Best Short Term Loans For Bad Credit: Get Instant Payday Loans Online No Credit Check In 2022

We live in an unpredictable world, and unplanned costs are quite common. Everyone can experience these kinds of situations. Additionally, not everyone is a millionaire. So, there is no shame in borrowing money.

You can do that by asking your family or closest friends. However, they might not have additional cash to lend you. Or you simply prefer to get things done more discreetly. That’s why you should consider reaching out to online loan platforms.

If you are looking for short term loans, these loan companies might be just the right solution. Especially if you need to cover unexpected bills or start up a business. At our listed top 5 loan companies, you can apply fast and get the money even faster.

If we got your attention so far, continue to read our article and find every essential information about them. From how to apply to the eligibility criteria, we got you covered in every aspect!

Top Five Loan Companies for Short-Term Loans

1. MoneyMutual: Overall Best Short Term Loans For Bad Credit On The Market

2. BadCreditLoans: Popular Online Lenders Offering Loans For Bad Credit

3. RadCred: Get Small Personal Loans From Top Loan Company

4. CashUSA: Recommended For Instant Cash Advance & Quick Loans

5. PersonalLoans: Trusted Platform Offering Personal Loans For Debt Consolidation

#1. MoneyMutual: Overall Best Short Term Loans For Bad Credit On The Market

Short company’s overview

MoneyMutual is one of the most successful online loan platforms in America. This is thanks to the team of professionals who work hard to provide high-quality service for every client. So it’s no wonder that the company has more than 2 million satisfied users.

Furthermore, you must know that MoneyMutual is not the lender. Instead, it represents a link between clients as potential borrowers and its network of lenders. It’s a platform where you can apply and instantly get connected to a lender.

Statistics show that 4 in 10 Americans can’t always afford to financially handle an emergency cost. Even if the situation requires up to $400. MoneyMutual is profoundly aware of this, so that’s why they have created its platform.

The company makes it a lot easier for you to find a loan offer. Independently of your financial emergency, you will be provided with fast and simple service. You might also get advice on how to improve your financial profile.

However, before you rush into the whole process, you must know that not everyone gets approved for a loan. This decision entirely depends on the lenders. They set the terms of the contract, including the interest rate.

Highlights

If you require a short-term loan, then MoneyMutual can help you out. The platform has a network of more than 60 lenders. Their loan offers begin with $200 as the lowest amount. The highest amount you can apply for reaches up to $5,000.

Additionally, you can apply regardless of your reason. Short-term financing is a valuable resource if you need urgent funding. Besides, you can get assisted even if you have a bad credit score.

The company runs by the motto “At the speed of light”, so their service is synonymous with fast. Besides, MoneyMutual is a member of the Online Lenders Alliance. This is a clear sign of a reliable loan platform.

Regarding the safety of your shared personal information, it is 100% secured. This is thanks to the advanced encryption technology the company uses.

Lastly, once you apply for a loan, your request will be instantly sent to the network of lenders. If you do get approved, you will be automatically connected with your lender. Approved funds are transferred into your bank account within 24 hours.

How can you apply?

To apply for a loan at MoneyMutual, simply visit their website. There, on the main page, there is a short application waiting for you to fill out. Once you click the red colored field “Get Started”, the process will begin.

Firstly, you must choose your state. For that matter, the platform offers you an automatic list to choose from. Next, you are required to share a few things about yourself. This includes your full first and last name, your email address, and your ZIP code.

You must accept the site’s terms and conditions to continue with the application process. You should know that you can’t change any of the information once you submit the request. This is due to security and privacy reasons.

After you submit your request, it is automatically sent to the lenders for review. Lenders tend to quickly estimate your financial profile. Therefore, they may decide within minutes whether you will be approved for a loan or not.

Lastly, before you jump to the application criteria, you should also know that meeting it is not a guarantee for approval. Even if you meet the possible requirements of a lender you still may get denied a loan.

