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Thousands of people all over America take emergency loans. The requirements for taking a loan vary from person to person and from time to time. For instance, during the holiday season, people take loans to buy gifts for their loved ones, and during the start of the season, students take loans to pay their fees.

If you are one of those Americans, you might understand that taking a loan is not a very easy process. There are a variety of things that you should understand to be able to take a loan and repay it without creating any trouble. So, if you are looking to understand the technicalities associated with emergency loans , you are at the right place! In this article, we are going to discuss everything you need to know about emergency loans.

Before we get started, understand that there are a variety of loans offered these days. However, there are only a few differences between them and the tips and tricks applied to them are almost the same. So, whether you are looking for information regarding emergency loans, payday loans, bad credit loans, or personal loans, stick along and continue reading!

What is an Emergency Loan?

An emergency loan, as the name indicates, is the transfer of money within 24 hours. Similar to most types of loans, emergency loans are offered at interest rates and there are certain terms and conditions you have to fulfill to take the loan.

Where to Get an Emergency Loan on Bad Credit Score?

Before we talk about where you can take a loan on a bad credit score, you need to understand that there is a difference between loan lending platforms and loan lenders. Loan lending platforms are the websites that connect you to different lenders. Whereas, loan lenders are the individuals or companies that give you the loan.

MoneyMutual: The Best Loan Lender in America

#1. MoneyMutual

MoneyMutual – Whenever we talk about loan lending in America, MoneyMutual is the first name that comes to our minds. They have made a prominent place in this industry by providing top-notch loan lending services over the past years.

MoneyMutual has set up minimum eligibility criteria to apply for a loan. You just need to be 18 years or older US citizen, have a bank checking account, and have a stable monthly income of more than $800. If you fulfill these criteria, you will be able to apply for the loan on their website, however, keep in mind that there are certain terms and conditions set by the loan lenders that you have to fulfill.

What makes MoneyMutual the Best of All?

With the advancements in technology, the competition in every field is increasing day by day. So it is completely natural to think about why MoneyMutual takes the lead. Let us talk about some of the best features of FundsJoy that make them stand apart from the rest.

  1. Wide Network of Lenders

MoneyMutual hosts a wide network of over 60 lenders. These lenders offer different types of loans on variable interest rates and flexible terms and conditions. This variety allows you to choose a lender who can fulfill most of the requirements and get the best deal.

  1. Variety of Loans

It has been a misconception that MoneyMutual is just a Payday Loan provider. MoneyMutual provides a variety of loans on their website starting from Emergency loans to Payday Loans, and from personal loans to bad credit loans. You can apply for as much as $5000, even with a bad credit score.

  1. Easy Application Process

MoneyMutual has designed a very easy application process that takes no more than 5 minutes to complete. Their friendly user interface allows you to fill in the application without any additional help. Besides, the document submission and verification is also online so you do not need to go anywhere for that. So, if you are looking to apply for a loan, head off to their website, and fill out the form from the comfort of your home.


Conclusively, MoneyMutual is one of the best bad credit loan lenders you could ask for. To concisely review their features, here are some of the pros and cons of using MoneyMutual


  • Easy and quick application process

  • Variety of loans, such as emergency loans, bad credit loans, payday loans, cash advances, and much more.

  • Secure and responsive website

  • Broad range of loan limits


  • Not all lenders would be able to lend loans in your state

  • Minimum monthly income should be at least $800.

How Can I Choose the Best Emergency Loan Provider?

With the variety of options available on the MoneyMutual website, it is very difficult to choose one lender over the other. Don’t worry we have compiled a few tips and tricks that will help you in choosing the best lender for your requirements. So, without further delay, let’s get into it!

  1. Customer Reviews

Before choosing a lender, the first thing you need to do is check their customer reviews section. After skimming through some of the reviews you will understand the types of loans offered by them, their customer service, and the overall experience of the past customers. If a lender has too many negative reviews and customers have complained about something that might cause trouble for you too, do not choose that lender. Lastly, while doing the review analysis, you should be able to differentiate between original and fake reviews.

  1. Transparency

In any type of business, transparency is the most important credibility determining factor. This importance increases especially in monetary matters. The lenders on MoneyMutual offer a variety of loans and the terms and conditions differ for each type of loan. Moreover, they should discuss everything about their loan packages before you sign a deal. If a lender is vague about the terms and conditions and is willing to do something that does not give him a profit, you should try to avoid those lenders.

  1. Funds Transfer

As we mentioned earlier, not all loan lenders would be able to transfer funds in your state. Therefore, it is very important to talk about this with your lender beforehand. After you find a lender, you need to make sure that he can transfer the funds into your account within the timeframe in which you need the money.

  1. Terms and conditions

All types of loans are provided on certain terms and conditions that you need to carefully understand and fulfill. For instance, some loans require you to have a stable job for 2 years, while others require you to have a certain amount of assets. In most cases, lenders modify some conditions while refusing to change the others. If a lender is too vague about its terms and condition and is willing to modify them as much as you want, he might not be a genuine lender.

The Benefit of Bad Credit Loans

A lot of people think that although they can get their emergency requirements fulfilled, bad credit loans cannot provide any other benefits. If you are one of those individuals, let us stop you right there and tell you about the best advantage of a bad credit loan . But before we get into it, let us tell you about credit inquiries.

When you apply for a loan, lenders do a soft credit inquiry and a hard credit inquiry. A soft credit inquiry does not have a negative impact on your credit score, while a hard credit inquiry does.

If you take a bad credit loan, the biggest advantage is that you do not have to undergo a credit inquiry that saves you from a further reduction in your score. This is because applying for a bad credit score already implies that your score is low, so lenders do not need to check it. This is why loans for bad credit are also known as no credit check loans.

