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Having bad credit can be a bit stressful. Some might even think that borrowers with poor credit won’t be able to secure personal loans, but this isn’t true.
There are now many free loan resource platforms, such as MoneyMutual, that can match you with potential lenders despite having a challenging credit history.
These are great platforms that can help you rebuild your credit so you can get better loan options in the future. It’s just never too late to start building your credit once again.
You also don’t need to wait long to get a loan. Unlike banks, credit unions, and other financial institutions, these sites can fund you instantly and still give you competitive loan terms.
In this article, you'll find a list of the best installment loans for bad credit. Some do better than others at giving a helping hand to those with low credit scores, so this guide will help you find the right loan for your budget and needs.
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MoneyMutual Pros:
MoneyMutual Cons:
First on the list of the best installment loans for bad credit borrowers is MoneyMutual.
MoneyMutual has been in the loan industry since 2010. It has already served over 2 million customers, so you can be sure it’s a legit loan resource platform. That said, it’s not a direct lender.
You can still apply for short-term loans on this site, even with bad credit. However, most of its network of lenders mainly requires that you’re a US citizen at least 18 years old and make at least $800 a month from a verifiable income.
You must also have a checking account because most lenders won’t provide loans to a prepaid card. More requirements may apply, but this will depend on the lender too.
This is also the case for credit checks. A lender may do a soft or hard credit check, so once you’re referred to a potential online lender, be sure to ask them.
MoneyMutual Loan Amount:
Money Mutual lenders can offer you short-term installment loans ranging from $100 to $5000. While the max amount is what most lenders on this site can offer, there is still a possibility that you can get a higher amount, especially once you’ve established fair credit.
MoneyMutual Interest Rates:
Since Money Mutual is a free resource loan platform, it can’t disclose what APR you can get when you apply for a short-term loan. You can only see this once an online lender has sent you a loan offer.
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Funds Joy Pros:
Funds Joy Cons:
Not a fan of clutter? Funds Joy is a straightforward loan resource platform. If you’re not interested in anything unrelated to requesting a loan, this loan platform is your best bet.
This site is mobile-friendly, so you can easily apply for a loan, even using a smartphone or tablet.
Furthermore, Funds Joy only makes a soft credit check when you request a loan. However, some lenders may conduct a regular credit check to examine your eligibility.
It only takes a few minutes to finish the application form and to get matched with a potential lender when you apply for a loan here.
It’s also a good feature that the site can remember if you have an unfinished loan request. This way, you won’t have to type in certain details repeatedly.
Funds Joy Loan Amount:
You can request a loan ranging from $200 to $5000. Funds Joy lenders will decide on this based on your credit history.
Even bad credit borrowers will be considered since the site offers payday and cash advance secured loans. However, it relies on your present capability of paying the loan back instead.
Funds Joy Interest Rates:
The APR you can get with an offer depends on the type of loan you’ll secure. For example, personal loan rates from Funds Joy lenders may have an APR ranging from 4.99% to 450%.
Meanwhile, cash advance loans APR range from 200% to 1386%, and installment loans APR range from 6.63% to 225%.
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CashUSA Pros:
CashUSA Cons:
Since 2015, CashUSA has been the go-to of many borrowers for short-term loans, including bad credit borrowers. This free loan resource platform allows you to connect with its big network of lenders for unsecured personal loans that can be payable for up to 72 months.
You also won’t have to worry about annoying collection calls from this loan company because it complies with the Fair Debt Collection Practices Act. This means you won’t be called before 8 AM or after 9 PM.
In addition, you won’t have to worry about getting your credit score highly impacted when you apply for an installment loan on this site since CashUSA may only conduct a soft credit check on you.
However, lenders may still conduct a credit inquiry or a non-traditional credit check to check your eligibility with any of the three major credit report agencies or credit bureaus (Experian, Equifax, Transunion).
Bad credit borrowers are free to submit loan requests since the requirements to do so are simple. You need to be at least 18 years of age and a US citizen or someone with permanent residency. You should also earn at least $1000 monthly after taxes and have a checking account.
CashUSA Loan Amount:
You can apply for an installment loan at CashUSA, ranging from $500 to $10,000. It only takes a few minutes to complete the application form and get matched with a potential borrower.
