Best Quick Loans for Bad Credit (Personal, Car, and Home)

We all make mistakes at times, and that includes our finances. No matter the reason, if you have a bad credit score, you might be worried that you won’t be able to get the money you need — when you need it.

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It’s true that bad credit can make it a little more difficult to get quick cash when things get tricky. However, there are online lenders that specialize in providing loans to those with poor credit history. These lenders are often flexible and can provide you with solutions that might not be available at traditional banks and credit unions.

While interest rates may be a bit higher, they’re certainly not as high as you will find with payday loans. Maybe you just need a cash advance to get through next week. Or perhaps you’re looking for debt consolidation loans to pay off high-interest credit card debt. Whatever your need, they’ve got you covered.

Here’s where you can look if you need a quick and easy loan for bad credit.

Best Short-Term Loans for Bad Credit

Short-term loans are basically cash advance loans. They’re paid back in a relatively short period of time, usually over six months or up to a year. Additionally, they are typically small, often not allowing you to borrow more than $2,500.

Often, you can get short-term loans that are approved in minutes, with the funds arriving in your bank account as soon as the next business day. Realize, though, that these types of loans are similar to payday loans.

They typically come with very steep interest rates. If you need quick cash and can pay it off fast, it might not matter as much. However, you should avoid renewing these bad credit loans if at all possible.


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  • Loan amount up to $2,500
  • Interest rates depend on type of loan and term
  • Loans as fast as 24 hours after approval

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  • Loan amounts between $100 and $1,000
  • Interest rates vary
  • Funds transferred to your bank account as soon as the next business day

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With any short-term lender, make sure that you can handle the fees. If you need more than a few months to repay the debt, consider a personal installment loan instead of a short-term quick cash loan.

They do run a credit check but specialize in lending to bad credit borrowers. You must show that you make at least $1,000 per month and that you’ve had a job for at least 90 days.

Best Personal Loans for Bad Credit

With a personal loan, you can generally borrow money for up to 72 months. Personal loans might also allow you to borrow more money, sometimes up to $40,000. However, if you’re looking for installment loans for bad credit, you’re more likely to be limited to $5,000 or $10,000.

When you apply for online personal loans, you can still usually get a fast decision. Typically, you can have the money in your bank account within a couple of business days from being approved.


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  • Loan amounts between $500 and $10,000
  • Interest rate ranging from 5.99% to 35.99%
  • Loan terms ranging from 3 to 72 months
  • Use the loan for any purpose

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  • Loan amounts between $500 and $35,000
  • Interest rate ranging from 5.99% to 35.99%
  • Loan terms ranging from 3 to 72 months
  • No minimum credit score required

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Bad Credit Loans

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  • Loan amounts between $500 and $10,000
  • Interest rate ranging from 5.99% to 35.99%
  • Loan terms ranging from 3 to 60 months
  • Specializes in borrowers with poor credit scores

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Look for ways to avoid extending a personal loan too long, though. Even though you could get a lower payment, that means that you’ll be paying for a longer period of time. As a result, you could easily end up paying a lot more than you expected in interest. Carefully consider how you can get an affordable monthly payment without keeping the loan for too long.

Best Car Loans for Bad Credit

When you need to buy a car, you might not have time to save up or improve your credit score. As a result, you might be looking for online lenders that offer auto loans for people with bad credit. If you need to buy a car quickly so you can get to work, consider getting a loan with one of these lenders. They all offer quick decisions and funding.

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  • Specializes in cars for those with bad credit and bankruptcy
    Provides financing for first-time car buyers
  • No loan application fees
  • Interest rate varies based on credit scores, usually between 3.99% and 29.99%
  • Loan amount depends on what you’re buying and other factors

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  • National network of lenders, resulting in offers in minutes
  • Loans for new and used cars
  • Refinance a current auto loan
  • Interest rate varies based on credit scores
  • Loan amount depends on your car and other factors

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With an online auto loan provider, you’re likely to be approved for a set amount and then receive a certificate you can show to car sellers. Interest rates can be fairly steep, though, so you might want to be careful of getting a fast cash car loan if you don’t need something immediately.

Best Home Loans for Bad Credit

Even with poor credit, it’s possible to find lenders willing to provide you with a home loan. However, be aware that you might need to pay higher interest. In some cases, you might be better off renting until you can raise your credit score and get a better rate.

