our family and other members of our communities about what we learned from a personal finance perspective,” says Sokunbi. “Credit is nothing but a tool, and it’s all about how you leverage that tool.”

Helpful Resources

]]> 0
Best Bad Credit Loans: Top Instant Loans with No Credit Check and Online Approval to Get Emergency Cash Immediately | Easy Loans Online Approval 2021 Wed, 03 Nov 2021 23:47:50 +0000 A financial situation can have a massive impact on your plans, whether you need to buy the house of your dreams, pay medical expenses, or any other reasons. In life, unexpected circumstances arise where you are in need of funds, and with no savings, you will be in a very challenging position. So, as a […]]]>

A financial situation can have a massive impact on your plans, whether you need to buy the house of your dreams, pay medical expenses, or any other reasons. In life, unexpected circumstances arise where you are in need of funds, and with no savings, you will be in a very challenging position. So, as a solution, we recommend taking loans from reliable companies.

Having a bad credit score will significantly lower your chances of getting a loan, which is why we researched for companies that specialize in providing bad credit loans with guaranteed approval for people with low credit scores or even no credit at all. These financial institutions offer loans at low interest rates and may also help you boost credit rating with each repayment you make.

Top 5 Best Bad Credit Loans with Guaranteed Approval:

  1. MoneyMutual: Overall Best Bad Credit Loans Guaranteed Approval, Easy Quick Cash
  2. BadCreditLoans: Choicest Emergency Loans with Highest Approval Rates
  3. CashUSA: No-Credit-Check Loans Guaranteed Approval, Apply for Cash Loans Today
  4. Personal Loans: Most Reliable for Bad Credit Loans, Personal Loans
  5. Credit Loan: Small Loans for Bad Credit to Get Cash Advance Online

Here are detailed reviews of our top choices:

#1. MoneyMutual: Overall Best Bad Credit Loans Guaranteed Approval, Easy Quick Cash


MoneyMutual is a service that is not an actual lender, but it provides matching services between lenders and borrowers with bad credit scores. It was established in 2010, and since then, it has been providing services for people who are in need of funds even if their credit score is not the best. How this platform works is that once you apply, MoneyMutual will give you access to their network of more than 60 lenders that will be suitable for you based on your financial situation.


What is great about MoneyMutual is that this platform is very easy to understand, and its website is user-friendly and simple to navigate. In order to get loans for bad credit, you will need to fill out a form on their site, where you will provide information such as the state that you live in, your name, email, zip code, your age, and how much you earn. Once this is done, MoneyMutual will then start looking for lenders that can work with your requirements.

Once the lenders review your situation with a minimal credit check and make a decision, you will be redirected to their website. Each of the lenders has its own terms and conditions they guide you through, and if you accept, you will be contacted by the lender to finalize the loan process.

MoneyMutual connects you with professionals who are willing to work with people with bad credit scores. However, there are certain criteria you need to meet to be eligible for a loan. For instance, you need to be above 18 years old and a permanent resident of the U.S. Additionally, this platform requires you to provide documentation or proof of employment status and at least $800 of steady income per month.

When you require a loan, there is nothing worse than waiting for the funds to be transferred into your account. MoneyMutual understands the struggle, and they connect you with lenders that will give you a loan within 24-48 hours. This is convenient when you are in need of funds for an unexpected emergency. However, you need to keep in mind that repayment terms are discussed with the lenders directly.

As surprising as it seems, MoneyMutual does not charge any service fees or hidden fees. Instead, this money-lending platform connects you with lenders for free, which is very refreshing to see and practical for many borrowers that have bad credit scores. Once you start working with the lender, they might charge you with their own fee, but MoneyMutual saves you time and connects you with reliable lenders for free.

This platform provides lending services for people without taking into consideration their credit score. Instead, they have a couple of requirements, including a steady income. Furthermore, MoneyMutual offers several types of loans, such as payday loans, which borrowers can get to make it to the next payday. This type of loan is suitable for daily payments.

In addition, MoneyMutual offers cash advances similar to payday loans and installment loans, during which you have scheduled payments to pay back your loan. With the help of this money-lending service, you can get a loan as low as $250 and up to $5,000 in a short period of time.

Regarding your credentials, you do not need to worry when you are taking loans through MoneyMutual. This is because their website is highly secured with a number of advanced security features. In addition, their policies not only guarantee the safety of your personal information, but their lenders must also comply with their rules, so your information is safe with them as well.


  • Loans given with minimum credit score
  • Quick approval process
  • Fast funding
  • No service charges
  • Educational section for less experienced borrowers


  • Restricted in some states
  • Not responsible for issues after the connection between borrowers and lenders

Customer Experience

We found many reviews from customers that stated this platform is very easy to understand and the site is easy to use. Users expressed this platform has helped them receive loans much faster than any other service, and they were delighted with no service charges. Additionally, many borrowers appreciated the security measures MoneyMutual takes and their determination to connect you with the best lenders possible.

