Instant bad credit loans

instant bad credit loans 1 hour

One unexpected bill can throw off an entire monthly budget. You spend so much time calculating your income, your monthly bills, groceries, costs for your kids, and then the check engine light pops on in the car, making all that work pointless. Turning to a personal loan for fast cash emergencies is a common instinct. But, depending on your credit score, you may have more or less options available. 

Take a look at the credit score averages according to Experian, from 2022 broken down by age groups:1 

AGEAverage Credit Score (as of 2022)
18 – 25679
26 – 41687
42 – 57706

Read on to learn everything you need to know about instant personal loans for bad credit, and how to get one as quickly as possible when you’re in a bind. 

What Are Bad Credit Personal Loans?

Bad credit loans are essentially any loan product meant for borrowers with subprime credit scores. Having a less-than-perfect credit history makes it more difficult to find lenders that will approve you for a loan. However, there are specific types of lenders and loans that cater to customers with poor credit. 

Generally, a good credit score gets you good rates. Luckily, there are lenders like CreditNinja that now offer better rates and terms for subprime borrowers. 

Types of Loans for Bad Credit

There are a handful of different types of loans that can be described as “bad credit loans.” Here’s a breakdown of the most common ones, as well as a brief description of each:

Loan TypeOnline LendersBanks Credit Unions
Personal Loans 10% – 35%7% – 25%8% – 18%
Payday Loans300% – 500%Traditionally not availableTraditionally not available
Title Loans25% – 300%Traditionally not availableTraditionally not available

Personal Installment Loans

A personal installment loan is an unsecured loan, meaning that it doesn’t require any collateral to get one. These loans are issued based on the borrower’s creditworthiness, and their ability to repay the loan. While they are considered short-term loans, the repayment period for a personal installment loan is usually much longer than other short-term loan alternatives. The repayment period may last from a couple of months, up to a couple of years depending on the lender and the loan terms. Personal installment loans are also usually much larger, in terms of how much money you can get. 

Payday Loans — A payday loan is also an unsecured, short-term loan. These loans usually only last a couple of weeks, and they’re used by borrowers who need some extra cash to make it to their next payday. They’re typically for small amounts, like a few hundred dollars, and they tend to come with high interest rates. Payday loans are designed for borrowers with poor credit scores, which is why they carry high interest rates. And using them could be a danger sign that you have low credit

Title Loans

A title loan is another example of a bad credit loan, but this one is considered to be a “secured” loan. This means that in order to qualify for one, you would be required to offer up collateral. In this case, the collateral you would have to offer would be the title to your vehicle. The lender would then assess your vehicle to determine its value, and offer you a loan that equals a fraction of what the vehicle is worth. Repayment terms can last up to several months, and once you pay off the loan, your title is returned to you. If you aren’t able to repay the loan however, the lender is legally allowed to seize your vehicle through a process called “repossession” and sell it to recover their loss. 

Other Types of Secured Loans 

Along with auto title loans, another type of secured loan you may be able to take advantage of are home equity loans, or a home equity line of credit. With home equity loans and lines of credit, you would be using your home or other real estate property you own as collateral. Since the value of real estate is typically quite high, you may be able to secure higher loan amounts for a home equity loan, despite having poor credit. However, this type of funding is often considered high risk, because if you miss enough payments or default on your loan you may have your property foreclosed upon. 

How Do Loans With a Bad Credit Score Work?

Now that you’re familiar with a few of the most common bad credit loans out there, you’re likely still wondering what an “instant” loan for bad credit is, and how quickly you can actually get one. The short answer is that it varies depending on the lender, the type of loan, and your own credit and borrowing history. 

So what does an “instant” loan mean? Can you get one within seconds? When you see loans advertised as “instant,” this can mean a couple different things: that you can get approved right away (usually within minutes), or that you can get funded on the same day that you apply and get approved. 

There are plenty of instant loans for bad credit out there that can give you access to money very quickly. Same day loans may be an option, but it’s important to be wary of any same-day loan. Make sure you do your research and look up the lender online before you agree to a loan with them. Check out reviews and see what past or current borrowers have to say about the loan process, the customer service, and the repayment process. 

If you’re in need of some quick cash, check out CreditNinja. You can get approved in minutes, and have money in your bank account by the next business day. And our customer care team is here to help you every step of the way. Apply today, and get the cash you need to get your finances back on track. 

Credit Card vs. Quick Bad Credit Personal Loan

You may also be debating between getting a quick cash loan or using a credit card to take care of your expenses. According to the Federal Reserve Bank of New York, there are currently over 500 million open credit card accounts.2 Depending on your financial situation and the expenses you are looking to cover, you may find one of these financial products is more beneficial for you than the other. 

