Do you have bad credit but still need a loan? There are options available to you.
If you have a low credit score, trying to find a loan can be difficult. Minimum credit score requirements can put conventional loans from banks out of your reach, but there are bad credit short term loans you can apply for. Find out about your options in our guide below.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
A selection of loans you can apply for with bad credit
Here are some loan providers that you can apply to. Note that the max loan amount is based on the lender’s max amount and your state of residence. Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
A selection of lender matching services you can apply with
These lender matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to match you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the matching services max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
I have bad credit. How can I get a loan?
You can still apply for loans when you have bad credit. Here are some things to keep in mind when finding a loan:
- Compare your options. There are a few options available so it’s important to compare them to find the one that best fits your needs. Look at loan amount, features, the annual percentage rate (APR) and how quickly the loan is paid out to make sure the loan meets your needs.
- Review the eligibility criteria. While these lenders accept applications if you have bad credit history, they still have criteria that will need to be met. Check the minimum age, income and residency requirements as well as the loan amount and terms that are on offer.
- Only apply for how much you need and can afford. Lenders can’t offer you more of a loan than they think you can afford, but you should still work out what repayments you can manage and see the terms that are being offered. Then, apply for a loan that will work for you.
- Budget to cover your repayments. When you are approved for a loan your repayments will generally start on your next payday, so make sure you have budgeted to cover the added expense.
What are the benefits of a bad credit short term loan?
There are a few advantages of taking one of these loans out, including:
- You could get an easy online application.
You can compare lenders online and submit your application within minutes. There’s no need to visit a physical branch or fax copies of your paycheck.
- There will be a quick turnaround time on your loan.
You can usually have your approved loan in your account on the same day you apply. Sometimes, depending on the lender you could get your cash within the same hour.
- The loan term is generally short term.
Loan terms usually extend until your next payday, limiting the amount you pay in monthly fees and meaning you are in debt for less time. Just make sure you budget so you can repay the loan comfortably within the terms. You might not get being trapped into credit contract for longer than you need.
Amanda's emergency car repairIt was nearing the middle of the month when Amanda’s car broke down on her way to work. She had to take the morning off to take it the mechanic where she found out how much the repairs would cost – $250. As a shift worker, she had already missed out on that morning’s pay and her paycheck wasn’t due to come until the following week.
She needed the car repaired to get to work, but with her low credit score she wasn’t going to be eligible for a personal loan. She had a look at how much a $250 bad credit short term loan would cost her and when she would need to repay it. After considering her budget, she worked out she could afford it and applied for the loan.
What other options do I have for a loan?
Depending on what you need the loan for and how much you want to borrow, there are the following loan options available:
- Auto title loan. If you have a car you could use its title to get an auto title loan. The loan is secured against the title, so you can get a lower rate while still being able to drive your vehicle as you repay the loan.
- Installment loan. These loans are similar to short term loans except they are repaid in installments over a longer term. These loans could be an option for you if short term loans are banned in your state.
- Secured loan. If you have an asset to use as security, such as a car or a property, you can consider a secured loan. These are less of a risk to lenders because they can use the asset to reclaim losses from the loan if you fail to repay.
How to apply for a bad credit short term loan
The first step is comparing your short term options on finder.com. To make sure you’re eligible for the loan you can take a look at the review pages and see the minimum eligibility criteria.
You’ll usually need to be over a certain age, earn a minimum amount per week or month and be able to prove that income and you may also need to meet employment and residency criteria.
You’ll then need to have some or all of the following on hand to complete your application:
- Documents to confirm your identity, such as your Social Security number, ITIN or Alien Registration number
- Your contact details
- Proof of your income
- Your checking account number
- Your bank’s routing number
Bad credit short term loans are an option to consider when your credit history is less than perfect. As there are a few options available, compare your options before you submit your application.
Installment Loans for Bad Credit
Questions you might still have about bad credit short term loans
Do lenders still check my credit file?
Some lenders will still check your credit file when applying for a bad credit short term loan. However, other lenders will just need to see evidence of your income and your financial situation. You can confirm this before you submit your application.
How long will the loan take to be approved?
Generally, you will find out if you’re approved a few moments after submitting your application. This is for both online and in-store applications.
When will I receive the funds?
If you apply for a loan in-store you can usually receive your approved funds within the hour. If you submit your application online you can expect your funds to be transferred into your checking account on the same or next banking day, depending on when you submitted your application.
Can the loan be approved on a weekend?
Online and in-store lenders can both approve loans on weekends. However, you can only receive approved funds from a lender in-store due to being outside of banking transfer times.