Picture this: you’re strapped for cash. You’ve scraped together all the money you can find, but it’s not enough. You already tried the bank, but they turned you down because of bad credit. So you swallowed your pride and turned to your family and friends. But they can’t help.
So, what now?
Your next choice should have been your first choice. Avoid waiting in line at the bank and making embarrassing phone calls to your loved ones. All you need to do is read on to find our top five lenders for bad credit loans with guaranteed approvals.
The above situation is a plight shared by many Americans. Access to emergency funds is only as good as your credit. Whenever you apply for a loan, you have to list your credit score. You also have to agree that the lender you are applying with can check your credit score themselves.
If your credit score is below 670, you are a subprime borrower according to the FICO scale. Anything under 670 is considered fair or bad credit. This means you’re unlikely to qualify for a loan via any of the traditional avenues.
While getting a loan with bad credit can be challenging, it’s not impossible. There are a few credible lenders that will approve loans for people with bad credit. But only if you know where to look.
Fortunately, if you’re looking for such a loan, we’ve selected the top platforms for bad credit loans with guaranteed approvals. These platforms work with lenders who don’t look at credit scores alone. Instead, they also consider your source of income, monthly expenses, and other factors to indicate your ability to pay back a loan. But to do so, you’ll have to be prepared to show proof of income. This is usually in the form of paystubs.
Unfortunately, sharing your financial information online is sometimes a risky business. What might seem like a legitimate company could turn out to be a fraud. Such companies are out to collect information from unsuspecting clients. That’s why it’s vital to apply for loans from reputable lenders.
But don’t stress about it just yet. We’ve done all the legwork for you. After extensive research on lending networks, we’ve compiled our favorite lenders that hand out bad credit loans with guaranteed approvals. No need to worry about the credibility of any of these. You can be sure our top five picks below are the real deal.
Keep in mind that bad credit loans are not going to be the ideal solution. They usually have short repayment periods and higher interest rates. However, in a pinch, they can be the answer to your problems. Sometimes a little can go a long way in helping you get back on your feet financially.
List Of Top 5 Lenders Offering Loans For Bad Credit With Guaranteed Approvals
We’ve kept the list short and sweet so you can spend less time trying to pick a loan network and more time on getting your loan. Here are our top five:
- MoneyMutual – Overall Best Bad Credit Loan Company
- BadCreditLoans – Best for Emergency Loans For Bad Credit Score
- CashUSA – Instant Cash Loans With Low Interest Rates
- Personal Loans – Best for Personal Loans
- Credit Loan – Easy Approval For No Credit Check Loans
#1.MoneyMutual – Overall Best Bad Credit Loan Company
Unplanned financial emergencies happen to the best of us. When this happens, we turn to whatever little savings we have. But for many Americans, it’s challenging to produce an emergency fund.
This is where a good money lending network like MoneyMutual comes in handy.
MoneyMutual is an online lending marketplace that connects borrowers with 60 partner lenders. These are short-term lenders who offer payday loans, personal loans, and you’ve guessed it – bad credit loans.
The platform uses a simple website with a fast approval process. It saves you from the painstaking process of applying for loans to multiple lenders over and over.
- Efficient Website: When you visit MoneyMutual.com, you’re presented with an easy option to get started. All you have to do is fill out a quick form. Once you’re done with the virtual paperwork, you’re given access to all lenders on the network. In short, MoneyMutual helps you cast your net out far and wide. The result is a prompt response by lenders willing to work with you.
- Streamlined Process: After providing your personal information, you will receive an offer from a potential lender. The exact loan terms depend on the lender. MoneyMutual is not a lender itself. So, at this point, all you need to do is go over the terms and find out if they meet your needs. If not, you can go over to the next willing lender—no need to start over on the application process.
- No Fees: Applying for a loan on MoneyMutual is entirely free. The network is so extensive that they don’t need to ask for application fees from you. They’ve got that covered on the lenders’ side. However, different lenders may ask for service fees.
- Fast Funding: Most people who apply for a loan with MoneyMutual get their loan approved and funded in 24 hours. It’s one of the reasons why this platform is so popular. You can get funding for as little as $250 or as much as $2500.
- Requirements: This platform has a concise list of prequalifying requirements. First, you have to have an American ID or passport. Second, you have to be over 18 years old. And third, you have to be earning a minimum of $800 per month and have an active checking account.
- Highest Data Safety: MoneyMutual uses Norton 256-bit encryption to protect users’ data. Rest assured that your data is not vulnerable to hackers. Hence, you’re not at risk of falling victim to identity theft. What’s more, users have not complained about compromised data on the site.
