Best Bad Credit Loans 2022: Top Online Loan Companies For Personal Loans For Bad Credit

Most Americans are unable to hold a few hundred dollars as savings, which usually leads to tight finances in emergencies. These people are usually individuals who have no responsibility for their funds and expenses, which often reflects on their credit score.

Banks are not welcoming people with bad credit scores since they are a high-risk category. The bank borrowing process might take too long, which is sometimes not the best option if your emergency is alert.

So, private lenders are a good option for bad credit holders and individuals needing fast emergency funds. These people are willing to provide fast financial help to people who are rejected by a bank or have no time to wait.

Our selected platforms are waiting on your request so that they can connect you with a lender. The lender partners offer various loan options, among which you can find bad credit loans with guaranteed approvals.

You have to complete the application form, and wait for the response. The process would not take a lot of your time, which is another great reason you should opt for online lenders.

Let us jump onto the main part and see what these platforms have to offer.

Top 5 Lending Platforms For Bad Credit Loans Guaranteed Approval:

  1. MoneyMutual - Overall Best Bad Credit Loans With Guaranteed Approval, Editor’s Pick
  2. BadCreditLoans - Top Loan Marketplace Offering Online Installment Loans For Bad Credit
  3. RadCred - Popular Loan Lending Platform For Urgent Loans With Bad Credit
  4. CashUSA - Instant Approval Bad Credit Loans & Emergency Loans With Fast Cash Advance
  5. PersonalLoans - Reputed Online Lender Providing Personal Loans For Bad Credit

#1. MoneyMutual - Overall Best Bad Credit Loans With Guaranteed Approval, Editor’s Pick

Introduction

MoneyMutual is a platform that keeps one mutual thing both lenders and borrowers have in common - money. The private lenders are the party who has the money and wills to offer part of them to those who don’t have but urgently need it.

The lending platform is the middleman that connects the two main parties in the borrowing process. The mediating services MoneyMutual offers are free against the clients but paid for by the lenders and the third parties that might get into the process if the lenders don’t.

Good or bad, your credit score might not play the main role in the loan approval process. It is good to have a good credit score, but there are still lenders and loans for bad credit holders. So, your credit might not be an obstacle that might stop you from getting loan approval.

The borrowing process is shortened and excludes the steps of collecting paperwork and waiting for weeks to get a response. Unlike traditional borrowing, MoneyMutual will do its best to connect you with a matching lender in hours.

You should know that MoneyMutual’s services are free for you as a customer. There is no need to register, enter a payment method, or make prepayments.

In terms of online reviews, by theislandnow, MoneyMutual is one of the best lending companies on the market, consistently providing people with the most secure lenders in the financial sector.

Features

MoneyMutual partners with lenders who generally can offer from $200 to $5,000. The amount you can ask for depends on your creditworthiness and needs. So, if you are a bad credit holder, the amount you can ask for is limited to $1,000.

The low bad credit loan amount might be good for you and the lender, too. High loan amounts carry higher fees, which is not pretty good for your bad credit condition, and it is good for the lender because they would not risk high amounts.

Having bad credit might not be an obstacle, but it might surely limit your choices. This doesn’t mean that you are going to be rejected, but the loan you might receive will have higher fees than average.

MoneyMutual can not tell more about the fees that might be charged to your loan. The fees are individual for all clients and may vary depending on a few factors. The lender partners of MoneyMutual agreed with the APR’s limitation and charges from 5,99% to 35,99% APR on the loans they offer. The total loan amount you should repay and all its rates and fees will be calculated and divided into monthly payments in the loan offer you will receive.

How to qualify?

MoneyMutual has a few prequalification limitations. Initially, MoneyMutual’s services are unavailable for specific states in the USA because of certain lender requirements. The prequalification criteria are not strictly against the clients.

Most importantly, you should meet the age and presidentship criteria. MoneyMutual’s mediating services and application form will not allow you to complete your request if you are below 18 years of age and have no US citizenship or permanent residence.