However, there are multiple other means of checking your capacity to pay back the loan that lenders might use. Let’s briefly talk about some of them:

  • The first thing lenders may ask to estimate your financial situation is income proof. It can be provided in the form of payslips, w-25, or 2 years tax return records. In certain cases, lenders may ask for your employer’s number to verify your employment status and to take an opinion on your conduct.

  • Lenders need to make sure they are dealing with a genuine person who is a US citizen. To verify this, they may ask for identity proofs that can be provided in the form of a driver’s license, passport, or national identity card. Moreover, lenders may ask for your residential address and utility bills.

  • In some cases, it is a good idea to explain to the lender the reason for taking the loan. For instance, if you are taking a loan to pay your medical charges, you can show them your medical reports or medical bills. By doing this, you will allow the lender to understand where the funds will be utilized and they would be eager to help you.

Ethics of Taking an Emergency Loan

Just like everything we do in our lives, there are some ethics associated with it. Being responsible citizens and decent human beings, we need to follow those ethics and try to improve ourselves. Similarly, there are certain ethics of taking a loan that you should follow. Let’s talk about a few of them.

  1. Always repay the loan within the promised timeframe

If you do not repay the loan in time, it may create some issues for the lender as well as for yourself. Therefore, keep an eye on the calendar and pay back your installments before waiting for the last moment.

  1. Only take the loan that you really need

With the passage of time, taking a loan has become very easy so people do not think twice before applying for it. However, that is not the right practice. Loans are given on an interest rate that increases with the increase in the loan amount. Therefore, by unnecessarily taking a loan, you are damaging your own financial situation.

  1. Do not Lie

Your parents or mentor must have repeatedly told you that always avoid lying no matter what the conditions are. Similar ethics apply to loan-taking as well. Explain your financial situation and emergency requirements clearly and do not try to manipulate any information. Firstly it is because this is not an ethical practice. Secondly, in case the lender finds out about the incorrect information, you might be banned from that platform and if the lender sends reports to credit bureaus, it may also affect your credit score.

Bad Credit Loan Charges

Taking a loan to fulfill your emergency requirements might be the last resort for a lot of people, but it comes with a financial burden that not everyone can afford. There are a variety of charges associated with bad credit loans , however, keep in mind that they are not charged by the loan lending platforms, instead, they are charged by the loan lenders. Therefore, always negotiate with the lender to lower the charges as much as possible.

Here is the list of the major charges associated with the loan so you can have a better idea of what you are putting yourself into:

  1. Annual Percentage Rate (APR)

The annual interest rate that you have to pay for borrowing a loan is called APR. It varies according to the type of loan you are taking. For example, the APR for a personal loan ranges from 4.99% to 450% and it ranges from 6.63% to 225% for installment loans.

  1. Interest Rate

Interest Rates are of two types: fixed interest rate and variable interest rate. Fixed interest rate stays the same over time. Whereas variable interest rate changes generally on a declining loan basis i-e with the decrease in the loan amount, the interest rate also decreases. The type of interest rate beneficial for you differs from case to case.

  1. Prepayment Fee

In some cases, lenders do not allow you to repay the loan before the given timeline so they can obtain the maximum interest rate. In those cases, you have to pay a prepayment fee to repay the loan before the deadline. In most cases, even if you pay the prepayment fee, you will be saving a lot of money by saving the interest charges.

  1. Late payment fee

A late payment fee is applicable in case you fail to repay the loan within the deadline. Also keep in mind that in certain cases, the interest rate may also increase with the increase in the time you take to repay the loan. Therefore, always try to repay the loan in time to avoid issues with your lender and to save extra charges.

Frequently Asked Questions On Loans For Bad Credit (FAQs)

  1. What are the major types of loans offered on FundsJoy?

The major types of loans given on an online loan lending platform like FundsJoy are payday loans, emergency loans, bad credit loans, and cash advances.

  • Payday loans are very easy to get but are offered at a very high interest rate and have a short repayment schedule. In case you have other options, always avoid payday loans.

  • Cash advances are generally obtained in the form of cash. These are small loans taken on minimum terms and conditions.

  • Emergency loans are approved and transferred within 24 hours. They are usually small loans but large amount of money can also be borrowed as an emergency loan.

  • Bad credit loans , as the name indicates, are taken when the borrower has a bad credit score.

  1. What to do if taking an online loan is not possible?

Although online loans are offered on minimum terms and conditions there can be several cases where you cannot take one. In those situations, you can turn to your friends or family to borrow money or you can sell your belongings. Experts recommend the latter option because when you sell your precious items, you are more eager to save up money to buy it again. Besides, keeping your friends and family away from financial matters is always better.

  1. What is a bad credit score?

A credit score lower than 600 is considered a bad credit score by FICO. To have a stable financial report, always try to keep your score considerably higher than 600.

  1. Where to apply for an emergency loan?

FundsJoy is the best place to apply for an emergency loan even with a bad credit score. They have a wide network of more than 60 lenders offering loans on variable terms and conditions. You are free to negotiate with the lender and choose the one who fulfills most of your requirements.

Our Final Thoughts On Bad Credit Loans

Taking a bad credit loan is not a difficult job only when you know the ins and outs of it. Therefore, before applying for a loan, make sure you know how to choose a lender, how to negotiate with them, and how to deal with uncertain situations. It ensures that your loan borrowing journey goes smooth and fulfills your requirements without creating additional problems.

If you are planning to apply for an emergency loan, visit the FundsJoy website, fill out an application that takes only 5 minutes, get the approval, and obtain your loan as soon as you want!

=> Visit The Official MoneyMutual Website To Apply For A Loan Now!

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