=> Click here to visit the official website of MoneyMutual

Application criteria

To be eligible to apply at MoneyMutual, you must meet the following listed requirements:

• Be at least 18 years of age

• Be a legal US citizen or permanent resident

• Own a valid checking account under your name

• Have a regular monthly income of at least $800

• Accepted sources of income are employment, self-employment, pension, and other

Pros 

• It’s a trustworthy platform

• Your personal information is secured

• The application process is very simple

• Lenders review applications quickly

• You can get up to $5,000 on your account in 24 hours

• It’s trusted by over 2 million satisfied customers

Cons

• Some lenders may set up very high-interest rates

• There is no 100% guarantee that you will get approved for a loan

#2. BadCreditLoans: Popular Online Lenders Offering Loans For Bad Credit

Short company’s overview

BadCreditLoans is another trustworthy loan platform in the digital world. It’s located in Tacoma, Washington. The company is best known for helping thousands of clients who have poor credit scores.

However, BadCreditLoans is not the lender itself. It simply helps potential borrowers connect with their network of lenders. For that matter, it offers the users a wide network of both state and tribal lenders.

What’s more, the company states that the tribal lenders are subjected to federal and tribal laws, not state ones. Besides, tribal lenders may offer you interest rates that are significantly higher than those offered by the state lenders.

Lastly, you can easily reach out to the customer representatives by giving them a call or sending an e-mail. The site also offers you professional guides on how to improve your poor creditworthiness.

Highlights

This platform allows you to apply for a short-term loan despite your credit score or reason. It’s the perfect choice to get quick cash when your cash flow is lacking. However, you mustn’t forget that the repayment period is relatively short.

If you have taken the time to analyze your emergency, you probably already know how much money you will need. At BadCreditLoans you can apply for $500. This is the lowest amount lenders offer. Your reasons can include educational costs, medical bills, home or auto repair, etc.

If your emergency requires more cash, then you can apply for up to $10,000. This is the highest loan amount the lenders can provide you with. An equally important thing you should know is that once you are connected to your lender, the company can’t interfere further.

Additionally, if a lender approves your review, you will be immediately contacted and connected to the lender’s official page. The approved funds may reach your bank account within one business day. Depending on your bank, this can be prolonged for up to 3 days.

How can you apply?

To start your application process at BadCreditLoans, visit the company’s website. On the right side, you will find a short application. You start by entering your ZIP code, the last 4 digits of your SSN, and lastly, your date of birth.

Once you finish your application, it will be automatically sent to the network of lenders. The reviewing time is usually short. So it may not take long before you get notified about the lender’s decision.

In case you don’t get approved, BadCreditLoans may provide you with an educational service. This means that you will get professional advice on how to improve your bad credit score.

=> Click here to visit the official website of BadCreditLoan

Application criteria

Here is what are the eligibility requirements that you must meet as an applicant:

• Be 18 years or older

• Have a USA citizenship or legal residence

• Share your Social Security Number (to prove your citizenship)

• Have a steady monthly income (from employment or other legal sources)

• Provide a valid personal contact (your phone number and email address)

• Provide a valid contact from work (your employer’s phone number and email address)

Pros 

• It’s a reliable loan platform

• You can apply quickly and for free

• The application criteria are basic

• The company offers tribal and state lenders

• You can apply for up to $10,000

• Approved funds get deposited to your account within one business day

• The customer service is friendly and always available

• Your personal information is secured

Cons

• Some lenders may set up high-interest rates

• You can’t apply for more than $10,000

• Even if you meet the criteria, you still may not get approved

#3. RadCred: Get Small Personal Loans From Top Loan Company

Short company’s overview

RadCred is a California-based loan company that is in partnership with the Online Lenders Alliance. It’s one of the people’s top choices when it comes to applying for short-term loans. Moreover, it’s ultra simple to send a loan request.

Choosing a lender can’t be quite difficult. There are plenty of factors you must take into consideration. Besides, the process can include various formalities. The whole process can be quite simplified by using online loan platforms like RadCred.

However, we must mention that the company is not the lender itself. It simply represents a bridge between you as a client and their large network of lenders. So basically, it comes off as a virtual assistant to help you find the most suitable lender for you.