Then, you should prove your income and its source. The income amount might be limited by the lender you get matched with. It is important to make a steady monthly income, while the source is not specified. Your income might come from a full-time job, self-employment, pension, social security, or disability benefits.

Being employed is not strictly required. MoneyMutual’s services are available even for unemployed people who still receive some good income every month.

In the request form, you will be asked for your checking account, phone number, and email address. These three requirements are needed for lender-borrower communication. The money you request for and get approved on will be transferred to your account within one business day.

Pros

  • Fast and free connection services
  • Convenient and simple application form
  • Loan amounts from $200 to $5,000
  • Flexible rates and repayment terms
  • Availability to review the loan offer before accepting it
  • The lender partners agreed with the APR limitations

Cons

  • MoneyMutual’s services are not available for all US states
  • Bad credit loans carry high-interest rates

⇒ Visit the Official Website of MoneyMutual

#2. BadCreditLoans - Top Loan Marketplace Offering Online Installment Loans For Bad Credit

Introduction

BadCreditLoans is a lending platform that exists to help bad credit holders get a financial solution worry-free. As a specialized platform for bad credit services, BadCreditLoans has other solutions that may help even if your credit is relatively good and stable.

The form and the mediating services are fee-free for all clients. The lenders and the third parties involved in this process pay subscriptions to BadCreditLoans. The platform profits from the lenders but never from the clients, so you will never be asked to pay the application form or any fees related to BadCreditLoans’ services.

Because BadCreditLoans is not a lender, it will connect you to a matching lender who might offer you a loan. You have free access to the extended lender network, meaning you might get matched with more than one lender.

On the platform, you can find third parties who might come across and offer you other financial services apart from the actual loan. Feel free to check the third party list on the website and see all the third parties’ names that might get involved in the borrowing process.

The platform’s access is available for most US citizens, except for some states who have restrictions on private lender borrowing.

Features

BadCreditLoans wants you to stay informed and understand how the process flows. On the website, you can find a lot of valuable articles with important information about possible scammers and other loan issues.

The loan amount you can ask for on BadCreditLoans ranges from $500 to $10,000. If you are a bad credit client, the max loan amount you can get approved on is $1,000. Bad credit loans have limited amounts because the lenders feel insecure giving high loan amounts to clients with unstable credit histories.

The annual percentage rate charged to the loan’s principal can be from 5,99% to 35,99%. BadCreditLoans has limited this rate because the lenders used to charge too high annual percentage rates on the bad credit loans in the past few years.

As a bad credit client, you should expect a high-interest rate and penalty fees. The penalty fees apply to most loans, but the bad credit ones charge higher penalties because the bad credit clients have a bad credit history because of irresponsible financial management.

If your credit is too damaged, the chances of getting a loan might decrease, and you might get an offer from third-party non-lender partners.

How to qualify?

You should meet the BadCreditLoans’ pre-qualification criteria to qualify for a loan. The lenders have their requirements and criteria you should meet before they give you the actual loan offer. Every lender has different and unique requirements and limits for giving loan approvals.

The website’s general criteria are related to your age, income, and residence. These measures are general, and every client should meet them to proceed further. These criteria are required in the application form, and you would not be able to complete the form if you are not meeting some of them.

To qualify for a loan on BadCreditLoans, you should meet the age criterion saying not being below 18 years of age, and the residence criterion, saying that you must be a US citizen to apply for a loan.

Other qualification criteria include having a steady monthly income from any source, a checking account in a bank, and a contact email and phone number. The lender will notify you via email or SMS at the exact moment they decide to work with you.

The platform may connect you to a lender whose location is different from yours, so you can not expect the cash on hand. Even if their location is in your state, the money transfers electronically onto your checking account.

