What can you do when you’re unable to obtain a loan because you have bad credit? Many banks and companies won’t approve financial loans for those with bad credit, which can be very discouraging for anyone in need of some quick cash.
Fortunately, we have the most effective solution for you!
We all know very well that it’s a lot easier to get approved for a loan if you have a good credit score, but not everyone has a great credit history. For those that are struggling to rebuild their credit or have no credit history, we bring you the top 5 platforms that will help you find the best bad credit loans with guaranteed approvals. These platforms exist to help people who couldn't get a loan from traditional financial institutions because of their bad credit. The teams behind our top 5 platforms know how challenging these circumstances can be, and their services can be a life-saver in urgent situations.
Top 5 Best Bad Credit Loans - Reviews
We have done the research and brought you the top five platforms with proven experience and a large number of regular and satisfied customers offering bad credit loans with guaranteed approvals.
- MoneyMutual - Overall Best Bad Credit Loan Provider
- Bad Credit Loan - Best Loan for Low Credit Score
- Cash USA - Best Instant Cash Provider for Small Amounts
- Personal Loan -Top Online Personal Loan Lender
- CreditLoan - Best for Loan With Bad Credit History
#1. MoneyMutual- Overall Best Bad Credit Loan Provider
If you have bad credit and urgently need money, MoneyMutual is the best platform for finding a loan. Not only do you have a high chance to get approved, but you can receive the needed funds in as little as 24 hours, which makes this platform the best solution to all of your financial problems.
MoneyMutual is highly valued by its many users because of its efficiency and credibility. This service has over a decade of experience, making it one of the best and most trusted online loan services. If you need a small bad credit loan, MoneyMutual offers you quick loans up to $5,000.
As it's said on their official website, even if you've declared bankruptcy, you still can apply and may be approved for a bad credit loan. MoneyMutual will connect you to suitable short-term lenders that can help you to resolve your money problems quickly. You can easily find the perfect lender because this platform is connected with more than 60 available lenders.
- User-Friendly Interface
When applying for a loan, just click on the 'Get started' button and start filling out the loan application.
- Secure Website
MoneyMutual is very committed when it comes to privacy and data security. That’s why it’s considered one of the most trusted online loan platforms.
They have set up electronic, physical, and managerial procedures so that they can secure your personal data. Even though the internet can never be 100% secure, they've managed to encrypt your sensitive information with the help of the SSL (Secure Socket Layer technology), so you have nothing to worry about.
MoneyMutual is a very transparent platform. They clearly outline how they use your information on their official website.
- Quick Service Without Hidden Fees
This platform has very quick service. It provides fast loan applications and fast loan approval. There's no need to waste your precious time going from bank to bank and filling out boring paperwork. You can apply from anywhere in a matter of 5 minutes, and you can get approved in a couple of minutes.
MoneyMutual is completely free to use. Many websites charge monthly maintenance fees, but on MoneyMutual, there aren’t any hidden fees, so you'll never be charged for using it. A lender may require a fee, but you will never pay any fees to MoneyMutual.
- 100% free service
- No additional hidden fees
- User-friendly interface
- Easy application form
- Safe and secure
- Over 60 available lenders
- Providing loans from $200 up to $5,000
- Receiving the money in 24 hours
- Available in almost all states
- Loan maximum is $5,000
- Must have a monthly income of at least $800
- Not available in New York and Connecticut
MoneyMutual has had countless satisfied customers over the years. They’re all agreeing that this platform is one of the best and fastest ones for getting bad credit loans with guaranteed approvals.
Users with bad credit scores are swearing in the ease of getting a loan compared to other places where having a bad credit score can be a huge stumbling block. MoneyMutual has over 2,000,000 delighted customers, so it’s clear to see that the platform is highly reputable.
#2. Bad Credit Loans - Best Loan for Low Credit Score
Bad Credit Loans’ priority is to assist applicants with poor credit in finding loans for their financial emergencies. This platform has an extensive lending network that specializes in loans for bad credit.
Even if your credit is bad, you can count on Bad Credit Loans to help you review all of your available options. The reason why you need the money is not important, whether it's for unexpected medical bills or a vacation. Whatever the reason, Bad Credit Loans has got your back.
Their dedication and reliability make this platform so helpful and popular. Bad Credit Loans will connect you with people who can lend you from $500 to $10,000, so go ahead and give it a try.
