Bad credit history is often the result of long-drawn-out financial problems, not their cause. When you suddenly lose your job or face heavy emergency expenses, it may lead to delays in paying your bills or making debt payments. Thus, people who struggle with poor credit typically need financial assistance more than people with good FICO scores. And unfortunately, bad credit score borrowers commonly can't get it from a bank or credit union. And that's the moment when an online direct lender can lend you a helping hand.
Bad credit loan lenders generally don't set a minimum credit score requirement and don't perform hard credit checks to make the procedure faster. Thus, if you need money right away but your credit score leaves much to be desired, loans for bad credit online may work for you. However, each lender is different and has its terms and requirements. That is why people with bad credit scores usually find it challenging to find a reliable loan provider. Moreover, when you get into an emergency, you usually don't have time to choose, so you settle for the first offer you see, which often leads to far-reaching consequences. To help you make an informed lending decision in minutes, we've picked three lending companies that offer bad credit personal loans with guaranteed approval and no credit check.
Top 3 Best No Credit Check Loans Guaranteed Approval
- 1F Cash Advance – Best overall bad credit loans.
- ASAP Finance – Best for unsecured personal loans with instant payout.
- 15M Finance – Get a loan with bad credit within 24 hours.
#1. 1F Cash Advance - Best Overall Bad Credit Loans
1F Cash Advance welcomes borrowers with any credit scores to touch high-quality and fair lending services of a big bank's level. This platform was created to link people with local loan providers in order to help them get the best deal possible in the bad credit loan space. As the service is committed to emergency assistance, it doesn't take much time to get the loan funds. Typically, its partner lenders make direct deposits within one business day.
The loan company sets strict criteria for its partner loan providers. Thus, all lenders from its huge base are licensed and operate in accordance with its values, including speed, accessibility, and privacy. Most of them don't perform hard credit inquiries through major credit bureaus and don't have minimum credit score requirements.
1F Cash Advance may be your best solution if you're looking for urgent cash from a trusted lender and need to access the money within 24 hours. It also offers flexible loan products with convenient payment plans, so you can choose the one that suits your situation.
“Our mission is to help people, not make money on them. It may seem that no credit check loans are not the right way to do it, but, actually, they can be lifesaving if you know how to use them right. And it's what our team is dedicated to.” – Latoria Williams, CEO of 1F Cash Advance.
Rapid loan processing
Once you complete a submission form on the website, a lender that is willing to help takes your application to work at once. As many lenders don't make hard checks, it typically takes less than half an hour to evaluate your financial situation and make a loan approval decision. Thus, you will be informed about whether you're approved or not in a matter of minutes.
No origination fees
The service has no loan fees. All the charges you need to pay are set by your lender only and are specified in your loan agreement. Thus, you can save money on an origination fee that can be pretty high sometimes.
When you use the company's website, you clearly feel that it has done a great job of making it understandable and easy to use for an average customer. It is also packed with information about the products they offer, so you can make an informed decision before you apply for a loan.
- Convenient submission form;
- Easy-to-meet loan stipulations;
- Good for poor credit;
- Direct deposits within one business day;
- Trusted lenders with multiple offers;
- Works day and night.
- Requires income proof;
- High interest rates may be applied.
If time is running out, 1F Cash Advance can help you solve money problems up to date.
#2. ASAP Finance - Best for Unsecured Personal Loans With Instant Payout
ASAP Finance is a service that is globally trusted by millions. And in fact, we know why it happens so. The service works with an extensive network of loan providers throughout the US and offers emergency payouts regardless of your loan purpose. It also uses modern security services and shares your application details through a secured connection to prevent data leaks.
Apart from that, the service is similar to the other connecting platforms. However, it demonstrates high customer ratings and a good level of products and services. The company allows you to apply for loans with bad credit and get urgent cash by the end of the next day. Also, most options it provides don't impact your credit score and are not recorded in your credit report.
The options the company offers are good for emergencies and may suit you in case of unexpected expenses. Your credit rating is not a determining factor if you meet other simple requirements and can confirm your steady income.
“Fast assistance is the one that people need when they get into difficult situations. Thus, I'm sure our work is really important. We help people who can't count on assistance from traditional lenders but still need to be heard.” – Gregory Allen, principal CEO of ASAP Finance.
Straightforward application procedure
A simple loan application process is quite important for people who get into emergencies. The best application procedure is the one you can complete in minutes by following a few simple steps. Applying through the service, you will get exactly what you've expected and receive a loan decision within one hour or less.
Modern security services
It's great when a company protects your personal information and doesn't share your data with third parties. By using modern security services, the platform shows a responsible approach that is focused on customer safety.
Free of charge marketplace
Having no loan origination fee allows you to avoid high overpayments. Sometimes even a 3% fee makes sense and forces you to pay significant amounts. As the company allows you to apply for free, you don't have to pay any charges except for the lender's interest rate and fee.
- Allows you to access multiple loan offers;
- No minimum credit score requirements;
- High approval rate for bad credit;
- Money funding by the next day;
- 24/7 online application.
