Best Installment Loans: Top 8 Quick Cash Lenders for Bad Credit

10:23 AM, Jul 28, 2022

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Bad credit can be black cloud over your head, raining down on you every time you apply for a loan or credit card.

Unfortunately, you never know when a crisis is about to strike, and whether it be unexpected medical bills or an overdue car payment, bad credit can stop you from getting financial help when you need it most.

While you could turn to high interest rate payday loans, there are several lenders - like MoneyMutual - willing to approve installment loans for poor credit applicants.

If this sounds like something you'd be interested in learning more about, then take a moment to read our review of the best installment loans for bad credit.

Best Bad Credit Installment Loans:

1. MoneyMutual - Best Installment Loans for Bad Credit Overall 

MoneyMutual Pros

  • Low credit score applicants accepted
  • Money in as little as 24 hours
  • Large network of lenders
  • Registered OLA member
  • Quality selection of educational resources

MoneyMutual Cons

  • $5,000 max loan amount
  • Not available in all states

MoneyMutual Overview

Established in 2010, MoneyMutual is an online lending marketplace that specializes in installment loans, personal loans, and short term cash advances.

MoneyMutual isn't a direct lender, however, and instead works by matching lenders with qualified applicants. To use the service, simply complete an application, enter the desired loan amount, and let MoneyMutual work its magic.

In some cases, MoneyMutual can have a loan approved and money in your account in as little as 24 hours. What's more, the company works with several lenders willing to approve unsecured personal loans for applicants with a credit score of 600 or less.

Access to MoneyMutual's network of lenders is absolutely free, and you won't have to worry about any hidden fees or service charges. Moreover, the company is an accredited member of the Online Lenders Alliance - an organization devoted to protecting consumers and outlining standards and best practices for online lenders.

To use MoneyMutual, applicants must have a minimum monthly income of $800 and be 18 years of age or older. Some lenders in the network even accept social security, disability, and other types of benefits as qualifying income - making it a great choice for seniors or veterans.

MoneyMutual Minimum Loan Amount:


MoneyMutual Maximum Loan Amount:


MoneyMutual APR Ranges:

5.99% to 35.99% (varies by lender and credit score)

Get an Installment Loan On MoneyMutual Today

2. CashUSA - Best Consolidation Loans for Bad Credit

CashUSA Pros

  • Loans up to $10,000 available
  • Lines of credit and consolidation loans available
  • Loan term of 90 days - 72 months
  • Fast application process
  • People with no credit history can apply

CashUSA Cons

  • $1,000 minimum monthly income requirement
  • No secured loans available

CashUSA Overview

CashUSA is another large lending network that processes installment loans for debt consolidation, home remodeling, and most other expenses. In this regard, CashUSA is very easy to work with, and they'll even process a loan request for more frivolous expenses like a vacation or vehicle upgrade.

If you've found yourself knee-deep in credit card debt and have an OK to fair credit score, consolidating your credit via a personal loan is worthy of some serious consideration. 

Interested? If so, know that CashUSA processes loan applications of up to $10,000, making them a good candidate for the job.

In addition to traditional installment loans, several lenders in the CashUSA network also offer lines of credit. Because you only pay interest on the funds you use, some people find a line of credit more convenient than a personal installment loan, which has fixed monthly payments regardless how much you use.

CashUSA has a minimum monthly income requirement of $1,000, which is noticeably higher than other lending marketplaces. That said, the service offers the same fast approval process CashUSAand speedy deposit times you can expect from other online installment loan lenders.

CashUSA Maximum Loan Amount


CashUSA Minimum Loan Amount


CashUSA APR Ranges

5.99% - 35.99% (varies by lender and credit score)

Get a Small Loan With CashUSA

3. BadCreditLoans - Best Bad Credit Loans for Seniors

BadCreditLoans Pros

  • Bad credit loans up to $10,000
  • Credit cards available
  • No minimum credit score requirement
  • No minimum monthly income requirement
  • High approval rating
  • Auto, home, and student loans available

BadCreditLoans Cons

  • Interest rates can be high on some loans
  • Not available in all states

BadCreditLoans Overview

As the name implies, specializes in providing poor credit score borrowers with fast access to cash when they need it most. The site goes well-beyond installment loans and we were impressed to see options for home loans, auto loans, and even student loans available.

Unlike most lending networks. includes credit card issuers in their network. While the interest rates will likely be higher than average - especially if your credit score sits in the low 600's - it's a great option if you've already been denied by the banks or credit unions.

Not only are credit cards one of the best ways to improve your credit score (when used responsibly, of course), but they're also highly convenient and are a necessity when renting a car or a hotel room.

