Any credit score under 630 is considered to be a bad score. Applying for loans with such bad credit can be a lengthy, frustrating process. You might hop from one lender to the next with no success.
In an ideal world, your bank would be the first source of funding when you need it. Unfortunately, traditional financial institutions, including your trusted bank, are wary of lending money to people with a low credit score. It doesn’t matter whether you’ve banked with the lender for decades. A 2019 study showed that 53% of Americans failed to get loans because of bad credit.
Your bad credit score is a red flag for traditional lenders and wipes away all those years of loyalty. If you meet other qualifications for financing, your bank will still slap you with unrealistic eligibility requirements, plus higher-than-average interest rates.
If you have a low credit score and need a loan, don’t panic. There’s a timely and hassle-free solution to get a loan with a poor credit score: bad credit loans. Bad credit loans with guaranteed approvals are a godsend for millions of borrowers. The best bad credit lenders offer flexible terms, convenient online applications, and fast approvals without focusing too much on your poor credit rating.
To save you the difficult task of scouring through hundreds of individual lenders’ websites, we’ve shortlisted five of the most reliable bad credit loan networks. These websites will hook you up with the best bad credit loans tailored to your financial needs.
If you’re someone with a low credit score and the need for a loan, read on to discover the best five bad credit loans with guaranteed approvals.
Top 5 Picks for Best Bad Credit Loans
- MoneyMutual: Overall Best for Bad Credit Loans
- Bad Credit Loans: Top Lender to Get Loans for Bad Credit
- CashUSA: Guaranteed Cash Loans for Bad Credit
- Personal Loans: Instant Lender for Bad Credit Loans Personal
- CreditLoan: Fastest Lending Platform
#1. MoneyMutual – Overall Best for Bad Credit Loans
Founded in 2010, MoneyMutual is a free online resource where potential borrowers meet potential lenders. The company based out of Las Vegas, NV, is not a lender and is not involved in the transaction between lenders and borrowers. Instead, it’s a reliable platform where borrowers can easily link up with the right lender to sort their urgent financial needs. Whatever emergency you might have, MoneyMutual can link you to the right lender.
The company addresses a challenge facing millions of Americans: the lack of credible information on bad credit loans. The online marketplace offers consumers a simple, quick, and secure platform to connect with lenders. If you’ve struggled to find a loan because of your poor credit score, this platform will save you time and effort.
Over the last decade of operation, more than two million people have used the website to connect to lenders. The company links borrowers on the platform with an extensive network of over 60 short-term lenders. The easy-to-use marketplace has made life easier for millions of borrowers who need funds immediately but have a poor credit rating. Their application process is straightforward, and you’ll find a lender to work with quickly.
- Free service
- Over 60 lenders are available on MoneyMutual
- Straightforward online application and approval process
- Reliable and helpful customer support team
- The MoneyMutual website is easy-to-navigate
- After approval, you receive your funding within 24 hours
- Only available to U.S. residents
- Unavailable in New York or Connecticut
There’s an easy 3-step application process to get a bad credit loan through MoneyMutual. First, you’ll fill out a simple form with basic details, such as your name and income level. The company sends this information out to reputable lenders.
Interested lenders get back to you in minutes. You’ll be redirected to individual lenders’ websites, where you can check out their services, reputation, reviews, site security, and more. The lender can ask for further details before giving an offer after assessing your income, credit score, and other personal details. Once you accept the loan offer, including the loan terms, interest rate, and fees, you’ll have the money in your account within 24 hours.
MoneyMutual is a user-centric platform that focuses on the highest satisfaction levels. The company’s website is easy to use, containing comprehensive resources and customer reviews.
The fact that over two million users continuously use this lending company highlights the high standards you expect to find here. One outstanding feature of this bad credit loan platform is customer trust, which is reflected in the high number of returning clients, positive reviews and testimonials, and referrals.
There’s a lot of positive feedback regarding the resourcefulness of the company, easy bad credit loan applications, and approvals. These qualities have led to high customer satisfaction levels that have contributed to a growing number of customers.
#2. Bad Credit Loans: Top Lender to Get Loans for Bad Credit
Established in 1998, Bad Credit Loans has connected thousands of people with bad credit to the best lenders during emergencies. The website is free to use and connects you with a lender who provides a no-obligation bad credit loan offer. The company uses its proprietary technology to send out your loan request to an extensive network of lenders and financial service providers.
You can apply for funding from $500 to $10,000 to sort out various personal issues, including rent, medical emergencies, taxes, vehicle repair, mortgage payments, and credit card refinancing. The website has detailed information on the lenders and loan packages offered. The fact-based information provided on the company’s website helps you make an informed financial decision.
- The official company website offers educational resources about bad credit loans
- Wide range of personal, credit card, business, auto, and home loans
- Easy application process
- Applicants receive loan approval within minutes
- Extensive network of lenders
- Receive funds within one business day
- If no lender fits your needs, the website will redirect you to lenders that can help
- No pressure from the platform to sign a contract with any lender
- No BBB rating yet
- High annual percentage rate starting from 5.99%
One of the most outstanding features of Bad Credit Loans is the easy-to-use website and easy financing application process. The official website is easy to navigate and is rich in financial resources.
To get started, you’ll complete an easy 3-step loan application process. There’s a simple online form where you fill in your personal details and the reason you need funds. In this form, you’ll also need to provide proof of your citizenship and your banking information.
Next, the company will link you to a suitable lender, who will then send you the terms of the loan. Once you’ve checked the offer carefully, terms and all, you can sign the contract via e-signature and receive your funds the next business day.
Bad Credit Loans is a credible platform for bad credit loans with guaranteed approvals. This is an easy-to-use platform where you not only get linked to lenders but can also learn a lot about finances.
The biggest attraction, of course, is the availability of loans for users with poor credit scores. To qualify for a loan, the website requires more detailed information than other platforms. That being said, the higher chances of approval for a bad credit loan is worth the extra information.
#3. CashUSA – Guaranteed Cash Loans for Bad Credit
CashUSA is a lending network established in 1997. It’s one of the most established platforms, connecting borrowers to lenders at no fee. The company doesn’t offer loans but connects borrowers with bad credit to loans with guaranteed approvals. With CashUSA, the time you’ll spend looking for loans will be cut in half. With a simple application on this network, you will find the most suitable lender.
After filling out an application, the company then connects you to credible lenders who can pre-qualify you in minutes. The lenders use automated underwriting software to review your applications in seconds. However, interested lenders could request further details before they can approve your loan.
Once you’re pre-qualified by a lender, the application process, contract signing, and disbursement of funds can happen within a business day. Keep in mind, the lending platform doesn’t meddle in the loan contract and only connects you with the best loan providers.
- Large network of lenders working with bad credit borrowers
- Availability in all 50 states
- Resourceful website with an education center containing helpful information
- Experience and long history of reliability and success
- A million monthly users highlight the company’s credibility
- Easy application with only a soft credit pull required
- Easy-to-use and free service
- Privacy, safety, and security guaranteed with industry-standard encryption
- Reliable and accessible customer support
- Flexible loan installments of up to 72 months
- The company sends out routine emails that some users might find annoying
The official company website is easy to navigate and contains valuable financial resources. There’s a simple form to get you started through which you can make loan requests between $500 and $10,000. The amount you can borrow depends on your credit score, and the interest rates range from 5.99% – 35.99% APR.
First, you’ll provide further details like your phone number, social security number, home address, home rental or ownership details, income details, company contacts, and bank account details. The detailed information gives potential lenders a complete picture of your situation. Next is a soft credit check, but this won’t affect your credit score. The higher your credit score, the better a loan you can qualify for.
After filling in this information, the company links you to numerous lenders who can offer bad credit loans. This saves you the hassle of doing individual research. Afterward, different lenders can pre-qualify you for a loan and contact you directly. After agreeing with the loan terms, you’ll be able to give your e-consent and get your money. The cash disbursement happens within a business day.
The best thing about CashUSA is that it’s a large network of lenders offering bad credit loans with guaranteed approvals. It’s a simple-to-use service, and this is one of the most common compliments you’ll hear from customer testimonials. The company uses the latest technology to secure users’ information. More than one million visitors every month, highlighting the company’s credibility and resourcefulness.
#4. Personal Loans: Instant Lender for Bad Credit Loans Personal
Personal Loans is the go-to online platform if you’re looking for a personal loan with a poor credit score. The company doesn’t lend money but hooks you up with the most reliable lenders in the industry.
This is an ideal platform if you have a low credit score and urgently need funds to sort out personal issues. On the lending network, you can qualify for diverse, flexible loans ranging from $1,000 to $35,000 with an APR ranging from 5.99% to 35.99%. The platform connects you to tax loans, online loans, payday loans, and more with a loan duration of between 90 days and 72 months.
This lending network offers an incredible speed of approval for loans and cash disbursement. After approval, you’ll get your cash in 24 hours. Forget the frustrating queues, multiple applications, and disappointing emails declining your loan applications. On this platform, you have a guarantee of a loan as long as you meet the simple requirements.
Personal Loans offers a safe and easy-to-use platform whenever you need cash. By connecting you to credible lenders, this website reduces the pain of looking for bad credit loans with guaranteed approvals. With its large network of lenders, this platform has made it easy for borrowers with poor credit to access credit facilities.
- Free and easy-to-use lending website
- Zero-obligation offers from lenders
- Quick personal loans with bad credit
- No limits on what to do with your money
- Flexible repayment up to 72 months
- Loans up to $35,000
- Lower chances for a personal loan with a poor credit score
Personal Loans boasts one of the most detailed websites in the industry. To get started on the loan platform, you’ll fill a short online loan request form. The website’s cutting-edge security features secure any details you provide. The information goes out to reputable lenders who assess your eligibility for financing. You’ll receive feedback in minutes from one or more lenders. If no lender gets back to you, the company shows you tailored ads of third-party lenders. With Personal Loans, you’re never out of options.
From this point, the lending network is not involved in the transaction. You’ll get sufficient information about the lender to help you make the right choice. The lender will contact you by email, phone, or text and could request more information before the loan approval. Once you agree to the loan offer, you’ll get the funds in your checking account as soon as the next business day.
Navigating through the official Personal Loan website is easy. The website has detailed information about all services offered and how the bad credit loan process works. The flexible repayment period is a major attraction, as is the large network of lenders. As you use the platform, the company guarantees your security using cutting-edge security features.
#5. CreditLoan: Fastest Lending Platform
CreditLoan is a network of lenders founded in 1998. The company is not a loan provider but a platform linking bad credit borrowers to reliable lenders. Since its founding, the company has served over 750,000 people, making it one of the top platforms for bad credit loans with guaranteed approvals. This rich history offers confidence when you use the lending network. They have built a solid track record as the online lending marketplace of choice.
The lending network is ideal for a personal loan from $250 to $40,000. The affordable rates offered by lenders on this network make this one of the cheapest sources of financing if you have a poor credit score. Whether you need funds for an emergency or any other personal needs, there’s a lender on this network with a suitable loan offer.
- Free-to-use portal for bad credit loans
- A dedicated network of bad credit lenders
- Quick loan application
- A reputable website that has served more than 750,000 customers since 1998
- Fast loan feedback
- Direct cash transfer to your checking account
- Guaranteed safety and privacy on the website
- Borrowers with bad credit may have capped maximum loan amounts
To get started on the official CreditLoan website, you’ll submit a single loan request through a simple form. The lending network sends your request to the most suitable lenders. A soft credit pull is necessary to verify your financial situation though it won’t harm your credit score.
You’ll receive multiple offers from different lenders on the platform. The most notable feature about this website is the loan terms’ preview feature which saves you time. You can move on to another lender in the network for a better deal.
The company directs you to the lender’s website, where you’ll find comprehensive details about these companies. Before you make any financial decision, the lending network advises you to read the terms carefully.
CreditLoan sends your details to lenders who are most likely to give you a loan, even with poor credit. This increases the chances of funding. Once you accept an offer from a lender, you’ll complete the paperwork for loan approval. The disbursement of the loan is done in about 24 hours.
Besides connecting borrowers, the website has educated over 33 million visitors about bad credit loans. The comprehensive resources on the website help users make better financial decisions.
The website emphasizes user safety and security by using the latest technologies. The website encrypts any information shared on the platform using secure socket layer technology (SSL) for enhanced protection. The company is TRUSTe-verified and also has other certifications, including McAfee SECURE.
Reading through reviews and testimonials by previous customers, it’s obvious CreditLoan is doing many things right. The ease of use, simple loan applications, quick approvals, and extensive network of lenders are some of the features attributed to the service’s high customer satisfaction. When you borrow using this platform, the company sends your repayment details to credit bureaus, and this can boost your credit score.
Factors To Consider When Choosing Bad Credit Loans With Guaranteed Approvals
With more people looking for bad credit loans, many companies have emerged to offer these services. As a result, choosing a service that provides bad credit loans can be overwhelming. In many cases, people need these funds to sort an emergency, and the urgency can lead to poor choices.
If you get a bad credit loan and fail to repay the lender, this can further damage your credit score. To make the right decision when comparing bad credit loans with guaranteed approvals, here are some considerations you should make.
Make Sure You Qualify
Before you apply for bad credit loans with guaranteed approvals, understand how these loans work. If you have a poor credit score, you qualify for this type of financing. Check your FICO score first before you apply. You also need a stable source of income to facilitate loan repayments.
Different lenders have varying minimum requirements, which they use to pre-qualify you for funding. The lower your credit score, the less the amount you can borrow and the higher the interest rates. These loans are ideal for emergencies if you have bad credit because most banks will decline your application. Another advantage of bad credit loans is that the repayment information goes to the credit bureaus, which can improve your credit score.
Terms and Conditions
It’s crucial to read each item in the terms and conditions carefully because it can affect your loan repayment. For instance, the interest rates (fixed vs. variable) can affect the repayment amount and, thus, the total loan amount you repay. More importantly, confirm your repayment plan for a loan before you confirm an agreement with any lender. Most online lenders will provide an online calculator to help you estimate your loan repayments.
Before signing the bad credit loan contract, confirm all the fees related to the loan, including origination fees, APR, penalties, and any other charges. These charges apply to your loan, and it’s imperative to understand how they work.
Other factors to consider in the terms and conditions include the governing law, dispute resolution, means of payment, security or guarantor required, default implications, and other relevant matters. If something isn’t clear in the terms and conditions, don’t sign the document until you’ve received clarification from the lender.
Flexibility of the Lender
Only accept a bad credit loan that suits your financial situation. When you visit a lending portal, take time to compare loan offers from multiple lenders. It’s understandable that you need funds quickly, especially in the case of an emergency, but it’s best to consider how the repayments will affect your finances.
The lenders we’ve included in our list offer a variety of loans to suit your needs. The best lender will look through your application and give you an offer that’s tailored to your financial needs. If a lender reaches out to you for more details, take the opportunity to argue your case. A good lender considers any other source of income you might have to increase the loan amount or provide better loan repayment terms. Talk to each of the lenders and ask if they can vary the terms to suit your unique financial situation.
Reliability of the Lender
When looking for a quality bad credit loan, review the lender’s experience, reputation, and track record. Read reviews and testimonials, and check whether or not the company has a BBB rating or accreditation. In this age of digital communication, you can easily find all this information with just a few clicks.
A more established lender with a solid reputation has a lot to lose and will offer quality services to maintain customer loyalty. Such lenders also provide a more comprehensive range of loan solutions, more flexible terms, and are willing to protect your data online.