- OLA Certified: MoneyMutual has received certification from the Online Lenders Alliance (OLA). It means that the network follows through with best industry practices. Plus, it abides by set standards.
- Educational resource: You can read about bad credit loans, cash advances, and payday loans on the MoneyMutual website. The site offers lots of financial advice and tips for the future.
- 60 reputed direct lenders
- Simple application process
- Data protected by Norton 256-bit encryption
- Reasonable fees and interest rates
- User-friendly website
- Trusted by over two million users
- Not available in New York
- Requires a minimum monthly income of $800
#2. BadCreditLoans – Best Emergency Loans For Bad Credit Score
BadCreditLoans is true to its name. They are there to help you get a loan if your credit score is below 670 on the FICO scale. Like MoneyMutual, this network also works to connect borrowers with lenders.
All you need to do is fill out a simple online form. The company gives you access to lenders who offer debt relief and consolidation, credit card refinancing, tax, rent, and vacation loans.
When filling the form, you need to provide information about your income and any existing debts. Then, the company will run a credit check, but one that won’t affect your credit score. This information is then shared among potential lenders.
Any lender interested in offering a loan will email you with an offer. You then have an obligation to go over the loan terms. At this point, you’re fully responsible for understanding the loan fees, monthly payments, and any recurrent fees that may apply. Accepting the loan with the specified terms is at your discretion.
- Easy to apply: You only need to fill out the application form on the website. It’s a simple step-by-step process. After filling the form, BadCreditLoans then connects you with a potential lender.
- No Fees: The platform does not require you to pay a service fee. You can quit the process at any time without incurring any penalties. However, it’s worth noting that initiation, late payment, and NSF fees may apply. Again, these fees depend on the lender.
- APR: The interest rates charged by BadCreditLoans vary depending on the lender. Generally, you can expect to pay interest ranging from 5.99% to 35.99%. These are fairly standard in the industry and dependent on your situation. What we liked was how transparent BadCreditLoans is about what you could expect
- Instant and Dependable Loans: BadCreditLoans connects you with lenders who offer loans from $500 to $10,000. They also provide other loans like auto and home equity. And, the good thing is that these loans don’t require collateral. Getting a loan offer takes a few minutes. Funding, however, depends on the lender. Most lenders claim you can expect your money in less than three working days.
- Suit Your Needs: BadCreditLoans allows you to investigate lenders who provide you with the rates and terms you want. You will be the one to decide whether or not to go ahead. If you don’t like the lender for whatever reason, simply decline the offer and start over.
- Loans up to $10,000
- Free loan application
- Flexible repayment terms
- Transparent about rates and terms
- No pressure to accept a loan offer
- Low BBB rating
- Low loan amounts for really bad credit
#3. CashUSA– Instant Cash Loans With Low Interest Rates
Going through the tedious process of applying for a loan only to have it declined is disheartening. If poor credit keeps you from getting the help you need, CashUSA is willing to overlook your credit score.
This online loan network connects you to a suitable lender. With their platform, you can access quick loans from $500 to $10,000. As a bonus, CashUSA works not only with state-licensed lenders but tribal lenders too. This means you have more options.
The lenders offer access to loans whether you have poor credit or no credit. Instead of performing a credit check, lenders use your job history and monthly income to verify you for a loan.
Before closing the deal, the lenders must inform you of the interest rates, the payment period, and any additional applicable fees.
Once your loan is approved, the company transfers the money directly to your account in one business day. When the payment period begins, the lender draws the monthly payment from your bank account.
- Simple Application Process: The platform provides users with a straightforward process that takes you step-by-step. You’ll fill in your personal information. These include your name, age, email address, whether or not you serve in the military, and the amount you want to borrow. Other information you’ll have to fill out will be your home address, phone number, whether your home is rented or owned, monthly income, boss’s name, bank account type, and social security number. Lastly, you must have a valid checking account and provide the necessary bank information. While it may seem like lots of information, users appreciate it’s faster and better than having to fill out the same form repeatedly for different lenders.
- Safe and Secure: CashUSA guarantees users a fast, safe, and reliable process. With the help of advanced encryption, the company can protect its customers’ privacy rights. In addition, it secures your bank account and details using industry-standard security measures and encryption.
- Convenient Repaying Process: Lenders on CashUSA use online banking to withdraw monthly payments directly from the account that the loan is deposited. It provides you with a stress-free method of repaying the loan. And if you need an extension, simply contact the lender to avoid damaging your credit score.
- Reliable Customer Support: CashUSA offers friendly, reliable support staff. You have the option of calling in to speak over the phone, or you can simply send an email and wait for someone to be in touch. The service is not 24/7, but you can expect a response within one working day.
