Everyone runs into money troubles every now and then. According to the Federal Reserve Bank of New York, the amount of household debt has reached as high as $17.05 trillion as of the beginning of 2023.1 But, if you don’t have a good credit score, you may find it’s harder to receive approval for the financial relief you need. 

Fortunately, there are bad credit loans available that were designed to help consumers in this exact circumstance. Borrowers can turn to loans like Rescue Bucks, CreditNinja, or a variety of other lenders who specialize in helping people with less-than-perfect credit. 

Here, you will learn all about Rescue Bucks, how their loans work, and what your other options are! 

Loans Like Rescue Bucks: Are They The Best Choice?

When it comes to online loans for bad credit, there is no shortage of direct lenders available; there’s rescue bucks, loans like Target Cash Now, and more. The trick is finding the right direct lender who fits your specific needs. For example, if you are looking to purchase a home, a mortgage lender is the provider who will be able to help you out the most. But what about borrowers looking to cover just a few unexpected expenses? Well, in that case, borrowers may have to do a bit of searching to find the right kind of loan to fit their needs.  

Finding the Right Personal Installment Loans

It’s never a good idea to jump into a loan blindly. Applying for a loan without doing a bit of financial prep first can come with consequences like: 

  • Unmanageable loan terms. 
  • Extremely high interest rates. 
  • A loan amount that is either way too much or not enough to cover your expenses. 
  • Getting stuck with a lender that has poor customer service or who doesn’t have your best interest in mind. 

To avoid potential loan scams or getting sucked into a loan that isn’t right for you, try taking the following precautions first. 

Step One: Check Your Credit Score

The first step you will want to take when preparing your finances for a personal loan is to check your most recent credit report and credit score. Some direct lenders only offer certain loan types to borrowers with a specific credit rating, so knowing where your score falls will help guide you toward products and services that will work for you. 

Below is a breakdown of credit scores and how they compare with the average FICO and VantageScore ratings:

Credit Score RangeFICO Score RatingVantageScore Rating
800 – 850ExcellentExcellent
740 – 799Very GoodVery Good
670 – 739GoodGood
580 – 699FairFair
300 – 579PoorPoor 

Step Two: Review Your Existing Debt and Financial Responsibilities 

After you’ve familiarized yourself with your credit report and credit rating, take a look at your current debts and financial responsibilities. You can compare your debts to your gross monthly income to determine what is called your debt-to-income ratio. CNBC reports that a good debt-to-income ratio is about 43% or less.2 

If you find your debts heavily outweigh your income, now may not be the best time to apply for another loan. Instead, you may consider paying off some of your balances and reducing your debt or refinancing with a debt consolidation loan. 

Step Three: Research Your Options

If you have decided that applying for a loan is the best option, you will want to thoroughly review your options and research lenders. Visit the website of different financial providers to get an idea of what kind of products, loan amounts, interest rates, and repayment terms they offer. It may also be a good idea to check out some reviews from previous borrowers to see what kind of experience they had. After you have narrowed down your search, call a few lenders individually and speak with a loan agent who can give you even more information about the lender and the services they offer. 

Step Four: Establish a Financial Plan 

Once you have chosen a financial product and a lender, create a general financial plan. Ask yourself questions like: 

  • How long do I want to take to pay off my loan?
  • How much can I afford to contribute monthly when it’s time to repay my loan?
  • What am I looking to pay for with my loan?

Getting answers to questions like this will give you more insight into your loan and help you plan for financial success. 

Loans Like Rescue Bucks: What You Need to Know

Rescue Bucks is a tribal lender that offers personal installment loans. The maximum loan amount any borrower would be able to get with Rescue Bucks is $1,500. Regarding interest rates, the APRs for Rescue Bucks loans can range anywhere from 589% to 829%. Rescue Bucks offers installment loans to consumers who live in the following states: 

  • Alabama
  • Alaska
  • Arizona
  • California
  • Colorado
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Montana
  • Nebraska.
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • Wisconsin
  • Wyoming

Currently, Rescue Bucks is not licensed to operate in the states listed below: 

  • Arkansas
  • Connecticut 
  • Illinois
  • Florida
  • Missouri
  • New York
  • Pennsylvania
  • Virginia
  • West Virginia 

Rescue Bucks has the following requirements for consumers who want to borrow money via their services: 

  1. Borrowers must be at least 18 years old. 
  2. Borrowers must be a U.S. citizen or permanent resident. 
  3. Borrowers must have an open bank account in their name. 
  4. Borrowers must provide an active email address and phone number.
  5. Borrowers must not be an active military members. 
  6. Borrowers must provide a proof of regular income.
  7. Borrowers must not be in open bankruptcy.