Choose a lender who’s ready to listen to you and offer custom loan services. During your interactions, assess the quality of customer service provided by the lender. A reliable bad credit lender has multiple lines of communication for timely customer feedback via phone, email, live chat, and social media.
Your Guide to Get a Bad Loan With Guaranteed Approval
Shopping for a loan when you have a poor credit score requires careful planning and some creativity. Many consumers miss out on these loans because they don’t know how to go about the process.
Review Your Credit Report
You can get a free credit report from each of the three credit bureaus (Equifax, TransUnion, and Experian). The report provides a detailed account of your credit history and is the tool used by financial institutions and service providers to determine your financial reliability. Before you apply for a loan, review your credit report and check for any errors. Dispute such errors and make any due payments before applying for a new loan.
Set Your Goal and Budget
Don’t apply for a loan without a well-detailed budget and financial goals. Assess your current financial situation, income levels, and projected future income to determine how much you can borrow and repay comfortably. Most lending companies have loan calculators to help you estimate the total cost of your loan. Create a checklist of what you want in a loan and stick to the goals you’ve set.
Compare different loan offers from lenders. Look for a lender who pre-qualifies you for a loan because they won’t do a thorough background check. If a lender has to check your credit score as part of the loan eligibility, the loan might become expensive.
Choose a Credible Lender
Beware of online bad credit loan scams where the lender offers a guarantee for a loan if you pay an advance fee. Reputable lenders have a reputation to protect and won’t pressure you in any way. They have professional staff to contact you and assist with the application.
What Are the Alternatives to Bad Credit Loans?
With a terrible credit score and a poor flow of income, it might be difficult to access bad credit loans with guaranteed approvals. If you’re in a financial fix, the following are alternatives to bad credit loans.
A Loan From a Friend or Relative
Friends and family members can come through for you if you’re in an emergency. Consider this as a form of a loan and agree on all terms, including repayments, number of installments, interest rate, and any charges. In this case, you run the risk of ruining your relationship if you don’t fulfill the agreement.
Cash Advance From Your Employer
If you have a financial emergency, your employer can help out with a cash advance. This will depend on your employment contract and your relationship with your employer. As with lenders, friends, or families, establish terms with your employer to make the loan more reliable and comfortable for you both.
If you really need money and can’t manage to find someone to loan from, consider selling some of your valuables for excess cash. Look around your home and identify anything you don’t need. There are multiple online platforms where you can quickly sell items for cash.
FAQS About Bad Credit Loans
How does my credit score affect me?
If a financial institution or utility company wants to assess your creditworthiness, they check your credit report. These institutions use the content in your credit report to assign a credit score based on the Fair Isaac Corporation (FICO) model. The credit score determines the level of risk.
The score affects your ability to borrow, the amount you can borrow, and the interest rate you pay for credit facilities or utilities. Some factors used to assign a credit score include your repayment history, your total debt, the length of your credit history, your credit utilization, your types of credit, and any new credit you’ve received.
Most lenders use the average FICO score range. You can check your credit score from your financial institution or loan statements. It’s also possible to purchase your credit score from FICO or the three major credit bureaus.
Are bad credit loans with guaranteed approvals legit?
Yes. While a poor credit score makes it virtually impossible to get a loan from your bank, many online lenders now offer bad credit loans. With internet technology, you can look beyond the traditional financial instructions when looking for a personal loan.
Online lenders offer faster, convenient, and hassle-free loan approvals with less stringent conditions. Bad credit loans with guaranteed approvals are available from these lenders as long as you have a source of income.
Some of these companies have been around for over two decades and have built solid reputations in the market. When shopping for a bad credit loan with guaranteed approvals, don’t overlook the experience and reputation of the lender. Read reviews and testimonials to confirm the reliability of the bad credit loan company.
Are bad credit loans costly?
