comment
image2.jpg

As the saying goes..."life happens". You can never know exactly when you will need access to emergency funds. Maybe your car breaks down and you need to perform some expensive repairs on it, or you have some other unexpected bills to pay. Whatever the scenario is, Life happens! We get it.

An emergency loan is a fast transfer of cash that happens in 24 to 48 hours to help you get through a tough situation. Just like any type of loan, it comes with its interest rates and other terms and conditions.

What happens though if you are suffering from bad credit? Are you still able to get an emergency loan in a time of need?

If you are someone who has bad credit, it could become difficult for you to get a normal loan from a typical lender.

If this is you, have no fear. There are some excellent loan-lending companies that offer low-interest rates, convenient terms and conditions, and immediate cash transfer, that help you borrow money in a time of need, despite having bad credit. These are the types of organizations that can truly help out people with bad credit, or who just need some emergency cash.

Now let's take a look at the number one company (in America) in our opinion.

Here Is The Best Emergency Loan Provider for People with Bad Credit:

MESSAGE FROM THE EDITOR: In this article we use the term “loan-lending". We are not stating that these websites will directly lend you money. Rather their job is to work to connect you with MANY lenders in their online network. Ultimately, you chose the lender that suits your needs best.

1) Moneymutual

image1.png

We are going to get straight the point. When it comes to helping people who are in need of emergency loans, MoneyMutual is at the top of their game. In our opinion, they are one of the best emergency loan providers in America.

That is a pretty big claim, right? Well, here are the reasons why we believe this to be the case

Approval for Bad Credit Loans with MoneyMutual Is Easy

Applying for a loan is so easy, it can be done in five minutes flat. There is an online loan marketplace that works for the consumer and makes sure you find a suitable match for your lender. This is done so that you can get a loan approved as soon as possible. You can apply for all kinds of loans, including payday, instalment, and even bad credit loans.

MoneyMutual Matches You With Many Lenders

From our research, we have discovered that there are over 60 short-term lenders available. All of the lenders provide you with complete disclosure to their terms and conditions. Once you have met their criteria of being 18 years old or more, earning at least $800 a month, and having a checking account, you are eligible for an emergency loan. You will have to of course meet any additional criteria that the lender has. When it comes to MoneyMutual, without questions, it is an impressive online portal, perfect for you if you are in search of an emergency loan.

MoneyMutual is as professional as they come, and they make the loan application process a safe and secure one. You are able to apply for emergency funds in the safety of your home or work place.

Through our research we find that most people when applying for bad credit loans will do this either at home or work. Just as long as you have internet access, you are able to jump on the MoneyMutual online portal and apply away. It is really that easy! Bad credit loans made easy. That is what MoneyMutual is all about.

What About Fees And Interest Rates?

The estimated Annual Percentage Rate (APR) varies from 5.99 to 24.99%. MoneyMutual demands no origination fee for applying for a loan. They play the role of a middleman in the loan approval process by connecting borrowers to lenders online. Once you are connected with your lender of choice, MoneyMutual has done their job.

Here is a very important point that you should understand when it comes to emergency loans. Since the website only plays the role of bridging the gap between borrowers and lenders, once you qualify for and select a loan, you then get the opportunity to negotiate with the lender directly.

The individual lenders have their own terms and conditions, including the interest rates, which can be discussed with you directly. The loan amount that can be issued could range from $5,000 to $35,000, depending on a number of variables. Interest rates, as stated previously, can differ depending on the lender, but that of payday loans can be considerably high, ranging from 200% to 1300%.

What Are The Loan Limits?

At our last estimate, with over 60 lenders, MoneyMutual can connect you to people who can provide immediate money ranging from $5,000 to as high as $35,000 in some cases. Smaller loans, like those between $300-$500, can also be applied for and are often a lot more common versus higher amounts.

Since MoneyMutual is a middleman in the lending process and helps connect consumers to potential lenders, they do not have a say in the terms and conditions of the loan-taking process. These terms depend on the lenders and can be directly negotiated with them.

This is an important reminder to read everything thoroughly before signing up for the loan to prevent misinformation regarding the policies and procedures, and so you completely understand what your rates, terms and conditions are.

MoneyMutual can offer three kinds of loans, which can include payday loans, cash advances, and bad credit loans. Payday loans are the easiest to get with low qualification criteria; however, they usually have high interest rates.

A cash advance allows you to get a loan in cash other than that of your bank account and gives you the option of paying it back by your next pay check or in instalments. Bad credit loans are also provided if you qualify for the bare minimum criteria.

Based on the versatility of MoneyMutual, it can aid with emergency funds in so many different scenarios. It is really up to you to pick with lender is the best fit for you.

