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Best Online Payday loans of December 2021 in the United States

When obtaining a loan you should always compare the terms and conditions offered by different lenders in order to find the most suitable option

Best for Personal loans for credit card consolidation
  • Est. APR 4.49 - 20.49%
  • Loan Amount $5,000 - $100,000
  • Min. Credit Score - 660
Best for Personal loans for short credit history
  • Est. APR 6.46 - 35.99%
  • Loan Amount $1,000 - $50,000
  • Min. Credit Score - 580
Best for Bank loans
  • Est. APR 6.99 - 19.99%
  • Loan Amount $3,500 - $40,000
  • Min. Credit Score - 660
Best for Personal loans for good to excellent credit
  • Est. APR 5.99 - 18.85%
  • Loan Amount $5,000 - $100,000
  • Min. Credit Score - 680
Best for Debt consolidation loans
  • Est. APR 6.99 - 24.99%
  • Loan Amount $2,500 - $35,000
  • Min. Credit Score - 720

Other types of loans

Wiki - useful articles

Interesting and useful articles about finance

Getting a loan starts with a credit history review, pre-qualification and comparing credit options.

Receiving an unsecured private credit

If a customer needs to borrow money to consolidate the existing debt on a credit card, move abroad or finance an adoption, a personal credit can help cover such expenses.

Most personal loans are of an unsecured type that means that any collateral like a house or car is not required.

Note! Borrowed amounts ranging from $ 1,000 to more than $ 50,000 and are repaid in fixed installments, usually during two to five years.

Rates and conditions typically depend on a specific loan conditions. Below are several steps that applicants should follow:

1. Check credit rating

A good credit rating provides more chances to obtain a loan with a lower percentage rate. Creditworthiness can be assessed by free checking of credit rating. In general, ratings are divided into the following categories:

  • 720 points and above: excellent rating
  • ranging 690-719 points: good rating
  • ranging 630-689 points: average or fair rating
  • ranging 300-629points: bad or poor rating

Possible actions for improving credit score should be undertaken before submitting an application. Timely payments and the existing credit amount regarding credit limits are the essential factors affecting credit rating. The check can be performed by claiming a free credit report and correcting any errors it may contain.

2. Compare available rates

Knowing credit score gives an applicant a better idea of the percentage rate as well as the loan amount that can be received.

3. Get a loan prequalification

Thanks to prequalification an applicant can have a notion of accessible offers. Many online creditors do a soft credit verification during prequalification which does not have influence on credit rating. Thus, it can be a really helpful tool for obtaining a loan.

Within the process of prequalifying applicants may be asked to provide the following information:

  • TIN
  • Income
  • Monthly promissory notes (rent, educational loans, etc.)
  • Current address of residence, e-mail, phone number
  • Previous addresses of residence, if any
  • Employer's name, business address and telephone number
  • Date of birth
  • Mother's maiden name
  • College name and occupation

Except a low credit rating there is a couple more reasons for a loan issuance rejection. They include:

  • Too little income
  • Little or no career history
  • Payment-to-income ratio of more than 40% is generally considered risky
  • A big number of recent loan inquiries such as credit card applications.

4. Search various personal loan options

Unsecured credits are provided by banks, online lenders and credit unions. To get the most appropriate offer a customer should compare pre-qualified offers with loan amounts, monthly instalments and rates of interest that other types of lenders offer.

Credit unions may grant lower rates and more flexible terms especially if a borrower has bad credit history. It is also very convenient as a small loan sum of $ 2,500 or less can be issued.

Note! Few major financial institutions propose unsecured credits to individuals. Local banks may have better rates especially for existing clients.

5. Compare various loan options.

Before selecting a private credit customers should:

  • Verify their eligibility for a 0% credit card. Having a good credit rating may allow getting a credit card on purchasing with a zero interest for a year or longer. This is a very beneficial option if the loan can be repaid within this time.
  • Have a cosigner. This can become the solution to get a private loan for borrowers who are not eligible for obtaining it on their own. Both borrower's and cosigner's income level and credit history are considered by the loan provider when approving the application and probably offering better terms.
  • Consider secured loans. If the borrowed amount is not large a higher percentage rate can be received with a secured credit. In this case presence of a security deposit like a vehicle or savings account is necessary. Provided the applicant owns a house then a credit line can be significantly cheaper than that of unsecured credits.