What is a Tribal Lender?

A tribal lender is a financial institution owned and operated by Native Americans offering what is referred to as tribal loans. Rescue Bucks is owned and run by the Elem India Colony of Pomo Indians, who are a federally recognized Indian tribe. As a tribal lender, Rescue Bucks is under the jurisdiction of the Elem India Colony of Pomo Indians, which means borrowers will have to abide by reservation law if they run into any issues with their loan. However, if the borrower pays back their loan on schedule and doesn’t run into any issues, their tribal loan will function similarly to a regular bad credit personal installment loan. 

Alternatives to Rescue Bucks Loans

If you are dealing with a low credit score, you may think you have limited options when it comes to finding convenient cash loans. Thankfully, this isn’t the case!

Online Payday Loans

Payday loans are a form of short-term funding designed to help bad credit borrowers access extra cash while they are in between paychecks. Borrowers can access payday loans online or at brick-and-mortar locations, but online is usually the fastest way to get paid. 

While getting payday loans or an online cash advance may seem easy and convenient on the surface, it’s important to know that these types of loans usually come with extremely high rates and short repayment terms. Typically, a payday lender will expect borrowers to pay back their balance in full within about two weeks or less. So, unless you believe you will be able to repay your payday loan in approximately fourteen days, this form of funding may not work well for you. 

Online Cash Advance Loans 

Cash advances are another way consumers can access cash loans while they are waiting for their next payday. Similar to payday loans, borrowers can access cash advances online or in person. Additionally, consumers may also use cash apps to borrow money. Also akin to a payday loan, an online cash advance usually comes with lower funding amounts, higher rates, and shorter terms. To avoid falling into a cycle of debt, borrowers may want to stay away from online cash advances unless they have the means to repay the balance with funds from their next upcoming paycheck. 

No Credit Check Loans 

Online cash advances and payday loans are often considered no credit check loans because lenders may not pull a hard credit check during the initial approval process. Instead, these lenders usually pull a soft credit check to confirm that the applicant isn’t currently going through the bankruptcy process or pre-bankruptcy counseling. Since no credit check loans are often utilized by borrowers with poor credit, lenders usually include higher interest rates to compensate for the increased financial risk they are taking. 

Personal Loans

A personal loan is one of the most versatile types of unsecured loans because they can be used for just about any expense and come in a variety of forms. For example, there are both long-term and short-term personal loans available to fit a wide range of financial needs. Also, depending on the lender you go with, personal loans may also come with better rates and more manageable repayment terms when compared to other types of fast cash loans. 

Personal loans also come with varying funding amounts which may range from a few hundred dollars to a few thousand dollars. Furthermore, these loans may even have the ability to help boost a bad credit score when used responsibly! 

Title Loans

Title loans are a type of secured loan that allows borrowers to use their free-and-clear vehicle title as collateral. With a title loan, the lender will sign onto the borrower’s vehicle title as a lien holder, meaning they will have partial ownership over the vehicle during the loan terms. However, once the borrower fully repays their balance, the lender can remove themselves from the vehicle title and return it to the borrower. 

However, title loans also share similarities with loans like online payday loans due to the fact that they usually come with lower loan amounts, high-interest rates, and short repayment terms. Some may even say that title loans are riskier than online payday loans because the borrower risks repossession of their car if they miss a certain amount of payments or default on their title loan. 

Credit Cards

Instead of getting a cash loan, consumers may also utilize credit cards to pay for their expenses. Credit cards are a revolving line of credit that allows account holders to have reviewed access to their credit limit every month. But, since it’s not required to pay back the full balance before access to their credit limit is renewed, it can be easy for borrowers to accumulate overwhelming credit card debt if they don’t stay on top of paying off their balances. And so, credit cards are best used for small expenses that the borrower can repay within a month or so. 

Debt Consolidation Loans

Debt consolidation loans are a special type of funding designed specifically to help consumers reduce their current debts. Borrowers who have multiple high-interest loans or credit cards may catch a break on interest rate charges or other fees by refinancing with debt consolidation loans.

CreditNinja: How Does It Compare?

CreditNinja is an online lender specializing in personal installment loans for borrowers going through financial emergencies. Unlike some other bad credit loans, loans like CreditNinja may come with great perks like:

  • Fast approval process*
  • Affordable repayment terms
  • Competitive interest rates 
  • High or low loan amounts (depending on your needs)

How Do Personal Loans with CreditNinja Work?

CreditNinja has worked hard to streamline the approval process so borrowers can get the money they need ASAP. Here’s how it works: 

  1. Complete a loan request form online. This form will ask for a few basic pieces of information, including your name, address, income, and desired loan amount. 
  2. After submitting your request form, you’ll find out your approval status. Upon approval, you will receive a loan agreement which you should read over and sign. Your loan contract will contain all the specific details of your loan, which include:
    • Interest rates
    • Loan terms
    • Funding amount
  3. Once you have read over your loan agreement, go ahead and sign it. From there, CreditNinja will deliver your approved funds directly to your checking account! 

Can I Get a Loan With CreditNinja if I Have a Poor Credit Score?

Yes, it’s possible for bad credit borrowers to find loan approval with CreditNinja. We know just how hard it can be to find affordable funding when in the midst of a financial crisis. That’s why CreditNinja has made the approval process easy and streamlined. The goal is not to add any more stress to your plate! 

Furthermore, CreditNinja is also fully staffed with a helpful customer service team, so feel free to reach out if you ever have any questions about your loan, repayment, or even refinancing! 

FAQ: Loans Like Rescue Bucks

What is the difference between payday loans and installment loans? 

Payday loans are short-term loans that borrowers typically pay back in one lump sum by their next paycheck. Installment loans, on the other hand, are repaid over a set number of payments, or “installments,” over a longer period.
Furthermore, payday loans online may also come with higher rates and shorter terms than some installment loans. 

How do payday loans online work? 

Payday loans online work similarly to traditional payday loans, but the entire process – from application to repayment – is completed online. After submitting an online application and getting approved, the funds are directly deposited into the borrower’s bank account.

Are payday loans online safe? 

While many online payday loans are reputable, it’s important to do your research and ensure the lender is licensed and follows state regulations. Always look for secure websites and read reviews before applying.

Can I get an installment loan with bad credit? 

Yes, some lenders offer installment loans to borrowers with bad credit. However, interest rates may be higher, and terms may not be as favorable as those offered to borrowers with good credit.

What is the difference between a personal loan and an installment loan? 

A personal loan is a type of installment loan. The term “personal loan” simply refers to the fact that the loan is for personal use rather than for business or commercial purposes. Like other installment loans, personal loans are paid back in regular installments over a set period.

Can I use a personal loan for any purpose? 

Yes, personal loans can typically be used for any purpose, from consolidating debt to paying for a wedding or a vacation. However, it’s always important to borrow responsibly and ensure you can afford the repayments.

How can I improve my chances of getting approved for a personal loan? 

Improving your credit score, maintaining a steady income, reducing your debt-to-income ratio, and choosing a loan amount that you can comfortably repay can all increase your chances of getting approved for a personal loan.

Who Are CreditNinja Loans For?

CreditNinja loans are for anybody going through financial difficulties who have limited options available. We seek to be a more sustainable option over predatory payday loans. But, before you apply for a loan, CreditNinja suggests you look into options such as: 

  • Using the money you have saved up in your bank account. 
  • Finding an additional stream of income, like getting a temporary part-time job. 
  • Asking a trusted friend or family member for a small loan. 

But those options aren’t available to everybody, which is where CreditNinja wants to step in and help. With CreditNinja, you may be able to receive loan approval and get your money in just a few hours or less!*  

References:

  1. Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage Loan Growth Slows – FEDERAL RESERVE BANK of NEW YORK
  2. Your debt-to-income ratio is crucial to getting approved for a mortgage — here’s how to calculate yours
  3. https://www.rescuebucks.com/home.aspx
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