⇒ Click Here to Visit the Official Website of MoneyMutual

#2. BadCreditLoans: Choicest Emergency Loans with Highest Approval Rates



This money-lending platform was established in 1998 and has since been providing lending services for people with bad credit scores. They are a matching platform that connects borrowers with less impressive credit scores with a larger network of professional lenders. As a company, BadCreditLoans is aware of financial emergencies that often occur, so they give opportunities for people to receive funds as quickly as possible.


In order to be eligible for bad credit loans with guaranteed approval from this platform, you need to meet specific criteria. For example, you need to be at least 18 years old and a permanent citizen or resident of the U.S. Additionally, BadCreditLoans requires a valid bank account in your name, and you must have a steady income.

  • Simple Application Process

Generally, when people are looking for personal loans, it requires a ton of paperwork that needs to be provided. However, that is not the case with BadCreditLoans. In order to apply for a loan, you simply need to fill in an application form that you can find on the website. Some of the information you will need to include is your birth date, bank information, contact information, employment situation, credit score category, and the reason why you are in need of a loan.

After you submit your application, this money-lending platform connects you with potential lenders that then review your financial situation. If the lender wants to work with you, they will contact you through email to continue the cooperation. An important thing to know is that every lender has terms and conditions, so you need to make sure you understand what they provide and discuss the repayment process with them. Once everything is settled, the loan will be transferred directly into your bank account in 24-48 hours.

What distinguishes BadCreditLoans from other loan services is its special features. The company assists you with facts about whether you can afford loan repayment before you agree to any terms, which is very convenient for less-experienced borrowers. Moreover, this lending platform provides flexible repayment options that allow you to be worry-free and pay off the loan in up to 36 months.

Regarding loan amount, BadCreditLoans’ loan option can vary depending on different factors, but generally, you can receive a loan from $500 up to $10,000. Moreover, the interest rate fluctuates between 5.99% to 35.99%. The platform also does not charge any fees from borrowers for connecting them with their lenders.

BadCreditLoans, as a reliable money-lending service, is always on the side of the customers. Even if you do not accept an offer from a lender, it will not affect your profile, as you can try again to get a better offer.

Not only is BadCreditLoans one of the best providers of bad credit loans with guaranteed approval, but it also offers additional services, such as credit repair, debt relief, and even third-party lenders. This is very refreshing to see, as they are very informative about repairing credit scores and getting familiar with how lending processes work. Moreover, on the website, you can find helpful articles about financial knowledge, overcoming financial struggles, etc.


  • Flexible repayment options
  • Quick loans for bad credit holders
  • Advanced encryption technology
  • Simple application process
  • Many loan offers


  • Bad credit holders have limited loan amount options
  • Must submit proof of citizenship

Customer Experience

According to the reviews from borrowers, BadCreditLoans is a reliable service that provides fast loans for people with less ideal credit scores. We noticed many comments about how easy it is to apply for a loan, and there were also many positive remarks about the customer service as well. Other users expressed this platform has helped them overcome financial struggles, and they appreciate the extensive lender network.

⇒ Click Here to Visit the Official Website of BadCreditLoans

#3. CashUSA: No-Credit-Check Loans Guaranteed Approval, Apply for Cash Loans Today



If you are looking for a loan from a reliable platform, then CashUSA might be the best solution for you. This money-lending service is well-established on the market and is known for providing quick loans for people who are in need of funds but have a bad credit score. CashUSA also provides an educational section that is accessible on their website, where you can find useful information about different financial topics.


In order to apply for a loan from CashUSA, you need to start the procedure by filling in an application form, which is divided into several sections. The first one includes personal information, while the other section requires information about your income, phone number, address, whether you own a house, SSN, driver’s license, and other details. Finally, you need to provide banking information, such as car ownership, official job title, etc., and submit the form.

After you apply, CashUSA will send it to a variety of lenders that specialize in bad credit loans. Since the platform is one of the best for focusing on guaranteed approval, CashUSA is very convenient for borrowers, as they will be connected only with reliable lenders that are willing to work with those with a less than ideal credit score.

What makes CashUSA one of the best platforms for bad credit loans with guaranteed approval is that they do the matching very quickly and efficiently. Once you are connected with potential lenders, you will start getting offers from them with different terms and conditions. When you accept an offer, you will receive funds as quickly as 24 hours, which is very convenient for many borrowers.

As mentioned, the application process for getting loans with a bad credit score on CashUSA is relatively quick and easy. However, there are several criteria you need to meet to be eligible for such a loan. One of the main requirements is you need to be at least 18 years old. To get a loan, you also need to be a citizen of the U.S. and have a steady income of at least $1,000 per month. Additionally, you need to provide a valid checking account in your name as well as a phone number and a valid home address.

In case you worry about forgetting your monthly payment, CashUSA has a special feature for you. With this platform, lenders can automatically withdraw the monthly amount you need to pay out of your bank account. This feature is very convenient, as it keeps you from worrying about forgetting to make timely payments.

