The Minute Blog

GET THE LATEST NEWS, INFO, AND LIFE HACKS

Loans

Line of Credit

Installment Loans

Personal Finance

Can I Get a Fast Cash Loan With a Damaged Credit Score?

Jun 24, 2023 | Loans

If you’ve ever thought your borrowing options are exhausted because of a damaged credit score, that’s not the case. Even with a low credit score, you can get fast cash today!

In fact, some online lenders do not consider your credit score when assessing your creditworthiness. So, if you need money fast, don’t shy away from seeking financial help. 

This article outlines everything you need to know about fast cash loans, including how to apply for a Minute Loan Center fast cash loan and receive your funds today.  

What Is Considered A Damaged Credit Score? 

You already know credit scores represent the level of creditworthiness, and potential lenders traditionally use these numbers to gauge whether they can issue loans to borrowers. But how do you know if you have a bad credit score? 

A bad, damaged, or poor credit score is one that credit-scoring companies like FICO and VantageScore consider poor in their 300-850 credit range. For example, FICO rates credit scores of 580 to 669 as fair, and anything less than 580 is poor. With a credit score range of 300-850 also, VantageScore considers scores ranging from 601 -660 as fair, while anything less than 600 is poor. Since the two companies have different scoring models, you will likely have two distinct credit scores. But, with both companies, the higher your credit score, the more credit you can access. 

With a damaged credit score, you’ll likely not secure a loan with a traditional lender. But, this is no huddle for online lenders; some specialize in offering fast cash today to persons that other lenders have turned away. 

What’s a Fast Cash Loan

Fast cash loans, or instant loans, are financial products that lend smaller amounts of money to borrowers quickly, usually approved within 24 hours of application, without a credit check. The loans are designed to allow those with poor credit to cover emergency or unexpected expenses, with the borrowed amount paid back with interest within the month. 

These loans often have higher interest rates because of a lack of hard credit checks. Still, they offer those with damaged credit scores an avenue to secure necessary funds. Today, many providers will even provide more competitive rates as the market for instant loans expands. 

But you may still wonder why providers would allow you to borrow an online loan with a bad credit score.  

Why Can I Get a Fast Cash Loan with a Damaged Credit Score? 

Man counting dollar banknotes 

Lenders understand that many people, from time to time, need some financial assistance, even those with damaged credit scores, and are willing to lend a helping hand to them. Sometimes, poor credit scores are due to complications beyond an individual’s control, and they should not be a deterrent when the person needs some financial help. So, don’t shy away from applying for a loan for fast cash today.  

Moreover, since fast cash loans are repaid quickly, there’s not too much risk to the lender. Also, a fast cash loan has higher-than-usual interest rates. However, paying your loan on time could help build and improve your credit rating, and you could qualify for loans with lower interest rates sooner. Even so, some online lenders like Minute Loan Center do not consider a borrower’s credit score and could issue you a loan for  fast cash today. As long as you honor the loan terms, you can access a loan for as long as you need one. 

Here’s What To Know About Applying for a Fast Cash Loan with a Damaged Credit Score 

Here are the essential tidbits you need to know about getting a loan with a damaged credit score. 

  • Most providers will approve your loan 24 hours after the application 
  • You can apply for a fast cash loan with a damaged credit score online 
  • You’ll need to be a US resident over the age of 18 with proof of income 
  • Quick cash loans will have significantly higher interest rates and shorter payment terms 
  • You can get a fast cash loan, usually between $100 – $5000 
  • There is no hard credit check in the approval process 

Where Can I Get a Loan for Fast Cash Today?

Minute Loan Center is a premier lender for fast cash loans, even to people with damaged credit scores. You can instantly check how much money you can borrow and get a next-day response on any loan application. 97% of loans are approved within the day and deposited directly into your bank account. Apply for a loan today!

The information provided is for informational purposes only and is not a substitute for professional financial advice. You should consult a credit counseling professional concerning the information provided and what should work best in your financial situation. And any action on your part in response to the information provided is at your discretion.

Related Articles

Pack Your Bags: How to Get Instant Holiday Loans

Pack Your Bags: How to Get Instant Holiday Loans

Going on a holiday and worrying about money isn’t such a pleasant experience. People often spend their free time counting nickles and dimes, calculating if they can eat out one more time before they head home. That’s no way to enjoy a holiday, and you know it. If...

read more
How to Get Fast & Easy Loans Online in 1 Hour

How to Get Fast & Easy Loans Online in 1 Hour

Emergencies can strike anytime, and sometimes you need quick access to funds to address unexpected expenses. In such situations, online loans provide a convenient and speedy solution. With technological advancements, getting fast and easy loans online in just one hour...

read more