Personal Loans for Bad Credit
Personal loans are not necessarily restricted to individuals with high credit scores. While it may be difficult to find low interest personal loans online, some financial institutions offer personal loans that may not require an excellent credit score to get approval, as long as you meet certain approval requirements.
MoneyKey may be able to lend money to individuals with bad credit. If your online personal loan applications have been turned down due to bad credit, trying to get a personal loan online by applying through MoneyKey may be one option.
Quick Personal Loan Online
Financial emergencies are often sudden, unexpected, and require immediate or short-term payment. At MoneyKey, we understand the pressure you may be under to pay for a medical emergency, or finish an urgent home or car repair. Our goal is to provide you with the cash you need as quickly as possible in case of an emergency. If your personal loan application is approved, you may receive your money the same business day*. Apply for a quick personal loan online through our simple application process or speak to a member of our Customer Care team today!
What are the Differences Between Secured and Unsecured Personal Loans with Online Approval?
Personal loans will generally fall into one of two categories; they can be secured or unsecured. The main distinction between these two classifications is what it takes to qualify for them. There also may be some differences in the rates you’ll see with either type. Let’s take a look at these different types of online personal loans a little closer.
Secured Online Personal Loans
If you’re looking to qualify for a secured personal loan online, you’ll need to provide collateral to whichever financial institution you want to apply for an online personal loan with. Collateral is essentially some sort of valuable asset that you’re agreeing to give to a financial institution if you’re not able to make your personal loan payments. So this way they’ll have some security in knowing that if you default on your loan, they’ll still get something of value.
What you end up pledging as collateral will change depending on the type of personal loan and/or the lender you’re working with. For example, if you’re looking to buy a house, you’ll need to put up the equity in the home you’re buying as collateral. If you need an auto loan to help you buy a car, the collateral in this case would typically need to be the car you’re buying.
Generally speaking, the rates you’ll see for secured personal loans with online approval may be lower than you’d find in unsecured loans. As mentioned above, this is because of the safety net that collateral gives to the lender.
Unsecured Online Personal Loans
The main difference with unsecured easy personal loans online is that you won’t need to provide collateral to qualify. A financial institution will instead focus on other requirements to ensure that they’re not lending money to someone who has proven to be an unreliable borrower in the past. We should note that in this case, “easy” refers to the straightforward and simple nature of the application process.
These qualifications may vary depending on the financial institution you’re trying to apply for an online personal loan with, but there’s typically some overlap. To start with, your credit score may come into play during this process. This number distills many of the factors that determine your reliability as a borrower and puts it into a score to help online personal loan companies make their decisions. A financial institution might also closely consider your income, employment, and your state of residence.
While you won’t need to risk an asset to get approval for an unsecured personal loan, generally, it may be harder to find unsecured low interest personal loans online.
When to Consider Using an Online Personal Loan
If you know you have some sort of upcoming expense – whether it’s a discretionary purchase or a due date for a bill that’s been on your calendar for a long time – your first option should always be to save your money in advance and avoid taking on extra debt. But we’re not always granted the gift of foresight. Depending on the situation, such as an emergency, an online personal loan may be your only option. Having said that, you should never apply for one lightly.
Different types of personal loans may be better suited (or specifically intended) for different purposes, so it’s important to understand the different scenarios where one may be appropriate, and then to match your need up with the right type of personal loan. Easy online personal loans can be useful when:
- You need to pay for a trip to the emergency room
- You need to repair something essential in your home
- You need to fix your car
Frequently Asked Questions
What is the difference between an Installment Loan from MoneyKey and a payday loan?
With both types of personal loans, if you manage to get approval, you’ll be provided with the money you need to cover an unexpected emergency expense, with the main differences being the loan term of an installment loan versus a payday loan. The payment for a payday loan is typically due in a lump sum on your next pay date, whereas with an Installment Loan through MoneyKey, you’ll repay your loan through a number of scheduled payments which are typically set up to land on your pay dates.
What is the difference between long-term installment loans and short-term installment loans?
Whether an installment loan is categorized as a short- or long-term personal loan is dependant on the loan amount and repayment term. If a personal loan is paid off within the span of a few months, it’s generally considered to be short-term. You would typically use these loans to handle unexpected emergency expenses like medical bills or home maintenance costs when you don’t have the savings to cover them. The length of a long-term installment loan, such as a mortgage, is typically 20 to 30 years long, depending on the loan amount and the repayment term. Unlike most short-term installment loans, long-terms loans are usually secured and require collateral.
Is there a minimum credit score required for online personal loans through MoneyKey?
Trying to apply for online personal loans from a direct lender or servicer may be an option for people with poor credit. There may be no minimum credit score requirement. Some online personal loan companies may give approval for a personal loan if you have:
- A regular source of income
- An active bank account
- Valid and active contact information
Personal loans offered through MoneyKey may be available to those with bad credit. Start your application today.
Is MoneyKey a direct lender of personal loans?
MoneyKey is a state-licensed direct lender of personal loans in Delaware, Idaho, Kansas, Mississippi, Missouri, New Mexico, Tennessee, Utah and Wisconsin.
To learn more about online personal loans direct lenders, click here.
In Texas, MoneyKey is not the direct lender but is licensed as a Credit Services Organization (CSO) and a Credit Access Business (CAB). In this state, loans are funded by a third-party lender and serviced by MoneyKey.
The CC Flow Line of Credit is provided by CC Flow, a division of Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC. Consumers can apply for a CC Flow Line of Credit through the MoneyKey website. The CC Flow Line of Credit is currently offered through MoneyKey in Alabama, Alaska, Arizona, Arkansas, Florida, Hawaii, Indiana, Kentucky, Louisiana, Michigan, Minnesota, Montana , Oklahoma, and Wyoming.
Is working with a direct lender the right option for me?
When you borrow from a direct lender, such as MoneyKey, the process of applying for personal loans for bad credit is simple, quick, and straightforward.
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 the online application, which is available for you to fill out 24 hours a day, 7 days a week. If you receive approval, you may receive your funds as soon as the same business day*.
Why choose a personal loan through MoneyKey?
MoneyKey has served more than 400,000 customers since 2011. There are several benefits in choosing personal loans for bad credit that are offered through our website:
- Our exceptional Customer Care representatives are available by phone, email or online chat.
- Our Customer Care team is here for you 7 days a week, including most holidays.
- We protect your information in accordance with industry standards.
We encourage you to use our products and services responsibly.
Where can I find more information on online personal loans?
If you’d like to learn more about easy personal loans online with straightforward applications, you can visit our Articles section and Blog page. There you’ll find information on different types of loans, how and when to apply, and different aspects of the borrowing process. You’ll also find helpful tips on budgeting and how to manage your finances.
What states does MoneyKey offer a personal loan in?
As a direct lender and a credit services provider, MoneyKey offers or arranges personal loans in:
The CC Flow Line of Credit is currently offered through MoneyKey in:
Installment Loans Online
Online Line of Credit
Other Types of Small Personal Loans Online