In order to protect your information from unauthorized access, CashUSA implements advanced encryption technology and a privacy policy in which they state why they collect user data and who they share it with. This is very significant, as it means this company takes its users very seriously. Moreover, the site runs tests very often to ensure the system is secure.

The loan amount that is approved by the lender and the borrower varies by what information you supply. However, the approved amount can be as little as $500 and up to $10,000. Furthermore, the repayment time can be 90 days up to 72 months, which is enough time to collect your funds.

Additionally, CashUSA does not charge any fees for connecting you with authorized lenders. However, the lender you are working with might charge you fees that they should acknowledge before you accept the offer. Another significant thing about CashUSA is that you can evaluate the terms and conditions before you make a decision. This feature allows you to look for the kind of loan you want.

This money-lending platform offers an educational section for users as well. On there, you can find many articles about financial struggles, how to repay your student loans, how to understand and improve your credit score, and many more. In addition, CashUSA also offers financial advisors with a high level of expertise in such topics to advise less experienced borrowers about loan processes.


  • High loan amounts
  • Free of cost service
  • Longer repayment period
  • Reliable lenders
  • Educational section


  • More personal information is required
  • Must earn at least $1,000 per month to qualify

Customer Experience

Customers seem to like the quick loan process and the unique features CashUSA provides. Judging by the majority of the feedback, CashUSA is one of the most reliable money-lending platforms for all borrowers, including those with bad credit scores. We also found many comments about the security measures they take and their educational section.

⇒ Click Here to Visit the Official Website of CashUSA

#4. Personal Loans: Most Reliable for Bad Credit Loans, Personal Loans



Personal Loans is one of the best money-lending platforms that connects borrowers with a larger network of lenders. They offer a stable and secure service, and as a platform, it is suitable for people in need of quick funds. Additionally, this lending provider offers many features convenient for their customers, and it has some of the most flexible terms when it comes to bad credit loans.


The application process for getting a loan with bad credit from Personal Loans is very quick and easy. You just need to complete a quick online request and wait for the platform to connect you with potential lenders. After that, you will need to wait for the lender to contact you, and then you will review their terms and conditions. You need to keep in mind, however, that every lender has their own terms, so it is necessary to read everything carefully. If you want to proceed with the process, you need to agree to the offer, and you will receive the money directly into your bank account.

To be eligible for a loan from Personal Loans, you need to meet several requirements. You need to be at least 18 years old, be a citizen or permanent resident of the U.S., have a credit score of at least 580, and have a valid checking account. Another thing you will need to provide is a valid identification document to prove your identity.

This platform offers several types of personal loans. One of is a peer-to-peer loan, which is financed by linking investors with borrowers. You can also get a personal installment loan, which is the standard one we think of when we mention personal loans. To get such a loan, you will be connected to a lender, and then you will have to pay a monthly payment to repay the amount. In addition, Personal Loans offers personal bank loans, for which you will be connected with a local bank.

The APR for Personal Loans varies from 5.99% to 35.99%. However, the interest rates can fluctuate depending on the lender. For that reason, it is essential to understand the terms and conditions the lenders provide. Regarding fees, Personal Loans does not charge a fee for connecting the borrowers with lenders. However, the lender might charge you with a fee depending on the loan, so make sure to consider that as well.

What makes Personal Loans one of the best platforms for bad credit loans with guaranteed approval is that it provides flexible lending periods and higher loan amounts. You can repay the loan in a period of 90 days and up to 72 months, which is excellent for personal loans. The minimum amount you can receive is $1,000, and the maximum is $35,000.

What characterizes Personal Loans is their quick transfers. This is vital, as people in need of financial aid usually do not have time to wait for a money transfer. With that being said, this lending service goes even a step further. In case you are not satisfied with any offer from their potential lenders, you can decline, and then you will be connected with third-party lenders. This is very convenient and shows this platform takes their clients very seriously.

Another significant thing to mention is that this money-lending platform respects your privacy. In other words, you need to provide only basic information to become eligible for a loan. Then, once you are accepted, you will need to provide more detailed information.


  • Quick transfer of funds directly to your bank account
  • Loans up to $35,000
  • Flexible repayment system
  • 24-hour customer service
  • No obligation to accept an offer


  • Those with extremely bad credit scores might not be accepted
  • Higher monthly salary requirements

Customer Experience

Customers love the flexible loan options Personal Loans provides and how informative their website is. Many users stated this is one of the most reliable platforms for money-lending. We also found a lot of comments about how quick their payments are and how they take necessary steps to ensure users receive a loan while also protecting their personal data.

⇒ Click Here to Visit the Official Website of Personal Loans

#5. Credit Loan: Small Loans for Bad Credit to Get Cash Advance Online



Credit Loan is one of the oldest money-lending platforms that was founded in 1998. It is known for providing loan services for people with bad credit scores with affordable interest rates, and they also provide flexible payment options. Credit Loan has gained a great reputation in the market, and it is a reliable service that offers secure money transactions and personal information security.