6. Pay close attention to information in fine print

As with any other financing a customer should read the loan terms carefully and also clarify any incomprehensible information. It's worth paying special attention to:

  • Prepayment penalties. It is not applicable to most online lenders but anyway should be verified.
  • Annual charges. The total loan value including any commissions for issuance must be clearly stated and calculated in the form of a per annum percentage.
  • Automatic withdrawal. If automatic withdrawal from the current account is required by the lender then it is better to set up a low balance alert in order to avoid overdraft fees.

Customers should also consider the following consumer-friendly features:

  • Repayment reports are provided to credit bureaus. Rating improves in case the lender provides information about timely payments to credit reporting agencies. All Finanso verified lenders guarantee this procedure to be undertaken.
  • Flexible options for payments. Some creditors grant choosing a payment date, arrears forgiveness or skipping a payment in case of difficulty.
  • Direct repayment to lenders. A number of issuers forward borrowed funds directly to lenders that is especially beneficial for clients consolidating debts.

7. Final approval

Once the appropriate loan provider has been chosen it is necessary to provide the following papers for a loan applying:

  • ID: they include a passport, a driver's license, a card of social security or another type of the government document.
  • Address of residence proof: these are utility bills or the rental agreement's copy.
  • Proof of income: include pay stubs, forms of W-2, tax returns or bank statements.

Important! Lenders conduct a rough credit check that can result in a slight applicant's credit rating decrease.

After receiving the final approval funds can be obtained, usually within a week.

Getting a personal credit can help ease debt burden and cover unexpected costs but anyway various options should be checked prior to making the final decision.

Note! A customer should borrow only the needed amount, find the lowest rates make and timely payments.

How to choose a proper lender

When searching a loan attention should be paid not only to the rate of interest or monthly instalments but also to the per annum percentage rate. This rate includes interest and any additional fees to be covered.

Applicants should consider loans providing consumer-friendly features that may be in need. For example, having a credit for debt consolidation means that money will be sent directly from lender to lender exempting clients to do it themselves. Other creditors may afford to choose a due date or forgive recurring late payments.

A half-point difference in percentage rate on a 5-year credit with the amount of $5,000 would cost about a dollar a month. But flexibility for payments transferring payment can prevent defaults and incurring late payment fines and thus, lowering credit score.

There are lenders that issue loans only for specific purposes. For instance, they provide services only to customers consolidating balance on their credit cards. Sometimes credit unions issue large credits only for home renovations but the majority of lenders do not require information regarding the way borrowed funds will be spent.

People with bad credit history may think it is impossible to obtain a loan but there is a way out. The main condition is to make payments on a monthly basis.

No one wants to get the status of unreliable borrower but it can happen as unforeseen difficulties may arise in the life of any person.

Fortunately, it does not close all opportunities for getting a loan. Of course, applicable terms and conditions will be worse but this option can become the only solution in case money is urgently needed.

Where People with Bad Credit History May Obtain Loans?

Credit Aggregators

Aggregators do not provide loans but unite direct lenders on their platforms. Their aim is to allow customers to find a company that will agree to provide a loan to a person with bad credit history. You just need to fill in an application on the website and check the scope of possible offers provided by different financial institutions.

Lenders with Flexible Requirements

You may contact directly any lenders that are known for the absence of high demands regarding a borrower. For example,

  1. OppLoans. This company does not have a lower credit rating threshold. However, they review the data obtained from different credit bureaus. They also may notify several credit bureaus of your payments which improves your credit rating.
  2. Upstart. It provides loans to students and graduates. Applications from $1,000 to $50,000 may be accepted for different objectives from school supplies to vacation travels. Applications are considered and approved by artificial intelligence which increases the approval rate by 27%.
  3. Monevo. It is the app that brings together up to 30 financial institutions. You can get from $500 to $100,000 for a minimum of 1.99% per annum. The company will check your rating but please note that some of its partners only accept the ratings from 450.

Peer-to-Peer (P2P) Lenders

Such lenders have high fixed rates (up to 36%) and do not need any collateral. Moreover, you can get a loan for any purpose.

The most famous peer-to-peer lender is

  1. LendingTree. It enables you to compare the rates of interest on different types of loans in order to choose the most advantageous option.
  2. Prosper. It provides loans to individuals. Within a couple minutes you can receive up to $40,000 and you can choose a loan period according to your opportunities as well.