Pros

  • There is a very fast application process
  • MoneyMutual has a variety of loan types
  • A very secure and encrypted website
  • Smaller loans (as little as $300) and larger loans (up to $35,000) available in some cases

Cons

  • The person borrowing the money (borrower) must earn at least $800 a month to qualify

⇒Visit the Official Website of MoneyMutual for More Information

Why Is MoneyMutual The Best Emergency Loan Provider For Bad Credit?

The following are essential factors that we kept in mind as we chose MoneyMutual as the number one provider. So, if you are planning to get yourself a loan, make sure to keep these factors in mind. Whoever you chose as your lender for a bad credit loan, it is important to asses them on the factors that you will read about below.

  • MoneyMutual has a strong reputation

This should be your first and foremost consideration when you are looking to get an emergency loan. MoneyMutual is one of the best in the industry. Before you take out the loan, be sure to look through the company's consumer review section. In this section you will be able to read about other borrowers who have been able to get emergency loans. As well, you will be able to read about how their customer service experience was.

  • What are the terms and conditions that MoneyMutual offers?

Lenders will typically give out loans to borrowers with credit scores in the 600 range. However, those who are willing to give loans at even lower scores are rarely found. Therefore, it is important for you to try to find a platform or lender who works on flexible terms and can lend you a loan even with a credit score below 600. What we are trying to say here is that MoneyMutual has very flexible terms and conditions. That is because they deal with so many lenders. Remember, the interest rate as well as the terms and conditions will be specific to each lender. Therefore, when you chose a lender of your liking, be sure to understand what their terms and conditions are, and be sure to understand what the interest rate is.

  • How fast does MoneyMutual transfer funds?

Emergency loans are all about receiving the funds right away without any delay. Lenders who can deliver loans in a speedy manner are the ones that you should look for. After all, emergency loans should be delivered to the borrower in a quick and timely manner.

If you are following along with us, and I know you are, you are seeing a common theme here. The common theme is that an emergency loan needs to be delivered quickly to the borrower. It needs to be delivered quickly because they are in a time of need, and they need the funds fast. A lender who delivers emergency funds slowly to a borrower would have no value.

That is exactly why we would like to highlight MoneyMutual, and their fast delivery of funds to borrowers that are in need.

  • How transparent is MoneyMutual?

Some lenders try to sneak in hidden fees. Meaning that borrowers can get stuck with high interest rates or large loan set up fees. With MoneyMutual, each of their 60+ lenders details their terms and conditions of their loan. As a borrower, make sure that you review the terms and conditions of the lender that you select.

Is It Possible to Get an Emergency Loan With Bad Credit?

Yes, this is definitely possible to do. However, there is one catch. The catch is that you have to be organized. Your prospective lender is going to ask you for some documentation, so it's important to know what exactly they are going to ask for. We explain this all below. Please read on...

The type of paperwork that a lender may ask for as proof of your earnings can consist of a payslip, w-25, copies of tax return records for the last two years, or 1099s. As such it is a good idea to keep the latest bank statements on hand and the phone number of your employer, in the event that you need to contact them in order to get these documents. Depending on who your employer is and if they have a Human Resources department, you can usually get these documents fairly quickly. Even if your employer does not have a human resources department, these type of documents can be obtained from the book keeper or accountant at your company.

If you are not aware of any book keeper or accountant, the best thing to do would be to ask your manager for this paperwork.

You will also need to have evidence of your identity as well as your residential address. The proof of identity may include your drivers license, State Identity Card, or even a utility bill will do the job sometimes.

It is always a smart idea to explain to the lender why you are borrowing emergency funds. By doing this action, you are painting a picture for them, that will help them gain a better understanding of who you are. If you have any documents that you can provide to the lender, this can help as well. By doing this, you are showing the lender what exactly the funds are being used for.

It is important to remember that the lenders expect that you will pay back the loan. They examine your debt to income ration to see what sort of capacity you have to re-pay the loan. Your credit score also matters here.

The next step is searching for the best lender for yourself. Once you have found the right lender, it is time to undergo a soft credit inquiry. A soft credit inquiry has no negative impact on your credit score.

The hard credit check is applicable only when you finalize an application or offer for a loan. You generally do not want to have your credit pulled too many times as that can have a negative effect on you overall credit score.

Read the terms and conditions of the offer carefully before signing it. Make sure that you are able to pay back the loan that you are borrowing.

Are Payday Loans Good Or Bad For People With Bad Credit?

Although you can get a payday loan regardless of your credit score, we don't recommend you go for this option. Payday loans can be extremely expensive to pay back, and often come with unfavourable terms.

Payday loans can seem like a good option at first glance. However, as you explore further, you will see that they are not a good option for you. This is because the annual percentage rate of interest is excessively high (up to 300% to 400%). Also, if you fail to pay according to the given schedule, you will have to pay extra charges and fees.