Through, qualified applicants can secure installment loans of up to $10,000! The sign up process is quick and easy, and unlike similar services, no minimum monthly income is required to apply.

What's more, many of the lenders included in the site's network view Social Security and Disability checks are regular income, which can really come in handy if you're a senior looking for a quick personal loan.

BadCreditLoans Maximum Loan Amount


BadCreditLoans Minimum Loan Amount


BadCreditLoans APR Ranges

5.99% - 39.99%

Get a Bad Credit Loan Today

4. - Fast Installment Loans Up to $35,000

PersonalLoans Pros

  • Installment loans of up to $35,000
  • 3 - 72 month term length
  • P2P loans available
  • Low minimum credit score required
  • Fast application process
  • Money in 24 hours

PersonalLoans Cons

  • Minimum monthly income requirement of $2,000
  • No micro loans - $1,000 minimum

PersonalLoans Overview

With its easy application process and large network of lenders, makes it easy to shop around for the best terms and interest rates. One key feature that separates the outfit from other lending networks is its inclusion of peer-2-peer lenders.

Peer-2-peer loans are different from regular installment loans in that they're granted by individuals, and not lending institutions. Because of this, interest rates on peer-2-peer loans often come with lower interest rates and higher acceptance rates.

While a peer-2-peer loan may come with better terms, most P2P lenders charge a slightly origination fee than what a traditional bank or lender will charge - something to keep in mind. doesn't cater exclusively to bad credit borrowers and instead services applicants of all credit backgrounds. As a result, the minimum monthly income requirement is set at $2,000, which some may find prohibitive.

It's also one of the few lending networks to institute a minimum credit score requirement, which currently sits at 600 for P2P loans and 580 for personal installment loans. Luckily, this requirement is far from prohibitive, as 600 is about as low as most lenders will go (exceptions do exist of course).

Moreover, it's one of the few personal loan networks to process loan applications of up to $35,000.

PersonalLoans Maximum Loan Amount


PersonalLoans Minimum Loan Amount


PersonalLoans APR Ranges

5.99% - 35.99%

Get a Personal Loan Fast

5. FundsJoy: Quick and Easy Loan Application Process

FundsJoy Pros

  • Fast & simple application process
  • Large network of lenders
  • Fast loan approval
  • 72 month loan term
  • Low interest rates available to some borrowers

FundsJoy Cons

  • Max loan amounts of $5,000
  • Customer service could be better
  • High interest rates on bad credit personal loans

FundsJoy Overview

Designed to be fast and simple, FundsJoy can get you a loan between $200 and $5,000 in as little as 24 hours. To do so, simply fill out the application form, enter in the desired loan amount, and give FundsJoy permission to access your credit report.

Once completed, your application is sent out to hundreds of safe and reputable lenders, and in many cases, you can receive a loan offer in as little as 90 seconds!

Better yet, Fundsjoy accepts applicants of all credit and financial backgrounds, making it a great place to apply if you're looking for a bad credit installment loan. Of course, loan approval and interest rates will depend upon the applicant's credit score, monthly income, and debt-to-income ratio.

Loan terms range from 60 days to 72 months and we were impressed by how streamlined and transparent the process is. That said, bad credit borrowers, or those with already high existing debt, are unlikely to qualify for the full $5,000.

Still, if you need a quick and easy loan to pay rent, fix your car, or hold you over until payday, FundsJoy is an excellent choice.

FundsJoy Maximum Loan Amount


FundsJoy Minimum Loan Amount


FundsJoy APR Ranges

4.99% - 35.99%

Quick and Easy Loans With FundsJoy

6. 247DollarLoan - Best Online Lender for Micro Loans

247DollarLoan Pros

  • Decision in minutes
  • Loans as small as $100 available
  • High acceptance rate (even for bad credit applicants)
  • Money deposited in 24 - 48 hours
  • Certified OLA member

247DollarLoan Cons

  • Max loan amount of $1,000
  • High interest rates
  • No installment loans, only cash advances

247DollarLoan Overview

Sometimes, all you need is a few hundred dollars to hold you over until payday. In situations like this, 247DollarLoan is there to help. The outfit operates as a microloan marketplace and processes loans from $100 up to $1,000.

The entire process takes 2 - 3 minutes, and in most cases, applicants will receive a decision within minutes. To qualify, applicants must have an active bank, and an SSN number, and earn at least $800 per month.

Due to the small loan amounts, 247DollarLoan doesn't offer traditional installment loans, and instead connects borrowers with payday loans lenders. This means all loans must be paid back in one installment and not equal monthly payments.

That said, payday loans come with much higher interest rates than installment loans and range from 235% to 1304%. While this is no doubt a drawback, they're accessible to all lenders regardless of their credit score.