Credit Loan is suitable for people in need of smaller funds, even if they have a bad credit score. To get a loan, you need to answer a couple of questions on the form and submit your application. If you are accepted, you will be redirected to the lender’s page, where you can review their terms and conditions. A great thing about Credit Loan is that you can receive a loan in just 24 hours, which is very useful for people that need money for an emergency.

Another great thing about Credit Loan is their free service. This means the platform does not charge you for connecting you with potential lenders, and the repayment is agreed upon by the borrower and the lender. When it comes to interest rates, they also depend on the lender, but you can view them when the lender guides you through their terms.

If you are looking for smaller loan offers, then Credit Loan is the best option for you. You can receive a loan as small as $250 and up to $5,000. Moreover, this platform has excellent customer service that is available 24 hours, which means you can apply at any time that is convenient for you.

Credit Loan is not only one of the oldest services of such kind, but it is also one of the most reliable. The platform has an extensive privacy standard and certificates such as SSL and McAfee, making it safe for applying without hesitation. This shows they take their clients very seriously, and they also ensure customers their personal information will not be compromised.

To get a loan through Credit Loan’s service, you need to be at least 18 years old. Furthermore, you need to have an active bank account, a reliable source of income, and be a resident of the U.S. Also, when you are filling out the application form, you will need to disclose more detailed personal information.

The company states that staying educated on personal finances is the best way to gain financial success and freedom. Therefore, they not only help people with financial struggles get a loan with bad credit scores, but the platform also has an educational blog on their website. When you open the site, you will find a lot of information on keeping your finances on track, how credit scores work, guides for budgeting, interest rate calculators, and much more.


  • Affordable interest rates
  • Suitable conditions for smaller personal loans
  • Fast and secure service
  • Decades of experience
  • Informative website


  • Loans limited to $5,000
  • Customers who are bankrupt cannot get a loan

Customer Experience

The customers are especially satisfied with the easy application process, and they like how quickly they received the loan. The majority of the positive feedback is about the security measures they take to secure personal information and how it is suitable for people who need small loan amounts. Other clients expressed they like the educational section, which is very informative for users around the U.S.

⇒ Click Here to Visit the Official Website of Credit Loan

Factors to Consider When Looking for Bad Credit Loans with Guaranteed Approval

The first thing you need to consider when looking for a loan is whether you meet the criteria to be approved. Therefore, you need to check the requirements each of the money-lending platforms requests before you submit an application. Since every lender has its own terms and services, it is important to understand them and determine whether they will be suitable for your financial situation.

Another important factor is the amount of income you receive per month as opposed to the monthly repayment cost. In other words, if you have a steady monthly income, lenders are less likely to consider your bad credit score, and you will have greater chances of being approved for a personal loan.

Another factor worth considering is the interest rates. This is because some lenders tend to set higher interest rates for bad credit borrowers, as they are riskier. Therefore, before you accept a loan offer, you need to consider not only the loan amount in whole, but also the interest rates against the personal loan. Generally, the rate is fixed, so customers would not have to worry, but sometimes it can vary due to the market situation.

People often skip terms and conditions, but they are very important to consider, especially if you are looking for a personal loan. This is because this document contains information such as the loan amount you need to repay, the schedule, the interest rates, additional fees or penalties, etc. For this reason, it is significant that you carefully read all of the terms, as even the slightest carelessness can cause you financial damage.

Regarding fees, the personal loan platforms we reviewed in this article are free of charge. With that being said, you need to be aware of any fees and hidden fees from the lenders to avoid paying much more than you originally intended.

As we can see, to be able to get a personal loan, one must provide personal information and banking data. For this reason, it is important to look for services that take safety measures and use technology to prevent any data theft. All of the platforms on our list take the safety of their clients very seriously.

Another important thing to do before taking out a loan is to research the money-lending platform. If the company has years of experience, is well established, and is positively reviewed by customers, it is a positive indicator that tells a lot about the quality of the service. The platforms on our list have been providing money-lending services for customers for a longer period, and they are proven to provide the best matching services for people in need of personal loans with bad credit.

FAQs: Bad Credit Loans

Q. How Can I Improve the Chances of Getting Accepted?

Although these money-lending platforms offer services for people with bad credit scores, a higher credit score can significantly increase your chances of getting approval. What you can do is prepare your documents and provide proof of income and identity. That way, lenders will appreciate that you are ready, and you can also negotiate terms better. Another thing you can do is get a co-signer if you know someone with a great credit score. Since the lenders will then review their credit score, you may even get better terms.

Furthermore, you need to apply only for the loan amount you need actually need and which you can afford to repay. If you apply for multiple loans, your chances might get even lower than before, so make sure to apply for only one personal loan at a time. Another important thing to keep track of is any type of debt-to-income ratio, which is an essential factor lenders take into consideration when choosing to approve you.

