Getting a personal loan may be a good solution when you need money desperately. However, it may not be as easy as it seems at first glance. While people with good credit can access whatever options they want, borrowers with poor credit scores can find it challenging to borrow money, especially when they need it now. It’s common to think that people with bad credit have no chance of getting unsecured loans. Nevertheless, there are some accessible options that allow you to get emergency cash in an easy way.
Bad credit loans guaranteed approval are almost perfect for financial emergencies or unexpected expenses. Getting a bad credit loan from a direct lender allows you to access money as soon as the next business day or by the end of the same day. You’re welcome to apply with a bad credit score and get instant approval without even leaving your home. If you wonder where you can get emergency loans today, here are some bad credit loan companies that offer online personal loans with no hard credit checks.
Best Bad Credit Loans in 2022
Basically, “best bad credit loans” means completely different things to different people, depending on their needs and situations. However, there are some common criteria that help us select the most reasonable offers on the market. When picking out companies, we’ve paid attention to borrowers’ reviews, the maximum loan amount a lender offers, the interest rates, the loan terms, and the speed of the money transfer. Here are some editor’s picks with competitive loans for bad credit:
- 1FirstCashAdvance–a connecting company that offers a full range of bad credit loan options with no hard credit check and a high approval rate.
- ASAP Finance–a matching service with cash advance loans available for borrowers with low credit scores.
- 15M Finance–a service that works with online direct lenders and offers bad credit loans with a simple loan application process.
1FirstCashAdvance
1FirstCashAdvance is a lending company that works with multiple lenders across the US and offers bad credit loans with guaranteed approval decisions. It provides such lending options as instant payday loans, installment loans, bad credit personal loans, and short-term loans with same-day funding. You can borrow from $100 to $5,000 and repay the money either in one lump sum or in equal monthly payments within up to 60 months.
As the company offers unsecured personal loans, you don’t need to provide it with collateral to get cash. Bad credit direct lenders it works with don’t set any limits on what you can spend the money for. Thus, you can solve any financial problems without restrictions within a business day.
Guaranteed approval loans from 1FirstCashAdvance are available even with a poor credit score. As the company specializes in emergency loans, the loan application process is very fast and simple. All you need is to fill out a loan request form on the website and wait for a guaranteed loan decision that will be emailed to you within 15 minutes. Once approved, the lender will deposit money to your bank account within a business day.
Requirements
- Reach at least the age of 18;
- Be a legal US citizen with a valid ID;
- Have an active checking account;
- Prove your income is enough to pay off the loan;
- Provide a lender with your personal details and contact information.
Pros
- Easy to apply;
- Full range of bad credit loan services;
- Allowed with a bad credit score;
- 24/7 application process;
- Money funding within a business day;
- No collateral is required.
Cons
- A bad credit payday loan may be expensive;
- A particular direct lender may check your credit background and reject you for a loan.
ASAP Finance
ASAP Finance is a connecting service that works with trusted and reputable bad credit loan providers only. The company offers loans for bad credit with no hard credit check and guaranteed loan approval decision within an hour. Its online loans allow you to take out from $100 to $5,000, depending on your income. While installment loans must be repaid in fixed monthly payments within the repayment period of up to 24 months, online payday loans require you to make one large sum payment by your next paycheck.
Online loans from ASAP Finance are available with any credit score. All you need is to prove your income is enough to make your payment on time. As direct lenders typically don’t perform a hard credit check through main credit bureaus, getting a loan from ASAP Finance doesn’t hurt your credit history. However, a lender can still check your application details through some alternative sources and deny your loan request for different reasons. Nevertheless, its loans for bad credit are very affordable compared to bank or credit union loans. They are also very fast, so you can access the funds as soon as the next business day.
Requirements
- Applicants over 18 years old only;
- Be a permanent US resident;
- Have a valid ID and Social Security Number;
- Verify your income;
- Have an active bank account, email, and a US mobile phone number.
Pros
- Online application process;
- Doesn’t affect your credit rating;
- Consider bad credit score borrowers;
- Money transfer within a business day;
- Unsecured loan options with no pledge.
Cons
- Expensive loan options may be offered;
- Don’t guarantee you will get loan approval.
15M Finance
15M Finance works with multiple online payday lenders to connect you with the one that can meet your expectations. It is a matching service that provides bad credit payday loans and installment loans with no hard credit check. It means you can get financial assistance without lowering your credit score. 15M Finance’s lenders generally ignore applicants’ credit ratings, so you’re welcome to borrow money with any credit history issues. Depending on your income and the loan type, you can obtain from $100 to $5,000. The repayment terms are also flexible. Thus, a payday loan requires you to repay it in one large sum by your next payday. An installment loan offers terms from 3 to 24 months with equal monthly payments.
