My Quick Wallet is a financial service that offers lines of credit maxing at $600 for first time borrowers. After successfully paying off the balance, some customers may be eligible for a line of credit increase to $1,500.
Other sites like My Quick Wallet include NetCredit, CreditCube, Integra credit, Elastic, and other platforms that offer lines of credit.
In this guide we’ll cover how lines of credit like My Quick Wallet work, and what your other quick cash options are when you need to cover expenses fast.
Pros and Cons of My Quick Wallet and Alternatives
Below is a summary of the major pros and cons of some popular lenders like My Quick Wallet. Consider your alternatives to make sure you find an affordable loan that works for you.
CreditNinja
- Pros — Accepts a wide range of credit backgrounds; fast approvals and funding; simple installment-loan structure.
- Cons — Lower credit scores may lead to higher rates, but with our loans you could improve your score over time to qualify for lower rates in the future.
My Quick Wallet
- Pros: Line of credit gives you consistent access to cash
- Cons: Smaller loan amounts for first-time borrowers, funding can take two days or more, does not process applications over the weekend.
Avant
- Pros — Loan term ranges from 24 to 60 months.
- Cons — Longer repayment periods can cost you more in the long run.
LendingPoint
- Pros — Loans up to $36,000
- Cons — High loan amounts may lead to unaffordable payments
OneMain Financial
- Pros — Over 1,000 nationwide branches.
- Cons — High starting loan amounts (could lead to debt cycle)
OppLoans
- Pros — Bad credit loan options available.
- Cons — Loans made through bank partners may have higher origination fees.
Finding the Right Personal Loan
Finding the right personal loan starts with assessing your financial situation. Knowing your credit score, income, and general financial info will help decide which lenders and loan products will work best for you.
Personal installment loans tend to be the best option because:
- You can use funds for whatever you decide.
- Loan amounts can range high or low depending on your needs.
- There’s a variety of lenders offering a wide range of personal loan products
What Can I Use Online Loans For?
Common uses for online loans include:
- Financial emergencies
- Bills
- Medical costs
- Debt consolidation
- School
- Personal events (funerals, travel, etc.)
What Is The Application Process Like?
While not every application process is the same for every personal loan, the general process will look like this:
- Fill out an application
- Review your terms and rates
- Receive your approved funds
When completing your application, make sure you have documents such as a valid form of ID and info like your bank account information, social security number, and income info.
Loans Like My Quick Wallet vs. CreditNinja
Below is a quick comparison of CreditNinja vs. My Quick Wallet.
| Lender | Loan Amount Range | Key Information |
| CreditNinja | $300-$5,000 | – No Minimum credit score to apply, takes into account current employment. – No hidden fees. – No prepayment penalty. – Loans up to 24 months. |
| My Quick Wallet | Maximum $600 for first time users. Maximum $1,500 eligible return borrowers. | – Line of credit, not a personal loan. – Payment automatically taken from your bank account. – $1,000 net income requirement for approval. |
Consider the Lender and Loan Process
Before you commit to a lender, doing a bit of research and comparing loan offers is important. Lenders that offer products like quick loans and installment loans will be able to offer you different options and benefits compared to lenders that offer payday loans.
Below is a breakdown of some popular loan types you may consider when you need quick emergency money.
Payday Loans
A payday loan is a type of cash advance loan designed for people in need of emergency cash between paychecks. Repayment terms for payday loans are typically about two weeks, putting borrowers at risk of getting into a cycle of debt if they can’t pay off their loan in time.
Installment Loans
An installment loan is a type of funding where approved borrowers receive a lump sum amount and repay the balance, plus interest and fees, with monthly payments. Unlike payday loans, installment loans can come in higher or lower loan amounts, making them a convenient solution for a variety of expenses. For example, CreditNinja offers installment loans ranging from $300 – $5,000 so you can take care of both long and short-term financial needs.
Title Loans
A car title loan is a secured loan where the borrower uses their vehicle title as collateral in exchange for a loan. While title loans don’t require good credit, they do require that the borrower own their vehicle outright in order to qualify. Title loans also come with high rates, short repayment terms, and the additional risk of losing your vehicle if you default on the loan.
Things To Know Before Taking A Loan
Set yourself up for success and consider the following before taking out a loan:
- What is your credit score? (You can get a report from major credit bureaus like Equifax, TransUnion, and Experian.)
- What are you looking to pay for with your loan?
- How much money do you need in order to pay for those expenses?
- How long do you want to take to pay off your loan balance?
- How much can you afford to pay towards your loan each month, while still keeping up with your current bills and financial obligations?
Once you have answers to these key questions, you’ll be able to see which type of loan will work best for you. Some other factors to consider include:
Interest Rate and APR
Interest rates play a huge role in determining the total cost of your loan. Your APR is calculated using your loan amount, plus interest and fees. So, the larger your loan amount is, the more you are likely to pay in interest.
Instead of making minimum payments, you can also pay more towards your loan each month or pay off your loan early to save money on interest charges.
Be Mindful About Loan Amounts and Loan Terms
Narrowing down what you’re looking to pay for with your loan will help determine the loan amount and the loan terms you’ll need. Large purchases will require a higher amount, which means longer loan terms or more expensive monthly payments. Smaller purchases, however, may only require a few hundred dollars, which you may be able to pay off with shorter loan terms.
CreditNinja: How Does it Compare?
CreditNinja is a direct lender online specializing in bad credit loans. There’s no minimum credit score required to qualify, and you can get your emergency cash as soon as the same business day.*
Check out some FAQ’s below:
Is There a Minimum Credit Score Required to Apply?
No! There is no minimum credit score required to apply or qualify for a CreditNinja installment loan. Instead of focusing on just your credit history when determining approval, we also consider other factors like income, payment history, and ability to repay.
What Are the Repayment Options With CreditNinja?
Take up to 24 months to repay your CreditNinja installment loan. You can also pay off your loan early with no prepayment fee to save money on interest rates.
What Does the Application Process Look Like With CreditNinja?
To apply for a CreditNinja loan:
- Click the Apply Now link on our website.
- Accept your loan terms
- Receive funds directly to your checking account
What Will Repayment Look Like With CreditNinja?
Set up automatic payment to have your monthly installments deducted from your bank account each month. You are also free to pay off your loan early or submit early payments with no prepayment penalty.
What Are Some of the Benefits of Working With CreditNinja?
CreditNinja is a proud lender to more than 275,000 people across the United States. Check out a few benefits you can enjoy when you work with CreditNinja below:
Fast Funding Once Approved*
Get your loan the same-day or as soon as the next business day!*
Flexible Repayment
CreditNinja offers loans up to 24 months, which means your monthly payments can stay affordable. You can also pay off your loan early with no prepayment fee!
Bad Credit History is Okay for Applying
We know you’re more than just your credit score. That’s why CreditNinja considers other factors like income and ability to repay when determining loan approval. There’s no minimum credit score requirement to qualify.
Excellent Customer Service
CreditNinja is run by real people, not robots. Have questions about your application, your account, or your loan? Call our highly rated customer service team at (855-NINJA-01).
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