Personal Loans for Bad Credit: Top Online Loans With No Credit Check [2021]


Not every American has perfect credit, but having bad credit can affect your ability to make purchases and open new credit accounts. Many creditors will refuse to open a new line of credit with you if you have a bad credit score. Because many banks and other lenders will run a credit check if you apply for a loan, getting loan approval with poor credit may be hard. However, rebuilding your credit can be difficult under even the best of circumstances.

Consider, for example, the different types of personal loans offered by most financial institutions. The first, a secured personal loan, requires you to provide collateral in exchange for funding. The second, an unsecured loan, requires no collateral. Each option has its benefits and drawbacks, but establishing eligibility for unsecured personal loans (such as student loans) can be very difficult for those with poor credit.

Typically, someone with poor credit would be required to put up their car or even their home as collateral, depending on the amount required. In other types of credit extensions, such as a credit card, you might have to prepay a set amount of money in order to cover the card in the case of a payment default. With this type of collateral, your money would not be returned to you as long as that line of credit remains open. 

While getting the chances of your personal loan approved is higher if you have collateral, it can have its drawbacks. If you fail to make a scheduled loan or credit card payment on time, the creditor or lender has the right to repossess the collateral item or keep the collateral funds. If you placed your car or home up as collateral, the repercussions of missing a payment or defaulting could be catastrophic.

Therefore, your credit score is crucial for acquiring almost any line of credit. Potential lenders review your credit report and repayment history to calculate financial risk on their part. If you have negative marks on your credit score report, have bad credit, or have a history of not making your scheduled repayments, you may be declined for a loan or new line of credit. 

Your chances of getting approved for an unsecured personal loan if you have bad credit are low; however, it is not impossible. Lenders may agree to loan you unsecured money if you have bad credit but may offer higher loan interest rates and unfavorable repayment schedules. However, the availability of installment personal loan platforms on the internet has greatly increased your ability to search for secured loans with the most favorable terms and conditions for you.

But, what exactly are online loan platforms, and how do they work? We will discuss all of these topics in this article. We will also discuss the best personal loan platforms that you can use to get approved for your funding. We researched multiple platforms and networks and picked the best online lending platforms that have high acceptance rates for applicants with bad credit scores. Aside from this, these platforms specialize in fast and simple application processes to get your funding to you without any hassle. 

Here is our list of the best platforms that can help you find a personal loan with monthly payments.

4 Best Personal Loan Platforms for Bad Credit

  1. MoneyMutual: Overall Best for Personal Loans With Bad Credit
  2. CashUSA: Quick Loans With Minimum Credit Score
  3. Bad Credit Loans: Top Lender Offering Best APR
  4. LendingTree: Best for Bad Credit Loans

#1. MoneyMutual: Overall Best for Personal Loans With Bad Credit

Brand Overview

Do you want to get an installment personal loan but have a bad credit score? MoneyMutual offers to connect you with lenders that offer personal loans with monthly payments. 

MoneyMutual has hundreds of lending partners that you can trust to help get you a loan of up to $5,000. The process is quick, and finishing up their form can get you connected with lenders after only a few minutes. 

Four out of every ten Americans cannot handle an emergency that costs $400, and many are struggling to make ends meet. Hundreds of people live paycheck to paycheck, but a personal loan can help ease out any unpredictable expenses they may have. Since its establishment in 2010, MoneyMutual has risen to be one of the best online lending platforms due to the quality of service they give to their users. The company actively helps users become more educated about handling their finances while giving them access to extra funding with a huge network of lenders. 

People opt for this platform to get personal loans for unexpected bills or sudden car repairs. You can also request a medical loan or extra funding for your special circumstances.


  • Application and Approval Process

After providing your personal details to the site, the lenders available will review your information and eligibility. Once a lender or multiple lenders check your profile and see you are eligible, you will begin receiving offers and terms. You may need to fill out additional forms if you would like to accept a loan offer from a lender. After giving additional information to the lender and providing your signature, the lender will send the loan funds into your bank account as soon as the next business day. The money will be directly deposited into your banking account, so be sure to provide your correct account number. Your lender will also ask for your contact information to stay in touch in case you have any questions or inquiries about your loan.

  • Types of Loans

MoneyMutual also offers payday loans if you would like to repay your loan within a shorter period. This type of loan is also called a cash advance. These loans are typically approved almost immediately, even without checking your credit score. The drawback to this is that you need to pay your loan amount with your next paycheck. This time frame can be too short for most people; however, if you are confident you can repay the loan with your next paycheck, you can choose this option. 