But if you need a quick response to see what you qualify for, there are some options. Here are some of the places where it’s easiest to apply for home loans online.


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  • Large network of lenders across the country
  • Receive up to five offers very quickly
  • Use for purchase, refinance, and home equity
  • Offers reverse mortgage options
  • Interest rate based on various factors

Read our full review of LendingTree

Quicken Loans

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  • Nation’s largest online home loan provider
  • Get a home with as little as 3.5% down
  • Use for purchase, refinance, and debt consolidation
  • Free preapproval
  • Interest rate based on various factors
  • Known for servicing its own loans, rather than selling them

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You must still provide documentation related to your financial situation and income when getting a home loan. If you have bad credit, you’re more likely to get a home loan if you can make a larger down payment.

Home loans, including refinancing loans, are more complex and so you need to be prepared, especially if you have credit problems or a thin credit file.

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Understanding Different Types of Loans

Understanding the nuances of various loan types will help you make informed decisions about your financial future. Here we’ll take a look at personal loans, car loans, and home loans – exploring the nature of each and their inherent advantages and disadvantages.

Personal Loans

Definition: A personal loan is a type of unsecured loan that can be used for almost any purpose. This loan type does not require any collateral and is based largely on your creditworthiness.


  • Flexibility: Personal loans can be used for various purposes, from consolidating high-interest credit card debt to funding a home renovation or even a vacation.
  • Fixed repayment schedule: Personal loans typically come with a fixed interest rate and repayment period, making it easier to budget for monthly payments.


  • Higher interest rates: As these loans are unsecured, they typically have higher interest rates than secured loans like home or car loans.
  • Potential fees: Some lenders charge origination fees, which can add to the overall cost of the loan.

Car Loans

Definition: A car loan is a type of secured loan specifically for purchasing a vehicle. The car itself is used as collateral against the loan.


  • Lower interest rates: As these loans are secured against the value of your car, interest rates are typically lower than unsecured loans.
  • Easier approval: Even with bad credit, you may be able to secure a car loan due to the collateral in question.


  • Risk of repossession: If you fail to make payments, the lender can repossess your vehicle.
  • Depreciation: Cars depreciate quickly, and you may find yourself owing more on the loan than the car is worth.

Home Loans

Definition: A home loan, or mortgage, is a type of secured loan used for purchasing a home. The home acts as collateral against the loan.


  • Homeownership: A mortgage allows you to buy a home and build equity over time.
  • Lower interest rates: Mortgages typically have lower interest rates than other types of loans due to their secured nature.


  • Risk of foreclosure: If you cannot keep up with payments, the lender can take your home through foreclosure.
  • Long-term commitment: Mortgages typically come with a long repayment term, often up to 30 years.

Pros and Cons of Quick Loans

Quick loans are types of loans where the application, approval, and funding process are expedited. They can often be completed entirely online and money can be deposited in your account in as little as one business day. Quick loans can come in the form of personal loans, payday loans, or cash advances.

Like any financial tool, quick loans have their benefits and drawbacks. Understanding these will help you make informed decisions that align with your financial goals.


  • Fast funding: As the name suggests, quick loans are designed to provide fast access to cash, which can be crucial in an emergency.
  • Less stringent credit requirements: Many quick loan providers are willing to work with borrowers who have less-than-stellar credit.
  • Convenient application process: The application process for quick loans is usually straightforward and can often be completed online.


  • Higher interest rates: The convenience and speed of quick loans come at a price. They often carry higher interest rates than traditional loans.
  • Potential for debt cycle: If not managed carefully, borrowers can get trapped in a cycle of debt. Quick loans should be used responsibly and as a last resort after considering all other options.
  • Fees: Some quick loans come with hefty fees, which can make the loan significantly more expensive.

Strategies to Avoid High Interest Rates

When you have bad credit, securing loans at lower interest rates can be challenging, but there are strategies you can employ to secure loans at lower interest rates. You should also thoroughly read and understand your loan agreement’s terms before signing on the dotted line.

Practical Tips to Secure Lower Interest Rates

Improve your credit score: Even small improvements in your credit score can make a big difference in the interest rate you’re offered. Consider ways to improve your credit, such as paying bills on time, keeping credit card balances low, and addressing any errors on your credit report.