If you don’t find a suitable lender, Bad Credit Loans will link you with other lending services or show you ads for other lenders. They may also offer to connect you with credit repair services.
- Various Loan Types
You can apply for a different type of loan no matter the reason behind it. Maybe you need money for a car repair, medical bills, or even for wanting to go on a special holiday. Bad Credit Loans can help you choose from student loans, auto loans, business loans, mortgages, home loans, and even credit cards.
When it comes to securing your personal info, Bad Credit Loans uses advanced encryption technology. They do this so they can provide and guarantee their customers the highest level of security and privacy. So, you don’t have any reasons to worry about your personal data being exposed when using the services of this platform.
- Educational Blog
The educational blog available on the Bad Credit Loans site can be a very beneficial tool. Over there, you can find a lot of information for many different loan scams. Also, you can find many tools to help you recognize scams and information on how to protect yourself from them. These articles are useful because scams can be a real threat not just for newer borrowers but for everyone.
- 100% free service
- 24/7 service availability
- Easy-to-use platform
- Transparent policies
- Secure website
- Quick approval and funding
- Loans from $500 up to $10,000
- No pressure to accept the offer
- The interest rates can be high
- Not accredited by the Better Business Bureau
Customers are praising this platform because of the possibility of getting bad credit loans with guaranteed approvals. That's one of the reasons they have regular clients. Bad Credit Loans also responds rapidly after applications are approved, making the platform one of the fastest ways to obtain a bad credit loan.
The users, mainly the newer ones, are delighted by Bad Credit Loans’ informational articles about recognizing and avoiding scams because that can be a real danger for everybody.
#3. CashUSA - Best Instant Cash Provider for Small Amounts
One million customers per month choose CashUSA for their loan needs. With more than 20 years of experience and loyal clientele, there’s no doubt that this platform provides one of the most premium services in the business. CashUSA was one of the first platforms that offered online loan resources for people in need of them.
This platform is a perfect choice if you need money right away. Qualifying for a loan, connecting with the right lender, and getting a quick loan can be done effortlessly via CashUSA. You're free to use the money you receive for whatever you want.
You need as little as 5 to 10 minutes to apply for a loan. The approval is very fast. Their loan amounts range from $500 to $10,000. Interest rates average from 5.99% to 35.99%, and you can receive the needed money as fast as in one business day.
- High Level of Data Security
CashUSA makes every effort to keep your personal info as secure as possible. They use up-to-date security measures to protect your data from unauthorized access as well as theft and misuse. This is an essential feature for platforms that provide fast cash.
CashUSA is pretty transparent and honest, and you can read all about what they do and how they use your personal information on their website.
- Automatic Payments
The ability to make all of your monthly payments immediately online is one of CashUSA's finest features. This can save you a lot of time. You’ll need to spare just a couple of minutes.
Furthermore, most lenders let you set up automatic payments, so you don’t have to worry about late fees when forgetting to repay your debt. The loan repayment will be deducted from your checking account automatically.
- Educational Center
This platform website offers an education center rich with info about debts, credits, finances, and banking. You can learn how to calculate your debt, make a plan to pay off your student loan, and even acquire a credit card when you have bad credit. Simply put, you can inform yourself about all financial topics on the CashUSA official website.
If this is your first time applying for a loan online, it’s good to know these sorts of things so you can easily make informed decisions.
- 100% free platform
- High level of data security
- Transparent services
- Over 1,000,000 monthly users
- The application form connects you to multiple lenders
- Loans from $500 up to $10,000
- Professional customer service
- More personal information required
- Not the best rating from the Better Business Bureau
Users are satisfied with CashUSA services. Why else would they have more than 1,000,000 users per month? Not every received loan offer is the perfect one, so the ability to reject unsatisfactory offers is appreciated by CashUSA customers.
Customers also say that the rapid receipt of the necessary funds helped them a lot in crises. Therefore, they gladly recommend this platform to anyone in need of quick cash.
#4. Personal Loans - Top Online Personal Loan Lender
Personal Loans is very famous for its success in providing money to anyone in need, no matter their credit score. The platform is fast and transparent, and a lot of people count on it when an emergency happens.
What makes Personal Loans different from these other platforms is that they offer higher cash loans, which can go up to $35,000. So, when you need a higher amount of money, Personal Loans can easily make that happen. You can get a short-term loan of up to $35,000 just by filling in their simple application form. You’ll be connected with the most appropriate lender very fast, and you’ll get the funds in the next 24 hours.
