Best online lenders for bad credit

By Matt Mayerle
Modified on October 11, 2023
online lenders for bad credit

Shopping for online lenders for bad credit is much easier than it used to be. Instead of driving to a storefront, waiting in line, and filling out paperwork, you can find an online lender and apply from home. 

But just because a lender offers online loans, doesn’t necessarily mean that they’re the right choice for your financial situation. That’s why CreditNinja wants to help you with a shortlist of the best online lenders for bad credit. 

Top Online Lenders for Bad Credit

Below is a list of the most common types of online lenders, and the pros and cons of each: 

Online Payday Lenders — Payday lenders offer small-dollar, unsecured personal loans. Payday loans help borrowers stretch their cash to their next payday in the form of cash advance loans. These loans are typically rather small (up to several hundred dollars). Plus, the repayment period tends to be very short. They’re difficult to pay off since borrowers have to repay high interest rates in a short time. 

Online Title Lenders — A title loan is a secured loan that requires collateral. The collateral for a title loan is the title to your car, truck, SUV, or other vehicles. The lender will offer you a loan based on a fraction of the value of your vehicle. If you repay the loan on time, you get your title back. If you fail to repay the loan, the lender can sell your vehicle to recover their loss. 

Online Installment Lenders — Many consider installment loans to be a great online alternative to the previous two listed here. These loans typically offer more cash than payday loans (sometimes up to several thousand dollars). The repayment period is much longer as well. Unlike payday loans, which require one lump-sum payment, installment loans offer monthly payments. These payments can be spread out over several months or even years. 

Getting Emergency Cash Immediately

If you’re in need of emergency cash, then an online loan for bad credit may be the best bet. For instance, with a CreditNinja personal installment loan, you can get a decision right away. If approved, your cash will be quickly deposited into your bank account.

CreditNinja’s online installment loans can help borrowers in tough financial situations. Whether your car broke down, a home appliance broke, or you have to pay medical bills, CreditNinja can help. 

Guaranteed Approval Online Lenders

During your search for the right online loan, you may come across the phrase “guaranteed approval.” This means that the lender is guaranteeing that they will provide you with a loan, regardless of your financial situation and borrowing history. 

It’s a good idea to steer clear of lenders offering “guaranteed approval” loans. Most trustworthy lenders will at least need to review the details of your application. This will help them confirm that you’ll be able to repay the loan in question. 

If a lender is willing to offer you a loan without reviewing your borrowing history, then they may be hoping to trap you in a cycle of debt. 

At CreditNinja, we care about your financial future. We always review your information to make sure that the loan we’re providing is the best one for your situation. To learn more about borrowing, credit, and personal finance, check out the rest of the CreditNinja Dojo!

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