How to Get a Quick Personal Loan with Bad Credit

When you need money fast for emergency expenses and your credit’s not great, it feels like nobody wants to help you. Banks take one look at your score and move on. Meanwhile, the car repair bill isn’t going away, and you’ve got about three days to figure something out.

But bad credit doesn’t mean you’re completely out of loan options. Some lenders specifically work with people who’ve had credit history problems, and some can get you approved in a day or two. However, you’ll need to know which ones are legitimate.

Can you get a quick loan with bad credit?

Yes, but it depends on where you apply. Banks and credit unions rarely approve bad-credit applications quickly, but there are online personal loan lenders that specialize in this and can move fast.

Online Lenders vs Traditional Banks

Banks have minimum credit score requirements, and if you don’t meet them, you’re automatically rejected. They also move slowly – the loan application process may take longer, sometimes days or weeks, and they require a lot of documentation. Even when someone with low credit does get approved by a bank, it’s rare and can take a long time.

Online lenders work differently. They look at more than just your credit score – things like your income and employment history matter more. Their approval process is faster because it’s automated, so you can get a decision within hours instead of days. Some online lenders will lend to borrowers without setting a minimum credit score.

What credit score do you need for fast approval?

It depends on the lender, but credit scores (including FICO scores) typically break down as:

• 300-579: Poor
• 580-669: Fair
• 670-739: Good
• 740-799: Very good
• 800-850: Exceptional

Some lenders specifically work with people in the 300-580 range. While a bank might reject anyone under 650, you can find online lenders who’ll consider you for small loans at 500 or even lower.

Don’t assume you won’t qualify everywhere just because your credit’s bad. Different lenders have different criteria, and “bad credit” to one company might be acceptable to another. Some lenders may also offer secured credit options if you have collateral.

How to Get Approved for a Personal Loan for Bad Credit

Check Your Credit Score Before Applying

You need to know what you’re working with before you start applying. If you think your score is around 550 but it’s actually 620, that changes which lenders make sense for you.

You can check your credit score for free through Credit Karma, Credit Sesame, or directly through your bank if they offer it. Some credit card companies also give you free access to your score.

While you’re checking, look for any errors on your credit report. Wrong information about credit accounts can drag your score down for no reason. If you spot mistakes, you can dispute them with the three major credit bureaus, but be aware that this process takes time – usually 30 days or more.

Speed Up Approval with the Right Documents

Lenders need to verify your identity and income before they approve you. If you have everything ready when you apply for a loan, they can process your application faster.

Most lenders will ask for:

• Government-issued ID (driver’s license or passport)
• Social security number
• Proof of income (recent pay stubs, tax returns, or bank statements)
• Bank statements from the last few months
• Employment verification (contact info for your employer, or a letter confirming your job)

Have digital copies of the documents you need for a loan application saved on your phone or computer before you start applying. The sooner you upload them, the sooner you’ll get a decision.

Bad Credit Loan Scams to Avoid

When you need money fast and your options feel limited, scammers know you’re vulnerable. Here’s what to watch out for.

“No credit check” loans are almost always predatory. Legitimate lenders need to check your credit or income to assess risk. If someone’s offering you a loan without a soft credit check (or a credit check of any kind), they’re either charging you high interest rates or they’re running a scam.

Upfront fees before approval are a red flag. Real lenders either deduct their fees from the loan amount or add them to your repayment schedule. If someone asks you to pay a processing fee, application fee, or insurance fee before you’ve even been approved, walk away.

Guaranteed approval doesn’t exist. No legitimate lender can promise approval without reviewing your application first. If someone guarantees you’ll be approved, they’re lying.

If something feels off about a lender – pushy sales tactics, vague terms, pressure to act immediately – trust that feeling.

How long does it take to get a bad credit personal loan?

With online lenders, you can get approved the same day you apply. Once your loan is approved, some funds will be deposited into your account within 24 hours. Others take 2-3 business days for you to receive your funds.

Banks take longer – usually a week or more – and they’re unlikely to approve you with bad credit anyway.

Whether you’re looking at personal installment loans, small loans, or even payday loans (depending on the state you live in), interest rates will be higher than what someone with good credit would get. But that doesn’t mean you shouldn’t apply if you need the money.

Just make sure you read the terms before you sign anything. Always check:

• The annual percentage rate (APR)
• The loan term
• Repayment terms
• Any fees like origination fees or prepayment penalties
• The monthly payments will be, and confirm that you can afford them

Get a Personal Loan Online Today

Bad credit doesn’t lock you out of getting a loan when you need one. You just need to apply online with lenders who work with your credit situation instead of wasting time with ones who won’t.

Yup Loans connects you with lenders who specialize in approving people with less-than-perfect credit. Our simple online application process takes just a few minutes¹, and you could receive a loan offer within hours. If approved, funds can be in your account as soon as the next business day*. Compare rates and fees to find what works for you, and start building credit with on-time payments.

Request funds today and see what options are available to you.