Lenders to Avoid In Case of Having Bad Credit History

Credit Unions and Banks

Such companies do not provide loans in case your credit rating is below a certain threshold. If you still have to choose among them then it is better to opt for a credit union as these financial institutions are ready to cooperate if you have a guarantor or relevant funds on your deposit.

Payday Loans

People who have to deal with them quite often become trapped as such companies typically focus on people with low credit ratings being in a stalemate.

Important! Rates may be up to 300%

In addition, these companies get access to their clients’ payroll accounts. In case a borrower cannot repay the debt timely serious troubles can be faced.

Subprime Loans

If you have bad credit history but need a vehicle then you can get an appropriate loan by visiting dealership centers. Please keep in mind that you will have to overpay.

Important! The rate for this type of lending can reach more than 20% and a repayment period can be up to 7 years.

How People with Low Credit Ratings May Get Credit Cards?

If you have bad credit history there are not so many options to get a credit card. But some still exist:

  • unsecured credit cards with lenient requirements;
  • credit cards for people with low credit ratings;
  • secured credit cards.

Unfortunately, in any case, you will be offered high rates and fees together with low loan limits. You should remember that such cards do not provide air miles bonuses as well as insurance and cash bonuses.

Important! If you do not cause a debt under your credit card the main credit bureaus will be notified of it and your rating will rise.

How Can You Get Vehicle Loans with Low Credit Rating?

Citizens with low credit ratings have 2 ways to get vehicle loans:

  1. A subprime loan in dealership centers.
  2. A bank loan or credit card with offsetting factors.

In dealership centers an interest rate can reach more than 20% which is actually a significant overpayment. Your credit rating is to be at least 580 otherwise, a lender can either approve or refuse a car loan granting.

It is much better to apply to loan approval authorities. To do this, you need to fill in an application form in the app and you will receive offers from different financial companies. Interest on loans will be quite high indeed but still lower than in dealership centers.

Banks and credit institutions can provide loans if your credit rating as well as the guarantor’s credit rating is at least 650. A rate of interest will be high and an initial payment of 10% to 20% will be required.

Important! If you have bad credit history banks often approve a smaller amount than stated.

Mortgages with Bad Credit History

Prior to the financial crisis even people with bad credit history could get a mortgage. A sub-standard loan mechanism with an initial payment of at least 20% existed for this purpose. Rates on such loans were higher than regular and payment did not change for 2 years. Customers could repay such a loan in advance only by paying a heavy fine.

Note! Currently such a financial product no longer exists.

After the crisis all lending requirements have become more stringent. For now the lowest credit rating is 620 and for clients with even a slightly lower credit rating interest rates will be higher.

If your credit rating is less than 580 the best way for you to obtain a mortgage is FHA. In this case, the initial payment will be of 10% and more. In case you deposit more funds you can get a mortgage even having a lower credit rating.

Attention! An initial deposit under this program can be a gift from your relative.

What Is Bad Credit History?

Financial institutions divide all consumer ratings into 5 levels:

  • exceptional;
  • very good;
  • good;
  • fair;
  • poor.

One of the leading credit bureaus defines the rating from 580 as bad credit history while some other financial institutions believe that scores of 581 to 620 are bad as well.

What Are the Requirements for Documents When Applying for Loans Having Low Credit Rating?

The list of all documents required for receiving a loan may differ in each case as it depends both on the type of your loan as well as on the terms and conditions offered by the credit company. In most cases you will need to provide the following papers:

  • last payroll report and W-2 income statement;
  • proof of your social security or retirement income (Social Security Award Letter or 1099);
  • employer’s contact data;
  • tax returns for 2 years in case you have any employment or fee earnings;
  • vehicle data (model, brand, market value);
  • if you submit an application for a vehicle loan the VIN number is required;
  • data about any alimony paid or received;
  • relevant certificate from your bank or broker as well as an extract from your retirement account may be required;
  • explanatory note on loan payment issues. It is possible to attach the papers confirming any mitigating circumstances (illness, loss of breadwinner, dismissal, etc.).

Important! The last point is especially important when receiving a loan from a bank or credit union. If you are able to prove that your credit history is worse due to circumstances beyond your control and will not allow this to happen again in the future then the likelihood of a positive decision will increase significantly.


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