Furthermore, the platform uses a 2048-BIT RSA key. This refers to an advanced cryptographic technology that 100% guarantees the safety of your information. So the entire application process will not only be convenient, but super safe as well.

Highlights

RadCred has one of the most elegantly designed sites. You simply can’t get lost. The application is the star of the main page. In addition, if you scroll down, you will get a quick overview of how the platform works.

When it comes to the loan amount range, the minimum amount you can apply for is $100. If your financial issue requires more money, the highest amount you can ask for is $5,000. You can apply to cover various costs. Additionally, they provide the cheapest mortgage rates.

However, you must be aware that your creditworthiness may influence the whole process. This means that if you have a great score, you have a higher chance to get a bigger amount. But you should know that lenders usually set high-interest rates.

All of the services RadCred offers are entirely free. Moreover, the whole loan process is very fast. Additionally, lenders take a short time for the reviewing process. If you get approved, funds may be deposited to your bank account within one business day.

How can you apply?

Applying for a loan at RedCred is very simple. Open the company’s website and start filling out the short application. You will have no trouble finding it because it’s already displayed at the top of the page.

You start by entering the desired amount you would like to borrow. That’s why firstly you must do the match about your financial emergency. You shouldn’t overborrow, so enter a reasonable amount.

Next, you must provide your ZIP code, the last 4 digits of your Social Security Number, your email address, and your date of birth. Lastly, all you have to do is click the red button marked as “Send”.

Continue to read to find out what are the general eligibility requirements you must meet as an applicant. In addition, you should be aware that even if you fulfill every criterion, you still might not get approved for a loan if the lenders decide so.

⇒ Visit the Official Website of RadCred

Application criteria

Here is what the application criteria of RadCred include:

• Be at least 18 years of age

• Be a legal US citizen or permanent resident

• Have a regular monthly income (accepted income sources are employment, pension, social security, or disability benefits)

• Own a valid bank account in your name

• Not have an active loan from another lender

Pros 

• It’s a trustworthy platform

• The application process is free and super simple

• RadCred is a member of the Online Lenders Alliance

• The site uses advanced technology for maximum security

• Approved funds can reach your bank account within 24 hours

• It offers a wide network of lenders

Cons

• There is no guarantee that you will get approved for a loan

• RadCred can’t assist you once you are connected to your lender

• The interest rates may be super high

#4. CashUSA: Recommended For Instant Cash Advance & Quick Loans

Short company’s overview

CashUSA is known to be one of the safest online sites to apply for a loan. The company’s offices are headquartered in Las Vegas. Moreover, you can easily reach the customer service representatives by phone number or via email.

This loan platform is also not a lender itself. Instead, it offers its clients a wide network of lenders and third-party lenders. Therefore, through a short application, the company assists you in finding and connecting with the best lender.

Besides state lenders, CashUSA offers a wide network of tribal lenders as well. However, the company states that they usually offer higher interest rates in comparison to the state lenders. Additionally, they are subjected to federal and tribal laws, not state ones.

You can apply fast and might get approved even faster. CashUSA is a great source to help you find the most suitable lender for yourself. Since having an emergency cost is quite a common situation, the platform is 24/7 available for the users.

Highlights

CashUSA has an easily accessible platform. It’s characterized by a simple and convenient design. Their service is entirely free and as you open the site, you can instantly start the application process.

The platform’s loan range differs between $500 and $10,000. When it comes to short-term financing, lenders usually set high-interest rates. However, the platform states that the APR range usually runs between 5.99% and 35.99%

If you are facing an emergency cost, CashUSA can easily assist you. It’s an ideal option since the process of reviewing the sent application is quite short. Lenders usually decide quickly whether to approve you for a loan or not.

Once you are approved, you will be instantly contacted and connected with your lender. When it comes to the approved funds, they usually reach your bank account within one business day. If your bank is a bit slow, it can take up to 3 business days.

How can you apply?