  • Eligibility Requirements

If you have poor credit, you can still get approved for an installment loan or a payday loan, but you may have to meet other eligibility requirements to compensate for a poor credit score. One of the common requirements of many lenders is that you have a consistent source of income every month. MoneyMutual requires applicants to have monthly incomes of at least $800 and have a checking account in their name. 

  • Additional Features

MoneyMutual also offers basic financial information to educate borrowers on different types of loans, how to improve bad credit, and how to check for legitimate and illegitimate loan offers. Scams are prevalent online, and it helps to be vigilant when it comes to these dangers.

MoneyMutual helps guarantee the security of your personal information by using 2048-bit RSA to protect your information. This platform is also a part of the Online Lenders Alliance (OLA), and you can view the seal on their official site. The OLA only gives this seal to companies that follow a high standard of conduct, which ensures their customers are satisfied and experience the best service in the market.This seal also represents that the company follows the rules and is compliant with federal law. Moreover, this platform works actively to protect customers from cases of fraud. This is why millions of people choose MoneyMutual as their online lending platform. 

MoneyMutual is also a partner of the Community Financial Education Foundation (CFFF), which has a goal of strengthening communities using financial empowerment. The organization and its partners actively create methods and ways to help people who are struggling financially. MoneyMutual achieves this by providing clients access to lenders who can give funds to borrowers without needing their credit reports. 


  • Loans up to $5,000
  • Part of the OLA and CFEF
  • No minimum credit requirement
  • No additional fees
  • Simple application
  • Quick approval


  • Not available to residents of NY or CT
  • Requires a minimum monthly income

⇒ Visit the Official Website of MoneyMutual 

#2. CashUSA: Quick Loans With Minimum Credit Score

Brand Overview

When it comes to personal loans, CashUSA comes out on top, as their goal is to help credit borrowers get the support they need. They offer users access to personal loan providers for any reason, including debt consolidation or remodeling your house.

The amount you can borrow depends on your state and your lender. However, lenders who partner with CashUSA can give offers of up to $10,000. You can also get your installment loan approved after a few minutes. Many lending networks can take a long time before getting back to you with a loan decision or offer; however, lenders at CashUSA can give you a loan decision within minutes of using the service or platform. This is because lenders automatically review your profile and give you offers depending on your eligibility. Aside from your personal information, you also need to have a steady minimum annual income to be eligible for a personal loan. You do not need to have a perfect credit score, but you do need a stable source of income to prove to lenders that you can repay your loan request. 


  • Application and Approval Process

You can complete CashUSA’s application form whenever you want, and the platform does the rest for you. Within minutes, you can view any loan offers from lenders that agree to the loan amount you requested. You can then give more information to the lender if you are interested in their loan offer. Once both parties agree, your funds will be deposited directly to the bank account you provided. You will then get the funds in as little as 24 hours after the lender approves your loan. 

  • Terms and Conditions

CashUSA only works as access to a marketplace of lenders, as they are not lenders themselves. So, only the lender will be able to provide the details and APR of the loan they are offering. Most of the interest rates found through CashUSA start from 5.99% and can go up to 35.99%. Always review the best option for you, and try to find the balance between interest rates, repayment duration, and the total monthly payment you have to make each month. Choose the loan offer with terms you know you will be able to meet each month. 

When it comes to repayment, lenders can also conveniently use your bank account to get the funds agreed upon each month. You can also contact your lender in case you do not have the funds in the banking account you previously provided. Moreover, you can always ask for an extension to the repayment due date of your loan. Most lenders will approve your extension as long as you ask for one in advance of missing a payment. You can also avoid damaging your credit score this way. 

  • Additional Features

When it comes to collection practices, you should always ask your lender, as CashUSA is only a platform for borrowers to connect with lenders. Discuss the matter of collection directly with your lender before agreeing to the loan offer given to you. The typical loan duration offered by lenders in CashUSA can last anywhere from three months to six years.

There are cases where no lenders are willing to give you loan offers, which can be due to your credit history or negative remarks on your credit report, like bankruptcy. However, if this is the case, you are not out of options, as CashUSA can help you connect with other services that can help you improve your credit score, like credit repair. You may also be connected to services that offer debt relief, which may help reduce any existing debt you may have to make repayment easier. 

CashUSA helps hundreds and thousands of Americans nationwide by providing them with educational finance resources. Their education center consists of information on credit, finances, debt, and banking. All of these topics are completely free and can be immediately accessed on their site. CashUSA’s Credit Resource Center writes about how a credit score report is determined and how you can get rewards from your credit card. If you have a below-average credit score, getting a credit monitoring service can also help you maintain your credit score. CashUSA focuses on providing help and financial literacy to borrowers so they can know which debt is good and bad. If you want to improve your financial literacy, you can also check the tips on setting your financial priorities in their educational center.