Compared to ordinary loans, bad credit loans with guaranteed approvals are more expensive. The bad credit lenders take a higher risk than traditional lenders would do. To mitigate the risk, the bad credit loan provider charges higher interest.
The penalties and charges attached to these loans are also higher. The lender takes a risk by offering a loan to borrowers identified as high risk by other financial institutions. You’re not asked for collateral, and the process is efficient and straightforward.
The bottom line is that bad credit lenders walk where banks and other institutions fear to tread. They come through for millions of household owners and businesses that need financing with poor credit ratings. If you have an emergency or any personal or business need and your credit score is low, these loans come in handy. If you repay the loan without fail, an improved credit score rating is an added advantage.
What’s the secret to fast bad credit loans with guaranteed approvals?
Thousands of lenders offer bad credit loans with guaranteed approvals, and picking the best is difficult. The best solution is to use a reliable lending network that connects you with the right lender.
The lending websites we’ve listed don’t offer loans but create a platform where lenders and borrowers can connect. The platforms are free to use, and you only need to fill out a simple form to get started. Once you provide your details, the lending company sends the information to multiple lenders within its network. The idea is to connect you with the most suitable lender. You’ll receive offers from numerous reputable lenders, and it becomes easier to select the right one as a result. The lending network doesn’t meddle in your interaction with the lender but provides invaluable resources to help you make the right call.
When you use a lending website, it’s possible to complete the application, approval, and agreement within hours and get your money by the next business day. It is the safest, fastest, and most efficient way to access funding if you have poor credit.
What’s required when applying for a bad credit loan?
Different lenders have their in-house requirements to pre-qualify you for a loan and finally give the approval. These requirements allow the lender to know more about you and build trust. Some details required include proof of income, proof of citizenship, proof of residence, a soft pull of your credit score, contact information, and e-consent.
If you have these details ready when applying for a bad credit loan, you’ll complete the application and approval process faster. There’s no physical meeting with the lender and all transactions, including signing the contract, are online.
How much money can I borrow with bad credit?
The loan amounts offered by bad credit lenders vary. Some lenders offer small personal loans starting from $250. These amounts are ideal for sorting out simple household needs. You don’t require a good credit score to qualify for such amounts.
Bad credit loans with guaranteed approvals can also go up to $35,000. To qualify for such a large amount, you must have a strong source of income and a more-than-average credit score. Such a loan is suitable if your bank has declined to sort out your emergency.
How do I pick the right bad credit loan company?
When you get offers for your loan application, take time to scrutinize each of the lenders. The best lender offers a blend of experience, a good track record, innovation, security, and flexibility. Do a background check of the lender and read reviews and all material you can find about the company. It’s the best way to protect yourself from unethical lenders.
Is there a risk in bad credit loans with guaranteed approvals?
Every loan facility comes with some degree of risk. For bad credit loans with guaranteed approvals, the interest rates are high. The high loan repayments can strain your finances, which increases the risk of default (meaning, your ability to repay the lender). Such a situation worsens your credit score. However, you can use this to your advantage by taking out a smaller amount that you can comfortably repay. These repayments improve your credit score.
Times are hard, and if you have a poor credit score, things can get tougher when you need a loan. Searching for a loan with a poor credit score is frustrating and emotionally draining. You’ll go through long application processes only to have your loan declined.
When in an emergency, many people have to swallow their pride and borrow from family or friends. But you don’t have to do this. You can now access emergency funds through bad credit loans with guaranteed approvals. It’s the easiest way out of your financial fix and allows you to maintain your dignity. With a few steps, you’ll qualify for funding and get the cash you need in less than a day.
This article highlights the best places to get a bad credit loan. Some of our favorites include MoneyMutual, Bad Credit Loans, and CashUSA. Our team spent a lot of time shortlisting these companies for the sole purpose of giving you factual, beneficial information.
If you’re in a financial fix, go ahead and visit one of the five lending networks and get linked with suitable lenders. Getting a loan with bad credit doesn’t have to be difficult.