- Educates Users: Alongside financial aid, CashUSA also offers sound financial advice. Their website includes a page dedicated to educating its users on financial matters. They offer up-to-date information about debt calculation, credit scores, payment schedules, student loans, and lots of other issues.
- Quick application
- Safe and secure
- Loans range from $500 to $10,000
- Option for online banking
- No 24-hour customer service support
- APR can go over 35.99% with a tribal lender
- No mobile app
#4. PersonalLoans – Best For Personal Loans
This lending network does its level best to see that your loan gets accepted. First, you’ll go through the normal application process. After which, you’re paired with willing personal loan lenders. If no partner-lender takes up your application, you don’t have to worry. PersonalLoans offers leads to third-party lenders or companies based on your information. They share a limited amount of what you’ve shared with them to help connect you to more lenders, even the ones that aren’t part of their network.
Thanks to this two-tier approach, users can always find a lender willing to offer a loan. This is why PersonalLoans has thousands of happy customers.
- Trustworthy Application Process: The application process at PersonalLoans is one of the easiest compared to other loan websites. As you fill in your details, they make an effort to clarify why each piece of information is important. This helps to build your confidence in the company. You also only have to fill in some of your information before you are connected with a lender, who will then ask you for more details, such as banking info. This keeps the application process moving quickly and lets you safeguard your personal information.
- Quick Deposits: It is uncommon for a site that offers high loan limits like PersonalLoans to release the funds quickly. However, unsecured personal loans have made this possible by ensuring they deposit the money into your bank account 24 hours after your loan has been approved.
- High Loan Limit: Commonly, most loan platforms offer a maximum of $10,000 to $15,000. In contrast, PersonalLoans can give you as much as $35,000 and a minimum of $1,000. It is, therefore, a reliable platform for both high and low loan amounts.
- Three Types of Loans: PersonalLoans offers its clients three types of loans. First are the peer-to-peer loans, which are offered by investors. These investors benefit from interest. Peer-to-peer loans are the most common with guaranteed approvals. Secondly, personal bank loans come from financing institutions like banks or major credit bureaus. In this case, you require a monthly income of $3000 and a minimum credit score of 580. Lastly, personal installment loans are short-term loans that require you to pay a fixed monthly payment plus interest and necessary fees. These types of loans favor bad credit since you can access money from a trustworthy lender.
- Soft credit check
- Quick online application
- Loans of up to $35,000 are available
- Three types of loans
- Exceptional security and privacy precautions
- Very low credit scores can have loan requests denied
- Not available in Arkansas, Georgia, and New York
#5. CreditLoan – Easy Approval For No Credit Check Loans
CreditLoan has been in the lending industry for more than 20 years. Over this period, it has helped more than 750,000 people access loans with poor and average credit scores.
This company has seen many positive reviews owing to its flexible monthly payments and affordable interest rates. In addition, the company ensures that your monthly repayments are set to only what you can afford. That’s unlike many platforms that leave you at the lender’s mercy.
With this in mind, CreditLoan specializes in small loan amounts. This way, most borrowers can repay what they owe in good time. Because of this, the company guarantees that 90% of loan applications go through.
When you submit a single loan request to CreditLoan, the network distributes it to all its qualified partners. This necessitates a simple soft credit pull that will have no negative impact on your credit score.
You may receive an email with various loan offers in a matter of minutes. The application can take as little as an hour. After approval, you can have money in your linked bank account by the next working day. But that’s only if you locate a loan offer that suits your criteria.
- Decent Loan Amount: If you need quick cash, CreditLoan offers loans from $250 to $5,000. However, for clients with high credit scores, the company can provide a loan for as much as $40,000.
- Free to Apply: You do not pay a single cent for CreditLoan services. The company does not charge the borrower. Instead, each lender agrees to pay a referral fee to the network for every concluded loan that the CreditLoan sends its way. This is how the network earns a portion of its revenue.
- No Need for Income Verification: CreditLoan is not a lender. Hence, income verification is not a must during the loan application process. After you accept a loan offer, the lender may ask for proof of income before approving your loan application. This can occur in a variety of ways. In most cases, you’ll upload a photo or scan of at least two recent pay stubs that demonstrate your earnings.
- Low-Interest Rates: CreditLoan receives a lot of praise for offering bad credit personal loans with the lowest interest rates. This is because it provides small loan amounts that qualify for minimum APR.
- Safety and Privacy: CreditLoan is committed to protecting sensitive consumer information. A TRUSTe seal was awarded to the network. TRUSTe is an independent group that monitors website privacy and email practices. It indicates that it follows best practices and adheres to stringent online privacy requirements.
