No matter how much you try to save and be budget-friendly, unforeseen situations can always find a way to creep up, leaving you confused on how to get out of the mess. Getting personal loans to help you from these predicaments can be a lengthy and hectic task; especially, if you have a bad credit score.
Getting approval for a personal loan can be quite difficult. A history of unstable financial conditions and not repaying loans on time can make the process much harder than it already is. Therefore, getting a bad credit loan can be a reliable and quick alternative.
To make it easier for you, we researched the loan market and came up with a list of reliable lenders that can solve your bad credit problems. With guaranteed approval rates, these companies have operated for years in helping people get loans and improve their credit scores.
You might be thinking, if these businesses do not review your credit score, how do they give out loans?
Well, it is quite simple; they usually look for things other than just credit scores. For instance, what is your average salary? How do you spend your salary? How much do you save? How do you manage your money? And so on.
With an entire range of bad credit loan companies in the industry, while there are many that are legitimate and genuine ones that give personal loans, there are also many fraudulent companies taking advantage of peoples’ problems by charging them hefty interest rates.
Therefore it is important to opt for lending agencies that have reasonable interest rates and fees to bad credit borrowers. Don’t worry we are here to help.
We have tried to offer our unbiased opinion, with comprehensive financial reviews that you can trust. By researching multiple loan options, along with their fees, interest rates, requirements, and other features, below are some of the best bad credit options currently available on the market.
Top 5 Best Online Bad Credit Loan Companies With Guaranteed Approval:
- MoneyMutual – Best Overall Loan with Guaranteed Acceptance
- BadCreditLoans – Best Company for Emergency Loans
- CashUSA – The Simplest Loan to Get
- PersonalLoans – Best Online Lender for Personal Loans
- Credit Loan – Guaranteed Bad Credit Loans
#1. MoneyMutual – Best Overall Loan with Guaranteed Acceptance
As per research, almost 40% of people living in America do not have enough money to get themselves out of an unfortunate financial situation. The worst part is, the sum of money that would be enough to bridge this gap is only $400.
We all have experienced difficulties dealing with lenders and fulfilling their bizarre and unnecessary requirements to receive a personal loan. Even if it is approved, get ready to pay heavy interest if you do not have good credit. However, things are the opposite when you work with MoneyMutual.
Founded back in 2010, MoneyMutual’s main goal is to connect borrowers and lenders, and to make things easier on both sides of the process. This allows lenders to find valid candidates to trust their money with and borrowers to get money quickly without having to go through any unnecessary hassles.
- The application process is quick and easy.
- Different types of loans for bad credit borrowers are available.
- The site is secure and encrypted.
- MoneyMutual does not have any service charges.
- Borrowers receive money in their account in 24 hours.
- Over 60 lenders are available to fulfill your specific needs.
- MoneyMutual is not responsible for any problems between both parties.
- Only people who live in the USA are eligible to apply for a loan.
The site is easy to navigate, and all you have to do is fill out a form on their website to get the loan process started. Here you will have to give out personal information like how old you are, where you live and how much you earn. Then MoneyMutual starts looking for lenders based on your form. You can look and keep track of every step through their official website.
Next, you are connected to a lender through MoneyMutual who is prepared to loan you the money. From here, you are redirected to the lenders’ official website to read their terms and conditions. This is where you discuss any changes or adjustments with the lender directly, as MoneyMutual is not included in this process. Therefore, in case of any liability, they are not responsible.
Finally, if you agree to the loan lender’s fees, interest rate, and terms, the deal can be finalized. Lenders will usually contact you to proceed with the order, and the funds usually get deposited directly into your account in less than 24 hours.
With over 60 lenders, MoneyMutual can help users receive a loan ranging from as low as $300 to up to $35,000. Smaller loans are more commonly accepted if borrowers have a bad credit score.
It is important to note that MoneyMutual acts like a bridge between the lending company and the borrower, so it has no say in the terms and conditions set between the two parties. Therefore, remember to thoroughly review the terms before accepting the money to prevent any misinformation regarding the procedures and policies.
MoneyMutual has over 2 million costumes online who have shared stellar reviews about the service it provides; there is no doubt that the company is doing wonders. All users are satisfied with the service because it is so easy to use and is hassle-free. Additionally, people love the company because it charges no fees at all when connecting you to a lender.
Furthermore, people appreciate the quick money transfer to their bank accounts, as people who do usually apply for bad credit loans need the money immediately.
