Are you looking for companies that give bad credit loans with guaranteed approval? If you are, then this is the right place for you.
Ideally, financial institutions and money lenders prefer it if borrowers have a good FICO or credit report. However, every day we have to deal with real-life situations that are far from ideal.
Life-altering incidences like serious illness, motor accidents, and other unexpected life events are out of our control. In addition, these events may also warrant the instant need for cash, which you might not have readily at hand.
The combination of an unfortunate incident and the need for money you do not have can be a source of excruciating mental stress.
So, to ease your worries, we have researched and compiled this list of the best brands where you can get bad credit loans with guaranteed approval.
Securing a loan with a bad credit score is hard enough. But, loans with guaranteed approval can be much harder to secure. Therefore, the financial institutions on this list are among the best in the U.S. and are trusted by millions of loan borrowers.
But, you might want to know why financial companies lend money even if you have bad credit.
This is because online money lenders and financial institutions do not only consider your FICO score when approving your for a loan. Other factors such as your financial management skills, your average income and how much you save from it, and so on determine whether financial institutions want to lend you money or not.
With that out of the way, the best five online platforms in the U.S. to get bad credit loans with guaranteed approval are revealed below.
List of Top 5 Best Bad Credit Loan Companies
1. BadCreditLoans: Overall Best Online Loans for Bad Credit Score
2. Personal Loans: Personal Loans for Poor Credit, Top Lender
3. Credit Loan: Best for Small Loans for Bad Credit
4. CashUSA: Best Quick Loans for Bad Credit Online
5. MoneyMutual: Provides Money Loans for Poor Credit
#1. BadCreditLoans: Overall Best Online Loans for Bad Credit Score
If you have a bad FICO score, BadCreditLoans is one of the best online financial platforms you can depend on. This financial company offers a one-stop solution and several loans, including bad credit loans, debt consolidation, mortgage loans, credit card refinancing, and many others.
On the BadCreditLoans portal, you will find several money lenders, which maximizes your chances of securing the loan. Unlike many online financial platforms where scams are rampant, BadCreditLoans is a legit brand.
If you have any doubts regarding BadCreditLoans, here are the features that should help ease your worries.
Among the top features of BadCreditLoans is how quickly you can secure a loan. You can get your loan within one business day if you match up with the right money lender. In this regard, BadCreditLoans takes the trophy for quick loan approval and funding.
The loan amount you can get from this online platform ranges from $500 to $10,000, with an APR between 5.99% and 35.99%, which is quite standard. Additionally, the flexibility of loan repayment is from 90 days to 72 months, giving you plenty of time to repay.
BadCreditLoans has robust security, so you do not have to worry about compromising your information.
In addition, the loan application process at BadCreditLoans is very easy, even for a first-timer. You will also love that BadCreditLoans is free to use, so you do not have to worry about paying extra charges.
Another great feature of BadCreditLoans that you will appreciate is the reliable 24/7 customer service. BadCreditLoans also has several educational resources on its website, which you will find very useful. The website layout and design of this financial platform are very easy to navigate as well.
On BadCreditLoans, the requirements for loan qualifications vary slightly from one lender to the other. However, if you are an American citizen above 18 years, have proof of citizenship and a source of income, securing a loan is typically not very problematic.
If you are wondering how the loan process at BadCreditLoans works, money lenders on the platform go through your loan request. Then, you will get an offer from the lender, and if you find it suitable, you can complete the deal by signing electronically. However, if you do not accept the offer, you can simply use the same application form to connect with another lender on BadCreditLoans.
- Effortless application process
- Easy to navigate and user-friendly website
- Quick loan approval
- Free to use platform with no hidden charges
- Great customer service
- Flexible repayment time
- Several lenders available
- Relatively poor BBB rating
- Some lenders require a lot of personal information
Overall, BadCreditLoans is a fantastic platform to secure a personal loan with a poor credit score. Because there are several moneylenders on the platform, it maximizes your chance of getting loan approval. In addition, the loans on BadCreditLoans also are approved very quickly, which is fantastic.
However, the loan amount on BadCreditLoans is a bit unsatisfactory. But, considering this platform does not look at your bad credit score as the ultimate deciding factor for loan approval, BadCreditLoans is a great choice in case you need urgent funds soon.
Several customer reviews about BadCreditLoans say they like the quick processing time. However, some bad credit borrowers also express their concern about compromising their financial data on the platform.
