If you have a bad credit score, conventional loans from banks and credit unions can be almost impossible to secure. And the irony of it all is that it is the people with bad credit who are often the ones most in need of urgent funding to get by.
Luckily, the lending market has begun to shift towards online loans, with many direct lenders open to reviewing applications from those with a poor credit history. For instance, you can obtain quick loans on this site, CocoLoan, because most of their partner lenders do not typically conduct hard credit checks.
Instead, they will usually measure your creditworthiness based on your income level and current financial situation. Aside from that, most of these lenders will often be able to process loans much faster than traditional lending institutions.
So, we decided to conduct an extensive review and comparison of our top 3 favorite platforms that can help you secure quick loans with guaranteed approval, even with bad credit.
- CocoLoan – Best overall choice for online quick loans with high approval
- WeLoans – Ideal option for quick loans with flexible loan rates and terms
- UnityLoan – Top pick for quick loans with fast funding
Each platform here comes with its own pros and cons, so we broke them down even further to help you decide which one is best suited to your budget, requirements, and financial situation.
Table of Contents
1. CocoLoan
CocoLoan is a reliable and reputable online credit broker that connects borrowers to potential online lenders. The service is also completely free to use and allows borrowers to access funding of as much as $35,000, with the entire loan process being carried out online.
However, what makes CocoLoan so unique is that it boasts an almost 97% approval rate, which makes it one of the top options for those with bad credit who are in urgent need of financing.
According to CocoLoan co-founder Sarah Ross, “With over 100 loan providers in our network, we want to increase the number of chances that consumers have to secure funding, especially when traditional lending avenues are no longer open to them.”
The application process is also designed to be extremely simple, as it only takes a few minutes to fill out the online pre-approval form. You also don’t need to worry about having to deal with any excess paperwork. Once your loan request is submitted, you will be able to review multiple loan offers to secure yourself the best deal possible.
In terms of funding, you can typically expect to receive your cash as soon as the next business day. CocoLoan also uses bank-level encryption software to protect your private data and ensure that it remains secure from any unauthorized third-party access.
Pros
- 97% loan approval rate
- Simple loan application process
- High loan limits
Cons
- High rate of interest.
2. WeLoans
WeLoans is a free online lending service that is well-known for providing borrowers with access to some of the most competitive loan rates and terms, even if you have bad credit. When it comes to loan amounts, the platform makes it easy to borrow as much as $35,000, with all approved funds typically deposited in your checking account within 24 hours.
They also have good loan approval rates, as their partner lenders’ decisions are usually based on a wide number of variables, such as your income, debt-to-income ratio, employment status, etc. WeLoans also provides consumers with access to multiple loan options, such as payday loans, quick loans, installment loans, and more.
This makes it easier to find yourself the ideal type of loan that has the right rates and flexible payment plans to suit your current budget and specific needs. The lending service is also available to use even during non-business hours, which means that you can still secure approval for a loan at any time or day.
Pros
- Flexible loan rates and terms
- Multiple loan options
- Available 24/7
Cons
- Expensive late repayment fees
3. UnityLoan
For those in need of fast funding, UnityLoan is the best option to consider, as the online loan platform comes with a very straightforward and quick loan review process that requires no deep credit checking.
In fact, it doesn’t take much to qualify for a loan, as you only need to be over 18 years old, have a source of income, be a US citizen, and have an active bank account. Also, since the entire procedure is automated, you can typically expect a decision on your loan request within minutes.
Borrowers are able to access loans of up to $5,000, even if they have a poor credit score. Moreover, if you submit your application early and it is approved by 2:30 p.m. ET, you can expect to receive your funds in just a matter of hours. But if you fail to meet this deadline, you can expect to receive your funds by the next business day at the latest.
Pros
- Fastest loan processing times
- No hard credit checks
- Bad credit considered
Cons
- Low loan limits
Factors To Consider Before Borrowing A Quick Loan Online
Before taking out a quick loan, you need to bear in mind that while this form of credit is convenient, it also tends to come with high-interest rates and short repayment periods. This can often make them very difficult to repay, especially for those that may be living paycheck-to-paycheck.
That being said, it is important to remember that quick loans are not meant to be used as a long-term financial solution and should only be used to pay for urgent short-term financial needs. They should also only be borrowed when you are confident that you can make your repayments on time.
Failure to do so can often result in being charged extremely high late payment fees that can often dig you into an even deeper financial hole. Furthermore, some lenders may even be compelled to take the borrower to court to recoup their money.
On top of that, you will also risk being reported to the major credit bureaus for defaulting. Naturally, this can lower your credit score even further and affect your chances of being able to secure another loan in the future.
Final Thoughts
These three platforms are some of the most reputable and reliable online credit services that you could ever hope to use to secure a quick loan. However, it is important to remember that the higher your credit score, the more favorable the deals you are offered.
In this respect, if you do have a less-than-stellar credit rating, you should make sure to review all of the offers being offered before signing anything. And even if the loan rates and terms are to your liking, there may be some additional fees in the fine print to watch out for.
You should also be strict with your repayments, as online lenders tend to be less understanding than most traditional lenders when it comes to collecting what is owed. Once more, this raises the importance of comparing multiple offers to secure a loan that you can comfortably afford.