Here is what a user has to say about the service, “I owe a lot to MoneyMutual, when I had a medical emergency, and the bills started piling up, there was no one I could seek help from. But MoneyMutual helped me get through that tough time without making me go through any extra trouble.”’
#2. BadCreditLoans – Best Company for Emergency Loans
Like MoneyMutual, BadCreditLoans is another online loan website that connects lenders and borrowers rather than providing the loan itself.
This company realizes and acknowledges the fact that financial emergencies occur when people are least expecting them. In these situations, people find it difficult to get loans from banks or any other loan institutions, especially if they have bad credit. This is where BadCreditLoans saves the day, as they provide people the opportunity to find personal loans and get them quickly and easily.
So no matter for what immediate reason you need the funds – be it debt consolidation, debt relief, credit card refinance, medical, rent, auto repair, holiday, etc.- BadCreditLoans has your back.
By using fact-based information and knowledge provided by the agency, you are given the tools to make the responsible decision of picking a lender freely since you are not bound to any deals with the lender until and unless you are fully satisfied.
- Users just need to fill a form to apply for funds.
- Gets rid of the trouble of contacting lenders individually.
- Users get a range of lenders to pick from.
- Detailed information is provided to help with the lending process.
- There is no pressure on borrowers to accept the deal if they are not satisfied with the lender.
- Some people can face strict eligibility requirements.
- The BBB has not rated and reviewed the company yet.
In order to be eligible to connect with lenders through BadCreditLoans, users must be 18 years of age and above, be a permanent US citizen or resident, have a bank account in their name, and have a steady income source.
Users are allowed to request money ranging anywhere from $400 to $10,000. Their flexible repayment plans are great as they give people the option to repay the loan for up to 36 months. But the interest rates can vary depending on the terms and conditions agreed upon by both parties; the Interest rate can be from 6% to 36% APR.
All you have to do to get the loan is follow three simple steps, and the money will be in your bank account in no time. First, you have to fill a simple form on the BadCreditLoans website. Here they will ask you for some personal information like your name, date of birth, bank information, etc. Additionally, they will ask why you need the money, the amount you need, and proof of citizenship.
Users are asked to fill this form so that they can be connected to lenders easily.
Next, all you have to do is to lie back and relax, as the company does its job of linking a lender to your specific financial needs. Then, the lenders can go through your application and then offer you a loan based on it.
If the offer is worthy, you can take it; otherwise, there is no obligation to do so. There is always the option of turning it down and looking for a different lender with a better offer. A point to note here, you must go through the loan’s terms and conditions as BadCreditLoans do not decide them.
Once both you and the lender come to a mutual agreement, you need to electronically sign a contract to get the money transferred to your bank account. There is a good chance the money will be transferred within a day, but this might vary depending on how the lender has chosen to deposit the money.
Review websites, like Trustpilot, have highly rated the company, with a majority of the reviews being positive. Customers praise the business for its swiftness, funding time, and approval rate with bad credit.
However, the company does ask for much more detailed personal information than other loan companies, but it is worth the effort at the end of the day.
#3. CashUSA – The Simplest Loan to Get
If you want a loan from a secure and safe website, CashUSA is the company you have been looking for. Not every company offers guaranteed easy approval on bad credit/no credit check loans, but CashUSA does. What makes this company different from other online lending companies is that the loans they give are often smaller.
They offer users the chance of getting loans from $400 – $10,000, which can be paid back over the course of 3 months to 72 months in monthly payments. This is great for people with bad credit looking to get smaller loans as many companies in the industry offer a minimum loan of $1000.
CashUSA is known as one of the most reliable and reputable sources to get emergency or personal loans for any problems that you have to deal with. The business focuses on ensuring that the loan approval system is reliable and fast, so it caters to users efficiently.
They do not provide loans themselves; instead, they link you up with suitable lenders. They have a range of lenders who all have different terms and conditions for giving out a loan; hence the website connects you to lenders that match your information and requisites. Not only this, but the site also gives you the required information you need to make a smart and informed decision.
- Quick service, with easy-to-access websites.
- Over 1 million monthly users are satisfied.
- Repayment time can be up to 70 months, making it super easy for people.
- The company has a large network of lenders.
- They charge no service fees to connect users to the lender.
- Their education center helps people make the right decisions.
- Companies may ask for a lot of information, which some people may not be comfortable with.
- The maximum loan amount is $10,000.
As the company works like a mediator, linking lenders and borrowers, it does not have any say in the interest rates and loan fees. These rates completely depend on what mutual agreement you make with the lender; therefore, CashUSA does not charge you any fee. You can sign up for loans on the website without paying any setup charges.