Q. Can You Get a Bad Credit Loan if You Are Unemployed?

One of the many advantages of taking negative credit loans is that they can be obtained even by people who are not currently employed. To put it another way, a lender does not always require you to have a stable source of income or a steady job to provide you with a personal loan. This is despite the fact that you may have a poor credit rating.

A lender may approve your request for short-term funding if they have sufficient evidence that you have enough funds in your account. Furthermore, a lender also looks at all of your revenue sources, not just your employment status. Correspondingly, even if you are currently unemployed, you can get a personal loan from a lender online.

Q. How Long Does It Take for One to Repair a Credit Score?

The time required to repair your credit score depends on the negative information on your report. It is also important to consider which steps you take in order to improve your bad credit score. People who are seeking help from professional financial advisors also have a higher chance of improving their credit score much quicker. However, negative information, such as bankruptcy on a credit report, can be significantly more time-consuming to repair.

Q. How Do I Find Out if My Credit Score Is Good or Bad?

U.S. citizens can check their scores in any major credit bureaus, and you can also find a scale that is set by FICO and compare your result. Credit scores can range from 300 up to 850, so once you get familiar with your credit score, you can determine whether it is a bad or a good credit score.

Q. Is It Possible to Get a Personal Loan with Guaranteed Approval With a Bad Credit Score?

As you can see in this article, there is definitely a possibility of getting a personal loan even if your credit score is not the best. The platforms on the list are some of the best companies that are connecting borrowers with professional and certified lenders that have their own terms and conditions. The application process is easy, as you just need to fill out a form on the website and wait for a lender to contact you. Most of the lenders do little credit score checks, so the chances of getting one are still high.

Q. What Are Some of the Benefits of Taking a Bad Credit Loan?

The good thing about getting bad credit loans is the fact you can receive funds very quickly. After you receive the funds, you can make your payments on time, which will result in an improved credit score. Once your credit score is improved, it will be much easier for you to obtain a loan. No matter what the reason for your personal loan is, these platforms are intended to help you get through any financial struggles you have. In this article, we provided information about each of the platforms that provide different benefits for their customers.

Q. Who Can Apply for a Loan with a Less Than Ideal Credit Score?

Each of the lenders has its own requirements you need to meet to be approved by them. However, there are several general criteria you need to complete to receive a personal loan. First, you need to be a resident of the U.S., as the platform delivers services only for individuals who live there. Moreover, you need to be at least 18 years old, have a valid bank account in your name, have a steady monthly income, and not be in a state of bankruptcy.

Final Thoughts

Although the chances of receiving a personal loan with bad credit are significantly lower, there are platforms that specialize in providing such services. Very often, unexpected emergencies can catch us unprepared and put us in a difficult financial situation. Luckily, all of the platforms we reviewed on our list are providing guaranteed approval for people who have less than ideal credit scores. However, we strongly suggest platforms like MoneyMutual and BadCreditLoans. With so many online platforms entering the market, obtaining a personal loan has become much easier and quicker, as you no longer have to wait in long lines to submit your application.

With that being said, the fact that you have a negative credit score does not mean you have to give up the chance of getting a personal loan, as you can get a quick loan with little or no credit check. Overall, if you need a quick loan, we recommend checking out the platforms on our list that provide the best features possible.

]]> 0
Payday Loans Kentucky | 5 Best Loans in Kentucky (Title & Payday) Wed, 03 Nov 2021 23:47:47 +0000 The term Payday loan refers to a relatively new loan product that is short-term in nature. These loans are usually granted in smaller amounts with high interest rates. They are usually priced at a fixed dollar fee, representing the finance charge to the borrower. The interest rates are high because of the short-term to maturity. […]]]>

The term Payday loan refers to a relatively new loan product that is short-term in nature. These loans are usually granted in smaller amounts with high interest rates. They are usually priced at a fixed dollar fee, representing the finance charge to the borrower. The interest rates are high because of the short-term to maturity.  These loans are generally meant for less-credit-worthy individuals. Payday loans are available in numerous U.S. states, with Kentucky payday loans being in great demand.

In spite of such awareness regarding payday loans, there still exist a substantial number of people who still do not know how to apply. This guide aims to address that, by presenting reviews of numerous payday providers as well as explaining how to sign up and apply for a loan.

#1 Kentucky Payday Loan in 2021 – Viva Payday Loans

Best Kentucky Payday Loans – Quick-Pick

With the advancement of internet connectivity, payday loans can be applied from a number of online lenders and brokers. We’ve decided to include 5 of the best online payday loan providers in Kentucky, with detailed reviews included in later sections.

  • Viva Payday Loans – Overall Best Loan Provider in Kentucky. Visit now.
  • Money Lender Squad – Best For No Guarantors. Visit now.
  • Credit Clock – Best for Fast Approvals. Visit now.
  • Very Merry Loans – Best for Same Day Payouts. Visit now.
  • Heart Paydays – Best for Low APR. Visit now.