The company allows you to get a bad credit loan online. The whole process is pretty simple and takes about 15 minutes to complete. You just need to fill out and submit the bad credit loan request form on its website and wait for a response from a lender. After making a soft credit check, the lender will send you a loan decision. If approved, you should sign a loan agreement and wait within a business day to access the money in your bank account.
Requirements
- Be an adult in your state;
- Have a valid government-issued ID;
- Be a permanent US resident;
- Have an active checking account, email, address, and phone number;
- Provide a lender with your income proof.
Pros
- Fast application;
- No minimum credit score requirements;
- Doesn’t hurt your credit history;
- Fast funding within a working day;
- High approval rate.
Cons
- Interest rates may be high;
- No 100% guaranteed loan approval.
What Are Bad Credit Loans Guaranteed Approval?
Bad credit loans are financial solutions that allow applicants with poor credit to get some extra cash to cover their personal needs. It may be either short-term loans or long-term options, depending on the amount you need and the income you have. Unlike traditional financial institutions, bad credit loan providers are not focused on your credit score. They also don’t make hard credit inquiries, so you can solve your money problems without any records in your credit report. In most cases, bad credit loans are unsecured cash advances. Thus, you don’t have to provide the lender with a pledge to borrow cash.
There are three types of bad credit loans with guaranteed approval:
- Payday loans. A payday loan is a cash advance with limited loan terms and amounts. A payday loan typically offers from $100 to $1,000, depending on the lender, state, and your income. When obtaining a payday loan, you should make sure you will be able to repay it by your next paycheck in one lump sum. Payday loans are usually quite expensive. The lender fees may be from $10 to $30 per each $100 borrowed. However, payday loans are considered one of the easiest to get options;
- Installment loans. An installment loan is a type of debt that allows you to get a loan amount of up to $5,000 and repay it in fixed monthly installments within 24 months. Thus, it is almost a stress-free option that does not overburden your budget. Installment loans are available with both good and poor credit scores and don’t affect your FICO rating. However, these loans may also be costly;
- Bad credit personal loans. A personal loan for bad credit allows you to get up to $15,000 for up to 60 months. These loans have competitive interest rates from 5.99% to 35.99% and are also allowed with bad credit scores. However, some online lenders may report your personal details to major credit bureaus, so applying for such a loan may hurt your credit history.
How Do Bad Credit Personal Loans Work?
Both long-term and short-term loans for bad credit work almost the same. First of all, you should decide on a loan relying on your current needs, income, debt-to-income ratio, and your state lending law regulation. Once you decide what type of loan meets your needs, you should find the right lender and fill out a simple application form on the website.
After submitting a form, a direct lender makes a soft credit check to analyze your credit background. If you apply through a connecting service, it shares your application details through a secured connection with its network of trusted lenders. The one who can meet your needs also performs a soft credit check and sends you a loan decision. The whole process usually takes about 15 minutes.
Once approved, you will get a loan offer by email. You should read your loan contract carefully and sign it if the loan conditions suit you. After signing a loan agreement, you will get cash in your account as soon as the next business day.
The main difference between long-term loans and short-term loans is in the repayment process. While short-term cash advances must be repaid in one large sum, usually by your next paycheck, long-term debt will be divided equally by the number of months of the repayment period.
What Are Good Reasons for Getting an Unsecured Personal Loan?
Each customer may have various reasons for obtaining a payday loan. However, sometimes using an emergency cash advance may not be a good idea. You should estimate your situation before getting a loan and make sure you can’t do without it. Here are some good reasons for taking out a bad credit loan:
- Covering medical expenses;
- Paying utilities;
- Rent payments;
- Credit card payments;
- Paying for repair works;
- Covering other daily needs.
You should not use poor credit loans for shopping sprees or recreation in order to not get into a debt trap.
“Bad credit payday loans are not pure evil as many people suppose to think. The truth is that payday loans provide borrowers with benefits that traditional lenders typically can’t offer. A payday loan may be a good option in case of financial emergencies due to the speed of money transfer and the convenience of the application process. However, like any other debt, a payday loan can come with unpleasant consequences if you will use it thoughtlessly. Thus, payday loans are not a bad solution. Sometimes people just don’t know how to use them properly.” Latoria Williams, CEO of 1FirstCashAdvance
How Fast Can I Get Bad Credit Loans Guaranteed Approval?
Although some lenders promote same-day loans with money transfers by the end of the same day, it’s usually a trick. In most cases, they can’t guarantee you will get money the same day as they don’t have much influence on the funding process. Commonly, you will access the funds in your bank account as soon as the next working day. However, you have a higher chance of getting same-day funding if you apply and get approved before 10:30 AM on a weekday.