They use the same registration process as some of the other companies on the list. First, you are asked to fill a form that needs basic information like name, email address, whether or not you are in the military, and most importantly, the amount of cash you are looking for.
After this, you are asked for further detailed information like your address, phone number, social security number, ID, monthly income, and many more.
You might think that they are asking for a lot of personal information, but this process ensures that borrowers are reliable and trustworthy. But in general, this is much better than having an in-person meeting, visiting various offices, and waiting for multiple weeks to get a response for a loan request.
Based on this information, the company decides whether or not you should be approved for loans. If yes, then your information is forwarded to available lenders that align with your requirements. They can then offer you a loan based on their terms and conditions.
Once the offer conditions are read and agreed upon, you can give your e-consent and have the funds in your bank account within 24 hours. However, even if you are not satisfied with the offer, you can always negotiate or look for a better option.
People are happy and satisfied with the decision of picking CashUSA to get a loan in their hour of need. It is rated highly and considered one of the best companies for smaller loans. In addition, customers praise the business for hassle-free, quick cash transfers.
#4. PersonalLoans – Best Online Lender for Personal Loans
PersonalLoans is another online lender that connects borrowers with various lenders. It promises customers a safe, fast and secure way of transferring funds to them, no matter when they need the money.
It has some of the most flexible and simple terms anywhere, with different loans ranging from $499 to $34,999. They are a leading marketplace that gives consumers bank, peer-to-peer, and installment loans. That can be used for any personal use, from medical bills to rent, vacations to taxes, home improvement, major purchases, debt consolidation, and many more.
If no one from their list of lenders accepts your requests, PersonalLoans have an option to approach other third-party members to give you a loan. However, they are required to share some of your information with them, but this is nothing to worry about. They have adequate safeguards and agreements in place with lenders, to restrict access to your information as per need.
- Users receive funds within a day of requesting them.
- Repayment terms are easy and considerate; loans can be repaid up to 72 months.
- There is no obligation to accept an offer.
- Personalized offers are available, and this allows you to get the best offer specific to your needs.
- High loan amount available, up to $35,000.
- Flexible repayment can improve credit scores.
- Some people with poor credit scores might not get accepted.
- The monthly salary requirements are more than other sites.
Personal Loans does not charge a penny from users to connect them to a lender. Instead, they provide this help free of charge to the borrowers. That being said, the business does not have a say or interfere with the contract that the lender provides either.
To apply for a loan, you begin the procedure by filling out a form that asks for basic information. Once done, PersonalLoans will connect you to a lender that will send you an invitation to shift to their website for further information. A great thing about the company is that they do not bind you to give any additional information before being invited to the lenders’ site.
Then all you have to do is negotiate with the lender and make a decision after reading their terms and conditions. After approvals, it usually only takes 24hrs to get the money transferred into your bank account.
Another great feature about PersonalLoans that you will not find with other businesses is their obligation-free rate quotes. While most online loan companies link you to a lender, very few of them do so without asking for your account information first; PersonalLoans.com does exactly that. Therefore, you are able to see the offers you are expecting to get without giving away your account details. This is great for users who just want a quote or want to browse their options.
Furthermore, PersonalLoans give their customers ease of mind when repaying the loan. For example, if you miss a deadline or are late in paying your installment, you can contact customer support or tell the lender directly to give you a new due date. In most cases, lenders will charge a small fee and propose a new repayment schedule.
PersonalLoans have received overall positive reviews from customer feedback. They are praised for giving personal loans in the shortest time. Not only do they return users, but they have new customers every day.
One customer review read, “The website is so easy to navigate, I am not so tech-savvy, but I could still easily apply for a loan. Not only that, but I got my loan request accepted in less than 16 hours.”
#5. Credit Loan – Guaranteed Bad Credit Loans
Credit Loan is one of the oldest companies on the list; founded in 1998, and it has served over 750,000 people by linking them with reliable lenders. Since then, their main goal is to educate consumers on the different financial issues through their content library and tools like mortgage calculators and financial calculators.
They offer affordable interest rates on repayments, making them a good option to choose from. Moreover, by giving out loans to people with great credit scores and bad credit, they have gained a massive customer base.
A great thing about Credit Loans is that users can ask for a loan at any time of the day. Therefore, there is no need to follow some lenders’ strict office timings, making it great for emergencies where waiting is not an option.
- Services that Credit Loans provide are free and fast.
- They have a highly secure system, which protects users’ personal and private information.
