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    Are you looking to get money now? Emergencies can strike anytime without warning, and it does not respect one’s time, finances, and mood. Not having the means to handle the emergency will disrupt your day, making it more stressful. At that point, the only viable option is to seek a personal loan to offset the crisis. Many factors, like credit scores, might hinder your loan application if you want to borrow money from banks or credit unions. Traditional financial institutions lend money to individuals after conducting background credit checks. Moreover, they will take time to process your bank application with no promise of acceptance. So, a bank loan is not the answer if you need money now but have a bad credit score. However, you can borrow money online to cater to your loan needs, even with poor credit. So, read this Money-Wise guide if you’re seeking a payday loan or personal loan.

    How Can I Get Cash Fast to my Bank account?

    Online loan sites are the best way to borrow money fast with poor credit for a payday loan to pay back on your next payday. Many online loan institutions will forward the loan to your checking account within 24 hours, provided it’s a business day. These loan sites do not grant loans. Instead, they offer hassle-free and secure access to multiple lenders who will offer you a loan without a credit check. They offer small loans, payday loans, installment loans, secured loans, title loans, etc. Signing up is free and fast; you can do that from home.

    All you have to do is fill in your basic information, sign with a lender, and receive money in your live checking account today. You can borrow money for medical bills, vacations, pay rentals, etc., and no paperwork or documentation is required. Beware that lenders on these sites will have different loan agreements. Some offer high-interest rates, and many provide affordable rates to get your business. Also, they limit the loan amount depending on your income, loan duration, and credit rating. So, when you’re on these platforms, don’t make an instant decision and sign with the first lender that shows interest in your loan application.

    Factors To Consider Before Using an Online Loan Platform

    Due to the fraudulent nature of some online sites, consider some of these factors before choosing to get money online.

    • Lender’s Terms and Conditions

    The lender’s terms and conditions are a window to the lender’s rates. You’ll see their total interest charges, ranging from interest rates to penalties, arbitration information, etc. Lenders’ rates differ from lender to lender across all platforms, and some offer repayments in equal monthly installments packages.

    If you’re lucky, you might land a direct lender offering you an extended loan time when you default on loan repayment. But, you have to notify them of the delay in time. So check the lender’s terms to ensure they work for you before signing. 

    • Interest Rates 

    A lender’s interest rates can make the loan more expensive or cheaper. That’s why loan platforms have different lenders with different rates to suit every purpose and credit score. Some direct lenders’ rate increases if you have bad credit and request no credit checks. But notwithstanding, other lenders still make it more affordable for the loaner. So ensure the rates are good for you before signing. 

    • Platform Transparency 

    To prevent fraud, ensure the loan platform is transparent with information and uses secure security to protect users’ information. Read customer reviews to know other users’ experiences with the platform, and discard the brand when you notice any red flags.

    Furthermore, avoid pressure from payday lenders to sign for fast cash funding. Alert them on the need for you to understand the information they shared with you before signing. If they persist, discard the lender or platform for another.

    Other Alternatives for Borrowing Money Fast

    Here are other options to consider if you don’t have the patience to sieve through online lenders:

    • Credit Card Cash Advance

    If you have a credit card, you can use it to cater to your financial emergency. Typically, a credit card’s design is for purchasing items and making payments to pay back fully later. The downside of credit card cash advances is the additional cost, which leans on the expensive side, and the withdrawal limits. 

    • Credit Unions

    Credit unions offer loans like short-term loans, payday loans, etc. The catch is you must be a member of the association to be eligible. You’re likely to meet steep interest rates if you have bad credit.

    • Pawn Your Items 

    If all fails and you are no closer to getting the funds you need, you can pawn your items at pawn shops to meet up. However, the pawnbroker will likely price the item below its actual worth.

    • Borrow From Your Family and Friends

    You can borrow money instantly from your family and friends. They might come through for you depending on your creditworthiness. But ensure to pay back at the appointed time to avoid a rift between you and your family. If you’re going to default on repaying, let them know, and don’t relax because it’s family. They might also be on a hinge and need the money for their bills.

    Frequently Asked Questions

    Can I Get Money Now for Payday Loans With a Bad Credit Score?

    Yes, loan platforms have multiple lenders who will borrow you money now without further checks on your credit histories. However, you might have to pay a higher interest rate, which makes the loan more expensive. 
    The catch is you can bargain with the lender, depending on the site. Some lenders can help improve your credit score if you make your repayments early. They will register your timely loan repayments with the credit bureau, helping to offset and correct your credit score. Also, some lenders will forgive your delay in the refund if you alert them on time.

    Is It Safe To Borrow From Online Loan Platforms?

    It is just as safe to borrow money now from online direct lenders as from a large bank, as long as the lending platform is credible. As it stands, there are many fraudulent online loan sites, which muddies many people’s thoughts on borrowing money online. These fraudulent sites have atrocious lenders that lure people in with affordable rates to steal their identity. The lenders are not transparent with their loan offers, inputting hidden fees, high penalties, and prepayment penalties, not caring if it wrecks your finances.
    So, do your due diligence before settling for a loan institution. The good part is you’re not under any obligation to sign with a lender after reading their loan offer. So take advantage of that to weigh your options, and only sign if the terms sit right with you.

    What Are the Eligibility Criteria?

    Every platform has eligibility criteria you must meet before proceeding with your loan inquiry. The requirements are not steep, but you should be aware of them so as not to get denied. For starters, you must be 18 years and above with a stable income. Usually, they set the income level at $800 or $1000, depending on the site.
    Some platforms require you to be a resident of the US to be eligible, and some lend just to US citizens. So look out for that before proceeding with your application. Furthermore, you will provide your bank account to receive funds and contact details, Social Security Number, employer details, military status, phone number, etc.  The requirements are unique to each platform. Some platforms do not lend to individuals with bad credit scores but will consider your application if you attach a guarantor with good credit to your application. Note the lender will hold the guarantor accountable if you do not repay in time.

    Borrow Money Instantly With Money-Wise

    Apply online with Money-Wise if you have bad credit and need money today for financial emergencies. You can seek payday loans to pay back on your next payday or go for an installment loan for monthly repayments. Ensure that you read through the loan agreement thoroughly. Most payday lenders on the site will send the money directly to your desired bank account within 24 hours with a no-credit check. However, there are limits to the loan amount, depending on your regular income and credit score.