Applying for a loan at CashUSA is super convenient. All you have to do is visit the company’s website and start filling out the empty fields of the application. It’s displayed on the right side of the screen.

You start by entering the amount you want to borrow. Pick anything between their offered range that you think best fits your financial emergency. Next, you will be required to enter your ZIP code, the last four digits of your Social Security Number, and lastly, your birth date.

If you already have an existing profile at CashUSA, use the “Quick Lookup” button. This feature will speed up the process and connect you faster with a lender. After your loan request is sent, lenders will review it fastly.

⇒ Visit the Official Website of CashUSA

Application criteria

Read below which criteria you must meet to be able to apply for a loan at CashUSA:

• Be older than 18 years

• Have a legal US citizenship or permanent residence

• Provide your Social Security Number (to prove your citizenship)

• Own a valid checking account under your name

• Be employed for at least 90 days

• Be able to meet the lender’s monthly income minimum

• Provide a valid personal contact (your email address and phone number)

• Provide a valid contact from work (your employer’s phone number and email address)

Pros 

• It’s a legit company

• The application process is fast and simple

• Your personal information is 100% secured

• Lenders quickly review your application

• Funds can be transferred to your account within 24 hours

Cons

• Your bad credit score may influence the application process

• Some lenders may set up high-interest rates (higher than the usual range)

#5. PersonalLoans: Trusted Platform Offering Personal Loans For Debt Consolidation

Short company’s overview

PersonalLoans is a loan platform based in Houston, Texas. It’s one of the most popular loan companies because it offers easy and convenient applications. However, the company is not a lender itself.

It just helps you connect with its network of lenders. Therefore, by using PersonalLoans’s fast service you will save time in the search for the best lender. You can access their platform from work or home, from phone or desktop.

The company is situated in Utah and offers great customer service as well. But you must know that once you are connected with your lender, the company won’t be able to assist you. To access the network of lenders, you simply have to fill out a simple application.

Lastly, besides linking you with lenders, PersonalLoans can teach you how to improve your financial profile. This is done by offering you educational guides for bad scores. The service is usually used in case you don’t get approved for a loan.

Highlights

PesonalLoans is an ideal choice if you are looking to apply for a short-term loan between $1,000 and $35,000. The length of short-term financing usually differs between 30 and 60 days. Additionally, giving you a little more time for repayment compared to a payday loan.

You will receive the approved funds quickly. The transfer process usually takes up to one business day. Additionally, lenders may offer you more favorable terms to help you pay off the borrowed money a lot faster.

This type of short-term financing is an excellent choice if you know you will be receiving a tax return soon, as well as a bonus. You can use those sources to pay off the loan. Besides, PersonalLoans can help you if you are facing an emergency bill too.

You can easily connect with the platform by submitting a simple application. The network of lenders is almost always available. However, you should know that lenders usually set high-interest rates if you are going for short-term financing.

How can you apply?

When it comes to the application process, PersonalLoans is no different than the other listed platforms. This means that everything is very simple and it may only take a few minutes of your time.

The process begins by you choosing your desired loan amount. Before you access the platform, do a short evaluation of your emergency cost. It will save you time when it comes to choosing the right loan amount from the offered range.

The next step will require you to share your ZIP code, the last 4 digits of your Social Security Number, as well as your date of birth. After you fill out every required empty field, press “Send” and you are done.

Your application will be automatically sent to the PersonalLoans network of lenders. They usually will take a short time to review your request. Furthermore, if you get approved for a loan, you will be immediately connected. Funds usually get deposited within one day.

=> Click here to visit the official website of Personal Loans

Application criteria

Here is what the eligibility requirements are to be able to apply for a loan at PersonalLoans:

• Be over 18 years old

• Have a legal US citizenship or permanent residence

• Share your Social Security Number (as proof of your citizenship)

• Share a valid bank account under your name

• Have a regular monthly income (accepted income sources are employment, self-employment, regular disability, or social security benefits)

Pros 

• It’s a reliable loan platform

• You can request a higher amount (up to $35,000)

• The application process is fast and free

• The site uses data encryption technology

• PersonalLoans offers a third-party network of lenders too

Cons

• Lenders may set up very high-interest rates

How We Made the List Of Online Payday Lenders Offering Small Loans For Bad Credit

Satisfied clientele

When it comes to borrowing money, most applications usually require you to share certain personal information. That’s why you must do it from a trustworthy loan platform. Therefore a transparent work ethic was the starting point in the making of our list.