- TRUSTe and Mcafee verify the site.
- Everything is done online, and no in-person dealing is needed.
- The loan is approved and given quickly, sometimes in less than 24 hours.
- Great for users who want smaller loans with low-interest rates.
- Loans can only go up to $5,000.
All the loan agencies discussed in this article have pretty much the same procedure, and so do Credit Loans. However, one main difference between them is that this platform is great for anyone who wants a small amount of money at a cheap interest rate. Unfortunately, many organizations have high minimum loan requirements to charge customers a higher interest rate, hence making more money off them.
The company is verified by TRUSTe, a certificate that monitors companies regarding privacy policies and practices. Additionally, it is also certified by reputable organizations like McAfee Secure; this ensures that you are safe and secure while surfing through their official website.
After filling the form, Credit Loan forwards your request to a bunch of lenders. If they decide to work with you, they will redirect you to their website, where you can read the loan terms and conditions.
Once the loan terms are accepted, most likely, you will have the money in your bank account in one day.
Majority of customers who have gotten loans through Credit Loan praise the service for being fast and secure. Further stating that they regularly recommend the company to anyone looking for a small loan quickly, since the money is loaned without going through the hassle of conventional loan processes.
A customer reviewed the business, stating, “I am so grateful for Credit Loans; not only did they help me in a time of need, but they made the payment process so easy and convenient. In addition, the repayment period and interest rates were very reasonable. They also helped improve my credit score by reporting my payments to the main credit bureaus.”
Factors To Consider When Applying For A Bad Credit Loan
Many different considerations are involved while getting the best deal on your loan for bad credit. When searching for an online business that provides lenders for loans, it is important to keep the following factors in mind:
- Whether or Not You Are Eligible
Businesses that provide loan offers to users with bad credit history usually have criteria of minimum credit score, which is set by a company called Fair Isaac Corporation or FICO. This minimum score required is usually around 620.
Additionally, it is important to pay attention to the debt to income ratio; which is the money you owe to lenders and the money you make each month. Also, most lenders prefer to choose borrowers with a definite and solid income, so that you are able to make payments on time.
It is common for lenders to set a limit based on income per annum for borrowers. In contrast, other lenders might let this go but concentrate on other factors like the salary you get from the job and the type of job you have, to investigate your capabilities of paying back the money you borrowed.
Some picky lenders may even go beyond checking your credit history and consider how you got your credit score as well.
In case you do not meet the criteria of receiving a loan on your bad credit history, then you can look for lenders who permit another person to sign off on the loan on your behalf. Therefore, you can benefit from the co-signers income and good credit, which will help you better negotiate the terms with the lender.
By doing so, you can get a loan with a lower interest rate than you would with bad credit. If you are not able to make repayments on time, then the co-signer will be held liable.
This is the risk of choosing a co-signer. If you cannot make the payments on time, you can negatively impact their credit score and ruin your relationship with the co-signer. Therefore, it is important to weigh the pros and cons before jumping the gun.
- Interest Rates
The most important thing to consider when borrowing money is the interest rate on it, aiming for the best one you can get. Making the comparison of the amount you will have to pay with different interest rates is compulsory, as this will give you an idea of whether or not you should accept a loan. The better your credit score is, the more likely it is that you will get low interest rates on your loan.
There are a few bad credit lenders who use fixed interest rates rather than fluctuating ones. This can be good and bad for the borrower. If money loses value over time, then having a fixed interest rate will be beneficial for the borrower. Still, if the opposite happens, this can be devastating as the borrower will have to pay much more in terms of the value of money.
While fixed interest rates are consistent throughout the repayment plan, fluctuating ones change depending on the value of money. In addition, they change as the index rate changes.
- Terms and Conditions
When applying for a loan with businesses that link you with lenders, it is important to remember that their terms and conditions will be completely different from the agency you applied through. Once your loan is sanctioned, the terms and conditions are made accessible. It will have detailed information about the loan, including basic terms and conditions, all the information about the money lent, and the annual percentage rate.
It is important to read these terms carefully before signing them to ensure that they are favorable to your situation and you are not being taken advantage of. Additionally, you should be sure that you can make the repayments of the loan in time.
- Other Charges
Advanced payments, bounced checks, late payment, commencement, inadequate funds, and other processing fees are also applicable to loans. Hence it is important to look at them beforehand as these alone can cost you a fortune. While some lenders charge these fees, others don’t. The ones that do have them usually charge a fee of 1% to 7% of the total loan.
