No matter how diligently we budget, almost everyone, at some point, ends up facing unexpected circumstances and finds themselves in a financial bind. If you also happen to have poor credit, finding your way out might be difficult. Luckily, we’ve rounded up five of the best bad credit loans with guaranteed approval. Regardless of your credit standing, we’re here to help get you back on your feet.
2021’s List of Online Payday Lenders Providing Loans for Bad Credit With Guaranteed Approval
Our first step was to study the loan industry. Next, we compiled a list of reputable lenders that were popular with their customers. We then researched these companies thoroughly to come up with a list of the top five. With guaranteed acceptance rates, these businesses have assisted individuals in obtaining payday loans and improving their credit scores for years. Our top picks include:
- MoneyMutual – Best Overall for Bad Credit Loans
- Bad Credit Loans – Best for Emergency Loans With Bad Credit
- CashUSA – Best for Easy Loans to Get Cash Advance
#1. MoneyMutual: Best Overall for Bad Credit Loans
MoneyMutual started with the goal of helping the 40% of Americans that are unable to afford financial emergencies. In other words, just under half of Americans are living paycheck-to-paycheck, with nothing extra to cover unforeseen circumstances. Yet, MoneyMutual found that, on average, these individuals only needed as little as $400 to be able to pull themselves out of a financial hole. This is where MoneyMutual comes in.
MoneyMutual was founded in 2010 with the primary aim of connecting borrowers and lenders and making the process simpler on both sides. This enables lenders to identify legitimate applicants with whom to invest their money and borrowers to get funds promptly and without needless difficulties.
MoneyMutual is our top choice since it lets you contact lenders and get the funds you need within 24-48 hours. This may be advantageous if you are in an emergency scenario and your poor credit impedes your ability to get loan proceeds from a financial institution.
MoneyMutual has grown a sizable client base in recent years, with over two million individuals having utilized the company’s services. The site is simple to use, and all you have to do to begin the loan procedure is fill out a form on their website. Here, you will be required to provide personal information such as your age, where you reside, and how much money you make. Then MoneyMutual begins searching for lenders depending on the information you provide. You may see and monitor each step on their official website.
Through MoneyMutual, you are linked to a lender who is willing to lend you the money. You will then be routed to the lender’s official website, where you can read the lender’s terms and conditions. This is when you will negotiate any modifications or adjustments directly with the lender. MoneyMutual is not involved in this process and is therefore not liable for any part of the actual loan agreement. The transaction may be completed if you agree to the loan lender’s fees, interest rate, and conditions.
Lenders will often contact you to complete the transaction. Next, the money will typically be transferred straight into your account within 24 hours. People enjoy the rapid transfer of funds to their bank accounts since those who apply for poor credit loans often need money quickly.
- No servicing or origination fees
- Rapid approvals
- User-friendly website
- Money transfer in a flash
- Matches you with a lender automatically
- Only available to residents of the United States
- MoneyMutual does not accept responsibility for issues that arise after the agreement
MoneyMutual is doing a fantastic job, as seen by the company’s massive online client base and the very positive ratings it has received. They have a high customer satisfaction rate since their service is hassle-free, and there are no costs associated with being connected with a lender. The majority of their clients applaud the efficiency and reliability of the dealings. Another commendable aspect is their “no fees” policy, so there are no hidden charges. Finally, customers are reportedly very satisfied with the overall time saved by using MoneyMutual’s service. As the site does all the searching automatically, it’s never a hassle to find a partner. Just navigate through the user-friendly interface, and soon you’ll be in business. It’s because of these principles that clients often refer their friends and family members to MoneyMutual.
#2. Bad Credit Loans: Best for Emergency Loans With Bad Credit
Bad Credit Loans is another online lending marketplace that acts as an intermediate. They link lenders and borrowers rather than directly offering loans. This business understands that financial crises are often unexpected and impossible to plan for. This is where Bad Credit Loans comes to the rescue. It’s a company that enables individuals to locate and get the best personal loans fast and simple.
By using the agency’s fact-based information and expertise, you can make an informed decision on how best to address your financial hardships. Additionally, their site allows for careful evaluation of a lender without any sort of obligation.
The company’s application form will ask for the amount of money you want to borrow and the purpose of the loan. In addition, you’ll have to present proof of age and U.S. residency. Keep in mind that the lender may sometimes examine the form and file a protest. They can argue that the amount you want to borrow is unrealistic based on your monthly income. In turn, they may suggest a more reasonable amount that they are willing to offer.
Getting a loan with Bad Credit Loans is easy. Fill out your application in less than five minutes, and then wait for the offers to come in. Once you and the lender agree on terms, you must electronically sign a contract to send the funds to your bank account. There is a high possibility that the funds will be transferred within a day. However, this may vary based on the lender’s preferred method of deposit.
Users may seek funds of up to $10,000. Bad Credit Loans’ flexible repayment plans are excellent since they allow borrowers to repay the loan over up to 72 months. However, interest rates may vary according to the terms and conditions agreed upon by both parties; rates may range from 6% to 36% APR.
- Easy application form
- Large lender network
- Comprehensive assistance at any stage
- Zero obligation
- High annual percentage rates
- Application form requires more than just standard personal data
- No BBB accreditation
Review websites such as Trustpilot have given the business a good rating, with the majority of reviews being favorable. Customers laud the company’s responsiveness, financing timeliness, and approval rate for customers with poor credit. Bad Credit Loans was a solid resource for locating reputable and trustworthy loan providers. By moving through with your request regardless of your bad credit score, you open up a slew of options for those who have been turned down by other lenders.
#3. CashUSA: Best for Easy Loans to Get Cash Advance
It is often time-consuming to secure approval for a loan and file a complete application. CashUSA focuses on providing quick service. It guarantees that approvals are just a single online application form away. So if you’re looking for quick cash in an emergency, CashUSA is for you.
CashUSA does not provide loans solely based on a borrower’s credit score. Rather than that, the lending agency considers other criteria such as employment history and regular paychecks when determining loan eligibility. CashUSA Loans offers loans ranging from $500 to $10,000. Loan amounts vary according to lender and state.
To apply for a loan, an applicant must be at least 18 years old, a United States citizen or permanent resident, earn at least $1,000 per month after taxes, have a checking account in their name, and be able to give their work and home phone numbers, as well as a valid email address. Eligibility is determined by criteria such as a person’s employment history and income rather than by his or her credit history. CashUSA’s maximum loan amount is as high as $10,000. However, the interest rates on loans this high vary from 5.99 percent to 35.99 percent.
Once you’ve completed the easy access online application form, the site will send your request to all registered lenders. Expect the ones with matching interest to give you a straight offer. Of course, it may include some adjustments from their point of view. As soon as you reach an agreement, you can expect your loan funds within 24 hours.
CashUSA’s loan application procedure starts directly on their website. Prospective borrowers just complete a brief form with the desired loan amount, zip code, name, and email address, among other details. Following that, the site will make an effort to match the customer with a lender. CashUSA does not charge for loan requests submitted online. CashUSA protects any information provided with their site via encryption and security procedures. Once the applicant accepts the loan conditions, the funds may be electronically sent within one working day.
Payment conditions vary according to the individual and region. The lender will disclose all fees and interest rates to the applicant before accepting the loan. Periods of repayment vary from 90 days to 60 months. Customers may choose an easy payback method in which money is deducted automatically from the customer’s bank account.
Customers may easily submit a loan request directly via the CashUSA website. They may contact employees directly through email, online contact form, phone, or postal mail. While the firm does not provide 24-hour assistance, the support staff will reply within one business day. CashUSA has accounts on Facebook, Twitter, and Google+. CashUSA’s Education Center offers in-depth information on finance, debt, credit, and banking.
Furthermore, any questions you might have about the process of getting a loan are answered on CashUSA’s website. So, it’s a business that cares for newcomers as well. Additionally, they have a dedicated Education Center where one can learn about other financial issues as well. It covers credit ratings, debt computation, student loans, and payment plans, among other topics.
- Prompt customer service
- Monthly traffic of one million consumers
- Flexible repayment terms up to 70 months
- Free to use
- Secures your personal and financial information
- Requests additional personal information
According to customers, CashUSA has repeatedly proven itself as an excellent go-to loan network for people in need of a quick loan. Lower loan sums have guaranteed approvals, provided you meet the pre-eligibility criteria. Overall, people have been pleased with their choice of CashUSA, quoting their speed as one of their best features. Customers are impressed with the ability to receive funds in less than 24 hours after such a quick and easy application process.
#4. Personal Loans: Best Personal Loan Network
Personal Loans provides a safe and secure service, prioritizing the customer’s trust above all else. It’s a company that respects the applicant’s position and aims to earn their attention. To this end, the business has developed a large lender network. That abundance of choice is good news for this type of service. In practice, it means that almost all borrowers will find a suitable lender. Also, the maximum amount that may be given to a borrower with poor credit goes up to $35,000.
Suppose no lender approaches you after the application. Personal Loans is fully prepared for such a development, too. Namely, the business has a backup that involves several third-party lenders. And typically, loans will be approved through this two-tier method. Hence the positive feedback from past users.
On the website, you may apply for a loan, browse offers, and learn more about the lending business for free. Even if you take out a loan via the site, there will be no fees. Personal Loans takes a commission from the lender for connecting them with a borrower, so there is no cost to you.
This brand’s uniqueness is evident in the initial form itself. To comfort newcomers, the site offers ample explanation for each requested detail. So, there is a purpose for every piece of information they collect. That way, applicants won’t feel susceptible to a business they are unfamiliar with at the start.
After you submit your information, it is processed and submitted to the lender list. On their end, they will carefully review the application. If a lender accepts your request, they will contact you through email or their website.
Personal Loans takes further measures and complies with all relevant security requirements to guard against unauthorized access to your personal information. Protected data, secure premises, and computer safeguards are only a few of these measures.
However, the greatest aspect of Personal Loans lies in the option to prolong the repayment period. Namely, when late with your payments, just contact the customer service staff and suggest a mutually agreeable date. This tool indeed offers quite a helping hand. So, the most stressful aspect of money lending suddenly becomes stress-free through Personal Loans. A bad credit personal loan with a payback period of between 90 and 72 months is very advantageous. As a consequence of this flexibility, customers may select between short- and long-term loans.
Direct payments to creditors, a rate reduction for autopay, and a delay option set personal loans for bad credit apart from other types of debt. Bad credit personal loans for those with good or exceptional credit are available via this website, which has user-friendly features for them. It uses alternative data and artificial intelligence to help consumers with poor and good credit qualify for lower interest rates.
- Customer support is available 24 hours a day
- Rapid money transfers
- Loans up to $35,000
- Flexible repayment schedule
- No-fee service
- Below-average credit scores may be subject to high APRs
As demonstrated by the many excellent customer evaluations, Personal Loans is the place to go if you need a personal loan in the least time. Personal Loans has an A+ rating by the Better Business Bureau (BBB), indicating superior customer service. Additionally, they get a negligible number of complaints. Further Personal Loans reviews are available on third-party review sites.
#5. CreditLoan: Best Loan Company for Guaranteed Approval
This business has been operational since 1998, providing poor credit loans to eligible applicants. In this period, CreditLoan earned a solid reputation for safe transactions, data storage, and other services that help borrowers with daily financial obligations.
They connect lenders with customers across the nation as a loan suggestion service. However, rather than charging the borrower for the service, each lender agrees to pay the network a referral fee for each completed loan referred by the network. This is how a part of the network’s income is generated. All in all, it means the service is completely free for you to use.
Furthermore, the site enables all borrowers to fill out an application to request a loan, regardless of their credit history. They do not discriminate against bad credit borrowers. In addition, the brand offers cheap interest rates and ensures a fair repayment schedule.
CreditLoan primarily functions by offering modest loans. As such, they’re simple to repay and quick to deposit to your bank account. Borrowers may begin the process by completing a standard form on the lender’s website. After a review period, lenders will provide them with an offer. All that’s left to do is agree on the terms of the loan. The whole procedure should take no more than 24 hours. CreditLoan prides itself on being efficient.
CreditLoan takes security very seriously and has for over two decades. The site has SSL and McAfee Safe certificates attesting to its use of the highest level of encryption and security possible online. They offer a safe environment in which any information you submit to CreditLoan, as well as any information CreditLoan communicates to its partner lenders, is transferred via encrypted channels that malicious hackers cannot access. Moreover, they also employ RISA 2048-bit encryption. No doubt, CreditLoan’s dedication to providing top-notch security should put you at ease. On top of all that, they are also backed by TrustedSite, which has certified the site as secure. TrustedSite performs regular security checks on the site.
Another fantastic feature of this platform is that it is available 24/7. You don’t have to worry about the time or the day of the week. If you need a loan right now, CreditLoan is there to cover you. The company realizes that emergencies don’t always happen during regular working hours. Sometimes you need a quick loan to solve a problem in the middle of a long weekend. Or maybe you’re sitting up in bed at two in the morning worrying about your financial problems. You can easily log into CreditLoan’s website and start a loan application right there and then.
Furthermore, once you’ve applied, you could receive funds in as little as 24 hours. So long as a lender accepts your loan requirements and makes you an offer with terms you can agree on. Naturally, the length of the loan will vary depending on the lender and the services offered.
- Loans ranging from $500 to $35,000
- Process takes up to 24 hours
- Available across the U.S.
- Online approval is fast and easy
- Bad credit borrowers are only eligible for loans up to $5,000
Customers like the loan options’ flexibility and the ease with which they can obtain all necessary information on the official website. CreditLoan, like the majority of other online lenders, has gotten mixed reviews. While the company has a favorable rating on the majority of review sites, a little digging shows that the bulk of negative customer reviews are from applicants who were denied a loan.
Factors to Consider When Obtaining No-Credit-Check Loans or Personal Loans
You have to consider numerous factors while negotiating the best price on your poor credit loan. When applying for a loan online, it’s important to keep the following things in mind:
- Whether You Are Eligible or Not
Companies that make loan offers to customers with a poor credit history usually require some security. For example, they’ll often check the minimum credit score when reviewing an application. The way to calculate this value is established by Fair Isaac Corporation (or FICO). For most loans, a minimum score of around 620 is necessary. Those brackets refer to the sort of “insurance” that lenders expect to have. It is understandable and is a part of the business.
Because of that, it is critical to monitor your debt-to-income ratio. In other words, the result of the sum you make each month minus the amount you owe. Most lenders will look for partners with a stable and predictable income. After all, they will require on-schedule payments.
Also, lenders will often restrict borrowers depending on their annual income. However, some lenders may overlook this and instead focus on other criteria. As an alternative, they’ll consider your income and current job position. Sometimes, that’ll be enough for your eligibility. Yet, some lenders will examine the situation even further. Namely, how you obtained your credit score in addition to your credit history.
- Credit History
If you are unable to get a loan due to your poor credit history, you can consider another path. A solution may come in the form of a substitute borrower. So, an individual who would sign the loan in your place. Of course, the lender must agree to this first. Otherwise, it is a type of felony.
However, if all sides agree, you may be able to take advantage of a co-signer with excellent credit. You’ll be able to negotiate for better loan conditions and more favorable terms. However, be warned: if you cannot keep up with the repayments, your co-signer will be held accountable for the loan.
This is the unpleasant side when opting for this route. It can ultimately lead to you risking another individual’s credit score, or worse. You may even ruin your relationship with the co-signer. Hence, it is critical to evaluate the advantages and disadvantages before leaping to conclusions. Overreaching can pose dire consequences, not just for you.