Pros

  • Excellent place for bad credit holders
  • Fast and convenient borrowing process
  • Simple to fill and apply for a loan of any type
  • General criteria that every potential client should meet
  • BadCreditLoans limits the APR to 35,99%
  • Vast lender and non-lender partners network

Cons

  • Not every person with bad credit score qualifies for a bad credit loan
  • Having a bad credit score increases the interest rates on the loan

⇒ Visit the Official Website of BadCreditLoans

#3. RadCred - Popular Loan Lending Platform For Urgent Loans With Bad Credit

Introduction

We decided to give this list a freshness and included RadCred in it. RadCred is a newcomer to the online borrowing system, and it has a lot of good things to offer. Initially, the website’s surface is well-organized and user-friendly. Even if you are not good at computers and mobile devices, you can easily understand how this platform works and where to find the application request.

Once you open RadCred, you can see the application form on the top. It has simple requirements and takes a few minutes to complete. The information you should share in the request does not require specific documents or details. The only things you should have by hand at the moment of application are your ID and bank account details.

We understand the sensitivity of your personal info and your concerns about its safety. But, RadCred is TrustedSite certified and guarantees safety on its database. The 2048-bit safety measures encrypt the shared information and protect it from illegal activity.

Your shared information is visible only within RadCred’s network. The application form is sent only to the lenders and non-lender partners who offer different financial options in cases when the client does not receive a loan from the lender partners.

Features

On this platform, you can find a loan ranging from $1,000 to $35,000. Lower than $1,000 loan amounts are available even for bad credit clients. Bad credit clients have better chances of getting loan approval on smaller amounts. No lender will give a lot of money to an individual who has a bad credit history.

RadCred can not surely tell if you are eligible for a loan and give you a 100% guarantee that a lender from its network will give you a loan. The RadCred’s job ends at the exact moment you get the lender’s response, and it has nothing to do further.

The application form and the mediating services are free against the clients but paid for by the lenders. You might be set free from paying application fees, but you can not avoid the fees that come together with the loan.

Among the loan fees that the lenders may charge, we can mention the origination fee, penalties, and other charges such as the interest rates and APR. All these charges are set by the lender and their free will. They are often calculated based on the amount you ask for, your creditworthiness, the loan's repayment term, and your income amount.

How to qualify?

You must meet the general criteria set by the RadCred to be able to complete the form and proceed further. The qualification or eligibility criteria RadCred has set include being over 18 years, a US citizen or permanent resident, and having a steady monthly income.

The age and residence criteria are set to prevent minors and foreigners from applying for a loan they can not afford. The platform partners with licensed and trusted lenders who work following some law regulations. RadCred shares your information with the lender partners, allowing them to check the authenticity.

If the shared information is fake, you will not receive any response. Online borrowing is a serious thing, and you should only use it in cases when you have no other money sources.

Other criteria you should meet are to own an active checking account in a bank and be able to share your active phone number and email address. The lender will reach you via phone or email, and they will transfer the funds onto your checking account.

Missing payments may lead to high penalties and initiated withdrawals from your account. The lenders may ask the bank to withdraw funds from your account and transfer them to the lender’s account.

Pros

  • Modern and simple lending website
  • The application form is easy to complete
  • No specific requirements to qualify for a loan
  • A fast and convenient way to get extra funds
  • Bad credit holders can apply for a bad credit loan
  • No prepayments or hidden fees for using the platform

Cons

  • RadCred is not involved in the loan creating or borrowing process
  • The platform gives no promises for getting loan approval

⇒ Visit the Official Website of RadCred

#4. CashUSA - Instant Approval Bad Credit Loans & Emergency Loans With Fast Cash Advance

Introduction

We liked the first impressions this website gave to us. As a lending platform, CashUSA is a well-organized and informative place. Even older people who need some financial support can easily understand how it works.

CashUSA works following 4 simple steps, allowing you to get in touch with a lender faster. The application won’t take you more than a few minutes because it does not require specific details or reports. Private lenders who offer online loans do the process in shorter procedures.

The platform has other non-lender partners that may get into the process if no lender gives you a loan offer. These parties offer some debt relief, credit repair, or other financial solutions. The lenders give bad credit loans to bad credit holders, but too damaged credit might not allow you to qualify.