- The Highest Amount of Loans
Personal Loans offers lending services for any amount you need, from $500 to $35,000, making the platform’s loan maximum one of the highest available. Interest rates vary from 5.99% - 35.99%. They’ll provide you with the wanted amount by quickly connecting you to relatable lenders.
- Backup Copy
It’s clear to see that Personal Loans have thought of everything by keeping the backup copy of your info. They do this in case no lender in their network is prepared to work with you. When this situation occurs, they use that backup copy to send your info to third-party lenders, so you can have another chance of finding that perfect lender.
- Late Repayment
Anything can happen in life, so it’s common to forget or be late with the payment. Personal Loans offer easy protection in such cases as well. All you have to do is contact the lender’s customer support team, which is very adaptable, and choose a date that suits you best. They’re very flexible in such cases, which can help you repay your loan in a timeframe that suits you.
- 100% free service
- Transparent platform
- User-friendly interface
- Safe and secure
- A simple loan application process
- 24/7 availability and customer service
- Gives loans from $500 up to $35,000
- Many eligibility requirements
We’ve read many comments from the users saying that they love the possibility of rejecting an offer that they don't like or doesn't suit them. They love the fact that they have a chance to choose between the lenders and the offers they get.
They also love the 24/7 customer service availability. They can be contacted for any unclear things when it comes to taking a bad credit loan and when a customer has questions and needs help to resolve them. They’re accessible and open to any assistance you might need.
#5. CreditLoan - Best For Loan with Bad Credit History
CreditLoan is another trustworthy platform that has brilliant customer feedback to prove it. Making it possible for borrowers with bad credit scores to get approved for a loan is what made this platform widely used, with more than 750,000 customers since 1998. They welcome all types of credit, good or bad, so everyone has an equal chance of getting a loan.
CreditLoan operates in similar ways as the other four platforms, offering safe and fast loan services. They're very quick to answer and to link you to lenders who’re able to lend you amounts from $250 to $40,000.
Besides offering quick loans, they offer excellent educational services through their highly informational videos and articles. They’ve educated more than 33 million visitors on financial topics, which is an achievement that can have a very positive impact.
- Helpful Blog
CreditLoan has a blog full of helpful guides, interactive and data-driven stories, and a lot of informational articles.
You can find hacks to keep your personal loans on track, different saving strategies, and many other financial tips. Also, anything important that refers to getting an online bad credit loan can be found on this blog.
- Interactive Website Interface
CreditLoan has one of the most informative and helpful website interfaces. You can find a personal loan calculator for doing the loan math yourself so that you can calculate the interest rates and your monthly payments.
Also, many educational videos are available to teach you simple yet effective things about loans. Also, there are a lot of guides to make loans very simple.
- Secure Platform
CreditLoan is also a safe and secure website for both users and customers. To secure your personal information, CreditLoan uses SSL encryption. They're a TRUSTe verified company which means that they’re verified and monitored by a third-party expert. This proves that they're very transparent about the data they collect and the use of information.
- 100% free service
- TRUSTe verified
- $250 to $40,000 loans
- High level of transparency
- Excellent customer service
- Educational and informative content
- Applicants with bad credit may be subject to higher APRs
CreditLoan has an extensive network of satisfied customers. The users praise the fast and easy process of applying and getting approved. Also, they say that the customer service has proven to be very helpful and knowledgeable in all kinds of situations.
The blog is something that users use very often. They are delighted by the opportunity to educate themselves for free on a wide range of finance topics and to upgrade their knowledge.
Factors to Consider When Getting a Bad Credit Loan
People with good credit scores are more likely to be approved for a loan than people with bad credit scores. That’s why the existence of platforms, such as those we’ve mentioned are the best for borrowers with poor credit history.
Although this is so, there are plenty of factors that a person should and must consider to choose the best online loan service for getting a bad credit loan. We’ve selected and explained the most important ones to make your choice easier and ensure you get the best service possible.
Company reputation can tell you a lot about the reliability of the services that they offer. Companies with years of experience are usually the companies with a spotless reputation. They’ve become so popular and have a large number of satisfied customers because they’re doing the job perfectly, hence their good reputation.
The five platforms we’ve suggested to you are companies rich in experience and have received countless positive customer reviews. Feel free to choose the one that suits you best according to the amount of money you need and the terms it offers, and we guarantee that you'll get excellent service.