What are Kentucky Payday Loans?

The southeastern state of Kentucky has always been a major hub for payday loan providers. As mentioned before, Payday loans are small-term loans with high interest, usually provided to individuals with low credit scores and bad credit history. These individuals normally do not qualify for traditional loans and thus have to seek alternative sources of credit and payday loans fit the bill. Payday loans can be known by many names, such as bad credit loans, no credit check loans, and installment loans for bad credit.

The laws regarding payday loans can vary from state to state, with some U.S. states making payday loans illegal. These states include the likes of Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and the District of Columbia.

Luckily, if you live in Kentucky, you can easily apply for a payday loan with several payday loan providers. According to state laws, Kentucky limits payday loan amounts to a maximum of $500 and a maximum loan term of 60 days. Many borrowers take out multiple payday loans if they want a larger amount, even though that is not preferred. State regulatory authorities keep track of payday lenders and their transactions via the Kentucky Deferred Presentment Transaction System.

Common uses of Kentucky Payday Loans

Payday loans should only be used in situations where you cannot delay the payment of bills for a particular product or service. According to numerous surveys around the world, some of the most common reasons for getting payday loans include expenses related to vehicles, family and children, travel, healthcare, entertainment, and repayment of other loans.

  • Expenses related to car repairs are the most common reasons given for taking out payday loans as a car is essential for going to work for most Americans.
  • You can take a payday loan if you intend to cover unexpected expenses like a vehicle or medical bill that can come up between your salary cycles.
  • Many consumers also use payday loans to take care of credit card payments, mortgage payments, gas and groceries, utilities, and other financial emergencies.
  • As healthcare costs are pretty high in the United States, consumers use payday loans to deal with unexpected medical bills.
  • Other uses include replacing broken appliances, buying groceries, paying for past due utility bills, family vacations, new furniture items, and vet bills.

How to Qualify For Kentucky Payday Loans (Eligibility criteria)

The very nature of payday loans is to allow as many low credit-worthy individuals to apply for loans. These individuals are normally disqualified from applying for loans from traditional lending institutions, leaving them scrambling for other options. Generally, payday lenders include very favorable eligibility requirements allowing the maximum number of applicants to apply. These include:

  • Being 18 years or older. (It is 19 years in case of Nebraska and Alabama).
  • Being a valid United States citizen.
  • Being a US bank account holder.
  • Being able to provide some sort of employment proof for at least 90 days, such as a pay check.
  • Possessing a valid social security number.

Top 5 Best Kentucky Payday Loans – Fully Reviewed

Let’s now dive into the above-mentioned payday loan lenders for Kentucky. Almost all of them guarantee fast approvals for low-credit-worthy individuals.

1. Viva Payday Loans – Overall Best Payday Loan Option in Kentucky

Viva Payday Loans is a well-known name in the lending community, providing payday loans for bad credit across the country. Presented with a smooth and seamless portal, this payday loan provider works with a variety of lenders under its belt. You can apply for up to $5000 with loan tenures ranging from 2 to 24 months, depending on local laws. Once approved for a loan, the website will redirect you to a direct lender who will then be in charge of providing you with the loan.

Lender APR rate Loan amount range Loan term range Star rating
Rise Credit 50%-299% $500 to $5000 2 to 24 months 10/10
LendUp 30%-299% $100 to $500 2 to 24 months 10/10


  • Viva Payday Loans offers same-day pay-outs.
  • Loan amounts can range from $200 to $5000 depending on your state.
  • The application process is seamless and can be completed within mere minutes.


  • The service is not available in all US states.

2. Credit Clock – Best for Fast Approvals

You cannot miss Credit Clock with its bright green designs and seamless website. This payday loan provider offers short-term loans for bad credit, ranging from the low hundreds to $5000. The approval process for the broker is very easy as it takes only 2 minutes. You will be required to meet the $1000 monthly earnings requirements to be eligible. You can only apply with Creditclock if you’re a registered permanent resident of the United States.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans Variable $500 to $4000 9 to 18 months 10/10
GreenDay 5.99% to 35.99% $100 to $5000 24 months 9/10


  • Creditclock welcomes bad credit borrowers without any problems.
  • Loans get approved within 2 minutes
  • You will get your loan amount within 24 hours of applying.


  • You will have to submit a proof of income of at least $1000 per month.

3. Money Lender Squad – Best For No Guarantors

Money Lender Squad provides some of the best APR rates in the market. It offers no guarantor loans for people with bad credit within 24 hours of applying. Depending on how the lenders get connected to your application, you can get a loan with APRs ranging from 36% to over 400%. Once the 2-minute registration form is filled up and submitted, the broker wastes no time to connect you directly to one of the lenders under its network.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans 99% -160% $500 to $4000 2 to 48 months 10/10
Rise Credit 89% – 449% $300 to $3500 2 to 24 months 10/10


  • Money Lender Squad does not require a guarantor for loans.
  • Lending application is one of the fastest in the market.
  • Loan terms can be extended.