Once you receive a loan offer and finalize the application, you should be able to get the money in your bank account in as little as 24 hours.
CashUSA Interest Rates:
The APR your loan offer may have will depend on the lender, your location, your credit score, and the requested amount. Generally, CashUSA online lenders would offer rates between 5.99% and 35.99%.
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BadCreditLoans Pros:
BadCreditLoans Cons:
When it comes to experience in the loan industry, BadCreditLoan is no short of that. It has been around since 1998 and mainly caters to borrowers with low credit scores.
Borrowers with a minimum credit score below 580 have a chance of getting installment loans from this site. After all, it’s in the company’s name. So you can be sure lenders are willing to work with you on this site.
If you weren’t matched with a potential online lender, BadCreditLoans still have an extended lender network to help you get what you need. That said, they may also be sharing your info and request with other marketing partners.
This may not be a bad thing because that could just improve your chances of securing installment loans. Aside from that, you can also be offered other services like credit repair or debt consolidation loans.
Just be sure you have a regular income to qualify for a loan from BadCreditLoan’s network of lenders. Don’t worry because you can still apply if you’re getting disability or Social Security benefits.
BadCreditLoans Loan Amount:
Like with CashUSA, you can loan as little as $500 to as much as $10,000 on BadCreditLoans. Aside from this, some lenders are open to offering you a line of credit once you establish yourself as a good payer or if your low credit score has already improved.
BadCreditLoans Interest Rates:
The loan APR you can get might range from 5.99% to 35.99%. If your credit score is less than 570, expect you’ll be offered an installment loan with higher interest rates.
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PersonalLoans Pros:
PersonalLoans Cons:
Personal Loans has been in the loan industry for 19 years. It has a large number of online lenders, including Tribal lenders. However, this may be bad news to some since Tribal lenders tend to offer bad credit personal loans with higher interest rates.
What’s good about it is that Tribal lenders are licensed by the state, so they are safe and legit. Personal Loans also clearly state on its site that a good credit or fair credit is always better, but you don’t need a good or excellent one to qualify for a personal loan.
Here are the loans you can qualify for based on your income and minimum credit score:
P2P Loans:
Personal Installment Loans:
Bank Personal Loan:
To qualify for a loan, you must not have any accounts more than 60 days late and have no active bankruptcies. They will also check for late monthly payments, existing debt, and debt to income ratio patterns. In addition, you’ll need to be at least 19, have a stable income, and have a checking account.
PersonalLoans Loan Amount:
Your loan amount depends on your credit score and current minimum income, but it could range from $500 to $35,000.
Once you accept a loan offer and the approval has been finalized, you can get your loan money on the next business day and have repayment terms up to 96 months.
PersonalLoans Interest Rates:
Personal Loans lenders offer APRs similar to what CashUSA and BadCreditLoans lenders would offer. It could range from 5.99% to 35.99%, which is pretty competitive, considering that they are dealing with challenging credit scores.
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247 Dollar Loan Pros:
247 Dollar Loan Cons:
247 Dollar Loan has been connecting borrowers and lenders online since 2010. It’s one of the fastest for matching borrowers with potential payday lenders. You can also get a loan offer in just a few minutes.
247 Dollar Loan offers payday loans that you can pay in installments. This, of course, will depend on how much you’ll be approved for. A loan offer with a low amount may not be offered as an installment loan, so be sure to check.
While this indirect lender caters to borrowers with any credit score, poor credit borrowers are free to apply. This is as long as you have a regular income of at least $800. A valid checking or savings bank account is also required.
247 Dollar Loan Loan Amount:
Since 247 Dollar Loan offers payday loans, the loanable amount you can request only ranges from $100 to $1000. Some may think this is quite low, but we’re talking about payday loans here. Low loanable amounts are ideal because of high finance charges.
247 Dollar Loan Interest Rates:
Payday loans are offered with high-interest rates, and the lenders from this platform may offer you a rate ranging from 235% to 1304%. That said, only apply for this loan if extremely necessary or if you’re still working on rebuilding your credit score.
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247CreditNow.com Pros:
247CreditNow.com Cons:
247CreditNow.com is mainly for people who are after large installment loans. However, if you’re dealing with bad credit, you will need to work your way into getting approved for larger loans.
Still, this is an excellent platform to look for a lender that will eventually allow you to get a bigger loan. Online lenders here will do a credit check once they receive your loan request, but they also rely on your current financial status and debt to income ratio.
As long as you have a regular income of at least $800 and you’re at least 18 years old, you’re free to send a loan request. This is a pretty low qualification since some platforms need at least $1000 of income. Some also require borrowers to be employed for at least three months in order to qualify.
247CreditNow.com Loan Amount:
You can apply for an online loan at this site that’s as low as $100. However, bad credit borrowers will only get approved for as much as $1000. So you’ll need to work your way up and establish a good repayment history to get larger loans if you have a poor credit score.
247CreditNow.com Interest Rates:
Regarding interest rates, 247CreditNow.com doesn’t disclose the APR range borrowers may get from its network of lenders. You can only see this information once you receive a loan offer.
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247FastFunds.com Pros:
247FastFunds.com Cons:
247FastFunds.com is a free resource loan platform that can match you with a potential online lender even with poor credit. True to its name, you can get a short-term loan or installment loan from this site 24 hours after your loan request is finalized.
While the lenders on this site may do a credit check to ascertain your eligibility, they mainly rely on your current financial situation and if you have other existing debt.
This is why it’s required that you have been employed in the last 90 days with at least $1000 income per month after tax.
That said, this may not be ideal for borrowers who are just getting back on track in terms of finances since they only recently got hired. Therefore, you may want to check other platforms to secure a loan.
However, if you think you’re qualified, this is a good choice if you need to be funded in the next 24 to 48 hours safely and securely.
247FastFunds.com Loan Amount:
A loan from 247FastFunds.com lenders can range from $1000 to $5000. The minimum loan amount is quite high for customers with bad credit. It could be good for some, but keep in mind that interest rates can be increased.
247FastFunds.com Interest Rates:
While 247FastFunds.com doesn’t disclose interest rates before you get a loan offer, poor credit customers will likely get higher interest rates. So, only apply for one if needed or if it’s part of your strategy in building your credit. Of course, make sure you can repay the loan on time too!
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BetterLoansMutual.com Pros:
BetterLoansMutual.com Cons:
BetterLoansMutual has services similar to 247FastFunds.com and iCashLoans.com. That said, it’s also ideal for short-term and installment loans, even if you’re dealing with bad credit history.
On its website, it is mentioned that having good credit or fair credit history can get you a great loan offer, but they have lenders willing to work with bad credit borrowers and even those with active bankruptcies.
You can also select the ACH payment option for an easier and more convenient monthly payments process. This means having a fixed monthly payments schedule to avoid missing any. Just be sure that the payment is already in your bank account before the lender attempts to withdraw it.
When it comes to getting extensions, this is at the lender's discretion and your location. Some states regulate extensions and sometimes don’t allow them. But, of course, you can always ask the lenders you’re matched with before finalizing a loan.
BetterLoansMutual.com Loan Amount:
You can borrow money from this site for at least $100 to $5000. Once the loan is finalized, you can get it within the next 24 to 48 hours. It is also worth noting that some lenders on this platform allow you to secure another loan before finishing your current loan.
BetterLoansMutual.com Interest Rates:
No info is disclosed about possible interest rates you might get with loan offers from this site’s network of lenders. However, you should expect higher interest rates since this is mainly a platform for short-term and payday loans.
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iCashLoans.com Pros:
iCashLoans.com Cons:
Another loan resource platform very similar to 247FastFunds and BetterLoansMutual when it comes to services and offers is iCashLoans.
You can get short-term loans here that you can use for any reason, such as car repair, medical expenses, or even vacation. You can treat it as an emergency loan, auto loan, or simply an unsecured loan. You can even consolidate your debt with it.
Online lenders may conduct credit checks on this platform, but what’s important is that you’re at least 18 years old and have an income of at least $1000 per month after tax. You must also be employed in your current job for at least 90 days or 3 months.
Some lenders would be willing to work with you to avoid missing your monthly payments via extension, but it also depends on your location.
iCashLoans.com Loan Amount:
An unsecured personal loan from iCashLoans lenders ranges from $100 to $5000. The application and inquiry process on this site is fast, but some lenders may ask for additional information to check your eligibility to apply for an installment loan.