Safe and Secure Website
When applying for an online bad credit loan, you put a lot of personal data online, including your bank account information, which can turn into a disaster if someone decides to abuse them. So, if you're going to share your information on the internet, make sure the site is safe and secure. That’s why the security and privacy that one online lending platform provides is crucial and needs to be high-quality.
Most of the websites use standard encryption, but not all of them. To ease your decision, we've checked the security and privacy policies on many online lending platforms, and we've selected the top 5 that use the newest up-to-date electronic procedures (such as industry-standard encryption) to secure the data they collect online.
Because of that, we highly recommend you to use the services of any of the platforms listed above. All your information will be protected and safe.
Most of the people who use online loan platforms are in immediate need of quick cash. Тhis means that the time it takes to get the money is essential, so make sure that you always check the funding time the platform offers. The sooner you receive the money, the sooner you’ll resolve the emergency.
The time it takes to receive the necessary financial resources is crucial in choosing the right company for a bad credit loan. What makes these online services so useful and widely used is the fact that there's no waiting in line or complicated paperwork. Instead, everything is done quickly, safely, and simply.
Our advice is to go for any of these money lending platforms we introduced you to because they have fast service. Using their services will get you the funds in the next 24 hours or as soon as the next business day.
Usually, online loan services don’t charge any fees for their services, but there are plenty of online lending platforms that use deceptive tactics to charge hidden fees or maintenance fees. You can never be too careful when it comes to these things. Some credible platforms have monthly maintenance fees, but usually, they're low cost. Other platforms profit from the lender and not the borrower, so keep an eye out for these companies when you’re choosing a platform.
None of the sites listed above have any fees, so your expenses will be minimal. However, keep in mind that some lenders might charge you additional fees, but that’s between you and them.
Interest rates vary from company to company, but they range from 5.99% to 35.99%, which isn’t so bad. It's important always to pay attention to the level of interest rates to know what to expect, so you can avoid ending up with a much higher repayment amount than the one you planned. For example, the loan wouldn't make much sense if its rate is higher than the one on your current debt you're trying to repay. Different platforms offer different interest rates, so do the research, and if the interest rates are too high and don’t pay off, feel free to look for another platform.
Choosing the Most Suitable Lender
Platforms connected to a larger number of lenders increase the chances of finding a suitable one. Although there are lots of diverse online lenders, not every lender that contacts you is the most suitable. And not every loan offer you receive is the best fit for you. It all depends on the offered amount, the interest rates, and the terms and conditions offered. So always read the whole loan offer and double-check every single detail, so you’ll know exactly what you’re accepting.
Step-by-Step Guide: How to Apply for a Bad Loan With Guaranteed Approval
Applying for a bad loan can be a very fast and easy process if you're well-informed. That's why we've simplified and explained how to apply in three simple steps, which if you adhere to them, you won't have any problem getting a bad credit loan.
Let’s see the simple steps on how to do that most efficiently and successfully.
Step 1: Loan Qualification Requirements
First of all, before starting the loan application process, you must meet a few essential requirements to be eligible for a loan. Without them, you can't move forward with the application, so let’s look at what those necessary conditions are:
- You need to be at least 18 years old.
- Be a U.S. citizen or a permanent resident.
- Be employed and have proof of regular income.
- Have an active checking account.
- Have a functional telephone number.
- Provide a valid email address.
If you meet all of the above requirements, the process will go very smoothly from here.
Step 2: Filling Out the Application Form
After you’ve checked these basic requirements, the next step is filling the online application form. That’ll take you five to ten minutes and is much faster than going to the bank and filling out their paperwork.
The application process is quick and also, is quite similar on all of these platforms. You'll start by submitting your info safely and securely by answering a couple of questions.
The amount of money you want to borrow and why you need that money is the first thing you should fill in, followed by your date of birth, the country you live in, the zip code, and your last 4 SSN digits.
Then, you'll need to write your contact info, employment status, banking info, and credit info.
You'll get an immediate response of your approval, and after you're approved, you'll be connected with a suitable lender for you. Afterward, you’ll be redirected to the lender’s website to review the terms and conditions of the loan that they’ll offer you.
Step 3: Accepting or Rejecting the Loan Offer
After receiving the loan offer, read the whole document carefully, including the interest rates and the terms and conditions, before signing the agreement. If the loan offer is satisfactory to your needs, and you think it is best for you, accept it.
If you decide to accept the loan offer, you’ll do that with an E-signature, which is an online legally-binding electronic consent. You'll get the funds very quickly, in the next 24 hours or as little as the next business day.
