Finding a lender when you need them the most can be hard. While you may have countless options to borrow money, emergency loans are not so readily available.
Most people try the risky path and lean towards a secured loan. But that requires collateral in the form of property ownership or car title. If you cannot repay the loan on time, you can lose something far more valuable than the borrowed money.
However, bad credit can impede the approval process. So, what can you do to rush the loan process when you have an imperfect credit score?
Most people don’t know they can easily access bad credit loans with guaranteed approvals. You can apply for a loan on lending networks that cater to the needs of people who need a loan with bad credit.
The probability of getting a loan on such networks is very high. That’s why we selected online lending sites with a pretty easy application process, connecting you with many lenders who may approve your application for a bad credit loan.
Bad Credit Loans Guaranteed Approval
- MoneyMutual: Best Bad Credit Loans Online; Apply Online
- BadCreditLoans: Personal Loans For People With Bad Credit Score
- RadCred: Best No Credit Check Loans Flexible Repayment Terms
- CashUSA: Best Guaranteed Loans Bad Credit; Fast Funding
- PersonalLoans: Best Bad Credit Loans With Current Interest Rates
Best Loan Providers of Bad Credit Loans With Guaranteed Approvals: Reviews
Borrowing money online can be fast and convenient if you choose the right platform. Now let’s dive into the review section!
#1. MoneyMutual: Best Bad Credit Loans Online; Apply Online
This network of lenders may prove to be a blessing for people looking for short-term personal loans. You can connect with several loan providers on MoneyMutual’s platform. All it takes is to complete a simple application form to receive loan offers from different lenders online.
What we like about the site is they are fast, and its network is very vast. They have lots of lenders online at any moment. It doesn’t take time to hear back from lenders.
MoneyMutual has more than 2 million followers, and it is your most promising option for instant online loans with high odds of loan approval. They have many lenders who do not require a credit check to offer you a loan.
You can borrow from $200 to $5,000
It is a marketplace of lenders
All the steps can be completed online
You can apply for many types of loans
The platform features peer-to-peer lending
The loan terms depend on the lending party
You can get quick cash loans directly to the account
Small loans are also available
This is a free service
You can use the loan for any purpose
There are plenty of educational resources on the site
Their service is not available in CT or NY
This service is limited to matching you with lenders
Why choose MoneyMutual?
Get multiple types of loan offers on a single platform
Those times when you had to physically travel from one institution to another to apply for a loan are over. Platforms like MoneyMutual let you apply to different lenders with only one application. This saves you time and gives you diverse offers to select the best one.
You may receive loan offers from tribal or state lenders. You also get to choose from different repayment options and loan terms. Most borrowers can get terms that fulfill their needs. You may even get very competitive APRs on this lending network.
Fast approval and disbursal of loans
The loan process is very speedy on MoneyMutual. Your application is quickly reviewed, and loan offers are sent to you immediately. Once you accept the loan terms and e-sign consent to accept the offer, you may receive the funds within 24 hours.
Loan applications from people with bad credit are accepted
The platform allows all credit types to request a loan. MoneyMutual has several lenders who offer unsecured loans to borrowers with poor credit. You should be an adult citizen in the US and have an income of at least $800 a month.
#2. BadCreditLoans: Personal Loans For People With Bad Credit Score
This is another marketplace to get loans online. The name of the site reveals how welcoming it is towards borrowers with bad credit. This is where you can expect approval for a loan up to $10,000.
Their website has a lot of educational content about various kinds of loan scams. This information can help you take the necessary caution when you borrow money online. You can also learn more about the different kinds of loans that you can apply for.
It’s also a great site for beginners. If you have no experience borrowing money online, you will find the steps very simple on this website. It only takes about 5 minutes to complete the application.
This is a free matching service to find lenders
You can request personal loans from $500 to $10,000
No need for collateral to borrow short-term loans
Lenders may approve loans even with bad credit
Competitive APR rates can be expected from lenders
You can receive variable loan terms from different lenders
This is a completely free service
The loan application process is quick and easy
The platform adds responsible lenders to the network
They have an excellent customer support
They have a very informative website
They are not a direct lender
There is no 100% guarantee for approval
Why choose BadCreditLoans?
It selects suitable lenders
Their matching tool uses an advanced algorithm to connect you with relevant lenders. Your application reaches lenders that can fulfill your requirement. The algorithm only selects suitable lenders based on your application.
Once you find a lender, you can get all kinds of loans. This platform gives you access to personal loans, business loans, house loans, student loans, debt consolidation, and loans for any other purpose. The loan comes with no restrictions on how you can spend it.
A secure platform
You must always prefer online lending sites with industry-standard encryption. Stealing your information puts you at risk of being scammed. Consequently, BadCreditLoans has proven to be very secure.