Therefore, we strongly recommend looking at multiple lenders through the MoneyMutual online portal. Look and see which lender best suits your needs. Look to see what their interest rates and terms and conditions are. Do not go with a bad credit lender that offers you unfavourable terms. Rather, select a bad credit lender that will offer you terms and conditions that you are okay with.

How Do You Recognize A PayDay Loan?


If the lender assures you they won't do a credit inquiry, or credit score does not matter for them, it is a payday loan they are offering because the legit lending platforms will not tell you this.
  • Amounts are small — $500 or less. These loans are easily available without much documentation.
  • The repayment schedule is short. However, you are asked to pay it back within weeks.
  • The APR is way too high.

If you observe one or two of the variables above, there is a good chance that it is a payday loan.

Have Basic Knowledge About Emergency Loans Beforehand…

If this is your first time borrowing an emergency loan from a lender online, there are a few things we would like you to know about.

The important points are as follows:

  • Just because you have submitted an application for a loan does not mean you will get a loan. No platform gives a full and final guarantee for a loan. In fact, these websites have put on a disclaimer saying you might not find your lender on their site. This applies to you even if your credit score is favorable.
  • A positive aspect about most of these online lenders is they do not run a hard inquiry on your credit report and let you go through all of the available options. This is probably the most important point here as you read this. It is so important because this does not and will not impact your credit score in a negative way.
  • In order to get your funds transferred to you ASAP, finish the paperwork immediately once you get the approval.
  • Know the difference between secured and unsecured loans. Although the secured loans have lower APRs, there is still one risk involved in them — losing your belongings if you fail to repay the loan since secured loans require collateral. In contrast, unsecured loans charge higher APRs but require no collateral. (If you did not understand this point, please read this again)
  • Unfortunately, people with poor credit ratings are stuck paying higher interest rates. But, these platforms can ease them out a bit since the lenders here work at a fixed interest rate range, which means market fluctuations will not cause you to pay more interest rates than what you signed up for.

FAQs About MoneyMutual and Emergency Loans For Bad Credit

Q1. Is 600 a Poor or Minimum Credit Score According to FICO?

There is often some misunderstanding here. It is important to note that FICO defines a score that ranges from 600-660 as a fair score. To manage your expectations, do not consider this to be a good credit score. Also, if your score falls even a point below that, it would be considered poor. Therefore, we can say 600 is a borderline credit score.

Q2. How Big of a Loan Can I Get with a bad Credit Score?

Many lenders available online might be willing to give you up to $25,000 even with a poor credit score by charging you high interest rates. It is doable. It just comes down to the interest rate in many of these cases, along with the terms of the loan that is being offered by the lender.

One thing you must consider is how much you need the funds. For instance, if you need $1,000, you should request only $1,000, and nothing more. This is because the smaller the loan, the easier it will get approved, and of course, the lower the interest rates will be in many cases.

Q3. Is There Any Alternative to Interest-Based Loans?

If your credit score does not support you enough for an emergency, personal, or instalment loan, there are two options left. Either you will have to sell some of your belongings to get your need for money fulfilled, or you can borrow money from family and friends. But who really wants to do that? Sometimes getting family and friends to lend you money is an absolute last resort. Depending on your relationship with your family and friends, it could be a smooth process or it could be an absolute nightmare. As the saying goes... don't mix family or friends with business. It really depends on what your opinion on this is.

Q4. What Makes Online Lending Better Than Conventional Lending?

Online lending helps you apply at multiple platforms from the comfort of your home. It also saves you from undergoing several hard credit inquiries. Also, these platforms offer you good interest rates compared to other platforms.

Lastly, the best thing about online lending sources is that their lenders report your performance to credit bureaus from time to time, which may help you in raising your credit score.

Q5. Which Is the Best Online Lending Platform?

Hands down we recommend MoneyMutual as the number one lending platform in America.

Conclusion: Which Is the Best Portal to Get an Emergency Loan?

Online money lending platforms have been a new and refreshing addition to the lending market. Contrary to conventional lenders that require a lot of written applications, in-office or in-person meetings, and endless investigations, these platforms allow you to get funds transferred to your account in a matter of 24 hours without any hassle.

These platforms can also help you pave your way towards a good and even excellent credit score by reporting your timely monthly payments to credit bureaus.

Therefore, in our opinion, MoneyMutual is the best emergency loan provider since they allow you to apply for an emergency loan in confidence, and in the comfort of your own home.

Thank you for reading our review and be sure to visit the MoneyMutual official website if you are in need of an emergency loan. They are fast and professional. Get your emergency loan today!

=> Visit the MoneyMutual Official Website For More Information

We welcome readers to submit letters regarding articles and content in Cleveland Scene. Letters should be a minimum of 150 words, refer to content that has appeared on Cleveland Scene, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at [email protected].

Support Local Journalism.
Join the Cleveland Scene Press Club


Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.


Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.


Join the Cleveland Scene Press Club for as little as $5 a month.