Shop around: Different lenders offer different interest rates, even to borrowers with the same credit score. Take time to compare rates from multiple lenders to ensure you’re getting the best deal.

Consider a cosigner: If you have a trusted friend or family member with good credit, they might consider cosigning your loan. This can reassure lenders and potentially secure you a lower interest rate. Remember, however, that your co-signer is also responsible for the loan if you fail to repay it.

Secure the loan: If possible, consider a secured loan. These loans use an asset, like a car or house, as collateral and typically come with lower interest rates. However, remember that you risk losing the asset if you cannot repay the loan.

Understanding the Loan Agreement’s Terms

Before taking out a loan, it’s essential to thoroughly read and understand the loan agreement. Here’s what you should pay attention to:

Interest rate: This is the rate you’ll be charged for borrowing the money, often expressed as an annual percentage rate (APR).

Fees: Some lenders charge origination fees, late fees, or prepayment penalties. Make sure you’re aware of all potential charges.

Loan term: This is the length of time you have to repay the loan. Remember, a longer loan term means more interest paid over the life of the loan.

Monthly payment: Make sure you can comfortably afford the monthly payment.

By implementing these strategies and understanding your loan agreement, you can avoid high interest rates and ensure you’re making the best financial decision for your situation. Always remember, it’s better to ask questions and fully comprehend your loan agreement before committing to the responsibility of a loan.

Exploring Payday Loans

As we dive deeper into the world of quick loans, an option that often comes up is payday loans. Given their name because they’re typically due on your next payday, these loans can offer immediate relief but also come with their own set of potential pitfalls.

Understanding Payday Loans

A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on your income. The principal is typically a portion of your next paycheck, and these loans charge high interest rates for immediate short-term credit.

The Role of Payday Lenders

Payday lenders operate both online and through physical locations. They offer small loans designed to cover an immediate cash shortfall until the next paycheck. Payday lenders evaluate a potential borrower’s earnings, bank details, and creditworthiness when considering loan applications, though they may not follow conventional credit checks.

Pros and Cons of Payday Loans


  • Fast cash: Payday loans can provide immediate funds when faced with a financial emergency.
  • Fewer requirements: Payday lenders usually have less stringent criteria for loan approval compared to traditional loans, making them an option for those with bad credit.


  • High interest rates: Payday loans are notorious for their high interest rates. The annual percentage rate (APR) can often be in the triple digits.
  • Short repayment period: The loan is usually due by your next payday, which might not give you enough time to adequately manage your finances.
  • Debt cycle risk: If not handled properly, payday loans can lead to a cycle of debt that can be difficult to escape from.

Responsible Use of Payday Loans

Before deciding on a payday loan, it’s essential to understand the agreement and all the terms of the loan. Be sure to consider other possible loan sources before taking a payday loan, and use it as a last resort. If you do opt for a payday loan, ensure you have a clear plan to repay it on time to avoid additional fees and interest.

Wrapping Up: Making Smart Financial Decisions

Bad credit can pose some obstacles when seeking financial support, but options for quick loans do exist. In this article, we have explored various avenues for personal, car, and home loans that cater to those with less-than-perfect credit histories.

However, remember that while these quick loans may offer immediate financial relief, they often come with higher interest rates and should be approached carefully. The key lies in responsible borrowing – only take on what you can afford to pay back, and prioritize timely repayments. Defaulting on loans can lead to serious repercussions, including further damage to your credit score and potential loss of collateral.

A proactive approach towards improving your credit score can lead to more financial opportunities in the future, with access to loans that offer more favorable terms and lower interest rates. This may involve punctual bill payments, maintaining low credit balances, and regularly monitoring your credit report for inaccuracies.

Having bad credit can present challenges, but it doesn’t define your financial future. With disciplined financial habits, prudent decisions, and patience, you can enhance your credit score and increase your financial possibilities. Whether you’re considering a quick personal, car, or home loan, always weigh your options and make the decision that aligns best with your financial reality and long-term goals.

Miranda Marquit
Meet the author

Miranda has been covering personal finance topics for more than 10 years as a freelance writer and journalist. She has contributed to Forbes, NPR, MarketWatch, Yahoo! Finance, U.S. News and World Report, and many other media outlets. Miranda has an M.A. in Journalism and is currently working on an MBA. She lives in Idaho with her son, where she enjoys reading, travel, and the outdoors.