Best small loans for bad credit • Benzinga

As you seek to make an impact on your financial future, coping with poor credit can be difficult. However, you can find options that will help you improve your financial situation and get the money you need to survive and even thrive. Take a look at what small loans for bad credit can do for you and how they work.

What is a small credit?

A small loan is just that – a small amount of money that goes beyond what traditional banks typically lend you. These loans are often confined to digital financial platforms like MoneyLion or originate from credit card issuers, smaller banks and credit unions.

When applying for a small loan, these numbers tend to be less than $1,000, but you should remember that repayment terms affect how much you can borrow at any given time. Also, a small loan can have many different purposes and you want a platform that doesn’t require you to explain yourself. You need cash, and that cash should be available quickly.

How to use small loans

When you access a personal loan, you can use it for many different purposes. First, you can use these loans to manage immediate debts or expenses, but you can also think more broadly, considering how an injection of cash could change your life and improve your overall well-being.

Other options for using small loans include:

  • Pay for children’s activities
  • Pay off lingering debts
  • Invest in simple products like CDs
  • Invest in family activities or vacations
  • Pay off old tax debts
  • Invest in your small business

Improve a bad credit score

Can a small loan improve bad credit?

A small loan can help you work on your credit, but it won’t improve it on its own. Typically, small loans designed for people with bad credit aim to give you easy access to money. However, these loans are being reported to the credit bureaus, adding positive marks to a report that may be struggling at the moment.

As you continue to work on your credit, the boost from these small loans will help improve your credit score, especially when these loans might be the only positive marks you have.

Other options for improving your credit may include opening new credit cards, paying all your debts faithfully, and diversifying your credit mix as much as possible.

About MoneyLion

MoneyLion is a digital financial platform that helps the “99% feel 100%” about their finances. The platform offers several services for this purpose, including:

  • Mobile banking
  • Cash back
  • Gatherings
  • No hidden fees
  • Financial tools and monitoring
  • Investment and crypto accounts
  • Credit builder loans
  • Cash advances

To start

securely through the MoneyLion website

Best for

Pricing and Features

Exam in 1 minute

A technology-driven financial powerhouse, MoneyLion brings personal financial products to people like you. Whether you’re a seasoned digital financial guru or looking to simplify your financial accounts, MoneyLion can make it as easy as possible to set and achieve your financial goals.

Best for

  • People looking to increase their credit
  • Cryptocurrency trading
  • Anyone who wants to integrate their bank, investment and installment loan accounts
Benefits
  • Cryptocurrency Features and Prices
  • Integrated digital personal financial services
  • Usually free to use with no account minimum; the few fees charged are inexpensive
  • Customizable investment portfolios
  • Useful services like credit builder loans and cash advances at 0% APR
The inconvenients
  • No financial planning or dedicated financial advisor
  • No IRA or 401(k) management options

Frequently Asked Questions

What is the easiest loan to get with bad credit?

1

What is the easiest loan to get with bad credit?

demand

Patton Hunnicutt

1

The easiest loan to get with bad credit is usually a cash advance or small personal loan from a digital financial platform like MoneyLion.

Answer link

responded

Benzinga

How can I borrow money instantly?

1

How can I borrow money instantly?

demand

Patton Hunnicutt

1

Borrowing money instantly is often easier with platforms that don’t check credit and offer cash advances or “prepayment” features.

Answer link

responded

Benzinga

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