All lenders claim to make it easy to secure a 1 hour loan. However, not all lenders are created equal â especially when looking for bad credit loans. We used the following metrics to separate the best and worst bad credit lenders:
Acceptance of Low Credit and No Credit
You donât need this list if you have a good credit score. There are plenty of borrowing options available. We exclusively looked at lenders that accepted bad credit scores and no credit scores for this list. Having a bad credit score or no credit score should not prevent you from getting money when you need it most.
Speed of Deposit
Good lenders deposit money into your account within 24 hours. Some of the top lenders do it within 6 to 12 hours. We considered the speed of the deposit in our rankings. When looking for bad credit loans, you generally need money fast. Thatâs where bad credit lenders can help.
Company Reputation & Track Record
Some bad credit lenders are new companies with a limited track record. Other companies have a long and proven track record for providing quality loans to people with different credit scores.
Amount of Money Available
Some bad credit lenders let you borrow up to $5,000 in as little as 24 hours with bad credit or no credit. Others lure you in with claims of giant deposits, only to withdraw that offer when they discover your credit score.
Ease of Application Process
Some bad credit lenders have invested millions into creating highly functional and usable websites. Others use dated UIs with poor design. We considered the overall ease of the application process in our ranking, and we preferred websites that made it easy to complete the application within minutes.
We tested each bad credit loan website wherever possible. However, we also considered customer reviews in our rankings. We read thousands to ensure that our recommended bad credit lenders had a proven track record of providing money to clients.
Honesty & Transparency
You can find plenty of shady payday loan websites available today. Some of them are outright scams, and theyâll immediately steal your financial and personal information. Others are reputable companies specializing in bad credit loans without running a scam. Some companies disclose their location and history upfront. Other companies are vague about their entire operation. We preferred bad credit lenders that were honest and transparent.
Interest Rate and Overall Cost
Bad credit loan providers compete with one another based on interest rates. Bad credit loans are always more expensive than high credit loans, so you should expect higher interest rates. However, by law, bad credit lenders cannot exceed certain interest rate limits. We considered interest rate and overall cost in our rankings.
Some bad credit lenders dazzle you with low-interest rates, only to surprise you with hidden fees. All bad credit lenders charge higher fees, but some lenders are downright unreasonable.
How to Get a Bad Credit Loan: Step by Step Guide
Getting a bad credit loan is straightforward. Many companies specialize in providing bad credit loans.
Want to get a bad credit loan? Hereâs a step by step guide:
- Step 1) Check your credit score. It gives you a better idea of which lender you can work with.
- Step 2) Research lender options. There are thousands of bad credit lenders available online. Any of the top-ranked ones on our list are proven and popular.
- Step 3) Gather application documents. Get verification information ready for the lender, including your name, birth date, and financial information. Some lenders ask for income verification, debt-to-income ratio, and other details, while others do not.
- Step 4) Apply for a bad credit loan. Thatâs it! Youâre ready to complete the online application process for your bad credit lender. Simply complete the steps online, then wait for the approval. You could have cash in your account within an hour.
Once youâve gathered information and checked your credit score, the rest of the process takes just 2 to 3 minutes. Most online lenders make it very easy to request money. Enter your information, then get ready to receive your money.