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Many people don’t have a nest egg to fall back on and sometimes need quick money in an emergency. That’s where a same-day loan comes in. If you have bad credit and you need a loan quickly, check out our reviews of the best same-day loans for people with bad credit.
Bad Credit Loans does exactly what the name says; it gives loans to those with bad credit.
Rates: Compared to other lenders, Bad Credit Loans has a lower interest rate, which is good, and has the option of longer time periods to pay back your loan.
Fees: Bad Credit Loans has one of the most reasonable interest rates at 5.99% to 35.99%.
Reputation: Bad Credit Loans has been in business since 1998, creating a long history of lending.
Availability: Loans are available in almost every state.
Jora Credit is one of the most trusted lenders in this quick loans space.
Rates: Jora charges a fairly high interest rate at 185% to 349%.
Fees: The company, however, doesn’t charge fees on its loans, which other lenders tend to do. This is part of the reason its interest rates are so high.
Reputation: The Better Business Bureau gives Jora and “A” rating.
Availability: Jora is also only available in ten states, which makes it a more limited option.
Ace Cash Express should be used as an alternative to the two services above. It focuses more on payday loans, which can get expensive and some need to be paid back in a short time. It does give you 72 hours to change your mind about your loan.
Rates: Ace Cash Express charges between 163% to 661%.
Fees: The company’s fees are not public knowledge, which can be a red flag. Make sure you know those numbers before agreeing to a loan.
Reputation: The company has been around since 1968, but since that time, it has had many complaints against it. Know what you are getting into before signing an agreement with Ace.
Availability: Ace Cash Express operates in 23 states.
OppLoans is one of the most popular lenders for short-term loans.
Rates: OppLoans charges between 36% and 199%, depending on your credit history.
Fees: All loans are charged an origination fee of $50.
Reputation: The company does well with online reviews: It gets an A+ with the BBB, a 4.9 out of five customer rating on Google, and a 4.8 out of five rating on Facebook
Availability: OppLoans operates in 37 states.
CashAdvance.com aggregates lenders to help match the best one for you. This allows for a wide range of lenders to choose from, making your chances of getting approved higher.
Rates: The company charges between 14% and 1564% APR.
Fees: Since there are a variety of lenders, it will depend on the lender you choose.
Reputation: The company has been operating since 1997 and is a member of the Online Lenders Alliance.
Availability: CashAdvance.com operates in 37 states.
PersonalLoan.com works as more of a traditional lender, although short-term loans are definitely available. Like CashAdvance.com, it aggregates lenders so that you have choices when it comes to your loan.
Rates: Since PersonalLoans.com aggregates from a wide variety of lenders, the interest rate also varies widely. It will depend on the lender, the type of loan, and your credit history.
Fees: Again, this varies depending on the lender you choose.
Reputation: The company is a member of the Online Lenders Alliance.
Availability: PersonalLoans.com is available in all 50 states.
Those with bad credit often have trouble getting approved for a credit card, but secured credit cards are available for anyone, no matter their credit history.
A same-day loan is a loan that can be funded to you the same day. Generally, these loans are pre-qualified, to make the process go faster. Most same-day loans are also short-term loans, although some companies allow up to 30 to 60 months for payback, depending on the size of the loan.
This varies wildly depending on the company and type of loan. Interest rates can be as low as 5.99% or as high as 350%. It depends on the type of loan, the length of the loan and your credit history. For people with bad credit, the interest rate tends to be higher.
Yes. Many same-day loans are actually geared towards people with bad credit. This can cause the interest rates to be on the higher end, but if you are in a crunch, it might be your only option.
Some companies will try to slip in fine-print agreements, so read over your loan agreement carefully. Here are some things that you should know before signing anything:
Yes, but you need to be careful because there can be a lot of scams in the same-day loan space. Here are some red flags to watch out for: