A financial situation can have a massive impact on your plans, whether you need to buy the house of your dreams, pay medical expenses, or any other reasons. In life, unexpected circumstances arise where you are in need of funds, and with no savings, you will be in a very challenging position. So, as a solution, we recommend taking loans from reliable companies.
Having a bad credit score will significantly lower your chances of getting a loan, which is why we researched for companies that specialize in providing bad credit loans with guaranteed approval for people with low credit scores or even no credit at all. These financial institutions offer loans at low interest rates and may also help you boost credit rating with each repayment you make.
Top 5 Best Bad Credit Loans with Guaranteed Approval:
- MoneyMutual: Overall Best Bad Credit Loans Guaranteed Approval, Easy Quick Cash
- BadCreditLoans: Choicest Emergency Loans with Highest Approval Rates
- CashUSA: No-Credit-Check Loans Guaranteed Approval, Apply for Cash Loans Today
- Personal Loans: Most Reliable for Bad Credit Loans, Personal Loans
- Credit Loan: Small Loans for Bad Credit to Get Cash Advance Online
Here are detailed reviews of our top choices:
#1. MoneyMutual: Overall Best Bad Credit Loans Guaranteed Approval, Easy Quick Cash
MoneyMutual is a service that is not an actual lender, but it provides matching services between lenders and borrowers with bad credit scores. It was established in 2010, and since then, it has been providing services for people who are in need of funds even if their credit score is not the best. How this platform works is that once you apply, MoneyMutual will give you access to their network of more than 60 lenders that will be suitable for you based on your financial situation.
- How It Works
What is great about MoneyMutual is that this platform is very easy to understand, and its website is user-friendly and simple to navigate. In order to get loans for bad credit, you will need to fill out a form on their site, where you will provide information such as the state that you live in, your name, email, zip code, your age, and how much you earn. Once this is done, MoneyMutual will then start looking for lenders that can work with your requirements.
Once the lenders review your situation with a minimal credit check and make a decision, you will be redirected to their website. Each of the lenders has its own terms and conditions they guide you through, and if you accept, you will be contacted by the lender to finalize the loan process.
- Eligibility Criteria
MoneyMutual connects you with professionals who are willing to work with people with bad credit scores. However, there are certain criteria you need to meet to be eligible for a loan. For instance, you need to be above 18 years old and a permanent resident of the U.S. Additionally, this platform requires you to provide documentation or proof of employment status and at least $800 of steady income per month.
- Quick Transfers
When you require a loan, there is nothing worse than waiting for the funds to be transferred into your account. MoneyMutual understands the struggle, and they connect you with lenders that will give you a loan within 24-48 hours. This is convenient when you are in need of funds for an unexpected emergency. However, you need to keep in mind that repayment terms are discussed with the lenders directly.
- No Fee Charges
As surprising as it seems, MoneyMutual does not charge any service fees or hidden fees. Instead, this money-lending platform connects you with lenders for free, which is very refreshing to see and practical for many borrowers that have bad credit scores. Once you start working with the lender, they might charge you with their own fee, but MoneyMutual saves you time and connects you with reliable lenders for free.
This platform provides lending services for people without taking into consideration their credit score. Instead, they have a couple of requirements, including a steady income. Furthermore, MoneyMutual offers several types of loans, such as payday loans, which borrowers can get to make it to the next payday. This type of loan is suitable for daily payments.
In addition, MoneyMutual offers cash advances similar to payday loans and installment loans, during which you have scheduled payments to pay back your loan. With the help of this money-lending service, you can get a loan as low as $250 and up to $5,000 in a short period of time.
Regarding your credentials, you do not need to worry when you are taking loans through MoneyMutual. This is because their website is highly secured with a number of advanced security features. In addition, their policies not only guarantee the safety of your personal information, but their lenders must also comply with their rules, so your information is safe with them as well.
- Loans given with minimum credit score
- Quick approval process
- Fast funding
- No service charges
- Educational section for less experienced borrowers
- Restricted in some states
- Not responsible for issues after the connection between borrowers and lenders
We found many reviews from customers that stated this platform is very easy to understand and the site is easy to use. Users expressed this platform has helped them receive loans much faster than any other service, and they were delighted with no service charges. Additionally, many borrowers appreciated the security measures MoneyMutual takes and their determination to connect you with the best lenders possible.
#2. BadCreditLoans: Choicest Emergency Loans with Highest Approval Rates
This money-lending platform was established in 1998 and has since been providing lending services for people with bad credit scores. They are a matching platform that connects borrowers with less impressive credit scores with a larger network of professional lenders. As a company, BadCreditLoans is aware of financial emergencies that often occur, so they give opportunities for people to receive funds as quickly as possible.
- Eligibility Criteria
In order to be eligible for bad credit loans with guaranteed approval from this platform, you need to meet specific criteria. For example, you need to be at least 18 years old and a permanent citizen or resident of the U.S. Additionally, BadCreditLoans requires a valid bank account in your name, and you must have a steady income.
- Simple Application Process
Generally, when people are looking for personal loans, it requires a ton of paperwork that needs to be provided. However, that is not the case with BadCreditLoans. In order to apply for a loan, you simply need to fill in an application form that you can find on the website. Some of the information you will need to include is your birth date, bank information, contact information, employment situation, credit score category, and the reason why you are in need of a loan.
- How It Works
After you submit your application, this money-lending platform connects you with potential lenders that then review your financial situation. If the lender wants to work with you, they will contact you through email to continue the cooperation. An important thing to know is that every lender has terms and conditions, so you need to make sure you understand what they provide and discuss the repayment process with them. Once everything is settled, the loan will be transferred directly into your bank account in 24-48 hours.
- Special Features
What distinguishes BadCreditLoans from other loan services is its special features. The company assists you with facts about whether you can afford loan repayment before you agree to any terms, which is very convenient for less-experienced borrowers. Moreover, this lending platform provides flexible repayment options that allow you to be worry-free and pay off the loan in up to 36 months.
Regarding loan amount, BadCreditLoans’ loan option can vary depending on different factors, but generally, you can receive a loan from $500 up to $10,000. Moreover, the interest rate fluctuates between 5.99% to 35.99%. The platform also does not charge any fees from borrowers for connecting them with their lenders.
BadCreditLoans, as a reliable money-lending service, is always on the side of the customers. Even if you do not accept an offer from a lender, it will not affect your profile, as you can try again to get a better offer.
- Additional Services
Not only is BadCreditLoans one of the best providers of bad credit loans with guaranteed approval, but it also offers additional services, such as credit repair, debt relief, and even third-party lenders. This is very refreshing to see, as they are very informative about repairing credit scores and getting familiar with how lending processes work. Moreover, on the website, you can find helpful articles about financial knowledge, overcoming financial struggles, etc.
- Flexible repayment options
- Quick loans for bad credit holders
- Advanced encryption technology
- Simple application process
- Many loan offers
- Bad credit holders have limited loan amount options
- Must submit proof of citizenship
According to the reviews from borrowers, BadCreditLoans is a reliable service that provides fast loans for people with less ideal credit scores. We noticed many comments about how easy it is to apply for a loan, and there were also many positive remarks about the customer service as well. Other users expressed this platform has helped them overcome financial struggles, and they appreciate the extensive lender network.
#3. CashUSA: No-Credit-Check Loans Guaranteed Approval, Apply for Cash Loans Today
If you are looking for a loan from a reliable platform, then CashUSA might be the best solution for you. This money-lending service is well-established on the market and is known for providing quick loans for people who are in need of funds but have a bad credit score. CashUSA also provides an educational section that is accessible on their website, where you can find useful information about different financial topics.
- Easy Application Process
In order to apply for a loan from CashUSA, you need to start the procedure by filling in an application form, which is divided into several sections. The first one includes personal information, while the other section requires information about your income, phone number, address, whether you own a house, SSN, driver’s license, and other details. Finally, you need to provide banking information, such as car ownership, official job title, etc., and submit the form.
After you apply, CashUSA will send it to a variety of lenders that specialize in bad credit loans. Since the platform is one of the best for focusing on guaranteed approval, CashUSA is very convenient for borrowers, as they will be connected only with reliable lenders that are willing to work with those with a less than ideal credit score.
- Quick Loan Procedure
What makes CashUSA one of the best platforms for bad credit loans with guaranteed approval is that they do the matching very quickly and efficiently. Once you are connected with potential lenders, you will start getting offers from them with different terms and conditions. When you accept an offer, you will receive funds as quickly as 24 hours, which is very convenient for many borrowers.
As mentioned, the application process for getting loans with a bad credit score on CashUSA is relatively quick and easy. However, there are several criteria you need to meet to be eligible for such a loan. One of the main requirements is you need to be at least 18 years old. To get a loan, you also need to be a citizen of the U.S. and have a steady income of at least $1,000 per month. Additionally, you need to provide a valid checking account in your name as well as a phone number and a valid home address.
- Easy Withdrawal
In case you worry about forgetting your monthly payment, CashUSA has a special feature for you. With this platform, lenders can automatically withdraw the monthly amount you need to pay out of your bank account. This feature is very convenient, as it keeps you from worrying about forgetting to make timely payments.
- Secure Site
- Additional Features
The loan amount that is approved by the lender and the borrower varies by what information you supply. However, the approved amount can be as little as $500 and up to $10,000. Furthermore, the repayment time can be 90 days up to 72 months, which is enough time to collect your funds.
Additionally, CashUSA does not charge any fees for connecting you with authorized lenders. However, the lender you are working with might charge you fees that they should acknowledge before you accept the offer. Another significant thing about CashUSA is that you can evaluate the terms and conditions before you make a decision. This feature allows you to look for the kind of loan you want.
- Educational Center
This money-lending platform offers an educational section for users as well. On there, you can find many articles about financial struggles, how to repay your student loans, how to understand and improve your credit score, and many more. In addition, CashUSA also offers financial advisors with a high level of expertise in such topics to advise less experienced borrowers about loan processes.
- High loan amounts
- Free of cost service
- Longer repayment period
- Reliable lenders
- Educational section
- More personal information is required
- Must earn at least $1,000 per month to qualify
Customers seem to like the quick loan process and the unique features CashUSA provides. Judging by the majority of the feedback, CashUSA is one of the most reliable money-lending platforms for all borrowers, including those with bad credit scores. We also found many comments about the security measures they take and their educational section.
#4. Personal Loans: Most Reliable for Bad Credit Loans, Personal Loans
Personal Loans is one of the best money-lending platforms that connects borrowers with a larger network of lenders. They offer a stable and secure service, and as a platform, it is suitable for people in need of quick funds. Additionally, this lending provider offers many features convenient for their customers, and it has some of the most flexible terms when it comes to bad credit loans.
- Application Process
The application process for getting a loan with bad credit from Personal Loans is very quick and easy. You just need to complete a quick online request and wait for the platform to connect you with potential lenders. After that, you will need to wait for the lender to contact you, and then you will review their terms and conditions. You need to keep in mind, however, that every lender has their own terms, so it is necessary to read everything carefully. If you want to proceed with the process, you need to agree to the offer, and you will receive the money directly into your bank account.
- Eligibility Requirements
To be eligible for a loan from Personal Loans, you need to meet several requirements. You need to be at least 18 years old, be a citizen or permanent resident of the U.S., have a credit score of at least 580, and have a valid checking account. Another thing you will need to provide is a valid identification document to prove your identity.
- Types of Loans
This platform offers several types of personal loans. One of is a peer-to-peer loan, which is financed by linking investors with borrowers. You can also get a personal installment loan, which is the standard one we think of when we mention personal loans. To get such a loan, you will be connected to a lender, and then you will have to pay a monthly payment to repay the amount. In addition, Personal Loans offers personal bank loans, for which you will be connected with a local bank.
- Fees and Interest Rates
The APR for Personal Loans varies from 5.99% to 35.99%. However, the interest rates can fluctuate depending on the lender. For that reason, it is essential to understand the terms and conditions the lenders provide. Regarding fees, Personal Loans does not charge a fee for connecting the borrowers with lenders. However, the lender might charge you with a fee depending on the loan, so make sure to consider that as well.
- Additional Features
What makes Personal Loans one of the best platforms for bad credit loans with guaranteed approval is that it provides flexible lending periods and higher loan amounts. You can repay the loan in a period of 90 days and up to 72 months, which is excellent for personal loans. The minimum amount you can receive is $1,000, and the maximum is $35,000.
What characterizes Personal Loans is their quick transfers. This is vital, as people in need of financial aid usually do not have time to wait for a money transfer. With that being said, this lending service goes even a step further. In case you are not satisfied with any offer from their potential lenders, you can decline, and then you will be connected with third-party lenders. This is very convenient and shows this platform takes their clients very seriously.
Another significant thing to mention is that this money-lending platform respects your privacy. In other words, you need to provide only basic information to become eligible for a loan. Then, once you are accepted, you will need to provide more detailed information.
- Quick transfer of funds directly to your bank account
- Loans up to $35,000
- Flexible repayment system
- 24-hour customer service
- No obligation to accept an offer
- Those with extremely bad credit scores might not be accepted
- Higher monthly salary requirements
Customers love the flexible loan options Personal Loans provides and how informative their website is. Many users stated this is one of the most reliable platforms for money-lending. We also found a lot of comments about how quick their payments are and how they take necessary steps to ensure users receive a loan while also protecting their personal data.
#5. Credit Loan: Small Loans for Bad Credit to Get Cash Advance Online
Credit Loan is one of the oldest money-lending platforms that was founded in 1998. It is known for providing loan services for people with bad credit scores with affordable interest rates, and they also provide flexible payment options. Credit Loan has gained a great reputation in the market, and it is a reliable service that offers secure money transactions and personal information security.
- How Does It Work?
Credit Loan is suitable for people in need of smaller funds, even if they have a bad credit score. To get a loan, you need to answer a couple of questions on the form and submit your application. If you are accepted, you will be redirected to the lender’s page, where you can review their terms and conditions. A great thing about Credit Loan is that you can receive a loan in just 24 hours, which is very useful for people that need money for an emergency.
- Cost and Interest Rates
Another great thing about Credit Loan is their free service. This means the platform does not charge you for connecting you with potential lenders, and the repayment is agreed upon by the borrower and the lender. When it comes to interest rates, they also depend on the lender, but you can view them when the lender guides you through their terms.
- Great for Small Loans
If you are looking for smaller loan offers, then Credit Loan is the best option for you. You can receive a loan as small as $250 and up to $5,000. Moreover, this platform has excellent customer service that is available 24 hours, which means you can apply at any time that is convenient for you.
Credit Loan is not only one of the oldest services of such kind, but it is also one of the most reliable. The platform has an extensive privacy standard and certificates such as SSL and McAfee, making it safe for applying without hesitation. This shows they take their clients very seriously, and they also ensure customers their personal information will not be compromised.
To get a loan through Credit Loan’s service, you need to be at least 18 years old. Furthermore, you need to have an active bank account, a reliable source of income, and be a resident of the U.S. Also, when you are filling out the application form, you will need to disclose more detailed personal information.
- Educational Section
The company states that staying educated on personal finances is the best way to gain financial success and freedom. Therefore, they not only help people with financial struggles get a loan with bad credit scores, but the platform also has an educational blog on their website. When you open the site, you will find a lot of information on keeping your finances on track, how credit scores work, guides for budgeting, interest rate calculators, and much more.
- Affordable interest rates
- Suitable conditions for smaller personal loans
- Fast and secure service
- Decades of experience
- Informative website
- Loans limited to $5,000
- Customers who are bankrupt cannot get a loan
The customers are especially satisfied with the easy application process, and they like how quickly they received the loan. The majority of the positive feedback is about the security measures they take to secure personal information and how it is suitable for people who need small loan amounts. Other clients expressed they like the educational section, which is very informative for users around the U.S.
Factors to Consider When Looking for Bad Credit Loans with Guaranteed Approval
The first thing you need to consider when looking for a loan is whether you meet the criteria to be approved. Therefore, you need to check the requirements each of the money-lending platforms requests before you submit an application. Since every lender has its own terms and services, it is important to understand them and determine whether they will be suitable for your financial situation.
Another important factor is the amount of income you receive per month as opposed to the monthly repayment cost. In other words, if you have a steady monthly income, lenders are less likely to consider your bad credit score, and you will have greater chances of being approved for a personal loan.
- Interest Rates
Another factor worth considering is the interest rates. This is because some lenders tend to set higher interest rates for bad credit borrowers, as they are riskier. Therefore, before you accept a loan offer, you need to consider not only the loan amount in whole, but also the interest rates against the personal loan. Generally, the rate is fixed, so customers would not have to worry, but sometimes it can vary due to the market situation.
- Terms and Conditions
People often skip terms and conditions, but they are very important to consider, especially if you are looking for a personal loan. This is because this document contains information such as the loan amount you need to repay, the schedule, the interest rates, additional fees or penalties, etc. For this reason, it is significant that you carefully read all of the terms, as even the slightest carelessness can cause you financial damage.
Regarding fees, the personal loan platforms we reviewed in this article are free of charge. With that being said, you need to be aware of any fees and hidden fees from the lenders to avoid paying much more than you originally intended.
As we can see, to be able to get a personal loan, one must provide personal information and banking data. For this reason, it is important to look for services that take safety measures and use technology to prevent any data theft. All of the platforms on our list take the safety of their clients very seriously.
Another important thing to do before taking out a loan is to research the money-lending platform. If the company has years of experience, is well established, and is positively reviewed by customers, it is a positive indicator that tells a lot about the quality of the service. The platforms on our list have been providing money-lending services for customers for a longer period, and they are proven to provide the best matching services for people in need of personal loans with bad credit.
FAQs: Bad Credit Loans
Q. How Can I Improve the Chances of Getting Accepted?
Although these money-lending platforms offer services for people with bad credit scores, a higher credit score can significantly increase your chances of getting approval. What you can do is prepare your documents and provide proof of income and identity. That way, lenders will appreciate that you are ready, and you can also negotiate terms better. Another thing you can do is get a co-signer if you know someone with a great credit score. Since the lenders will then review their credit score, you may even get better terms.
Furthermore, you need to apply only for the loan amount you need actually need and which you can afford to repay. If you apply for multiple loans, your chances might get even lower than before, so make sure to apply for only one personal loan at a time. Another important thing to keep track of is any type of debt-to-income ratio, which is an essential factor lenders take into consideration when choosing to approve you.
Q. Can You Get a Bad Credit Loan if You Are Unemployed?
One of the many advantages of taking negative credit loans is that they can be obtained even by people who are not currently employed. To put it another way, a lender does not always require you to have a stable source of income or a steady job to provide you with a personal loan. This is despite the fact that you may have a poor credit rating.
A lender may approve your request for short-term funding if they have sufficient evidence that you have enough funds in your account. Furthermore, a lender also looks at all of your revenue sources, not just your employment status. Correspondingly, even if you are currently unemployed, you can get a personal loan from a lender online.
Q. How Long Does It Take for One to Repair a Credit Score?
The time required to repair your credit score depends on the negative information on your report. It is also important to consider which steps you take in order to improve your bad credit score. People who are seeking help from professional financial advisors also have a higher chance of improving their credit score much quicker. However, negative information, such as bankruptcy on a credit report, can be significantly more time-consuming to repair.
Q. How Do I Find Out if My Credit Score Is Good or Bad?
U.S. citizens can check their scores in any major credit bureaus, and you can also find a scale that is set by FICO and compare your result. Credit scores can range from 300 up to 850, so once you get familiar with your credit score, you can determine whether it is a bad or a good credit score.
Q. Is It Possible to Get a Personal Loan with Guaranteed Approval With a Bad Credit Score?
As you can see in this article, there is definitely a possibility of getting a personal loan even if your credit score is not the best. The platforms on the list are some of the best companies that are connecting borrowers with professional and certified lenders that have their own terms and conditions. The application process is easy, as you just need to fill out a form on the website and wait for a lender to contact you. Most of the lenders do little credit score checks, so the chances of getting one are still high.
Q. What Are Some of the Benefits of Taking a Bad Credit Loan?
The good thing about getting bad credit loans is the fact you can receive funds very quickly. After you receive the funds, you can make your payments on time, which will result in an improved credit score. Once your credit score is improved, it will be much easier for you to obtain a loan. No matter what the reason for your personal loan is, these platforms are intended to help you get through any financial struggles you have. In this article, we provided information about each of the platforms that provide different benefits for their customers.
Q. Who Can Apply for a Loan with a Less Than Ideal Credit Score?
Each of the lenders has its own requirements you need to meet to be approved by them. However, there are several general criteria you need to complete to receive a personal loan. First, you need to be a resident of the U.S., as the platform delivers services only for individuals who live there. Moreover, you need to be at least 18 years old, have a valid bank account in your name, have a steady monthly income, and not be in a state of bankruptcy.
Although the chances of receiving a personal loan with bad credit are significantly lower, there are platforms that specialize in providing such services. Very often, unexpected emergencies can catch us unprepared and put us in a difficult financial situation. Luckily, all of the platforms we reviewed on our list are providing guaranteed approval for people who have less than ideal credit scores. However, we strongly suggest platforms like MoneyMutual and BadCreditLoans. With so many online platforms entering the market, obtaining a personal loan has become much easier and quicker, as you no longer have to wait in long lines to submit your application.
With that being said, the fact that you have a negative credit score does not mean you have to give up the chance of getting a personal loan, as you can get a quick loan with little or no credit check. Overall, if you need a quick loan, we recommend checking out the platforms on our list that provide the best features possible.