But, BadCreditLoans has excellent customer support through phone and email, so you can always contact them for any issues.
#2. Personal Loans: Personal Loans for Poor Credit, Top Lender
As the name implies, Personal Loans is a top choice if you require personal loans and have a bad credit score. At Personal Loans, you can also secure several types of loans, including bad credit loans, emergency, online, fast cash, and debt consolidation, among others.
This Utah-based online financial platform has been instrumental in helping people all over the U.S. secure loans despite having a poor FICO score.
On Personal Loans, you can avail of loans ranging from $1,000 to $35,000 even with a poor credit score of 580. This wide range of loan amounts is one of the best features of Personal Loans.
Another great feature about this online financial platform is the many lenders that are accessible. Because several of them are on the platform, you can get competitive interest rates and have a higher chance of loan approval.
The APR of loans on this platform is 5.99% to 35.99%, which is very similar to other financial institutions. However, the actual interest rate of your loan will depend on which lender you match with and several other factors. Also, the repayment term is between 3 and 72 months.
Personal Loans take security very seriously, so they have data encryption technology on their site to protect customer data.
Funding time on Personal Loans is also quick, and if you get the right offer, you can receive the loan in your account the next day. Overall, the application and approval process is very easy, and there are no hidden costs and zero obligations.
Personal Loans’ website is also very easy to navigate, so you should have no issues finding your way around it. Feel free to check out the FAQs on the Personal Loans’ site if you have any queries.
- Loans up to $35,000
- No origination fee
- Quick approval
- Flexible repayment terms
- Several lenders accessible
- Secure website with data encryption technology
- Some lenders perform hard pulls on your credit history.
- Loan qualification requirements can be strict
Quite unlike a lot of financial platforms, Personal Loans has no BBB rating or reviews, which is seen as a negative by many loan borrowers.
However, existing and past customers of Personal Loans have great reviews about the money-lending platform. The ease of using the website, the great customer support, and the speed of qualifying for the loan are the top reasons people talk about Personal Loans.
On Trustpilot, Personal Loans enjoys a rating of 4.6 on average, which is quite a good one. Similar to BadCreditLoans, Personal Loans also offers customer support through email and phone to ensure satisfaction to its clients.
#3. Credit Loan: Best for Small Loans for Bad Credit
Are you in need of a personal loan, but you have a poor FICO score? Look no further than Credit Loan. This Florida-based online financial platform has proudly served millions of Americans, providing personal loans for more than two decades.
Credit Loan is so popular that it has caught the attention of several publications, including the Wall Street Journal and Forbes. On Credit Loan’s site, you can get bad credit loans with guaranteed approval, and of course, you can get a loan with a good credit score, too.
On Credit Loan, you can get a personal loan of up to $5,000 even with an abysmal credit score. However, if you have a decent FICO score, you can easily secure loans up to $40,000 on this platform.
One of Credit Loan’s best features is the Personal Loan Calculator. This online calculator is available on the platform, and you can enter the amount, the repayment term, and the APR to get an idea about the loan details. Of course, the APR will vary from lender to lender, so the loan amount on the calculator is not absolute.
Credit Loan’s site is secured and encrypted, so you do not have to worry about compromising your personal information. This online financial platform is one of the few ones that has McAfee Secure certification and TRUSTe verification for safety.
In addition, on this online financial platform, you can also see when lenders are online, which is fantastic. If you match with a lender on Credit Loan, you can get the loan on the same business day. You will also find many useful educational resources about loans on the site.
If you are wondering about the loan application process with this platform, it is effortless, and you will have no problems navigating this site. Once you match with a lender, Credit Loan directs you to their site to give you an electronic signature and wrap up the deal.
- Secure and safe website that is TRUSTe verified
- Quick and easy loan application process
- Personal Loan Calculator accessible
- Funds available by the next business day
- High-interest rates charged by many lenders
- High chance of loan denial
- Not suitable for those who need a large loan amount
- Some lenders perform a hard credit pull
Credit Loan reviews on Trustpilot are a good mix of very positive and negative ones, too. However, many customers of Credit Loan talk highly about its speed for loan qualification and the ease of application.
On the topic of customer satisfaction, Credit Loan provides excellent customer support through email, which you can find on their website.
#4. CashUSA: Best Quick Loans for Bad Credit Online
CashUSA is another great platform where you can secure personal loans with bad credit. This online financial portal is based in Nevada and has been instrumental in helping many people across America in their dire hour of need.
In this regard, CashUSA is very much like a dependable friend who can help you out with your financial issues. CashUSA is not a lender itself, but it is a portal where several moneylenders come together to offer their services to the borrowers.
This financial portal works very similarly to other platforms on this list. However, CashUSA has some features that are different from others, so let us check them out in the next section.
One of CashUSA’s best features is its safe and secure website. It has industry-standard security measures and encryption data in place, so your information is absolutely safe.
Lenders on CashUSA do not require good credit from you to process the loan. In addition, the requirements for loan applications are also very flexible, which is a feature you will appreciate.
The maximum loan amount you can secure from lenders on this site is $10,000, which is pretty standard. Besides, the APR is between 5.99% and 35.99%, which is similar to the other platforms on this list. Also, lenders on this platform have a repayment term between 90 days and 72 months, so you have enough time to pay off the debts.
The application process at this online financial platform is also straightforward. You just have to log in to CashUSA, fill in an online form, agree to the terms, and the platform will connect you to the most relevant lender. CashUSA also has a free service, which you will find very useful.
Different lenders have their set interest rates, but it will also depend on how bad your credit score is, among other factors. But, of course, CashUSA has no way of giving you the exact figure, since the lenders decide it.
Another excellent feature of CashUSA is quick loan approval. If you connect with the right lender, you can easily get the money in your checking account on the next business day, which can be a lifesaver.
On CashUSA, eligibility requirements for getting bad credit loans with guaranteed approval are also very straightforward. If you can furnish details of your U.S. citizenship, a steady monthly income, a bank account, and if you are above 18 years of age, you can easily get a loan.
You will also love that CashUSA has a dedicated education center. Here, you can learn and clear all doubts about credit scores, finances, debt, and banking. In addition, the FAQ section on CashUSA’s site is also something you will find very useful.
- Easy loan application process
- Top-notch security and encryption for protecting your data
- Straightforward eligibility criteria
- Education Center provides invaluable resources to borrowers
- Free of charge service
- Securing a loan is quick and can happen within 24 hours
- Not suitable for borrowers who need more than $10,000
- Some lenders charge very high-interest rates
CashUSA has a BBB profile, making them a legit financial platform. In addition, the customer reviews of CashUSA are also largely positive, with many praising the quick loan approvals.
On Trustpilot, customer reviews of CashUSA are not very positive. However, the negative reviews are mostly about the frustration over loan denial.
Nevertheless, CashUSA offers outstanding customer support through phone, which means they take customer satisfaction very seriously.
#5. MoneyMutual: Provides Money Loans for Poor Credit
MoneyMutual is a very popular platform for borrowers who have bad credit scores. The platform is heavily endorsed by Montel Williams, one of its most popular spokesmen.
This Las Vegas-based financial platform is perhaps home to the largest collection of lenders. With many decades of operation, MoneyMutual has served more than two million Americans during their financial crises.
MoneyMutual is a relatively new company compared to other online financial platforms on this list. However, loan seekers on this platform have benefited greatly because of its fantastic features, which we will look at below.
MoneyMutual’s best feature is the sheer number of lenders on the platform. There are about 60 lenders on the MoneyMutual network, making it a great choice for those with poor credit scores.
Personal loans on MoneyMutual also get quick approvals so you can get the loan the next day.
The range of loans on MoneyMutual is from $200 to $5,000. While the loan amount is not a big number, the lenders do not take a serious look at your bad credit score, so it is a good deal.
The application process for loans on MoneyMutual is very easy and does not require a lot of time or effort. Using the platform is free of charge, and you will also appreciate that it has robust security to protect your personal information.
After applying, the platform directs you to the lender’s site to finalize the deal. If you like the offer from the lender, you can proceed by giving your electronic signature and receiving the money in your checking account.
You will also find helpful resources on MoneyMutual to clarify any doubts or questions.
- Large network of lenders
- Easy application process
- Quick loan approval
- Free to use service
- Secure website
- Many helpful resources available
- Some lenders are from outside the U.S., which turn out to be scams
- Several past issues with lawsuits
- Interest rates from some lenders are very high
Several instances of a borrower on MoneyMutual connecting with an international lender is a hot topic of discussion. In addition, these lenders charge very high interest rates and sometimes even turn out to be a fraud.
Nevertheless, many customers of MoneyMutual talk very positively about its services. Many of them appreciate the quick loan approval and the ease of application.
MoneyMutual also provides great customer support through email and phone, attesting to their dedication to customer satisfaction.
Factors You Should Consider While Getting a Loan for Bad Credit
Applying for a loan entails a certain level of anxiety, but it can be most stressful when you do so with bad credit. In addition, if this is your first time applying for a loan, it can also be confusing.
Therefore, here are some factors to consider while getting a bad credit loan.
Check Your Eligibility
If you are seeking a bad credit loan, obviously you have a poor FICO score. However, most lenders have a specific cut-off number, which determines your eligibility.
For instance, some lenders may approve a loan even if your FICO score is 580, which is abysmally low. On the other hand, other lenders will not approve the loan unless you have a credit score of 620 or more. In addition, some of them might offer you a loan but with extremely high interest.
Other eligibility criteria include:
- A steady monthly income — through this information, financial institutions can gauge your ability to repay the loan
- How well you manage your finances
- Papers that establish your U.S. citizenship
- Proof of identity
- Proof that you are at least 18 years of age
However, these requirements for loan approval vary greatly from one lender to another. So, the best way is to get in touch with the lender through the platforms mentioned in this post.
Rate of Interest
The rate of interest on a personal or bad credit loan is something you cannot ignore. Most lenders will not refrain from charging you an exceptionally high-interest rate if you have a really bad credit score.
The average interest rate for bad credit loans is between 3.49% and 29.99%. However, it is not uncommon for lenders to charge up to 36% interest to those with a bad credit score.
However, the good news is that several moneylenders do not just consider your FICO score to decide your interest rate. They also consider the amount of the loan as well as the repayment term you choose.
Researching at least five or six lenders and comparing their interest rates is a smart move. It may seem time-consuming, but comparing which lenders have the lowest interest rates can save you a lot of money long-term.
Terms and Conditions
When you get a loan offer from a lender, it is very tempting to accept it as soon as possible. However, refrain from signing the papers before you check out the terms and conditions thoroughly.
The technical terms about finance might seem confusing if you are not familiar. But, you just need to look out for these terms and what they mean:
- Repayment term: With most lenders, the repayment terms are 90 days to 72 months for bad credit loans. Choosing a short repayment term usually gets you the best deal.
- Fees: Applicable loan fees for bad credit loans with guaranteed approval typically include origination, commencement, processing, late/early payment, bounced checks, and chargeable fees. Not all lenders charge these fees, so look for one that does not charge them.
Consider Your Liquid Assets
Getting a loan warrants some level of risk, as you could even lose your job or fall into a vicious cycle of debt. In this regard, having some type of financial backup can make all of the difference.
Liquid assets can be your savings in the bank or any type of asset you can turn into fast cash. This financial backup may save you from a crisis if you cannot repay your loan during the set repayment term.
Guide: How to Get Urgent Loans with Bad Credit and Guaranteed Approvals
Applying for a bad credit personal loan can seem daunting, especially if it is your first time. So, to help you out, here is an easy step-by-step guide.
Step 1 – Check Your Credit Score History.
Accessing your credit score history and carefully evaluating it is the first step. Creditors are typically the ones that prepare your credit score, and sometimes, they can put inaccurate or wrong information on your credit score history, with or without intention.
Most people are scared or hesitant to credit check their score because they have to pay the fees. But, this is not entirely true.
You only have to pay a service fee if you check your credit score from random bureaus. But, if you check it from the U.S.’s three major credit card bureaus — Experian, TransUnion, and Equifax — you can perform a check once every year without any fees.
Correcting discrepancies and inaccurate information on your credit score history can improve your score in a significant way. So, consider checking your credit history at least three months before you decide to apply for a loan.
Step 2 – Decide the Loan Amount.
Setting a target for the loan amount is the next crucial step. Many people make the grave mistake of taking a huge loan amount just because it is accessible. Loans can be easy to secure but paying them off is not as fun.
So, before you dive in and secure the largest loan amount you can get, here are the top tips to consider.
Your income is the single most important thing to consider, as this will decide your budget, including savings, monthly bills, and the amount to repay the loan.
In addition, depending on how much you bring home in a month, you need to decide the repayment term.
Deciding on a long-term repayment can seem very cheap at a glance, as it has lower interest rates. However, a short repayment term is most beneficial in the long run.
Working on these small details can seem tedious, but it can make all of the difference in helping you decide on the right loan amount.
Step 3 – Check and Compare the Interest Rate.