This makes 247DollarLoan a good option for those whose credit score is so low they've been turned down for an installment loan at places like MoneyMutual and

247DollarLoan Maximum Loan Amount


247DollarLoan Minimum Loan Amount


247DollarLoan APR Ranges

235% to 1304%

Get a Micro Loan With 247DollarLoan

7. - Best for Fast Approval Installment Loans

247CreditNow Pros

  • Bad credit loans available
  • OLA accredited
  • Loans up to $35,000 available
  • High acceptance rate
  • Decision in minutes

247CreditNow Cons

  • High interest rates on some loans
  • Minimum income of $800/month required
  • Very few applicants qualify for the full $35,000

247CreditNow Overview

247CreditNow is another lending network willing to process installment and personal loans of up to $35,000 for qualified applicants.

Like its sister site 247DollarLoan, the outfit can process an application in just a few minutes, and if approved, funds can be deposited straight into the applicant's bank account in 24 hours or less.

The 247CreditNow network of lenders is a convenient mix of cash advance and installment loan lenders and is accommodating to lenders of all credit backgrounds.

Some lenders even offer term lengths of up to 72 months, which depending on the interest rate, can leave you with affordable monthly payments. Of course, only applicants with a suitable credit history will qualify for the max loan amount of $35,000.

Still, 247CreditNow will process loans for bad credit as low as $100, which are accessible to applicants with credit scores as low as 580. Finally, 247CreditNow is a fully-accredited OLA member, making the outfit more trustworthy than other purveyors of installment loans for bad credit.

247CreditNow Maximum Loan Amount


247CreditNow Minimum Loan Amount


 247CreditNowAPR Ranges

4.99% - 450%

8. Zippyloan – Best for a Wide Range of Loans

Zippyloan Pros:

  • Variety of lenders available
  • Small and large loans
  • Quick application process

Zippyloan Cons:

  • Payday loans have high fees

Zippyloan Loan Amount: 4.0/5

Zippyloan has one of the largest ranges of loan amounts on offer. They are another company that provides a service of matching borrowers to a lender. You can borrow from $100 to $15,000.

Zippyloan Interest Rate: 3.9/5

Interest rates at Zippyloan are affected by your credit score, credit history, and income. The rates vary and are determined by each lender.

Zippyloan Loan Terms: 4/5

Your loan terms depend on the type of loan you accept. Payday loans are typically due on your next pay date. Other loan terms range from 6 to 72 months.

Zippyloan Overall Score: 3.5/5

Get a Loan Fast With Zippyloan

How We Picked the Best Installment Loan Companies


Of all companies offering same day loans for bad credit, a good portion of them are shady and predatory - offering interest rates and origination fees well-above industry standard. As a result, we only recommend lending networks that enjoy a solid reputation among consumers.


If you're in a pinch, you don't want to wait up to 5 business days for a response. Because of this, all lending networks included in our list can have a loan approved and processed in as little as 24 hours!

Interest Rates

Bad credit installment loans will always come with higher than average interest rates - it's unavoidable. That said, we've picked some of the most competitive lending marketing places in operation, allowing you to get the best possible interest rate for your credit score.

Loan Amounts

Everyone's situation is different. While some require just a few hundred dollars, others may need access to several thousand. With this in mind, our list of lending networks includes options for loans as low as $100 and as high as $35,000.

Get an Installment Loan On MoneyMutual Today

Installment Loan FAQs

Do Installment Loans Require a Credit Check?

Yes, all installment loan lenders will run a credit check before approving a loan. This process helps them decide how much credit and at what interest rate an applicant is eligible to receive.

The only lenders who don't run credit checks are payday lenders. However, payday loans come with high interest rates, and as a result, are significantly more expensive.

Where Can I Get An Installment Loan with Bad Credit?

Several reputable loan marketplaces - like MoneyMutual and TakeFast3k - can arrange bad credit installment loans in as little as 24 hours. All you need to qualify is an active bank account and a minimum monthly income (Social Security and Disability may count is some cases)

Can You Get a Loan With a 550 Credit Score?

Yes, some lenders will extend credit to applicants with a credit score of 550. The best way to get in contact with these lenders is through a reputable loan marketplace like MoneyMutual or

These lending marketplaces will match you up with several lenders, letting you choose the best deal available for urgent loans.

Get an Installment Loan On MoneyMutual Today

What Credit Score Do You Need to Get an Installment Loan?

Most lenders require a minimum credit score of 630. However, several lenders are willing to approve installment loans to applicants with credit scores as low as 600.

If you've applied to several lenders and financial institutions with little luck, consider applying for a P2P loan through Some P2P lenders accept credit scores as low as 600 and offer better interest rates than you'll get with payday loans or bad credit installment loans.