Once your loan application has been approved and finalized, you can get the loan funds within the next business day.
iCashLoans.com Interest Rates:
Unfortunately, iCashLoans can’t share an APR range from its network of lenders. So, the interest rates are likely higher, especially for borrowers with bad credit. Nevertheless, it’s still a good opportunity to build your credit if you get approved for a loan on this site.
Speediness:
Bad credit or not, online personal loans should be quick and easy. So we’ve picked quick loan sites with fast loan lenders that can give you an offer in just a few minutes. These are also the lenders that would give you the loan funds in the next 24 to 48 hours.
We’re in the digital era, and the lengthy application and approval process should barely exist when applying for an online loan.
Minimum and Maximum Loan Amount:
Since this is a list of the best sites on personal loans for bad credit, we looked for sites where you can get different loan amounts.
We understand that some borrowers simply want to take out a small minimum loan to build their credit or to have a budget for a few days.
Some borrowers are also looking for lenders that can work with them with a large loan amount. Therefore, we mainly included sites that allow you to loan at least $100 to $5000.
APRs, Finance Charges, or Interest Rates:
When dealing with bad credit, expect your interest rate to be higher, and you need to work on your credit to get better offers. However, this doesn’t mean that lenders can just give you exceptionally high rates.
Some sites on this list can offer you personal loans with an interest rate as low as 5.99% once you’ve established a good repayment history. However, some would only have offers as high as 59.99%, which is still reasonable compared to what other payday loan lenders would offer.
Bad Credit-Friendly:
We don’t want you to feel like you can’t secure a loan just because you’re dealing with bad credit.
So, we made sure that these sites welcome your loan requests and are willing to help you despite your challenging credit score. We also found sites that offer credit repairs and debt consolidation loans to help you out.
We know how impactful a credit check can be, so some sites we picked only conduct a soft credit check with the three major credit bureaus.
Customer Support:
Since this is a money matter, a customer support team must be ready to assist you with your concerns and queries.
All these sites have useful FAQ pages you can check for general concerns, but having a phone number is still best. It’s a plus if they have live chat support.
It’s fast and easy to secure an installment loan online. The application process usually only takes a few minutes. Generally, online loan platforms have the same application process.
Here’s how you can apply for an installment loan on our best pick on this list, Money Mutual:
An installment loan is a type of loan you can repay over time. Unlike other types of short-term loans like payday loans and cash advances, you can pay this on specific terms and not at one time. Sites like CashUSA allow up to 72 months of repayment terms, depending on the size of your loan.
The interest rate you can get with a bad credit installment loan varies significantly from one lender to another. Some installment loan lenders can offer as low as 10%, while others can offer as high as 50%.
Yes, installment loans require a credit check but don’t worry because they usually only conduct a soft credit check. This shouldn’t affect your credit score or credit report in any way. However, it’s always best to ask the lender directly about this to be sure.
Yes, you can still get an installment loan with a credit score of 550. Some sites would allow you to get a loan on your own, but there may be lenders that might ask you to request a loan with a co-signer or get secured and joint loans.
After reviewing plenty of sites where you can request a bad credit installment loan, we found Money Mutual the best. It lets you loan up to $5000, and you can get your money in under 24 hours. Everything is also digital— no need to use fax machines to send documents to them.
As you can see, there are plenty of good options when you need urgent loans. Most lenders are flexible when it comes to determining whether or not your income is enough to repay the loan.
Your ability to grow your income after you've started repaying installments is also a factor that weighs heavily in most lenders' lending decisions.
So as long as you have an income and/or assets that you can use as collateral for your loan, there should be nothing stopping you from getting a loan for education, wedding, home improvement, or anything else for that matter.
Be sure to check out our top pick, Money Mutual, to get the best loan terms. In addition, the quick loan services listed above can help with their networks of online lenders, so check them out and apply for a loan today.
Remember not to take out an installment loan unless you are sure that you can pay the loan back on time!
Disclaimer: This article is published in association with DigitalWorks and not created by TNM Editorial. Please do your own research before applying for loans from the above services and seek independent legal/financial advice if you are unsure.