Best Short Term Loans for Bad Credit

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Contributor, Benzinga
August 17, 2022

When you face an emergency, your best shot is to seek a loan from friends or family members.  In most cases, this will cost less interest, and you may receive less pressure for repayment. 

But if you can't get a personal loan from family and friends, your next bet is to explore loan options from banks or lending companies. Well, this option is equally not expensive. If anything, it is safe and fast; and most times, you will be funded after a few working days. 

But what happens if you have a bad credit score? Your chances of getting a loan become slim. If you find yourself in this situation, don't worry, there are still companies willing to give you loans irrespective of your credit score. 

These bad credit loans are a good option for people with a credit score of 669 or less. They will be able to get up to a maximum of $50,000 for a period of between one month to seven years. However, it is dependent on a lot of factors.

This article helps to explore those factors affecting your chances of getting short-term loans for bad credit. It has also curated a list of the top four platforms offering short-term loans for bad credits.

Quick Look: Best Credit Repair Companies For Bad Credit Scores

  • Overall Best Debt Consolidation Loans: MoneyMutual
  • Recommended Online Loans For Bad Credit Score: BadCreditLoans
  • Direct Lenders To Approve Loans Instantly: CashUSA
  • Popular Personal Loans For Debt Consolidation: PersonalLoans

Best Short Term Loans for Bad Credit

Here are our top four short-term loan sites for bad credit.

1. Overall Best Debt Consolidation Loans: MoneyMutual


MoneyMutual has been around for a while. It is a networking site that connects people to lenders.

The site is one of the most reliable online lending marketplaces, with over 2,000,000 customers. It also has a network of about 60 lenders. Furthermore, the site can link you to the nearest loan providers willing to give bad credit loans, payday loans, installments, and other loans.

Users can get loans of up to $5,000 and get funded within 24 hours. Even without a good credit score, you need not worry. 

If you are interested, all you need to do is, visit the website and fill out the necessary forms. After that,  you will be given access to a database of lenders within MoneyMutual's network. One advantage of this is that it makes things a lot easier.  It saves you the stress of looking for lending sites individually and filling out forms each time. 

Moreover, MoneyMutual helps borrowers get a more comprehensive range of options and get their loans faster with its filter feature.

Furthermore, they work hand-in-hand with short-term lenders. That makes their platform a sure bet for people looking for short-term or payday loans, even if they have a bad credit score. It will also come in handy for people looking to avoid late payment fees. 


Networking: MoneyMutual helps people connect to over 60 short-term lenders across the country. Each of these lenders has its fees and requirements. 

Standard loan requirements: With MoneyMutual, all people need is to fill a form after satisfying the general conditions. One of these conditions is that a user earns more than $800 per month and is over 18 years. 

Guidance for Loan Seekers: This platform tries to simplify access to lenders all at once.  It also helps with an educational resource that will allow users to understand the loan details; this will help them avoid trouble and complications. 

Security: The site is adequately protected by Norton 256-bit encryption. The site prioritizes users’ data protection.

Transparency: If you see a loan offer that you are not satisfied with, MoneyMutual will not try to bait you into taking it. Instead, they will step back and allow you to carry out your independent investigation.


  • MoneyMutual does not charge fees for using the platform 
  • Applying is simple, and approval is almost immediately 
  • It takes just a few minutes or hours (at most) for users to get an offer
  • Funding is comparatively fast 
  • It makes educational resources available 


  • MoneyMutual will not be able to defend you after you sign 
  • Some loans and your desired amount may not be available in your state 

This platform was designed and is managed by Chief LLC. It is also an online loan site that serves as a marketplace for people looking for personal loans between $5,000 or less. 

BadCreditLoans does not give out direct loans. Instead, it provides a platform for loan comparison and connects future borrowers with numerous lenders. 

Just as the name implies, this Nevada-based company focuses on creating an opportunity specifically for borrowers with poor credit. They allow people with a credit score as low as 500 (or even lower) to apply and merge with willing lenders. Besides, if it turns out that you are not qualified for a particular loan, BadCreditLoans will try to come up with alternatives. 

The platform has fantastic customer reviews online. It shows that it has helped countless satisfied clients. Also, it is an excellent solution for Americans looking for urgent funding to cover up emergency expenses but doesn't meet standard requirements due to bad credit scores. 

It will save you the stress of sending many applications to banks that certainly won't give positive feedback because of your bad credit score. In fact, with BadCreditLoans, you can apply, and lenders will come to you. 