Can I Apply for a Loan With Bad Credit?
No credit check loans are almost perfect for bad credit borrowers. These cash advances don’t affect applicants’ credit ratings and don’t have minimum credit score requirements, so you’re welcome to apply whatever your FICO score is. However, online lenders usually check your personal data through free alternative sources, so they may reject you for a loan if your income is not enough or you have a high (more than 35%) debt-to-income ratio.
Are No Credit Check Loans Guaranteed Approval Real?
Although some lenders may state they offer loans with no credit check and guaranteed approval, they basically can’t guarantee you will be approved before they analyze your personal details. It is necessary to estimate the risk of defaults to preventing losses. Thus, a lender should check your personal, employment, and credit details first to make a loan decision. Therefore, most lenders usually perform a soft credit check that doesn’t hurt borrowers’ credit ratings but gives them an idea of an applicant’s creditworthiness. So, when an online lender provides “no credit check guaranteed loans,” it usually means it makes a soft credit inquiry and will send you a guaranteed loan decision.
Bad Credit Personal Loan Alternatives
Before obtaining a loan, you should learn more about all the available options. It will help you make an informed lending decision and avoid disappointment. Here are some alternatives to consider before deciding on a loan.
Secured Personal Loans
Secured loans allow borrowers to take out a loan amount they need by providing a lender with a pledge. There are various types of secured loans, such as auto title loans, home equity loans, home equity lines of credit (HELOC), etc. When you provide a lender with collateral, it carries less risk to it, as a loan provider can use your property to make amends in case of non-payment. Thus, a secured loan usually offers lower interest rates and flexible loan terms. You may obtain secured personal loans in banks, credit unions, or online lending companies. However, you should have an idea of the risk of losing your car or home if you won’t repay the money on time.
P2P Loans
Peer-to-peer lending generally means borrowing money from your family members or friends. This alternative way of getting extra cash allows you to save money on interest rates and lender charges but may affect your relationship in case of any payment issues.
P2P lending may also mean a practice of borrowing money through a special platform from its other participants. However, P2P transactions are typically not under the control of any financial institution, so you should be careful and avoid scammers.
Pawn Shop Loans
Pawn shop loans are popular with people who need some cash on hand right away and don’t want to provide a lender with access to a bank account. Thus, you can get the amount you need by giving some of your valuable property in exchange. A loan from a pawn shop is usually considered a type of secured debt. Therefore, a lender may sell your item if you won’t turn the money back on the due date.
Credit Cards
Credit card cash advances are very popular with people who want to build credit or try to improve their bad credit history. A credit card allows you to cover any unexpected expenses without wasting time. You can access the funds within your credit limits and use them for any purpose, from shopping sprees to covering your vacation costs. However, having some additional money every time you may need it often leads to unnecessary spending. Credit cards may also come with high interest rates when your promotional period ends.
What to Pay Attention to When Choosing Bad Credit Loans With Guaranteed Approval?
You should use loans for bad credit responsibly in order to not get into a debt trap. Making an informed lending decision is a crucial factor for your pleasant lending experience. First, make sure you really need a loan to solve some urgent problems or cover your daily basics. Consider alternative options or learn more about some additional ways of making fast cash today.
If getting a bad credit personal loan is your only option, compare various offers and choose the one that suits your budget and current situation. Consider loans at lower interest rates, with flexible terms, a suitable maximum loan amount, and fast money deposits. Pay attention to a lender’s trustability and ask about the bad credit options it offers if you have a poor credit score.
How to Apply for Personal Loans for Bad Credit?
Bad credit loans are generally very easy to get. Whether you want to get a payday loan online or in a store, the loan application process may be commonly divided into several simple steps:
- Complete a loan application form. It is usually very simple and takes less than 10 minutes to submit.
- Wait for a response. The lender will send you a loan decision shortly after submitting a loan request form. If approved, you will get a loan offer by email.
- Review and sign a loan agreement. Ensure all the conditions meet your expectations and sign your loan documents.
- Get cash. The lender will transfer money to your account as soon as the next business day.
FAQ
How Can I Get Bad Credit Loans Online?
If you need money desperately and want to receive it without leaving your home, online loans may be your best option. Once you decide on a lender, all you need is to fill out and submit an online form on the website and follow the further instructions.
Where to Find A Bad Credit Loan With Guaranteed Approval?
You can find many companies and services that offer bad credit loans with guaranteed approval. Consider the companies above or find a lender near you on the Internet. However, you should remember submitting a form doesn’t guarantee you will be approved for a loan.
Are Guaranteed Loans for Bad Credit Affect My Credit History?
In most cases, bad credit loan lenders don’t run hard credit checks, so applying for such loans leaves your credit rating unchanged.
