Received mail offer?   |   Log In

Bad Credit Loans

Loans for Those with Bad Credit

At MoneyKey, we understand that borrowing money from a traditional financial institution may be difficult and time-consuming at times. As an online lender and credit services provider, our mission is to provide loan and line of credit products and services to underserved individuals, including those with poor credit. If you have been denied a loan from a financial institution due to a poor credit rating, MoneyKey may be able to assist you with your cash needs.

Although good credit may increase your chances of receiving better loan rates, there are several types of online loans available for those with poor credit. Every type of loan has pros and cons, so it’s important to take a close look at your specific situation and decide which choice is most reasonable for you. Remember that short-term bad credit loans are not a long-term financial solution, and MoneyKey strongly encourages you to practice responsible borrowing.

Will a Personal Loan Hurt My Credit Score?

Maintaining a relatively high credit score is important for obtaining low-interest loans, increased borrowing capacity, and better credit cards. A high credit score proves to financial institutions or other direct lenders that an individual has demonstrated responsible borrowing. Making financial decisions that hurt your credit score can impact your financial health in the future.

How Do Payday Loans Affect a Credit Score?

Payday lenders may not report your payment history to the major credit bureaus. As a result, paying off your payday loans in a timely manner might have no impact on your credit score. However, your payday loan history file may be picked up by a debt collector if you fail to repay the payday loan. The debt collector is then able to report your outstanding debt to the national credit bureaus. Ensure that you repay your payday loans on time to avoid any negative impacts to your credit score.

How Do Installment Loans Affect a Credit Score?

Some types of installment loans, like mortgages and auto loans, are sometimes reported by the lender to major credit bureaus, such as Transunion and Equifax. By gathering your loan history file and other credit information, these credit bureaus generate a credit report to represent your creditworthiness, reflected by your credit score. As a result, failing to pay off your installment loan balance on time may be reflected in your credit score.

However, some lenders don’t report to major credit bureaus, so it’s important to do the proper research to know whether your payments will be reported or not.

How Do Lines of Credit Affect a Credit Score?

When applying for a line of credit with a traditional financial institution, the lender may perform a hard inquiry on your credit report, which may impact your credit score. Like opening another type of credit account, such as a credit card, opening a line of credit may appear on your credit report as a new account. At this point, factors that affect your credit score when utilizing a credit card apply to your new line of credit account as well. For example, having a relatively low or extremely high utilization rate could potentially impact your credit score.  Applying for a MoneyKey Line of Credit won’t impact your credit score. 


Are there any direct lenders that offer loans for those with bad credit?

If you have poor credit, personal loans online from direct lenders may be a good option for you. Direct lenders consider a variety of factors other than credit scores to determine your creditworthiness. Working with a direct lender who weighs a number of different factors in addition to your credit score may improve your chances of qualifying for a personal loan. In reviewing your application for an installment loan, MoneyKey takes into consideration:

  • A regular source of income
  • An active bank account
  • Valid contact details

As a result, you may qualify for a personal loan even with poor credit. Complete our online application today to see if you qualify.

Is working with a direct lender the right option for me if I have a bad credit score?

When you borrow from a direct lender, such as MoneyKey, the process of applying for a personal loan may be simple, quick, and safe. Your personal information will be protected, and the process of applying is typically straightforward.

Another benefit of working with a direct lender like MoneyKey is the quick application process. At MoneyKey, we understand the importance of speed when you’re dealing with an unexpected emergency expense. That’s why it only takes a few minutes to submit our online application, which is available for you to fill out 24 hours a day, 7 days a week. If approved, you may receive your funds as soon as the next business day.

Why choose MoneyKey for bad credit loans?

MoneyKey has served more than 200,000 customers since 2011. There are several benefits in choosing us for bad credit loans:

  • Loans may be available for individuals with bad credit.
  • Applying with MoneyKey won’t impact your credit score. Our exceptional Customer Care representatives are available byphone, emailor online chat. 
  • Our Customer Care team is available 7 days a week, including most holidays.
  • Our mobile app allows you to apply for a loan and access your account on the go.
  • We protect your information in accordance with industry standards.

We encourage you to use our products and services responsibly.

We’ve helped over 400,000+ customers.Let us help you!

Not all applications are approved; duration of approval process may vary.

* If your loan is approved before 9:00 PM ET from Monday through Thursday, or before 6:30 PM ET Sunday, the funds will typically be deposited into your bank account the next business day, otherwise, your funds will be deposited into your bank account in two (2) business days. The date and time funds are made available to you are subject to your bank's policies.

Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page. MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO and/or CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey.

Reviews and any ratings referenced are based on TrustPilot reviews. Images are for illustrative purposes only. Reviews reflect individuals’ opinions and may not be illustrative of all individual experiences with MoneyKey.