The importance of checking and comparing interest rates from different loan lenders cannot be stressed enough. Because bad credit loans with guaranteed approval make you vulnerable to high-interest rates, comparing the interest rates from different lenders will help you secure the best loan.
Furthermore, comparing interest rates will also help you scour lenders that offer pre-approvals. A pre-approval from a lender is an offer that most people do not consider.
However, if you come across a lender that offers this, it is a great deal. Also, these lenders will not perform a hard pull on your credit history, which can damage your credit score.
Step 4 – Identify the Scamming Money Lenders.
The online business of money lending and loans is prone to a lot of fraud companies and scamming. As a beginner in the loan industry, it is almost impossible to identify a fraudulent lender from a legit one.
However, if you know these pointers, you should be able to tell if a lender is out to scam you.
Fraudulent lenders typically do not ask about or bother with your payment history. Credible lenders will require your payment history because they are not just concerned about your credit score.
Also, fraudulent lenders will persistently want to know if you have a prepaid card. Furthermore, a scammer will keep pressuring you with their loan offer, whether you like it or not. In contrast, legit lenders will never pressure you to take their offer.
Step 5 – Start the Plan to Pay Off Your Debt.
After the lenders credit the loan amount in your account, it is your job to start paying off the debt as soon as possible. You need a plan for this so you can do so consistently and on time.
Whether you decide to pay your debts weekly or monthly, make sure not to miss the payments. Activating the autopay options is one of the best ways to make payments consistently.
Making regular payments will allow you to pay off your debts in time, and those who make regular payments will see a positive effect on their credit score as well.
Best Online Loans Alternatives to Bad Credit Loans
With a bad credit score, your financial status and your quality of life are compromised significantly. The possibility of securing loans for bad credit is always there, but getting a loan carries its own set of problems.
So, what are the best bad credit loan alternatives? Below we have some options for you to consider.
Solicit Help from Family
If your need is not huge, you can probably ask a family member or a friend to help you out. Most people hesitate to ask for financial favors from within their friend circle or family. However, you will be surprised that someone may even loan you the amount without interest.
However, you do need to treat the help as if you were borrowing from a lender, which means the repayment terms and interest rates should be in written form to avoid misunderstandings.
Borrowing from family or close friends is tricky, and if you do not honor the payment terms, you could risk losing the relationship. So, be honest and pay it back on time.
Ask Your Employer for Help
If you have a regular job, you can also seek help from your employer for a short-term loan. Of course, the short-term loan will be against your salary in most cases. However, if you are on good terms with your boss, you can get this loan without interest.
If the urgent cash you need is not big, you can also rely on other sources to source the cash. You could sell some possessions you have or anything that can be converted to immediate cash. This can be a great alternative to bad credit loans from lenders.
FAQs: Bad Credit Loans with Guaranteed Approval
Q. How Can I Tell if I Have a Bad or a Good Credit Score?
A credit score is determined by the FICO, or Fair Isaac Corporation. Here is how you can tell whether you have a good or a bad credit or FICO score.
- 800 to 850 – Excellent
- 740 to 799 – Very good
- 739 to 670 – Good
- 580 to 669 – Fair
- Under 580 – Poor
- Less than 580 – Very poor
Q. Can I Improve My Credit Score?
Here are the top ways to improve your credit score:
- Regularly audit your credit score report and history
- Pay off your debts
- Make regular payments, whether weekly or monthly
- Seek financial advice from professionals if possible
- Refrain from getting multiple credit cards at once
- Do not get rid of old credit cards
Q. Is It Possible to Secure a Loan Without Checking My Credit Score?
It is possible to seek loans without checking your credit score. However, there is a downside to it. You will have to pay very high-interest rates, but there are ways you can get a loan without revealing your credit history.
- Payday Loans: Payday loan lenders typically do not require your credit score details.
- Pawnshops: You can also secure short-term loans from pawnshops, but of course, you need to have something to pawn for the money.
- Auto Title Loan: This will require attaching your vehicle’s title to the lender so you can get the loan. The downside is you can lose your car if you cannot pay your debt on time.
Unforeseen events will almost always warrant an immediate need for extra cash. And if you have a bad credit score, it can seem impossible to get a quick loan.
But, worry not, as online financial portals such as BadCreditLoans, MoneyMutual, and CashUSA provide immediate relief to borrowers all over America. These are legit companies, and the best part is that you do not need a good FICO score to get a loan.
So, keep these companies on your financial radar, and they will be a lifesaver when you are strapped for cash and have a bad credit score to boot.