BadCreditLoans does not stop at being fast and efficient. You can apply directly on their website, and you won't be charged for the service they offer. They are 100% free. Also, you are allowed to quit anytime you want and won't be penalized. 

Finally, offers borrowers a comprehensive shopping service. Users of the platform can utilize the website when shopping for car loans, mortgages, student loans, credit cards, and more. 


APR: offers a fair APR, typically ranging from 5.99% to 35.99%. It all depends on the lender or lenders. Remember that BadCreditLoans as a platform is not a lender but a network. As a result, they will not guarantee you a fixed range. However, it is a good site for people with bad credit scores. 

Transparency: There is a lot of information available on the website. Also, the data is organized and easy to find. All rates are spelled out. The reason is to clarify that they don't have control over the rates. They also urge users to read all contracts thoroughly to understand the terms offered. 

Funding Speed: BadCreditLoans offers incredible funding speed. It takes a short period for the platform to link you up with a lender.  It will also take a short time for your account to be funded, usually within one business day. 

Accessibility: When it comes to accessibility, is at the top of the list. They did a great job making the entire application process easy for their users. Applications are also open to people irrespective of their credit score. Compared to some sites, they are not exclusive to some borrowers. 


  • They offer credit to people with a credit score of 500 or less 
  • Loans are given within collateral 
  • They don't charge application fees
  • Their APR is very competitive 
  • The website is detailed and informative 
  • Their customer service team is efficient and reliable 
  • Funding is almost immediately 
  • They offer other financial services like student loans, business loans, car loans, etc.


  • They are not a direct lending platform 
  • It's almost impossible to borrow $1,000 and above if your credit score is 500 or less
  • They have a low BBB rating

3. Direct Lenders To Approve Loans Instantly: CashUSA


CashUSA has over the years proven to be one of the most reliable sources for secured loans for people with bad credit. They help lenders get the best possible personal loans irrespective of their credit score. CashUSA is also an online lending marketplace and not a direct lender. All they do is create a bridge between borrowers and lenders willing to offer loans in the USA. 

CashUSA makes quick and convenient loans easily accessible. They have an extensive network of lenders which includes tribal and state lenders. 

Borrowers can submit a loan request that ranges from $500 to $10,000. The application process is quick and easy. Immediately after approval, it may take just one business day to get funding. 


Fast Loan Processing: Applying for a loan through traditional banks is a prolonged process with lots of paperwork. CashUSA, on the other hand, is quicker and more efficient. Once you apply, your request is sent out almost instantly. 

Secured Platform: Many people seeking loans are skeptical about the security level of online forms. Borrowers need to know that the lending portal is secure and safe enough since their vital financial information will be on the platform. That's why makes use of the most sophisticated encryption technology to help users keep their data safe and private. Also, the team behind CashUSA runs tests on the site every day to ensure that the system stays secure and there are no security breaches. 

Instant Online Repayment: One of the standout features of this platform is the convenience of making payments. You don't have to go through the stress of mailing checks or relying on any postal services. You will also not face challenges like loss of payment or delay in the mail. All transactions are done online. Also, lenders at CashUSA network will help users create an auto-payment. That will make things even easier for borrowers. With this instant repayment feature, users will not have to worry about the stress of making their monthly loan payments ever again. Every month on the required date, the borrower's bank will automatically send the loan repayment directly to the lender's account. That is an excellent way to keep both borrowers and lenders happy. 

Loans to Users with Bad Credit: Essentially, CashUSA offers excellent credit service and more. They work with almost everybody, including people with bad credit scores. So you don't have to worry even if you have poor credit.


  • Its application process is speedy 
  • The platform allows access to all credit types 
  • They are always available 
  • The site is secure 


  • The maximum loan amount is small 
  • APR is high
  • It is a direct lending platform 

You can't fault the reliability of PersonalLoans. It has proven to be a reliable platform for borrowers looking for loans over the years. 

The platform has one goal: to create an easy and seamless way to get personal loans through a third-party lender network and other options. PersonalLoans is also not a direct lending platform. They serve as a platform meant to connect borrowers with potential lenders. This site is hosted online. Also, loans are easily accessible at reasonable rates. That makes it an excellent option for people looking for an emergency fund. 