CashUSA has some examples with calculated APR on the website that might help you get a picture of the loan amount and all the charges you have to pay back. This platform is a good example of why you should choose a lending platform to get in touch with a private lender.

You don’t have to worry about the research and match services because everything CashUSA offers for its clients is free of cost.

Features

CashUSA welcomes all low credit score clients. It is not important to have perfect credit to apply for a loan. Even bad credit borrowers can find a loan option suitable for their needs. Bad credit loans are the best option for clients who can not get a bank loan because of their bad credit history.

The lender partners can offer up to $1,000 as a bad credit loan. Unfortunately, the lenders can not risk a lot of money to bad credit clients because their credit history indicates their financial irresponsibility.

A super advantage of CashUSA is the fast process and 24 hours funding. CashUSA might be your best option if your expenses can’t wait. Once you finish with all the processes of online borrowing, the lender will transfer the funds within 24 hours.

CashUSA has more good news for you. The annual percentage rate charged to your loan can not exceed 35.99%. You don’t have to worry about the high APRs that many private lenders have charged before.

Consider the other fees applied to the loan’s principal because the platform can not predict them upfront. They are usually set by the lender’s will, and no one can know more about them before.

How to qualify?

The qualification criteria are general and no different than other similar lending platforms. These services are meant only for adults who are over 18 years old. Logically, minors are a category that has no full responsibility for many things in life because the laws say so.

The second criterion asks you to prove your US citizenship or permanent residence. You do not have to prove it with certain documents but with your ID details and SSN. The lenders will check the shared information before deciding to make you a loan offer.

You should also have an active bank account and a steady income flow every month (at least the past three months). CashUSA requires being employed. Unemployed clients might not be able to apply for a loan via this platform.

You should also meet the income minimum set by the lenders. Every lender has different requirements, and for this one, you will be asked when you get in touch with the lender. Also, you must enter your phone number to verify the shared information and your email address so that the lender can send you the loan and other messages there.

Individual lenders may ask for other information and set other qualification criteria and application forms.

Pros

  • The most extended US lending platform
  • Numerous trusted and licensed lender partners
  • Simple qualification criteria and no paperwork are needed
  • User-friendly and easy-to-manage platform
  • All CashUSA services and requests are free of cost for every customer
  • No obligation to accept unreasonable loans

Cons

  • Bad credit loans carry higher than average interest
  • The loan’s penalties might be too high if you do not appreciate the due date

⇒ Visit the Official Website of CashUSA

#5. PersonalLoans - Reputed Online Lender Providing Personal Loans For Bad Credit

Introduction

We are ending our selection with another incredible lending platform that offers the highest loan amounts, reaching $35,000. PersonalLoans guarantees information and transaction safety, so you don’t have to worry about possible data or financial danger.

PersonalLoans is a free platform that has no fees - hidden fees, or registration requirements. Everyone who needs a mediating service for finding the best lender can choose PersonalLoans and enjoy its free and fast connection.

If you are interested in applying for a loan, simply click on the blue “Get Started” option and fill out the requirements. You would not need specific documents or a lot of paperwork to complete the request. Every piece of information you need to enter in the request is a thing everyone should know about themself.

A huge advantage is that you fill out only one application, which is sent to many lenders on the network. In practice, every lender has a separate loan request you should fill out to find the best rates. You are free of filling out a hundred forms now.

These high interest rate loans should not be treated like guaranteed bad credit personal loans or installment loans . The loan request is sent to the extensive PersonalLoans network, allowing every lender to review the application and decide to make you an offer.

Features

If you are searching for a bad credit loan, you should know your limits and ask for a reasonable loan amount. No lender will risk thousands of dollars for an individual with a risky income and credit history. So, the maximum you should ask for and possibly get approved can be $1,000.

Getting a loan of a lower amount can be good for you and your financial condition. You should know that private lenders offer fast and convenient services but charge high fees and interest rates. The lower the amount you ask for, the lower and less painful the repayments will be.