What Is an Installment Loan?

An installment loan is a close-ended credit product that grants the borrower a fixed amount of money that must be paid off with regular monthly payments. Most installment loans for bad credit come with a term of 60 days to 72 months.

By comparison, open-ended credit products - like credit cards or lines of credit - allow the borrower to use as much, or as little, of their extended credit as they like. Open-ended loan products have no defined repayment period, and instead, the borrower must make at least the minimum monthly payment to keep the account in good standing.

What's the Best Way To Get A Quick Loan?

The best way to get a quick loan is by using a reputable lending marketplace like MoneyMutual for fast payday loans. These networks send your loan application to dozens of qualified lenders, finding you the best rate/term possible.

One major advantage lending networks have over traditional financial institutions is their ability to have a loan approved and money deposited in as little as 24 hours. By comparison, most traditional lenders require at least three to five business days to approve a personal loan.

Get an Installment Loan On MoneyMutual Today

Can I Use Installment Loans for Debt Consolidation?

Yes, installment loans can help you consolidate high interest rate-debt like credit cards and payday loans. That said if you plan to use an installment or personal loan for this application, make sure it comes with a lower interest rate than the debt you wish to consolidate.

How Do Debt Consolidation Loans Work?

Debt consolidation works by combining all existing debt into one account with a single monthly payment. Not only does it make it easier to manage your current debt load, but if you manage to secure a lower interest rate, it can save you hundreds of dollars in the long run.

For example, say you carry $7,000 in credit card debt with an average APR of 24.99% that you'd like to consolidate. If your credit history is good enough, you may be able to qualify for a $7,000 personal loan with an APR of 15.99%.

If approved, you'd use this loan to pay off your credit card debt, then focus on paying off the personal loan in monthly installments. Of course, this only works if you exercise responsibility.

If you use the consolidation loan to pay off your credit cards and proceed and then start buying things with your newly paid-off credit cards, you'll be in a worse position than where you started.

Do Online Installment Loans Have Fees?

Yes, online installment loans have fees, the most common being the origination fee, which is usually 1% to 5% of the total loan amount. Some online lenders charge this fee upfront, while others tack it on the monthly payments.

Additionally, some online lenders may charge a penalty on late or missed payments, so be sure to read the terms of the loan agreement carefully before accepting a loan.

How Is My Credit Score Calculated?

The three major credit bureaus and 90% of top lenders use the FICO system to determine an applicant's credit score. While the exact algorithm is not public knowledge, we know how different factors are weighted against one another.

Payment History (35%): How often do you make your minimum payments on time? The more diligent you are, the better your credit will be.

Get an Installment Loan On MoneyMutual Today

Debt to Income Ratio (30%): How much of your available credit have you used? The more you've used, the lower your credit score.

Length of Credit History (15%): Having long-standing credit accounts is good for your credit score. It shows you're able to maintain accounts in good standing.

New Credit (10%): The more new credit accounts you have, the worse your credit score will be. If you've opened several new accounts in the last year, it could indicate financial distress, which lenders will see as cause for concern.

Credit Type (10%): The type of debt you also carry matters. For example, high interest-rate unsecured debt is looked upon less favorably than secured debt like a mortgage or auto loan.

Will An Installment Loan Affect My Credit Score?

Yes, an installment loan will affect your credit score. If you miss payments or default on your loan, it will be reported to the three major credit bureaus, which will negatively impact your credit score.

If you're diligent in making the minimum monthly payments, these payments may be reported to the credit bureaus, which will increase your credit score.

Top 4 Installment Loans for Bad Credit


  • Loans ranging from $200 - $5,000
  • Accredited member of the Online Lenders Association
  • Credit score of 600 and less are welcome
  • Large network of reputable lenders


  • Loans up to $10,000 available
  • Terms ranging from 60 days to 72 months
  • Minimum monthly income requirement of $1,000
  • Credit scores as low as 580 accepted


  • Loans up to $10,000 available
  • No minimum monthly income or credit score requirement
  • Credit cards, personal loans, and installment loans available
  • Social Security and disability accepted as proof of income

  • Loans up to $35,000 available
  • Minimum monthly income requirement of $2,000
  • Better than average interest rates
  • Peer-2-peer loans available

Best Installment Loans For Bad Credit: Final Verdict

With its large network of lenders, fast approval time, and ability to get you cash within 24 hours, it's clear why MoneyMutual tops our list of the best installment loans as well as top no credit check loans for bad credit.

But remember, short term financing and installment loans are meant to help you avoid financial hardship, not contribute to it - so please, use your loan responsibly.

Thanks for reading, and until next time...

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