In need of cash? Do you have to pay your tuition fees or clear off debt on your credit card?
Don’t worry, you’re not alone.
Almost a third of Americans have bad credit, which affects some important financial decisions in their lives. Getting loans will be harder for them, but that doesn’t mean it’s impossible.
For example, there are plenty of online loans that specialize in offering loans to individuals with bad credit. They can take on the risk, but the thing with online loans is that the borrowers may not want to take the risk. The various scams paint online loans in a bad light.
The trick is to find reputable ones that have served hundreds of thousands of people with bad credit. Read on to find reliable institutions.
1. Lending Tree
Lending Tree is one of the best online loans providers, even for people with bad credit. It offers personal loans, mortgages, student loans, auto loans, and such. Whichever loan you need, Lenny will do the legwork of finding the best offer for you.
It has its own network of lenders who can provide competitive loan rates; you’ll only have to pick the right one. You need to enter your details on their website and it will display a list of multiple online lenders. It also displays the APR, loan term, and how much would be your monthly payment.
2. Quicken Loans
For mortgages, in particular, consider Quicken Loans, a large mortgage company. You can apply for a home loan or for refinancing. It also has several loan options, including a 15 or 30-year fixed loan, a HARP mortgage, and more.
Quicken Loans will match your current financial state and your requirements with the best loan options. The information they’ll provide includes the rates, costs, and benefits. You can apply online or you can have them call you to better explain your options.
As you go on through your application, they secure your rates through the RateShield Approval. This ensures your rates stay the same for 90 days before you get your loan.
3. Auto Credit Express
If you’re buying a car instead, brand new or second-hand, Auto Credit Express may be the right one for you. It’s one of the best bad credit loans online for car purchases, specializing in bad credit or no credit.
It has been around since 1999, helping buyers with credit issues like repossessions, delinquencies, and bankruptcy discharges. Their goal is to connect these buyers to a network of lenders and dealerships.
Auto Credit Express also has various loan options, including a BHPH dealership. This type of a loan doesn’t run a credit check, and if you feel it’s the right one for you but can’t find one, Auto Credit Express will connect you to a dealer near you that offers this.
4. Capital One
Another great option for an auto loan is Capital One, which is one of the largest banks in the United States. It has pretty good loan offers, and it takes people with bad credit who get rejections from other banks.
You can pre-qualify for financing and it won’t show up on your credit report, so it doesn’t affect your score, too. This ensures you have financing before you even go to the dealership.
What’s great about this is that you can complete the loan application online or you may talk to them over the phone. Either way, you won’t have to go to the bank to submit your application unlike with other banks.
MoneyMutual may be the right platform for you if you’re looking for short-term loans. It’s an online marketplace of lenders. This means it’s not the lender; it will only help you find the lender with the best offers for you.
With MoneyMutual’s help, you can get up to $2,500 as soon as the next day of your application. It will give you a list of options based on your information. You’ll have to provide details such as your credit score, home ownership, and more.
The lenders will be the ones to review your information, and then you can review their loan terms. When you agree, you can get access to your funds in as little as 24 hours.
CashUSA is also a network of lenders providing personal loans with APRs ranging from 5.99% to 35.99%. There’s no set income and credit requirements. The terms are rather flexible, making it an easy way to get access to funds if you have a bad credit score.
You can get a loan amount of $500 or up to $10,000. The process is fast; sometimes, you may receive a decision on your application within minutes.
Because the loan terms will be different for each lender, make sure to review each one with an eagle eye. For online loan applications, you can find a guide that will help here.
As the name suggests, this institution specializes in loans for individuals with bad credit. It has been around since 1998, helping people connect with a lender with the best terms for them.
Its process is quick and easy; you’ll only need to fill up a simple form online, and the lenders will review your details. You’ll receive some offers, each of which you need to study with care. Once you agree to an offer, you can get your funds of $500 to $5,000 as soon as the next business day.
Avant is also great for personal loans, but it also offers debt consolidation and loans for home improvement and emergencies. The loan amount you can get depends on your credit score, but in general, it ranges from $1,000 to as much as $35,000.
You apply for the loan on the website or over the phone. The requirements and process may vary by state, so you’ll have to provide your location. You may get a decision within minutes, but this depends, of course.
You may also find that when you get a loan from Avant, you get an uptick in your credit score. Many borrowers have reported this happening within the first 6 months.
Learn More About Online Loans
Online loans can be tricky if you don’t know where to look, but this list of the best online loans for bad credit should help find the right one for you that’s reputable and reliable.
If you want to learn more about loans and other financial matters, check out our other guides today. Learn how to get instant loans and more.