To make the process easier, PersonalLoans has limited the APR like many other lending platforms. The lenders can not charge an APR that exceeds the restricted border of 35,99%. However, PersonalLoans has no impact on the interest rates.

Bad credit loans might have high penalty fees. These fees are set because the lenders are aware of the bad credit clients' financial difficulties, so they want to ensure that the borrower will be responsible for the due date. Otherwise, they would pay high fees for being late. Due dates are set in the loan contract.

How to qualify?

PersonalLoans accepts all clients, no matter their credit score. Still, there are some general limitations that the clients should meet before applying for a loan using PersonalLoans’ request form.

Having a valid SSN is essential to prove your age and residence status. PersonalLoans’ services are available only for adult Americans who have an SSN and a US government-issued identification document.

Income is also an essential criterion everyone should meet. PersonalLoans does not strictly point to the income’s source but its amount. Generally, your income should not be below $1,000 or $800 in some cases. However, every lender has different requirements, and this amount may vary from lender to lender. The income’s source can be a job, self-employment, pension, rent, part-time job, etc.

Having a bank account under your name is an essential and must-have criterion. The lenders transfer funds via checking accounts, and you can not get the money other ways. Your bank account should be active and under your name.

The credit type might also be a determining criterion in some cases. Having a good credit score is not essential, but it might be better for you because the loan you get may carry lower fees.

Pros

  • All credit scores are welcome
  • Variety of different loan options
  • Flexible APR, repayment terms, and loan amounts
  • Option to compare loan offers
  • The income source can be from any source different than a full-time job
  • The required information in the app form is protected and encrypted

Cons

  • Clients with a credit score below 600 have poor chances of getting a loan
  • Bad credit loans have high penalties and interest rate

⇒ Visit the Official Website of Personal loans


How We Made This List While Selecting The Best Bad Credit Loans Guaranteed Approval?

  • Accessible to all Americans
We began our research by seeking platforms that can help every American with a financial plan. Our selection comprises websites that offer fast mediating services within the entire USA. The best thing is that American citizens can apply for a loan and get the funds into their accounts even if they are currently abroad.

No matter where you are, these platforms are accessible to you. Unfortunately, foreigners can not apply via these platforms since they require an American SSN and an identification document issued by the US government. Our first step was finding mediating platforms that would be accessible to every American, anywhere, anytime.

  • Licensed lenders

Private lenders might be a dangerous thing. The online world is flooded with loan sharks, lenders who offer sky-high interest rates, and unreasonable fees. To protect you from getting in financial trouble and debt, we have set the lender’s trustworthiness and professionalism as our second criterion.

All five lending platforms have strict conditions for the lenders who want to join their networks. Not everyone who identifies as a lender can be part of these websites, which is another advantage why we delivered our trust to these websites. Once you get in touch with a lender, you can check their reputation and reliability online.

  • Free intermediating service

Most online lenders charge an application fee if you opt for a direct lender application. But, how would you know if the chosen leader is right for you? So, we chose platforms that will not charge you anything for choosing them as an intermediating service.

All five platforms are profitable, not from their clients but the lenders and non-lender partners. Open the websites, explore, read some of the educational articles they offer, use the loan application form, and even consult with their customer support team. You will not be charged any fee for using anything these platforms offer.

  • Option to compare, choose, and reject a loan

Another mutual thing for our chosen platforms is that there is no rule that you will be connected with only one lender. Sometimes, it might happen for many lenders to respond to your request, which automatically means you receive multiple different loan offers.

If more lenders are willing to make an offer for you, you might have various options to choose from. This means you can compare the offers and select a loan that meets your needs the most. In situations when you receive a loan or more loans with unreasonable terms, rates, and rules, you are not obligated to accept any. The free choice is also an incredible advantage mutually for all five platforms we chose.