- Rates of Interest
When borrowing money, the most critical factor to consider is the interest rate. Naturally, you should aim to obtain a lower rate as possible. Since companies may take a different stand, you’ll have to compare and review. Also, keep an eye for variable terms. They may prove significant in a longer time span. So, it’s an important part of the equation.
However, if you have a good credit score, you’ll qualify for a decent offer right away. Generally, agencies will feel safer to agree on lower interest rates for such candidates.
On the flip side, there are a few lenders who’ll offer set interest rates exclusively. This policy may apply even to customers with poor credit scores. Of course, fixed rates are much more preferable to variable ones. It means fewer fluctuations to the expected result.
Yet, this doesn’t have to be a good thing for the borrower. If money depreciates in value over time, having a constant interest rate benefits the borrower. But, if the reverse occurs, it may be disastrous. It can lead to the applicant having to pay much more due to those changes.
While fixed interest rates remain constant during the payback period, variable interest rates oscillate following the value of money. Additionally, they shift in response to changes in the index rate, too.
When applying for a loan via companies acting as intermediates, some caution is required. Yes, the brand will connect you with a lender very soon, but the process is far from over. For one, keep in mind that their terms and conditions may differ severely from the lender’s. Plus, only after the lender approves your loan will the terms and conditions become available. The agreement document will include comprehensive information regarding the loan. Pay attention to those terms and conditions before signing your approval. Notably, look carefully at fundamentals like the amount borrowed and the annual percentage rate.
So, it is critical to study all related info thoroughly. Once you put your signature, it means you’ve complied with every word. Hence, make sure that everything is beneficial for your position beforehand. Additionally, you should re-evaluate whether you’ll be able to keep up with the monthly payments. Later, it might be too late.
- Additional Charges
Loans are also subject to advance payments, failed checks, late payments, commencement, insufficient funds, and other processing costs. Some lenders impose these fees, while others do not. Those who charge them often do so at a rate between 1% and 7% of the entire loan amount. These costs do add up in time, so it is essential to examine them beforehand. Together, they may cost you a sizable amount extra.
Late fees should also be a focal point when choosing a loan. If you are uncertain whether you can complete the repayments on time, it’s best to select an installment lender. Unfortunately, many lenders take advantage of individuals who skip payments by charging them exorbitant late fees. You’ll have to pay such fees by the terms of the contract.
Step-by-Step Guide: How to Get a No-Credit-Check Bad Credit Loan With Guaranteed Approval?
It is possible to get a loan with a bad credit history if you plan it right. The following are the best steps to follow to seal the deal.
Step 1: Do a Credit Check
If you apply for a loan and you don’t have the required credit score, you may be turned down. You are eligible to check your own credit for free once a year and can do so online. There are many financial services that offer free credit checks. NerdWallet and annualcreditreport.com both give you a comprehensive look at your credit history for the past year. Keep in mind that your credit score might even be boosted if you take the time to look for any errors in your report and have them corrected. However, overall, once you know your credit score, it’s much easier to be realistic about the kinds of loans you can get.
Step 2: Make a Side-by-Side Comparison of Lenders
Because no two lenders have the same borrower specifications or interest rate ranges, shopping around pays off. Most bad credit lenders offer rates you can afford, along with other helpful features like credit-building tools, fast funding, or a mobile app to track loan payments on the fly.
Step 3: Pre-Qualify
Obtaining a pre-qualification is free of charge and gives you an idea of the interest rate, loan amount, and repayment terms you can expect. When trying to figure out whether or not you qualify for a loan, this tool comes in handy. This feature is available from the majority of online lenders as well as some banks.
Step 4: Add to Your Application
In order to qualify for a personal loan with a lower interest rate, you may want to use a co-signer or find a secured loan. A co-signer adds another person’s credit and income information to the application and agrees to pay back the loan if the primary borrower is unable to do so for any reason whatsoever. Secured loans require you to put up something as collateral against your loan. If you default on the loan, the lender can seize your collateral, such as your house or your car.