  • Interest rates can get a lot higher if you have a very low credit score.

4. Very Merry Loans – Best for Same Day Payouts

Very Merry Loans is an online bad credit loan provider which has some of the leading US-based lenders under its network. It presents a very easy-to-understand panel that contains some of the most reputable lenders in the United States which increases your chances of getting a loan.  You can get a loan that can either be extremely short (7 to 31 days) or longer (up to 24 months). It offers APRs ranging from 5.99% to 35.99%. To apply, you have to be 18 years old, a permanent American citizen, and $1000 monthly income.

Lender APR rate Loan amount range Loan term range Star rating
CashNet USA Variable $500-$1000 8 to 31 days 9/10


  • Very Merry Loans welcomes both bad credit borrowers and unemployed individuals.
  • It allows extended repayment methods when requested.
  • You can apply for up to $5000 as the loan amount.


  • 30-day loans from Very Merry Loans carry very high interest.

5. Heart Paydays – Best for No Guarantors Required

Heart Paydays allows any individual to apply for a loan no matter what credit score the individual has. You can get a loan applied and receive it within 60 minutes from the application. You can choose loan amounts of up to $5000 with 24-month loan tenure. They are known for their APRs especially in the case of short-term loans. In some cases, it may go up to 35.99% APR.

Lender APR rate Loan amount range Loan term range Star rating
LendUp Variable $100-$500 30 days 10/10
ACE Cash Variable $200-$2000 7 to 30 days 9/10


  • You don’t require any paperwork or to call anyone when registering for a loan.
  • Disbursement is typically completed within 60 minutes.
  • 24/7 availability.


  • Certain loan offers carry very high fees.

Features of Kentucky Payday Loans

While the exact definition of payday loans can vary depending on definitions, they are generally regarded as any short-term, high-cost products that can range from $300 to $5000. While the state and federal restrictions on payday loans may vary, some of the features are common, no matter which state you reside in.

Principle amount

The principal amount of payday loans is typically smaller compared to traditional loans. This is due to the purpose of the loans as applicants use them to take care of sudden small expenses.


With a payday loan, you either get a single or multi-payment structure, depending on the lender chosen.  The lender has the obligation of providing detailed information regarding the terms and conditions of the loan in a transparent way. While some lenders do not let applicants deviate from the agreed repayment schedule, there are others that allow repayments before due dates, which can help applicants save on interest rates.

Credit requirements

These lenders and brokers deliberately lower their credit requirements to allow as many people as possible to apply. These loan products are specifically aimed at individuals with very low credit scores and credit histories. Lenders do not take into account the applicant’s repayment ability. This is why borrowers should always ascertain their own repayment capabilities before applying for a loan.

Higher interest rates

Perhaps the most eye-catching feature of these loans is that they have higher interest rates. This is due to the nature of the loans and the borrowers in question, most of which are less credit-worthy individuals.

Types of Kentucky Payday Loans

Bad Credit Loans

Some lenders term their payday-like loans as bad credit loans which are specifically meant for people who have a less than spotless credit record or little to no credit history. They have higher interest rates and restrictions than normal loans and can be useful to people if used properly.

When applying for bad credit loans, some lenders perform hard search queries on your credit report while others do not. It is preferred that you approach bad credit loan lenders that perform security checks.

Get a bad credit payday loan here >

No Credit Check Loans

Many individuals prefer payday loan providers with no credit check. These loans are usually granted quickly and have the most approval success among all payday loan types.

However, bad credit loans or payday loans without any credit check usually have some of the highest interest rates in the market. This is to offset the risk of providing loan amounts to sometimes financially bankrupt individuals.

Get a no credit check credit payday loan here >

Direct Lenders Loans

Some borrowers prefer to apply for loans with direct lenders. This is either due to a past relationship with the lender or because they perceive that they are getting the best loan rates and terms possible.

Instead of applying with direct lenders, borrowers can get better terms and conditions if they apply with payday loan providers like those mentioned above. Payday loan providers work with numerous direct lenders under their network which also increases the chances of loan approval.

Get a direct lenders payday loan here >

Same Day Deposit Loans

The best payday loan providers always ensure that they try to provide same-day deposits and payments. As most of the applicants are usually in a hurry to pay outstanding bills, this feature is much sought after.

Payday loan providers like Viva Payday Loans and Heart Paydays can provide same-day approval and deposit of loans depending on the lender you’re paired up with.

Get a same day payday loan here >

Unemployed Loans

People who are unemployed often find themselves in financial turmoil with no credible sources for accessing credit. They do not qualify under the tough criteria put in place by normal financial institutions and banks.

Bad credit loan providers for unemployed people can be the only solution for them. These payday loan providers have low credit requirements with some of them not requiring a paycheck from a conventional job.