The platform only attempts to link people with lenders within its network, so don't expect to get a loan from them directly. That means, when you register with PersonalLoans, lenders from the pool of already available networks will give you an offer. It is your responsibility to choose the lender that best suits you. From that point, will no longer be involved. You have to read the terms and conditions each lender puts forward carefully. 


Peer-to-Peer Loans Structure: PersonalLoans allows users direct access to investors. That means you don't have to go through the stress of getting a loan from banks. You'll get immediate access to individual lenders and lending companies. 

Extensive Database of Lenders: They work with several people and companies willing to offer loans to people with a bad credit score. 

Personal Installment Loans:  When personal loans are mentioned, the next thing that comes to mind is a personal installment loan. These loans are fast, straightforward, and give borrowers enough time to make payment; that's why almost every borrower wants this type of loan. It also allows people to pay back a little at a time, usually monthly payments. PersonalLoans gives users access to this type of loan. 

Access to Bank Personal Loans: The platform also gives borrowers access to local bank loans. But if you already have a particular bank in mind, this option is not for you. 


  • The platform gives users access to a soft credit pull 
  • The platform does not ask for collateral 
  • Borrowers have access to a generous loan amount 
  • Funding is almost immediately 
  • They boast of an extensive lender network 


The platform is not a direct lending platform 

How We Made the List Of The Best Short Term Loans For Bad Credit

To select the best platforms that offer no credit check loans, we consider factors that will help you decide whether lenders are a perfect match for you. These factors include minimum APRs (annual percentage rate) and credit requirements. 

In making our top list, we centered on lenders with great profiles, good reputations, low fees, various loan amounts, and budgets. We also look at other important factors like fast funding and online application. 

In addition, we evaluate our lenders based on features like the quality of their customer service team, flexible repayment options, and customer discounts. 

What We Looked For

We took it a little further by thoroughly examining each of the companies and narrowed down our options to these critical areas:

  • Review from Users: We cannot underestimate the importance of good reviews. What people say about a loan company will go a long way to define the company. So we ensure all the companies on our list enjoy positive reviews from existing customers. 
  • Level of Security: Users fill in their financial data on these platforms. If not properly secured, it might fall into the wrong hands, so we ensured that the companies on our list have good security. 
  • Interest Rate: Taking a short-term loan for bad credit means a low credit score. Taking an extra loan with an unfavorable interest rate will put you in a worse situation. That's why we ensured the companies on our list all have emphatic interest rates. 

Beginner’s Guide: Essential Factors to Consider When Choosing a Low Credit Score Loan Company

You should not just pick a random lender to collect a loan. There are a lot of other factors you need to consider. 

You will have a better stand if you know what the lenders offer and their requirements. 

Also, when applying for a short-term loan for bad credit, you want to be careful. Finding a lenders’ site is not so tricky as finding a safe one. Knowing what to look out for in a lender can be challenging. You need to evaluate specific criteria when deciding whether or not to apply for a loan via a lender’s site. Here are things to keep in mind.

  • Loan Amount

Your need is the first and most critical factor you should consider before choosing a loan company. When you've made up your mind on the amount, it will guide you through the subsequent decisions you'll be making. 

Generally, the minor personal loan that an individual can take is $500. However, some lenders' minimum is $1000, and others $2000. If you are looking for $500 or less, it won't make sense to pick a company whose minimum is $1000. 

  • Payment Method 

There are different payment and repayment options you can explore. When you take a loan, it is paid directly into your account. You can choose an option where the lender will send the fund to pay your outstanding debt (directly to your creditor's account). In this method, the money does not come to your account. 

If you are looking for a hands-on approach or taking a loan for things other than paying off your existing loan, some loan platforms are willing to get the fund wired directly to your account. It will help to consider all these options before you finally settle for a loan company. 

When applying for a personal loan, you may select the repayment plan that best suits your income and cash flow. Lenders will occasionally provide an incentive for adopting autopay, such as decreasing your APR by 0.25 percent or 0.50 percent.

  • Repayment Duration

Within 30 days, you must begin repaying the lender in monthly installments. Most lenders provide payback durations ranging from six months to seven years. The loan term you pick will affect your interest rate and monthly payment.

  • Interest Rate 

Different loan companies offer different interest rates. These rates are determined by several factors, including your credit score, length of repayment time, and loan amount. Interest rates start from as low as 3.49% to 29.99%. In some cases, it can be up to 35%.

According to statistics, the average interest rate for a 24-month personal loan is 9.63%. 

