3 Sites To Get Quick Cash Loans With A Bad Credit Score (A Detailed Review)
It would be an understatement to say that having bad credit can be quite a stressful experience. After all, very few banks and credit unions, if any, are ever willing to provide loans to anyone with a poor credit history.
On top of that, most traditional loans tend to be processed in a slow manner, which makes it almost impossible to deal with financial emergencies appropriately. Luckily, there are several free online credit platforms that allow you to get quick cash loans online, such as CocoLoan, even with bad credit.
And unlike most traditional lenders, you won’t need to wait long to get a loan, as these sites can provide you with the funds you need as soon as the next business day. This makes them ideal for dealing with any unexpected emergencies that may come your way such as; medical bills, car repairs, sudden travel bookings, etc.
In this review, you’ll find a list of the best sites to obtain quick cash loans with bad credit. However, not all of them are built equally, as they do have their own advantages and disadvantages. But, with the help of this guide, you should be able to pinpoint the right lending service that best fits your budget and needs.
1. CocoLoan – Offers good loan rates and terms even with bad credit
2. WeLoans – Experienced loan platform with vetted lenders
3. HonestLoans – The simplest and quickest way to get a quick cash loan
1. CocoLoan
CocoLoan has been the go-to platform for many online borrowers that are seeking to secure themselves competitive loan rates and terms, even with a poor credit history. That said, CocoLoan is not a direct lender but rather connects borrowers to legitimate online lenders that can provide them with funding as high as $35,000.
They also boast a 97% approval rate, and their lenders only conduct soft credit checks, so you can explore possible loan options without worrying about negatively impacting your credit score. CocoLoan co-founder Sarah Ross went on to state, “We are committed to ensuring that borrowers of all credit types have an open path to financial help, no matter how low their credit score may be.”
It is for this reason that the site also has very minimal eligibility requirements, as you only need to be 18 years of age or older, a US citizen, and have a steady income to qualify. In addition, CocoLoan also employs bank-level encryption on its platform to ensure that your personal and financial information remains secure from any unauthorized access.
However, bear in mind that you can only view what APRs are available to you via CocoLoan after you receive a loan offer from their lending network.
2. WeLoans
When it comes to experience in the online lending industry, WeLoans takes the top spot, as it has been around for a few years, allowing it to build an extensive lending network. It is a free lending service that allows borrowers to access funding of up to $35,000, and since most of the loans available are unsecured, you don’t need to put up any collateral to get approval.
WeLoans’ partner lenders are also open to bad credit borrowers, as they typically take into consideration a wide variety of factors aside from just an individual’s credit score. These include your income level, length of employment, debt-to-income ratio, etc.
In other words, if you can prove that you can afford to make your loan repayments on time, then you have a high chance of securing the funding that you need.
You are also still allowed to apply for funding if you happen to be receiving Social Security or disability benefits. And in the event that you fail to be matched with a potential online lender, WeLoans will refer you to an extended lender network that may be able to help you.
On the flip side, the main drawbacks of using this lending service are that loan approval is not guaranteed and the interest rates offered by its partner lenders can be high.
3. HonestLoans
If you are not a fan of clutter and want a lending service that manages to get straight to the point, then HonestLoans is a safe bet. The platform is also designed to be so quick to navigate that even first-time borrowers should have no difficulty submitting a loan request.
You also don’t need to wait long to receive a loan decision, either. This is because HonestLoans automates the entire review process, which means that you can expect to know if you have been approved or not within a matter of minutes.
All you need to do is fill in a few basic details such as your contact information and financial status, e.g., income level, credit score, and employment status, when applying for a quick cash loan here.
Furthermore, it only takes a few minutes to complete the application form and get matched with a potential lender. You also won’t need to submit any excess paperwork, as the entire process can be completed online. In addition, the site is also mobile-friendly, so you can feel free to use your smartphone or tablet to apply for funding at any time.
That said, while the HonestLoans approval rate is generally good, the downside is that you can only borrow up to a maximum of $5,000, which means that it can’t be used to deal with large expenses like debt consolidation.
What Is The Application Process To Get Quick Cash Loans Online?
The good thing about applying for a quick cash loan is that the process is generally the same across all three of these sites, and it should only take you a few minutes to submit a loan request.
Step 1: Head over to the lending site of your choosing and from there, you will need to select your desired loan amount and fill out the online form with your personal and financial details, e.g. bank account number, credit score, level of income, etc.
Step 2: Once you are done and have submitted the form, you will receive a decision on your loan request. If approved, you will be presented with a number of loan offers from different lenders. You can then take your time to review and compare them until you find the one with loan rates and terms that best fit your needs and requirements.
Step 3: If you decide to accept a quick loan offer, the lender will start processing your funds, which should be available for checking out by the next business day. However, keep in mind that this can sometimes vary depending on the lender.
Conclusion
As you can see, there are a wide variety of options available if you are in urgent need of funding with a bad credit score. Most online lenders also tend to be fairly flexible with their loan rates and terms, so there is also a high chance of obtaining a good deal.
Be sure to check out our first pick, CocoLoan, as the site is extremely user-friendly and undoubtedly the best place to obtain the most favorable loan rates and terms today.
You should also remember not to borrow a quick loan unless you are 100% confident that you can fully repay the loan on time; otherwise, you risk falling into bad debt.