When You Should Consider a Credit Card 

Credit cards are revolving lines of credit, meaning that borrowers have renewed access to their total credit limit each month. However, to avoid racking up too much credit card debt, it is best practice to pay off your balance each month, or at least keep it as low as possible. So, if you only have a few small expenses you will be able to pay off in a few weeks, using a credit card may be the ideal solution for you. 

Disadvantages of Credit Cards

Since your credit limit is renewed at the end of each billing cycle, it’s easy to get into the habit of relying on your credit card for recurring expenses. But, if you don’t pay off your balance as consistently as you spend using your credit card, you may find yourself in a worse financial situation than where you started. With interest rates for credit cards being on the higher side, your balance may get out of control quickly unless you make a point to stay on top of it. 

Alternatives to Personal Loans for Bad Credit 

Getting any kind of loan is an important decision that can affect multiple aspects of your finances, including your credit score, budget, and more. Before submitting an application for a bad credit personal loan, consider your alternative options that don’t require you to take out a loan first. 

Dip Into Your Savings

Check your current savings and see if you have enough funds to spare to take care of your expenses. While you may not want to completely clear out your savings account, you may be able to use a portion of it to cover your expenses so you can either take out a smaller loan or find another way to cover the rest. 

Get a Temporary Part-Time Job

If you don’t have enough money in your checking account to take care of your expenses, consider getting an additional part-time job for a while. Depending on your available modes of transportation and how much free time you have, you could get a second in-person job or seek out employment opportunities online. That way, you can earn extra money to take care of your expenses without having to sacrifice your current budget or spending habits. 

Have a Garage Sale

Take a look around your home at all the clothes, home decor, appliances, and other things you have laying around. Chances are there are some items you no longer want or need anymore. Instead of having things around your home collecting dust and creating clutter, try selling them for a profit! You can have a traditional garage sale on the weekends or use websites like eBay or Amazon to list your items for sale online. 

Ask a Trusted Friend or Family Member

If you have considered your other non-loan options to no avail, you may consider asking a close friend or family member for a short-term personal loan. Borrowing money from friends or family may be a much more sustainable option over applying for a loan because it can save you money on application fees, interest rates, and the other costs that come with taking out a traditional loan. However, before you approach friends or family about borrowing money, make sure you have a repayment plan in mind. It’s important to reassure the person you are borrowing money from that you can pay them back in a reasonable amount of time. 

Instant Bad Credit Personal Loan FAQs 

What is the minimum credit score required for personal loans for bad credit?

The minimum credit score required can vary widely depending on the lender. Some lenders specialize in personal loans for bad credit and may accept scores as low as 500 or even lower. However, the lower your score, the higher the interest rate you’re likely to receive.

Can I apply for bad credit loans like payday loans without a valid bank account?

Most payday lenders require borrowers to have an active checking account in order to provide the loan directly and to set up repayment from the account. However, some lenders may offer other options such as prepaid debit cards or cash pickup for those without a bank account.

What are the differences between online lenders and credit unions when it comes to loans for bad credit?

Online lenders often have more lenient credit requirements and faster approval times, but they may charge higher interest rates. A credit union, on the other hand, are nonprofit organizations that often offer lower interest rates and more personalized service, but you typically need to be a member to apply for a loan.

How do credit unions determine loan amounts for personal loans?

Credit unions typically consider factors such as your income, credit score, debt-to-income ratio, and the purpose of the loan when determining the loan amount. They also have maximum loan limits that can vary depending on the type of loan and the specific credit union.

What information do I need to provide when making a loan request?

When making a loan request, you typically need to provide personal information such as your name, address, Social Security number, and proof of income. You may also need to provide information about your employment and expenses.

How does my credit report affect my ability to get a personal loan?

Your credit report gives lenders a snapshot of your credit history, including how much debt you have, how well you’ve managed your debt, and whether you’ve made your payments on time. A poor credit report can make it more difficult to get a personal loan, or it may result in higher interest rates.

Can I get a payday loan if I have bad credit?

Yes, payday loans are often available to individuals with bad credit. However, these loans typically come with high interest rates and fees. It’s important to consider all your options and understand the terms of the loan before deciding to take out a payday loan.

A Note From CreditNinja

CreditNinja knows there is no shortage of direct lenders borrowers can pick from when going through a financial emergency. That’s why we try to stand out with competitive rates, flexible repayment schedules, and an easy application process that won’t stress you out. CreditNinja believes everybody deserves fast and convenient when facing financial difficulties!

Get started today to receive cash as soon as the same or the next business day.* You can also visit the CreditNinja blog for more free resources on bad credit funding, budgeting, improving your credit score, and more! 


  1. What Is the Average Credit Score in the U.S.? – Experian
  2. Balances Are on the Rise—So Who Is Taking on More Credit Card Debt? – Liberty Street Economics
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