  • Flexible loan amounts and terms

Our last criterion was the loan’s flexibility. The lender partners of our chosen platforms are trusted and understandable people who offer flexible loan terms, rates, and conditions. So, the repayment time of the loans you can find on these websites can be as low as 3 months and as high as 6 years. All in all, the payday loans have short terms and may meet everyone’s needs and financial conditions.

The loan amounts you can ask for range from $100 and can be as high as $35,000. Everyone has different needs and the right to choose the loan’s amount that perfectly covers the expenses. All five platforms allow you to enter the loan amount you need.

Factors You Should Consider When Searching for Bad Credit Loans With Guaranteed Approvals

  • Income amount

Your income is often a criterion you should meet to be eligible to apply for a loan online. Some lenders have lower income requirements, while others have higher, and it is okay. If the lender has set a low-income requirement, then would you be able to cover your monthly expenses and loan’s monthly installments?

Your income is an essential thing you should consider before accepting any loan offer. The loan’s monthly installments will be higher since you have to pay part of the loan’s principal, interest rate, APR, and some fees. Calculate to see if your income is good enough to handle all these expenses.

  • Lender’s reputation

If you get matched with a lender, take some time and see their profile. Every lender should have a website, contact number, and even reputation and testimonials from clients who have used the services. You can check the feedback on the lender’s official website or search for testimonials on other forum websites.

Ensure that most clients had a positive experience with the chosen lender before getting into deep debt and financial issues. It is okay to meet some negative testimonials because everyone might face a different situation.

  • The due date

Be highly careful with this one. The due date is set in the loan contract, and you can see it before accepting and signing the loan offer. The lenders have strict rules about the due dates, so be careful because it may cost you a lot.

Bad credit borrowers are the best victims when it comes to the monthly payment date. The penalty fees are also mentioned among the other fees charged to the loan’s principal, so ensure you don’t miss them. Being late, skipping payments, and making early transactions might cost you a lot because the lender has strict rules when it comes to the repayment dates.

It is good to set an autopay feature so that the bank will make the transactions for you. This tip will help you make payments on time, keep your credit score, and repay the loan without paying additional fees.

FAQs On Bad Credit Loans Guaranteed Approval

Q1. How to qualify for a bad credit loan?

Most lending platforms have some general criteria every client should meet to be eligible to proceed. The qualification criteria are essential because you can not complete the loan request otherwise. Even if you meet all of them, no one can guarantee that you will be 100% approved. You don’t need to stress yourself because often, it is just a lender's free will.

Among the criteria you should meet to qualify for a loan, we can mention the age criterion, residence criterion, income minimum, income source, bank account, and contact details. In other words, you should be an adult citizen of the USA who makes a steady income from a specified source. You should have a bank account report that you receive the mentioned income every month and a contact number and email so the lender can reach you.

Q2. Is it a good idea to apply for a bad credit loan?

It depends from case to case. Some people might find it a great financial solution, and others may recommend staying away from it. This might be an individual question because everyone has different needs, finances, and expenses.

Bad credit loans online might be a good solution for people in a tight financial situation who need extra funds to cover some expenses. The fast and simple process makes online borrowing a great choice for covering emergencies.

Q3. Why do I have a bad credit score?

Having a bad credit score is a reflection of being financially irresponsible. Late payments, missed payments, huge credit card spending, and unpaid bills can damage your credit score. Every irresponsible payment made too late than predicted might affect your credit score and decrease it.

Organize your spendings and save the dates. Try to gain a better financial responsibility to keep your credit score higher. A bad credit score might be an obstacle to many other financial services that you may need in the future.

Conclusion: Get Direct Payday Loan Lenders for Bad Credit Loans

Bad credit loans are initially designed for bad credit holders. Many bad credit loan companies are expecting your request, having a personal loan offer that might perfectly match your expenses.

This loan type might not be the best option, but it should be welcome when an unpredicted financial emergency occurs.

We believe our selection can help you find the best loan offer since you are not obligated to accept the first loan offer you receive. Your needs, your choices.

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