If you estimate that the loan offer isn't suitable, you have the right to reject it. In such cases, you'll need to start the whole process again to find another more fitted lender for you. This is an excellent opportunity to find exactly what you’re looking for.
Sometimes the lender may offer you a different amount than what you’re looking for, but you're not obligated to accept it.
How to Improve Your Chances of Getting Approved for a Bad Credit Loan
Put Together Your Documents
The first thing you need to do is prepare all the necessary documents so when you start applying, your information, such as tax returns or your banking and credit info, will be ready to use. Also, the lender that'll contact you will probably want to know some stuff, such as your identity, or proof of income, so make sure that everything is ready, and within your reach, so the whole process will take place quickly.
Decide on the Amount You Need
When you want to get a bad credit loan, always start by calculating how much money you need to borrow, and apply only for the amount that you need. Don't ask for more money than what you need, and especially don't do that if you have bad credit. It's high-risk, and the probability that the lender will question your ability to repay the loan is very high.
Don't Apply for More Than One Loan
If you apply for more than one loan, the chances that it'll be approved are very slim, almost non-existent. Also, that may result in worsening your already existing bad credit score. Lenders will notice that you've already applied for one, and they probably won't lend you any cash.
Q1. Is taking a bad credit loan a good idea?
Taking a bad credit loan is a good idea if you're in a hurry for money.
The services that these platforms offer are a lot faster compared to the banks and all their time-consuming paperwork. You can apply from your home in a matter of minutes, and you can get approved and receive the fund even quicker.
You just need to be careful not to get deeper into debts by repaying the total amount promptly and not borrowing more than you can afford to repay.
Q2. What are the benefits of a bad credit loan?
The benefits of getting approved for a bad credit loan are plenty.
- You can repay your loans in a more extended period.
- You’ll receive the necessary funds in your account in a very short time.
- If you have a poor credit score, you can improve it by building up a good credit history.
- You can use the loan for whatever it is that you want. Going on a holiday, vacation, or purchasing a new car are common reasons for taking out a loan.
Q3. How long will I have to wait for bad credit loans guaranteed approval?
Platforms that we’ve offered you are very quick when approving a bad credit loan. That’s mainly the most important feature for their wide use everywhere. They understand that most people reach out to them when they find themselves in an emergency, so it’ll take as fast as one business day to receive the funds that you need in your banking account. Or, you may get the money in the next 24 hours, which is pretty quick.
Q4. Which bad credit loan platform is the best?
Many platforms offer quick loans. Due to the large selection, it can be overwhelming to choose the right one. Also, all that research can be very time-consuming. We couldn’t decide on just one, and that's why we've selected these platforms as one of the quickest ones when it comes to short-term loans. No matter your credit score, you can apply to all of the companies we've mentioned above.
You can apply on any of these platforms. Each of them will approve the necessary funds very quickly. These platforms and their lenders are open to working with you as long as you meet the basic requirements.
Q5. What can I do if I get denied a bad credit loan?
You can start by identifying and reviewing the reasons why your application was denied. That way, you'll learn the weak sides, and you can try to improve them so that the next application will be successful.
Sometimes you even have the right to ask the lender what the reasons are for rejecting your application. The received information can be a great indicator of what are the things you need to improve. For example, if your loan application was denied because of your high debt-to-income (DTI) ratio, you know exactly what you'll need to improve. Increase your credit score by paying any current debts you may have on time, keeping your credit utilization percentage below 30%, and removing any false information from your credit report.
Also, If you don't need the money quickly, you can try to improve your creditworthiness, repay other pending debts, or even increase your income.
If nothing else, you can always apply with a different lender. Sometimes that may be the best temporary solution. Many lenders choose to work with people that have bad credit scores. If you don't have time to build your credit and need the money right away, search for other lenders that might better fit you.
Being denied a loan doesn't damage your credit score, but it'll take a little time to improve those weaknesses.
After this careful analysis, we can easily conclude that bad credit loans with guaranteed approvals aren’t so difficult to get. That’s thanks to the platforms, such as MoneyMutual and Bad Credit Loans, which understand that people with bad credits deserve the ability to obtain loans.
The existence of platforms like this can be a great helper in desperate times. So turning to them is a great decision when you need some funds in urgent situations. A very high percentage of the people who use these platforms are highly satisfied with their services. You have nothing to lose if you give them a fair chance, so apply and enjoy their benefits.