Their website is encrypted to resist attacks. Their support team is available 24/7 to help you. You can reach out to them if you are suspicious about a lender.
They also offer other credit-related products
If you cannot find a good loan offer for you, you may want to look up their other products for debt relief, credit repair, and so on. You can review multiple offers on their website and only accept if you like the terms and conditions. You are under no obligation to accept any offer.
#3. RadCred: Best No Credit Check Loans Flexible Repayment Terms
When you are looking for bad credit loans with guaranteed approvals, RadCred is a very promising option that you shouldn’t miss. It is a marketplace of lenders with an easy application process for quick loan approval.
You can get instant funds up to $5,000 within 24 hours using RadCred. But you should take your time reviewing loan offers from multiple lenders. You can request higher loan amounts, but the approval and the actual offer you receive will depend on the lender that gets in touch with you.
RadCred is a member of the Online Lender’s Alliance (OLA) and abides by the best practices and code of conduct to ensure customer fairness and transparency. If you are looking for a secure way to borrow money online, RadCred should definitely be on your list.
The site connects you with the lenders in their network
Lenders may make an offer based on your loan application
You may receive several offers with varying terms
RadCred is a member of OLA
It is a secure platform for requesting personal loans
The network consists of both state and tribal lenders
Funds are instantly transferred to your bank after approval
It is free to search for lenders
The application process is very brief
Lenders also make offers to people with bad credit
You can expect competitive rates from lenders
Lenders may conduct hard credit pulls
RadCred cannot help you once you accept a loan offer
Why choose RadCred?
Negotiate directly with the lenders
You don’t need to accept fixed terms on RadCred. Once you receive a loan offer, you can negotiate the terms until both parties reach an agreement. Also, due to the competition between lenders, you can get the desired terms with a low APR.
Borrowers may choose between payday loans, installment loans, lines of credit, etc. The repayment terms for these loans may range from three to seventy-three months.
#4. CashUSA: Best Guaranteed Loans Bad Credit; Fast Funding
This platform has served a lot of applicants to get bad credit loans with guaranteed approvals even when they have bad credit. The application process is very easy, and you can get a loan approved quickly.
For most people getting small sums during a financial eventuality may seem difficult. CashUSA comes to ‘the rescue’ with its matching tool that connects you with all kinds of lenders. You can even borrow small amounts for a short period.
You get access to a vast network of responsible lenders, and you may also receive the funds directly to your account in a single business day.
Their loan application process has simple requirements. To be eligible, the applicant must earn at least $1,000 per month. Also, the applicants must have a valid email, phone, and checking account to complete the application process.
This site is known for speedy approvals
You receive the funds directly to your account
You may request funds from $500 to $10,000
The loan can be used for any purpose
They have a large network to help borrowers with bad credit loans
You may receive offers for variable APR
Most lenders only require a soft credit pull
The platform uses advanced encryption to secure information
This is a vast network of lenders
The service is available in all states
You may receive the funds in one business day
You can only request loans up to $10,000
They are not a direct lender
You need a checking account to use the service
#5. PersonalLoans: Best Bad Credit Loans With Current Interest Rates
This online portal is for anyone who couldn’t get a desired loan offer from the banks. This loan marketplace features peer-to-peer and bank loans for up to $35,000. So, you can also borrow for major expenses, including financial emergencies.
If you can’t get a loan offer from their main network, they have an extended network of non-lenders who may fulfill your requirement for a loan. This platform offers a fast and convenient way to request bad credit loans from several lenders at once.
PersonalLoans allows you to request larger sums. You can even get a good APR if you have a decent credit score. But you may also apply with poor credit. The repayment period may range from 90 days to 72 months. So, it’s an excellent site for short-term and long-term loans.
You will receive personalized loan offers from several lenders
The site features peer-to-peer lending as well as bank loans
You can borrow from $1,000 to $35,000 on PersonalLoans
PersonalLoans helps you find genuine online lenders
You also get access to their extended network of loan providers
You can get both short-term and long-term loans
There is no upfront cost to request a loan
You can request larger sums up to $35,000
As an OLA member, it is committed to fair practice
You get access to different types of loans
Fund transfer takes one business day
You need to have an income exceeding $2,000 per month
Bad credit may lower the chance of approval
They are not a direct lender
How We Made Our List Of Loans For Bad Credit?
- Customer reviews
We first considered the sites with the maximum number of positive customer feedback. We only trust independent website forums to collect the names of the most popular lending websites.
We further analyzed the lenders with overall positive reviews on these third-party sites. But complaints or praise by actual customers helped us learn about a lending site's experience. It also brings to light any major issues with their services.
- Types of loans
Every person needs to borrow a different kind of loan. It depends on their risk capacity, credit score, repayment method, and loan purpose. We preferred websites that offer a wide variety of loan options.