For that matter, we dived straight into the reviews. Clients are the mirror of every company, so their experience reflects the company’s work. We are happy to say that each of our 5 listed companies already counts millions of happy users.

The clientele is most satisfied with the company’s transparent and fast service. Every key information you must know about the application process is already displayed on their website. Additionally, they are all proud members of the Online Lenders Alliance.

Lastly, but equally important, they guarantee the safety of your personal information. Every loan platform included on our list uses advanced encryption technology. This method consists of multilayer cryptography that provides maximum security.

Convenient applications

Financial emergencies require you to act quickly and wisely. This means that you don’t have time to waste. Our listed companies best know that speed is crucial in the whole loan process. That’s why they all offer fast and convenient applications.

Furthermore, to approach their applications, all you have to do is open their websites. All of the mentioned companies have the application form displayed on their main page. The starting steps usually require you to provide basic information such as your email address.

Regarding the eligibility requirements, they are as well simple to meet. In addition, you will need just a few documents. This usually includes your bank account number and social security number to prove your citizenship.

Lastly, lenders review your application in a short period. In case you already have an existing account at any of these platforms, the process can be significantly faster.

You get the money fast

Short-term loans are usually the number one choice of borrowers who are looking to cover unexpected costs. Therefore, this means that they want to get things done faster and without any additional complications.

Additionally, if you simply hate waiting, then this is another reason why you should give online loan platforms a chance. They are nothing like the traditional banks you may be used to. This means that you won’t have to wait for ages to get the funds.

Online loan platforms are based on the advantages of advanced technology. Therefore not only do they offer fast applications, but you get the approved funds fast too. Usually, the process of them being transferred to your bank account takes up to 24 hours.

Factors to Consider When Applying for Short Term Loans

Your financial issue

Borrowing money is something you must take seriously. One of the best reasons to apply for short-term financing is to cover startup costs. Often all you need to get your business started is a small infusion of money.

Next, use short-term loans if you are facing any emergency. Unplanned costs can happen anytime. So having money deposited fastly to your account is essential to resolve financial obstacles. Therefore, short-term financing is ideal to help you with that.

Operational costs are another of the most common reasons clients use short-term financing. They include covering costs for travel, utilities, maintenance, office supplies, insurance, rent, property taxes, payroll, and others.

Lastly, you mustn’t borrow more money than you need. Even though these loans are a faster solution than the banks, that doesn’t mean you should freely overborrow. This is simply because the higher the borrowed amount, the higher the interest rate might be.

Remember, the initial point of a loan is to resolve your financial emergency. That’s why it is important to give thought to every single detail. This will help you avoid additional costs and will help you improve your financial situation.

Your credit score

FICO is a data analytics company whose work revolves around credit scoring services. It’s usually used by lenders to help them make accurate and fast credit risk decisions regarding their potential borrowers.

Your credit score will determine how reliable you are as a borrower. This includes your overall financial profile, your responsibility, and your ability to pay back the borrowed cash on the scheduled date.

Therefore, as a borrower, you should always be aware of your creditworthiness. If you don’t know it already, don’t worry, you can easily check it. You can do it by checking online through your banking app or simply contacting your bank.

If you have a poor credit score, you might still get approved for a loan. However, the terms and interest rates may not be as favorable as if you had great creditworthiness. Additionally, you can improve it by always paying your bills on time, paying debts, and similar.

Advanced features and fast service

As we mentioned, facing a financial emergency, means that you probably don’t have a lot of time to waste. Therefore, when looking to apply to a loan platform, check for the features and services it offers.