Step 5: Apply
To make the loan application process go more quickly, gather all of the necessary documents ahead of time. W-2s, pay stubs, financial statements, and your Social Security number are examples of this documentation. Some lenders will make a decision on your application the same day or the next, but the majority will do so in as little as just a few hours.
Alternatives for Bad Credit Loans
Before you opt for a loan, it might be worthwhile to consider other options. Moreover, if you don’t qualify for a loan for whatever reason, here are some alternatives to turn to.
- Take a Loan from a Relative or Friend
If a lender isn’t ready to offer you a loan, you could still ask your family or friends. Be as specific as possible about the repayment terms and circumstances, such as the interest rate, the number of payments, and any additional fees. Agree on terms just as you would with a traditional lender. As a bonus, a friendly loan from someone you know will likely have far better terms than anything you would get elsewhere.
- Ask for a Loan From Your Employer
If you have an excellent working relationship with your boss, you might ask for an advance on your pay. This short-term loan could make things easier for you to get back on your feet and get a little ahead.
- Sell Your Assets
One man’s trash is another man’s treasure. Got some stuff lying around that you don’t use or need? Try selling it online. Facebook Marketplace and eBay are easy ways to sell small used items online. You could make a little bit of extra cash, and it just might be enough to get you through.
Frequently Asked Questions About Online Loans for Bad Credit
Q1. How do I know if my credit score is good or bad?
FICO has created a scale for evaluating credit scores, which you may use. The range of credit scores is 300-850. So, follow this method to get an idea of your credit report. For comparison, know that anything below 670 is considered lower than average. Above that average, chances for accepted loans rise. With a higher score, expect to strike a better deal with your lender.
Q2. What can I do to raise my credit score?
There are a few areas on which you concentrate to achieve a higher credit score. For starters, always keep an eye on your credit reports. Also, prioritize making payments on time. Being late for months will negatively affect your financial history. Pay off all of your financial obligations, including any loans or credit card bills. Of course, do your best to stay out of potentially illegal operations. You don’t want to draw such attention to yourself. Finally, you could consider consulting with credit counselors.
Q3. I have bad credit and need a loan right now.
If you have poor credit and need a loan with bad credit, consider the companies featured in this guide. They’re all online lenders that provide assistance to people with bad credit. Due to the type of service they offer, applying for a payday loan won’t be a headache.
Also, if you go for this option, you’ll have access to your loan funds in a matter of hours. Finally, there is no need for a high credit score to qualify for an application. The procedure is easy and usually free of charge.
Q4. Is it possible to get a personal loan without revealing my credit rating?
Usually no, but some lenders will put more focus on your employment status than your credit rating. Be prepared for loan negotiations to take a little bit longer if you are looking for a lender that isn’t going to run a credit check. If the reason you want to avoid a credit check is that you are afraid you will be turned down if you have poor credit, then it’s better to look for a lender that is open to bad credit borrowers. Looking for a lender that doesn’t require any credit history could take you longer and mean you end up with a less-reputable lender.
Wrapping Up: Which Are the Best Bad Credit Loan Companies?
Occasionally, life throws unexpected hardships your way. They’ll often resemble unpredictable financial pitfalls. With those, it’s not all fun and games. Luckily, there are companies who will offer a hand.
Among the reputable sites we’ve discussed, MoneyMutual is our top choice for people seeking urgent loans. Not only is their procedure more efficient than the competition, but they excel elsewhere, too. Their customer service system guarantees prompt responses to your inquiries. No doubt, a significant aspect for first-timers.
If you are looking for a bad credit loan with guaranteed approval, then you have nothing to lose by checking out any of the networks we’ve discussed above. They offer access to a wide range of lenders and are open to borrowers with bad credit. Furthermore, they have established themselves as secure and reputable companies in the industry.