Interest rates for a loan are usually fixed. No matter how long the loan term is, the interest rates remain the same for the loan duration. However, it helps to choose a short repayment term and have a good credit score. Note that the better your credit score, the better your interest rate.

  • Affordability

When applying for a personal loan, you may select the repayment plan that best suits your income and cash flow. Lenders will occasionally provide an incentive for adopting autopay, such as decreasing your APR by 0.25 percent or 0.50 percent.

Most borrowers strive to get monthly payments as low as possible to avoid pressure. It enables them to repay without breaking the bank, even if it would take several months or years. On the other hand, others prefer to pay almost immediately and get over it, so they choose a higher monthly payment. 

The two options above are great, but each comes with a condition. Low payments that take a long to cover have the highest interest rates. Higher repayments offer a short period and lower interest rates. The former may not seem like much because you won't feel the burden, but you will end up paying more at the end of the day. 

A general lending rule states that borrowers should not spend above 35% to 43% of their earnings on debt. With this at the back of your mind, try not to bite more than you can chew. Different loan companies have other interest policies. Ensure you are meticulous about the terms and conditions to avoid falling into more debt.

  • Long-Term Objectives

As an individual with bad credit, it'll be vital to consider what you want to accomplish in the long run. What is your motivation? What are your needs? Where do you plan to get funding in the next two to three months? How about twelve months? Answers to these questions will help you determine how financially invested you will be as an individual. Though you don't have to develop a future "exit strategy" right now, it's a good idea to consider.

  1. How much personal loan can I get with a bad credit score? 

On average, you can get between $500 to $10,000, but it depends on your income and level of bad credit score. There is no fixed score or amount. It depends on the lender and how much they are willing to give you.

  1. What is the average interest rate on loans with bad credit scores? 

The rate varies depending on two factors, first your credit score, and second, what the lender is willing to receive. It can be anywhere between 3.49% and 35%.  There are ways to reduce the interest rate, for example, by setting up an autopay and having payments deducted automatically. 

The borrower will not make a late payment or miss a payment with autopay. That is why lenders don't have a problem giving lower interest rates to borrowers using the autopay option. 

  1. How long will it take for the loan to be approved? 

It can take anywhere between one and seven working days, depending on the platform. The credit score and the information you provide will determine the number of days it will take. 

  1. Are personal loans bad? 

Loans can come in handy when there is an emergency. So, paying back with interest is fair. There are, however, good and bad loans depending on how it affects you. Loans with high interest are not advised, but you will be left with no option and a bad credit score. 

It is easy and beneficial to take personal loans in certain circumstances. If it fits into your overall financial goals, then a personal loan is a good idea. On the other hand, taking a personal loan is not a good choice if it doesn't work for your financial plan. 

Borrowers who don't have a financial goal may ignorantly take a loan only to realize in the long run that it doesn't fit their budget. 

  1. What happens if I default? 

If you have an unexpected financial setback, such as a job loss or a medical emergency, and you cannot make payments on your loan, contact your lender as soon as possible. Most lenders will work with you to get your prices back on schedule.

However, not everyone has the wisdom to contact their lender. That can result in personal loan default immediately.

Defaulting on debt usually indicates you haven't made payments for several months. Personal loan default is a serious matter because it can damage your credit score even more. Not only will your credit score suffer, but you'll also find it difficult to obtain fresh credit for years. 

The longer you go without paying, the more serious the consequences. If you only miss one or two payments, you'll most likely be able to get back on schedule without causing too much long-term harm. However, if you haven't made a payment in six months or more and ignore your lender's calls, you may be digging a hole that will be difficult to escape.

Conclusion: Rest Your Worries With Short Term Loans For Bad Credit

A bad credit score does not mean you will no longer have access to loans. 

People with bad credit or those who haven't had enough time to create a credit history can take advantage of bad credit loans. These loans are either secured (backed by a home or car) or unsecured (not backed by anything). These loans have different interest rates, fees, and terms depending on the lender.

Even if you have bad credit, you can acquire a loan. Your credit score will prevent you from getting a low APR. However, you can improve it by finding interest rates that are significantly cheaper than those seen on best payday loans. Our top picks for the best bad credit personal loans feature a wide range of eligibility conditions and low credit-band rates.

In a nutshell, personal loans can help you pay for a big-ticket item, cover unexpected bills, or consolidate debt. If you have bad credit, your options may be limited or more expensive than good credit. Our top four selections look beyond your credit score and spell out the possible interest and costs.