Most people prefer an unsecured personal loan that can be repaid in installments. However, lenders may only offer a payday loan if you have a poor credit score.
Some lenders may even require collateral from you and only make offers for a secured loan. We have made sure that you have sufficient good options to choose from. Our list is made of loan providers that offer you all kinds of loans.
The basic eligibility to apply for a loan should be easy to meet. Since we were looking for the best loan providers of bad credit loans with guaranteed approvals, we looked for online lenders that almost any US citizen above the age of 18 could request a loan.
Either there should be no minimum credit score requirement or it should be very low. Although most lending sites require the applicant to have a regular source of income, this should not be too high. We considered lenders with lenient eligibility criteria.
- High approval rate
Again, we preferred lenders that approve the majority of loan applications. There are a limited number of genuine sites that offer guaranteed approvals.
Reasons for Getting Personal Loans for Bad Credit
- The reputation of the lender
Online loan frauds have almost become commonplace. Therefore, you should be very cautious of shady lenders when you want to borrow money. It’s safer to work with reputable lenders that have built a reputation over the years.
You should rely on customer feedback on independent sites before you try an online loan service. This will also help you develop an informed opinion about the loan provider you intend to use.
It’s safer to check multiple sources to gain information about an online lender. It’s better to avoid lending sites that are very new and haven’t built credibility yet. If you hear the same name from various sources, then you may look further into the lenders.
- Loan terms
Don’t accept terms that you are not confident about. If you cannot meet the deadlines, looking for different loan terms is better. Lending marketplaces may offer you a wider range of choices. You can select from various loan options like payday, installment, bank, etc.
Find a lender that offers the best loan terms for your situation. Besides getting to choose from different repayment options, you can also choose the best offered APR. This is another advantage of using a lending network or loan marketplace.
- Funding time
If you need a loan for an urgent expense, choosing a loan provider with a fast loan process is better. You can find lenders that take one business day to transfer the funds. Also, make sure that the funds are transferred directly to your bank account after you accept the loan offer.
The application process should be quick. You can use lending networks’ services that have a swift loan approval process and transfer the funds within 48 hours. Those are useful lending sites for bad credit loans with guaranteed approvals.
Different Types of Loans as an Alternative
There are various types of loans like student loans, mortgage loans, business loans, car loans, and so on.
Another way to classify loans is as secured and unsecured loans.
A secured loan is where the lender requires you to provide collateral as security for the loan. If you are unable to repay the loan, the collateral will be sold by the lender to recover the money.
An unsecured loan is where you don’t need to provide collateral. This type of loan is offered after going through your credit score. The lender approves the loan based on your ability to repay. It can be difficult to get an unsecured loan with bad credit.
Q1. Can I get a loan with a score of 500?
Yes, it’s possible to get a personal loan with a FICO score as low as 500. Several lenders can make loan offers even without a credit check. You can request a loan from a lending marketplace and get it approved.
You should meet the basic eligibility criteria like having US citizenship, a regular income, and a valid email and phone number to apply for a bad credit loan from a lending network. It’s best to try on a match-making platform for lenders and borrowers.
The larger the network of lenders, the higher your chances of getting loan approval. Make sure that the lending network has a good reputation and that there are no hidden charges. Some lending platforms clearly state that they accept loan applications from those with bad credit.
Q2. Can a loan affect my credit score?
When you apply for a loan, the lender may conduct a soft or a hard credit check. A hard credit check will temporarily affect your credit score. However, you can use the loan to improve your credit health.
Paying bills on time, lowering your credit utilization ratio, and paying the installments before the due date will help you rebuild your credit. Positive payment history and a better credit mix help improve your credit score.
So, while requesting a loan may affect your credit score, you can also use the loan to improve your credit. Responsible use of your money can help you build credit.
Q3. How to choose an online lender?
First, you need a lender that has easy eligibility criteria for applying. Your credit score should not get in the way of loan approval. So, that’s the first thing you should look for when choosing an online lender.
Next, you should consider the type of loan and the repayment option offered. Does the loan require you to provide collateral? Can you make the repayment in installments? Most people find it convenient to repay the loan over a few months.
Also, make sure that you get flexible terms from lenders. In most cases, a lending network is the right place to find a wide variety of loan offers. The huge range of options will make it easier to get the most favorable loan terms. You can also expect to get a low APR.
Concluding On Best Bad Credit Loan Lenders
Many sites offer bad credit loans with guaranteed approvals. But you cannot trust all those sites. Finding the right lending marketplace brings you a great opportunity to borrow money even with bad credit. Our chosen sites connect you with genuine lenders.
Getting a loan with bad credit can be fast and convenient if you choose the right platform. The majority of borrowers find our recommended platforms very useful to get the desired loan offer. You can use our review section to get in touch with the most reliable online lenders. Hopefully, our review of the most reliable online lending sites will help you get the desired loan offer.