All high-quality loan companies are all about speed and advanced technologies. So make sure your chosen loan platform provides you with fast service. The application process should be fast and convenient. Additionally, the required criteria and personal information should be simple to meet too.

Equally important, the loan platform should have an automatic payment feature. This automatic service will help you to keep up better and respect the setup terms by the lender. Additionally, it will allow your bank to transfer money from your bank account to the lender’s account.

Lastly, check if the loan platform uses data encryption technology. This is the best guarantee that your shared personal information will be 100% protected. The loan platform you’ve chosen should help you, not push you deeper into trouble.

Clients’ reviews

Last, but not least, checking the clients’ reviews is something you must do. The experience of any previous clients is another factor that will help you to determine the reliability of a loan company.

For that matter, you can visit popular forums or check the “Review” section the loan websites usually have. It’s the easiest way to find out which platforms to stay away from. On the other hand, 5-star reviews will help you narrow the choice too.

Simply look at the bigger picture. If people have more negative than positive things to say about a specific loan platform, take that as a red flag. Additionally, after using any loan service, you can also leave a review and help the next client too.

FAQs On Online Loans With No Credit Check

Q1. What is an example of a short-term loan?

It’s a credit facility extended to individuals and entities to finance a shortage of money. A common example of this type of loan includes credit cards, bank overdrafts, and trade credit. With it, you can get goods or services from any supplier on credit rather than paying money in advance.

Q2. Why are short-term loans better than other loans?

This type of financing is typically aligned with the operational needs of a company. It provides a shorter maturity date (from 6 to 18 months) than long-term loans. Therefore, it makes it a better choice for oscillations in working capital and other operational costs.

Q3. How many types of short-term loans are there?

There are 5 different types of these kinds of loans. The list includes:

1. Trade credit – It’s considered to be one of the most affordable sources of obtaining interest-free funds. In this kind of agreement, the customer can purchase goods without paying money upfront and paying the supplier at a later arranged date.

2. Bridge loans – This type of credit will help to tide you over until you get another loan, typically of a bigger value. It’s used until you secure permanent financing or pay an existing obligation.

3. Demand loans – A demand loan will help you if you are facing any type of urgent financial obligation. You can pledge your insurance policy and other saving sources as an assurance.

4. Bank overdraft – It’s a facility that you can avail of on your current account. It allows you to withdraw money despite your account not having enough money to cover the withdrawals.

5. Personal loans – This type of loan will help you meet various needs such as home renovation, medical bills, vacation costs, higher education costs, a wedding, and similar.

Q4. How long is the repayment period for short-term loans?

As their name itself suggests, these loans for bad credit are called short-term precisely because of how fastly the loan needs to be paid off. Their time frame for paying back varies between 6 months to 1 year, at most to 18 months.

Anything beyond this is considered to be a medium-term or a long-term loan. Additionally, long-term loans can last from 1 year to up to 25 years.

Q5. What is the best way I can borrow money short term?

One of the best and fastest ways to borrow money short-term is by applying for a personal loan from an online lender. Online lenders are known to be far more convenient compared to traditional banks.

Additionally, their speed is another big plus. All of their application processes are online. From you as a client to fill out their short application to lenders reviewing it. It’s all done quickly and approved funds can be transferred into your bank account within a business day.

Concluding On The Best Online Payday Loans & Short Term Loans From Top 5 Financial Services

If you are not a fan of traditional banks, online loan platforms can be an excellent choice. If you are facing an urgent financial situation, they will provide you with fast service. Saving time and nerves is crucial in emergencies.

Moreover, to apply at our mentioned and any other reliable loan platform, all you have to do is fill out a simple application. Those applications usually require you to share a few simple pieces of information about your personal data.

What’s more, when it comes to the eligibility requirements, they are also simple to meet. As an applicant, you are usually required to have a steady monthly income, be over 18 years of age, and be an American citizen.

Lastly, what’s best about these loan offers is that you are in no way obligated to sign anything. Especially if you find the lender’s terms unreasonable. That’s why it is important you read every single detail of the contract beforehand.