- Fast and reliable.
- TRUSTe certified security
- 90% approval chance
- The funds are transferred within 24 hours
- Ideal for small loans
- Not available in New York and Connecticut.
- Bad credit loans are limited to $5000
How We Made This List
It can be dizzying to sort through potential poor credit lenders, let alone determine which ones are credible. But with the help of our team, we’ve investigated dozens of lending networks before recommending the best.
We started our research by identifying which lending networks offer bad credit loans with guaranteed approvals. After which, we researched each creditor to find out the value they bring to customers.
What We Looked For
- Reputation: Our primary concern was the company’s trustworthiness. We made sure to visit the websites’ customer review area and looked at the company’s reputation with the Better Business Bureau. We even checked out what people were saying on Reddit and Trustpilot. After thoroughly reading all the reviews, we determined companies that value their customers enough to advocate for this guide.
- Transparency: Another crucial factor for us is transparency. The team looked at the web pages of each lending network. We investigated the terms and conditions and the information laid out for you to read. We wanted to know if any companies were trying to hide something in the small print. Finding a lender that was upfront about the loan deal was something we considered crucial.
- Privacy and Security: When taking out a loan, you have to provide a certain amount of personal information. Therefore, we wanted to ensure that all of the companies on our list could safeguard all your details appropriately. We looked deep into the security systems of each network. We ensured that they have invested in modern encryption to safeguard clients’ data. To this end, using any of the companies we have listed here guarantees the maximum safety of your data.
- Approvals: We also checked how often borrowers got their loans approved. After all, we are looking for guaranteed approvals, right? To do this, we looked at customer experience and scoured various platforms looking for feedback. As a result, we picked networks with the highest approval rates for bad credit loans.
- Eligibility: We looked at what most lenders require to prequalify you for a bad credit loan. Our team went ahead and checked the qualifying criteria for different personal loans for bad credit. With our research, we were able to shortlist lenders who have lenient requirements.
- Interest Rates: It goes without saying that you’re going to have to be prepared for some high-interest rates as far as bad credit loans are concerned. As a result, it can mean paying way more than you borrowed if you don’t find a reasonable rate. Since you’ve already got enough to stress about, we went ahead and found them for you. We ended up with five lending networks that deal with lenders offering reasonable interest rates.
Factors To Consider When Getting a Bad Credit Loan
You can find lots of companies offering bad credit loans with guaranteed approvals. But it takes time to find the best interest rates and loan terms. Unless you’ve got time to clean up your credit in the meantime, then you need to be prepared to accept less favorable terms. Borrowers with good credit will almost always be offered better loan terms. But that doesn’t mean you can’t still find an acceptable loan. Below are some things to look out for when searching for the best lender.
You are entitled to read and understand all the stipulated terms and conditions before accepting a loan offer. This will help you know all the charges. These include timelines, monthly payments, interest rates, and other details about the loan. Hence, you can identify any additional and illegal charges imposed. In addition, you should be aware of all the terms involved in the contract.
If you happen to engage in a loan agreement with a company that is not transparent, you may incur a lot of hidden costs. That’s why we have given you a list of the best and the most transparent loan websites for bad credit loans. These companies willfully disclose all the charges and interest rates before they let you sign any agreement.
In most cases, while applying for a bad credit loan, one must provide personal details on the lending network’s website. Some of that personal information includes your source of income and personal banking details and maybe your debt to income ratio. Since all of the information you provide is personal and sensitive, look for a company ready to ensure your data’s security. You can also look into their privacy policies to confirm exactly how safe your information is.
Some loan networks sell your information to advertisers. Watching out for the networks that value your privacy and security is a good step in rationalizing their credibility. These companies will also protect your data from hackers. The information that you share on your loan application could be used for illegal things like identity theft. This is why we have listed the best loan sites that have invested in ensuring that all the data they collect from their clients is completely secure.
Avoid frustrations with bad credit loan companies by investing some good quality time in checking the company’s reviews. The reviews will help you familiarize yourself with the kind of services the company offers its clients.
We recommend that you also look them up on the internet. This is a quick way to find out if they have existing lawsuits filed against them or their Better Business Bureau rating.
In many cases, you’re looking for an instant loan because of an urgent financial need. This, therefore, means the lender should be able to give the requested amount in the shortest time possible.
As the borrower, it helps to look if the company you are considering can provide you with instant loans. Receiving the cash as soon as you need it will help you evade unnecessary costs.
Frequently Asked Questions – FAQs
Q1. How do I know if I have bad credit?