Late fees can be an important factor when picking a lender. If you are unsure whether or not you can make the repayments on time, you should pick a lender that is lenient with installments. Unfortunately, many lenders take advantage of people missing their payments by charging them hefty fines, which you are obligated to pay as you signed the contract.
While most late fees are low, there are some lenders who do not charge a late fee.
Guide On How To Get A Bad Credit Loan With Guaranteed Approval
You can most likely get a loan with bad credit if you negotiate the best deal. However, this needs to be carefully prepared.
The starting point is for you to check your credit history, make a plan to pay the loan off, and look for the best deal with the most advantages. Keep reading to understand these steps better.
Step 1: Check Your Credit History and Credit Report
You can get a free credit report from any of the main credit bureaus. Once you receive your credit report, go through it for any false items or mistakes, and decide what points need to be worked on. If you find the problems and fix them, your credit score can improve drastically. Therefore you can get lower interest rates on your loan request.
While applying for a loan, the first thing the lender looks at is your credit score and credit history, which influences their decisions of whether you can pay the loan back or not. This is because credit scores and credit reports are the only two things lenders can assess your credibility on.
It is important to go through your credit history two months before you decide on a loan. So you can fix any false items on it and get them corrected from the credit bureaus. This usually takes around 30 days to complete.
Step 2: Make a Plan
Decide on the exact amount you need to borrow. Then make a plan of how you will pay it in time, and always leave room for error. Your monthly budget should consist of savings, essential expenditures, debt payments, etc., and now the installments of your loan.
Once this is done, you can finalize the amount you need and the time you require to repay it. An important note to remember is that long-term loans are more costly than short-term loans.
Step-3: Decide on an Interest Rate
Borrowing money with bad credit can be costly due to high-interest rates. Therefore, you need to research the market for the different interest rates offered according to your credit score. Additionally, you can look for lenders who have pre-approvals as they do not do extensive credit investigations.
Step-4: Be Vary of Scams
The bad credit loan industry is riddled with scams and fraudulent companies. A common rule of thumb is, if the deal seems too good to be true, it probably is a scam. Unfortunately, it is quite difficult to recognize scams if you’re a newbie. However, these scams can be easily avoided if you work smart.
For example, a fake lender will not ask about your credit history and only be concerned about getting the fee advance. However, once they know your credit card details, they will charge you multiple times and demand you pay from a prepaid card.
Therefore, it is important to go for companies that have proper licenses and real customer reviews. If you do not want to do the research, just pick one of the reliable options from the list above.
FAQs Regarding Bad Credit Loans
Q1. How Do I Find Out If My Credit Score Is Good Or Bad?
If you are a US citizen, you can get your credit history and credit score free from any major credit bureaus. You can do this by visiting the FTC website.
There you can find a scale set by FICO to judge your credit score. Credit scores can range from 300 to 850.
To get a sense of the score follow this guide. If it is before 670, then it is considered bad. The lower it goes the worse it is. Anything above 670 is good, and as the score increases, the better it is.
Q2. How To Improve Your Bad Credit Score?
Here are a few things to focus your effort towards, to achieve this:
- Check your credit score report from time to time.
- Pay the bills on time.
- Pay all your loan or debt installments.
- Try to avoid situations that can cause investigations.
- Build your credit up by taking help from professional financial advisors.
Q3. What Happens If You Have A Bad Credit Score?
If you have a bad credit score, it gets more difficult to grow a business or yourself. It will be almost impossible to get credit loans. Moreover, you will not be able to get help in case of any emergencies as you are not trusted.
People with good credit scores can take advantage of many benefits like taking out personal loans, student loans, credit cards, and other financial loans.
Q4. How Can I Get A Loan Quickly With Bad Credit?
As bad credit impedes you financially, you can use online businesses that give bad credit loans. You won’t feel any hassle applying for these loans as they do not do extensive credit checks.
By choosing this method, the money from the loan will be transferred into your account within a day. The process of applying for these loans is very simple and does not require a good credit score.
Concluding Thoughts: Which Online Platform Should You Consider To Get The Best Bad Credit Loans Guaranteed Approval?
While it’s always good to plan ahead, sometimes life can bring you unforeseen expenses that you simply couldn’t have anticipated. Online platforms like MoneyMutual and BadCreditLoans are convenient and fast ways of taking care of these financial expenses. To find the best lender for your unique needs, we recommend doing your own research while keeping the points we have listed out there in mind.
As long as you assess all your options and make an informed decision, these bad credit loans are just the push you need to remove financial stress from your life.