Get a unemployed payday loan here >

SSI Benefits Loans

Individuals that receive SSI benefits are usually disabled, visually impaired, or aged over 65. They are usually characterized by having limited income and resources. They usually cannot apply for loans from banks and other financial institutions because of their status.

Payday loan providers allow low credit-rated individuals to apply for loans, which include those living with SSI benefits.

Get a SSI benefits payday loan here >

Title Loans vs. Kentucky Payday Loans

While we’ve discussed in detail what a payday loan is, title loans are a bit different. They are a type of secured loan that requires your vehicle as collateral, with the amount of money depending on the valuation of your vehicle. They are short-term loans where the lender holds the borrower’s car title during the duration of the loans. The borrower will still be able to drive their vehicle when in collateral.

  • The main point of difference between title loans and payday loans lie in their characteristics. While a title loan is secured, a payday loan is unsecured which means they do not require any collateral such as a vehicle.
  • The amount of money that you will be able to get as a title loan depends directly on the value of the vehicle you put up. This is not the case for payday loans, which usually range between $500 to $5000
  • Title loans pose a greater risk of asset repossession if you do not pay back according to the repayment schedule. Because of this, they have lower interest rates, compared to payday loans which are unsecured. Payday loans on the other hand do not pose a risk to your assets but are often with higher APRs than usual.

Advantages of Kentucky Payday Loans

Like most forms of loans, payday loans in Kentucky also have their fair share of attractive features as well as less desirable ones.


The biggest advantage of payday loans is the convenience. Because the borrowers do not have the required time to make other arrangements, they need the funds at the quickest. Payday loan providers with their same-day approvals and deposits can ensure that the borrowers receive the funds at the soonest possible moment.


The unsecured nature of these loans is an advantage for many borrowers. This means that the lenders do not have the privilege of repossessing your assets if you fail to pay back the loans on time. Some payday loan lenders allow borrowers to request an extension for their repayment.

Bad credit approval

The chances of getting approved with a low credit score are high compared to traditional lenders. Payday lenders are not interested in knowing whether the borrower has a questionable financial past. They’re more concerned about whether the loan is affordable to the borrower or not.

Disadvantages of Kentucky Payday Loans

Very expensive

Payday loans are considered a very costly alternative to a traditional loan. It is not uncommon to find some lenders charging upwards of % APR for some loans, which increases the total cost of borrowing. This is also one of the main reasons why many borrowers struggle to pay back their payday loans on time.

How to Get Kentucky Payday Loans

Applying for a payday loan is as simple as it gets. While the exact details of the loan application process may differ slightly from provider to provider, some of the common steps are given below. We are taking the example of Viva Payday Loans.

Step 1: Visiting the Viva Payday Loan Official Website

You can visit the official Viva Payday Loan official site here. Navigate to the right corner of the screen and click on “Apply Now”.

Step 2: Completing the application form

Viva Payday Loans will require your name, personal information, income details, employment and baking information. The form will also require a summary of your monthly expenses.

Step 3: Getting your decision

Viva Payday Loans takes two minutes to authorize your loan. You will have to stay on the screen before you get your response. You will be notified in case your loan does not get approved.

Step 4: Receiving the loan

After approval, the payday loan provider will send you the loan agreement that you have to read and accept. After signing, submit the loan agreement after which you will receive the amount immediately to your bank account.


Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans






Are payday loans legal in Kentucky?

What happens if a payday loan is not repaid in Kentucky?

What is the statute of limitations when it comes to payday loans in Kentucky?

Can I apply for more than one payday loan in Kentucky?

Why are payday loans expensive?

About Prodosh Kundu PRO INVESTOR

Prodosh Kundu is the Founder & CEO of SERP Consultancy, a prominent Digital Marketing Company in Kolkata, India. Starting his career in 2004, he is a Google AdWords certified internet marketing professional, SEO consultant, strategist, and analyst. With his strong understanding of financial market regulations, stocks, blockchain technology, cryptocurrency, & forex, Prodosh has written thousands of articles, blogs, broker reviews, guides, and offered critical analysis & recommendations on investment opportunities!

]]> 0
Best Emergency Loans for Bad Credit In 2021 Wed, 03 Nov 2021 23:47:44 +0000 If you love City Paper, get it every day in our newsletter. It is never a good time to be in need of a loan, but it is even worse when you have a bad credit score. It does not matter how dire your need is or how badly you need the personal loan, as […]]]>

It is never a good time to be in need of a loan, but it is even worse when you have a bad credit score. It does not matter how dire your need is or how badly you need the personal loan, as any popular lending institution will credit check your score and instantly reject you. Banks and other institutions do not care if your poor credit is because of circumstances that were/are out of your control, they just see one score and make a decision based on it.

Luckily, there are institutions that will give you an emergency loan with bad credit. So, you do not have to worry if your credit score is below 620. In fact, you do not have to worry about your credit score at all. In this article, we will cover four lending services that will give you the money you need despite your bad credit.

2021’s List of Best Websites for Emergency Loans Online 

]]> 0