Not everyone knows their credit score off the top of their head. But it’s certainly easy to find out. You can go online and find any number of free credit checkers that tell you your credit score. All you need to do is give the company permission to pull a soft inquiry on your credit score. This will not affect your rating in any way. We say it’s probably a good idea to do this once in a while to have an idea of your credit standing. Your credit score can affect a lot more in life than just your ability to get a loan. Lots of landlords and prospective employers perform credit checks too.
Your score will range between 300 and 850. Anything above 800 is considered an excellent credit score. Most people have a credit score between 600 and 750. Good credit starts around 670. A bad credit score is anything below 550. According to our research, 87% of the time, lenders will not approve a loan with a credit score below 550.
Q2. How can I improve my credit score?
It takes effort and some time to get a healthy credit score. Remember that lenders take your credit score as a measure of how well you utilize credit. If your number is bordering on the bad side, you can take a few steps to improve your score.
Firstly, check your credit history to see what’s working against you. To do this, pull a copy of your credit report. You can request these for free once a year. Look for errors and dispute them. Having errors removed can improve your credit score.
Secondly, pay your bills on time.FICO considers several factors when determining your credit score. Credit usage takes up only 30%, while payment history takes up 35%. The age of credit accounts takes up 15%, and credit mix and new credit inquiries take up 10%. Since payment history has the most significant impact, paying bills on time works in your favor.
Moreover, you can use programs like Experian Boost and UltraFICO. These programs are free and include information like banking history to calculate your credit score. Aside from that, don’t close old accounts. The older your credit age, the more favorable you are to lenders. Finally, limit new credit requests, consider debt consolidation, and use credit monitoring resources to track your progress.
Q3. What can I use a personal loan for?
You can use a personal loan for just about anything. While some lenders ask your reason for requesting a secured loan or unsecured loan, others only want to know that you’re capable of paying them back. Some of the most common uses for personal loans include medical expenses, obtaining capital for a small business, tax debt and consolidation of debt, covering the cost of a collection agency, student loans, costs of relocation, divorce, and weddings, home improvements, and repairs, financing for automobiles, and our favorite, vacations!
Q4. Do loan networks charge me to connect with lenders?
No — or instead, they shouldn’t do it. All of the loan networks on our list are entirely free to use. If you’re using a service that is charging you, be wary of a potential scam. Most, if not all, of the trustworthy ones will not ask for origination fee, registration, or loan application fees from the borrowers. However, this doesn’t mean that the networks don’t earn money from their services. They make money by charging lenders for the leads they generate.
Q5. Can I receive a personal loan without having to submit a credit check?
Yes. In some cases, you can skip the hard credit check when applying for a loan. Most of the time, you will still have to submit a soft credit check, but this won’t affect your overall credit rating. Keep in mind, lenders who are willing to forego a hard credit check will often make up for it in extra fees. You’ll often pay high interest and incur other fees to compensate for a no-credit-check and secure the lender’s interest.
Q6. Are online lenders better than traditional lenders?
To answer this question, we will have to consider two factors. First, if you need a bad credit loan with guaranteed approval, you might want to choose online lending platforms. Pre-qualification is available from online lenders. And it has no bearing on your credit score. It will also expedite the approval and disbursement of your loan. You will receive the funds within 24 hours in the best-case scenario or 3-5 days. If you prefer face-to-face interaction with your creditors, you might choose the traditional money lending platforms. However, on those platforms, there are very slim chances of approval for a bad credit loan.
Q7. Do instant loans harm my credit score?
No. These unsecured loans are not reported to credit bureaus like secured loans. As a result, it has no negative impact on your credit score. Furthermore, you can use these loans to boost your credit scores by paying off any outstanding debt.
Conclusion — Time to Apply!
If you’re ready to start applying for a bad credit loan, then we’ve given you the best places to start. Our top five loan networks partner with lenders that offer the best bad credit loans with guaranteed approvals. Most importantly, our picks all have a proven track record of satisfied customers.
Our favorite for the most trustworthy network is MoneyMutual. This is thanks to their millions of outstandingly positive reviews. The network boasts a streamlined process and 60 partner lenders. If you’re worried about being approved, then head straight for CreditLoan. With some of the highest approval rates in the country, you’re likely to find a lender through them.
Remember, bad credit loans are not the best option when looking for a personal loan. If you can afford to wait, then work on bringing your credit up to better standing. However, we know that isn’t always an option. Luckily, bad credit loans with guaranteed approvals can save the day in an emergency. It’s still important to remember that they should be a last resort instead of something you do habitually. It’s easy to fall into a cycle of paying and repaying these loans. Make sure you take the time to calculate your loan terms and only accept a loan once you’re confident you can pay it back.