Bad credit loans give you a way to borrow money even when your credit score is below 600. These loans are unsecured, so you do not need to pledge your car or home. Because the risk for the lender is higher, the cost—interest and fees—can be much higher than a bank loan.
What to Expect: Bad Credit Loan Terms
When lenders look at your file and see late payments, high credit use, or collections, they charge a higher Annual Percentage Rate (APR) to cover that risk. Bad credit loans are usually:
- Small—between $100 and $10,000
- Short-term—14 days to 24 months
- Unsecured—no collateral required
Apply through 24CashFast to see offers from multiple bad credit lenders with just one application. Unlike applying directly to individual lenders, 24CashFast only uses soft credit checks, so your score won't drop while you're shopping for the best deal.
Eligibility Requirements
Lenders in the 24CashFast network usually need you to:
- Be at least 18 years old (19 in Alabama or Nebraska)
- Have a steady income of at least $1,000 per month after taxes
- Own an active U.S. checking account
- Provide a valid government-issued photo ID
- Have a working phone number and email address
Typical Terms and Conditions
Each state sets its own limits, but the most common bad credit loan ranges look like this:
|
Loan Type |
Amount |
Repayment Period |
Typical APR |
|
Payday Loan |
$100–$1,500 |
14–30 days |
200%–700% |
|
Installment Loan |
$500–$10,000 |
3–24 months |
80%–300% |
- A payday loan is a cash advance tied to your next paycheck. You write an electronic check or give ACH permission for the full balance—the amount you borrow plus a flat fee—due on your next payday.
- An installment loan lets you repay in equal monthly payments instead of one lump sum. Each payment covers interest, fees, and part of the principal, making budgeting easier.
Cost Example: If you borrow $600 as a payday loan in Texas with a $15 fee per $100 borrowed, you will repay $690 in about 14 days. That equals an APR close to 391%. Always read the exact fee schedule before you agree to a loan.
Our Four-Step Application Process
Applying to lenders one by one can take hours and multiple hard credit pulls. With 24CashFast, you:
-
Complete our secure form, which takes about 5 minutes.
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Receive soft-credit inquiries only—your score is not damaged during the match step.
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Get offers (or a notice of denial) in 1–2 minutes.
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Compare rates and terms side by side before you sign anything.
This process lets you see several options without paying extra fees to us. We are paid by the lenders only if you take a loan.
Improve Your Approval Odds
Know Your Credit
Check your free annual credit reports at AnnualCreditReport.com. Dispute errors and make at least the minimum payment on every existing account. Even one month of on-time payments can help.
Add Income Proof
Upload a recent pay stub, Social Security award letter, or benefit statement. Lenders want to see stable cash flow more than a high credit score.
Including documentation of any secondary income sources, such as part-time work or rental property earnings, can further strengthen your application by demonstrating financial stability.
Consider a Co-Signer for Larger Loans
If you need more than $5,000, adding a co-signer with fair credit (620+) can cut your rate sharply. Remember, the co-signer is legally responsible if you miss payments.
Having an honest conversation with your potential co-signer about repayment expectations and creating a written agreement between yourselves can help protect your relationship if financial challenges arise.