Furthermore, you do not need to pay any fee to use the services of CashUSA. You can also view their disclosure, so you know which lending partners are part of the CashUSA platform.

  • Does Not Impact Credit Score

If you are wondering whether searching for a loan through CashUSA will negatively impact your credit score, the short answer is that it does not. Your credit score will not decrease by using the services of CashUSA and pre-qualifying for a loan. The service uses a soft inquiry about your credit report, which does not damage your credit score. CashUSA can get information about your credit history, but this inquiry will not affect your credit score at all. 


  • Loans up to $10,000
  • Free service
  • Rapid application and approval 
  • Funding in as little as 24 hours
  • Variety of lenders and offers


  • Requires $1,000 monthly income

⇒ Visit the Official Website of CashUSA

#3. Bad Credit Loans: Top Lender Offering Best APR

Brand Overview

When it comes to customer service, Bad Credit Loans will not let you down. They have one of the most accommodating customer support teams of any platform. You can contact them any time to ask about their services, personal loan rates, or for advice when it comes to requesting a loan or debt consolidation loans. They also employ a high-quality security system that protects you from fraud and information theft. The site uses data encryption to ensure no one can access sensitive information you give to the platform.

Bad Credit Loans dedicates itself to assisting borrowers nationwide in getting access to funds and assistance with their financial needs. This platform specializes in providing support for people with bad credit. They also promote responsible borrowing. So, if you would like guidance when it comes to loan requests or borrower registration agreement, then you can look at their site. Alternatively, you can also connect with their customer service to ask for advice regarding bad credit loan offers. 

You can choose to submit their secure online application at any time, and the representatives at Bad Credit Loans are available for assistance if you have any questions. 


  • Terms and Conditions

The installment loan terms offered by the lenders in Bad Credit Loans may vary, and your APR may be as high as 35.99%. However, they also offer a maximum of up to six years for repayment terms, so you can repay the debt comfortably. 

  • Eligibility Requirements

Keep in mind that Bad Credit Loans does require applicants to have a consistent monthly income, a bank account in their name, and proof of U.S. citizenship.

  • Additional Services

In addition, there are no additional fees incurred when you use the services of Bad Credit Loans. Aside from connecting you with lenders, they also offer other services that may help improve your credit. If you did not get any loan offer, you may get connected to services like debt consolidation, debt relief, or credit repair instead. If you have a current debt you cannot repay, a debt relief service can reduce that debt or help you convert the debt into better repayment terms. Credit repair services like this can help bring your credit score back up. Once you do this, you can get more options for your secured loan request. Just like a loan, you also have the right to review these services before accepting any offer. 

Aside from this, Bad Credit Loans also provides educational resources that give you tips on how to take out a loan, how to spend your funds responsibly, and how to improve your budgeting according to your income. 

Overall, Bad Credit Loans is a great platform that gives you wonderful customer service and multiple resources. They specialize not only by connecting you to lenders but also with other services that may help improve your financial status. 


  • No additional fees
  • Connects borrowers with network of lenders
  • Loans up to $10,000
  • Offers educational resources


  • Interest rates can be high
  • Eligibility requirements can be strict for some

⇒ Visit the Official Website of Bad Credit Loanscan

#4. LendingTree: Best for Bad Credit Loans

Brand Overview

LendingTree is one of the most flexible platforms when it comes to loans. Aside from personal loans, they offer to connect you with lenders specializing in business loans, mortgage, and home refinancing. 

If you would like to get a personal loan, simply state what you would use the loan for and provide some information about yourself. Your loan request will be then sent out to their huge lender network to see if there are any lenders willing to work with you. Once you are matched with lenders, you can then check and compare the loan offers one by one. Moreover, LendingTree does not mark up your loan offers.


  • Multiple Resources

Aside from this, LendingTree also offers multiple services that can help you with handling your finances better. For example, if you would like to take out a loan when it comes to housing, they have multiple options. You may choose to get a loan out if you are purchasing a new home. So, whether or not it is your first time buying a house, LendingTree can connect you with the best lenders that can help you with your housing loan proceeds. You can also request funds for house refinancing assistance, as there are multiple reasons why you may want to refinance your home. For instance, you may get lower interest rates and have shorter terms when it comes to your mortgage, allowing you to get full ownership of the property faster.

LendingTree also offers other tools for you to help manage your finances better. If you have a bad credit history, you can sign up for their free credit score checker, and you can check your current credit score standing without affecting or impacting it negatively. You can also check the major factors that are currently affecting your credit score. In addition, they also offer tips and recommendations on how to improve your credit score and restore it to above average. They use a Secure Sockets Layer technology to always protect your data. 

  • Borrowers Can Raise Credit Score

The site also offers insights on how you can build your credit if you do not have a credit history yet. Getting personal loans from online lending platforms and paying them off monthly can significantly increase your credit score. As long as you pay your installments to your lender on time, your credit score will increase. However, any late payment or subsequent charges and fees may increase the cost of your fixed rate loan.

  • Mobile-Friendly Platform

If you have any questions about the services they offer, you can contact them using their social media platforms. LendingTree also has a mobile application that you can download to make loan requests and credit checking more convenient for you. This feature allows you to check your credit and budget your expenses anywhere you go. 


  • Mobile app available for convenience
  • Multiple financial tools offered
  • Variety of loans offered
  • Safe and secure
  • Multiple lenders to choose from


  • Requires more personal information up front than other sites

⇒ Visit the Official Website of LendingTree

Why Consider Installment Personal Loans?

Installment personal loans are one of the ways you can get extra funds without a good credit score while still opting for a monthly repayment schedule.

With an installment loan, you may also get loan offers with lower interest rates. Aside from this, long-term personal loans with monthly installments may have better repayment terms compared to short-term loans. Although your loan interest rate depends on your lender, you can choose the loan offer that works for you. Going for long-term installment loans means you can have a lower APR compared to short-term loans, which can have almost double the APR. 

If you have negative remarks or a below-average score on your credit report, this is one of the ways you can rebuild your credit score. Settling for monthly installments means your lender will report your timely repayment to the major credit bureau every month. As long as you pay your required amount every month, you can drastically improve your credit score within the loan term lengths. However, do not focus on the APR alone when making your decision between loan offers. You should also check the amount you need to pay monthly and the total interest you are paying for the loan term considering your debt-to-income ratio.

If you go for a long-term personal loan, you may pay more total interest in addition to your loan amount. This is because the longer your loan term is, the more total interest you have to pay for the lender. The benefit to this, of course, is a lower monthly payment. 

If you go for a short-term personal loan, you may need to pay a higher monthly payment than a long-term loan. However, this can also drastically reduce the total interest you have to pay to the lender. If you can afford to pay a higher monthly interest rate, then you can take a look into short-term loans; however, if you need a lower monthly rate, you can extend your loan term to a year or more to get lower monthly payments. 

It all comes down to how much you can afford to repay each month. As long as you can repay the loan each month and clear out your loan request within the timeframe, then you are good to go. You should try to find a balance between the total interest rate and the monthly repayment amount. 

Another benefit to using installment personal loan platforms like those above is the lack of collateral. Most lenders and creditors will ask for collateral if you have bad credit and are requesting a loan. If your creditor or lender cannot determine your creditworthiness, they will ask for collateral or a security deposit. If you cannot pay your monthly required loan amount, creditors can get the collateral you agreed upon before starting the loan.

Personal loan networks, like the ones above, do not require a security deposit or collateral for your loan request. Instead, they offer unsecured loans that do not need collateral, provided they can determine your creditworthiness. If you have bad credit, this type of loan can be difficult to be approved by the bank or lenders, but platforms like the ones above connect you with lenders willing to give you loan offers without the need for good credit. 

Going directly through a lender and applying for a loan can be burdensome and time consuming. So, installment personal loan platforms use a simple and convenient method you can complete online. There is no need for lengthy paperwork just to get declined. After filling in the form, you can get connected with a lender willing to give you the funds you need. The installment loan platform also uses a secure online form for your privacy and personal information. These sites use an encryption method to prevent hacking or phishing, which is common when doing online transactions. 

You also do not need to have any specific reason to get approved for a personal loan. So, even if you are planning to buy extra groceries or some furniture, you can typically get approved for a personal loan. This is why many people choose online lending platforms, because the loan reason does not affect your approval rate. 

In addition, requesting installment personal loans on these platforms can be done any time of the day, and you can also contact the customer representative of the site for any concerns you have. 


Installment personal loans are one of the ways you can easily rebuild your credit score. Settling for monthly repayment schedules can increase your credit score, provided you repay the loan every month.

Repaying the loan using installments can also lower the rate you need to pay each month. However, a longer loan term can have a higher total interest rate. So, always try to find a balance and take a loan that you know you can afford to pay over the loan term. 

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