- A lender will take into consideration your debt-to-income ratio;
- You can get a high interest rate with a low credit score.
If you're looking for a reliable lender with fast money funding, give ASAP Finance a shot.
#3. 15M Finance - Get a Loan With Bad Credit Within 24 Hours
15M Finance takes a well-deserved second place in our list due to its fast loan verifications and urgent money transfers. The nicest thing about the service is that you don't need to wait for loan approval. A loan provider will send it to you shortly after you complete a loan request form. As it's an online marketplace that works with multiple lenders at once, you can access thousands of offers by entering your data in one application form. Moreover, you can do it totally online without leaving your home or office.
The personal loan lenders the company works with offer a wide array of loan options. You can either access a trifling loan amount of $100 or apply for a $5,000 loan if your income is high enough to get such a sum. Loan proceeds will be transferred to your bank account as soon as the next business day, provided that your loan application is approved. The platform also demonstrates a high acceptance rate for borrowers with a poor credit history, so it can give you peace of mind even if you have any credit difficulties.
15M Finance can meet your expectations if you're in urgent need of money and need up to $5,000, regardless of your credit score. You can complete a loan request form at any moment and don't worry about being charged for it, even if you apply several times within a short period.
“We strive to offer flexible options as different people need different things, from loan amounts to some specific conditions. We want to help everyone who needs urgent cash and are willing to educate people too. Our team wants to show you that you can reach your financial goals even with the help of personal loans for bad credit.” – Shania Brenson, co-founder of 15M Finance.
Almost instant approval
Online lenders are focused on emergency assistance, so they generally skip hard inquiries in order to make the process quicker. Therefore, they make decisions relying on the information you've specified in a submission form or may check your details through free sources. It usually doesn't take more than 15 minutes to approve your loan request if you meet loan stipulations.
Reasonable interest rates
As no credit check loans typically have higher costs compared to traditional borrowing options, you shouldn't expect to get a low interest rate. However, the service offers favorable financial solutions compared to an average rate in the bad credit loan space.
High customer ratings
Former customers commonly demonstrate a pleasant experience of doing business with the company. 15M Finance is usually mentioned as one of the fastest services for online payday loans for bad credit.
- Allows to get a loan totally online;
- Fast financial assistance within one working day;
- Free application process with no origination fee;
- Considers bad credit score applicants;
- 24/7 service;
- Simple eligibility requirements.
- A lender checks your application details through alternative means;
- The above-average interest rate for a low credit score.
When you need money fast and have no time to think, 15M Finance takes care of everything for you.
What Were We Guided By When Picked The Services for Bad Credit Loans?
Interest rates and fees
This feature is the first you should pay attention to when you decide on bad credit personal loans. These loan options are more likely to be expensive, but there is always a better product if you look a bit closer. Also, a lender may offer a reasonable interest rate but a high processing fee, so we've paid attention to both of these charges.
Although secured loans may also be a good option, many people find them inconvenient and stressful. First of all, there is always the risk of losing your property when you obtain a secured loan. Moreover, some borrowers don't have a car or a home to use as a pledge. Therefore, we've picked the companies that offer unsecured loans only.
Actually, it's a two-way street. At first glance, longer repayment terms make your monthly payment amount lower and more affordable. At the same time, the longer the loan terms, the more you will have to overpay in the end. However, each of us may need long-term financial assistance, so it's great when a company offers several options with various payment schedules.
Long story short, the submission process must be as simple as possible. Each step should be clear and easy to make it elementary for an average service user. Thus, we've tested multiple websites and chosen those with the most convenient application procedures. What's more, using a payday loans app makes your application procedure much easier.
Emergency loans must have easy-to-meet requirements to fit their main purpose – to be accessible and prompt. Therefore, lenders with strict requirements were left out of our list. The companies we've picked have nothing but basic qualifications that almost any adult American can meet.
Speed of money transfers
We know that when you need money, you typically don't have time to wait. As no credit check loans should be about quickness, we've also looked at money funding terms and selected the services with rapid direct deposits only. Thus, you will be able to solve your money problems within 24 hours or less.
What Are Personal Loans for Bad Credit?
Online personal loans for bad credit are accessible alternatives to loans from traditional financial institutions. The difference is that banks and credit unions have strict requirements and always pay attention to your credit score, while online lenders accept borrowers with any credit. It means that people with bad credit scores can access fast financial assistance, excluding a bank or a credit union from the lending process.
Bad credit loans have various repayment terms depending on the loan type. Therefore, maximum and minimum loan amounts differ too. Basically, you can get from $100 to $15,000 and repay the loan principal plus the lender's fees within 14 days to 60 months. A minimum loan amount commonly depends on the lender, state, and borrowing option, while a maximum loan amount will also be determined by your income or debt-to-income ratio.
One of the nicest things about no credit check loans with guaranteed approval is that they're not recorded in your credit report. Thus, your credit score remains the same even if you submit several applications within a short timeframe. As these products belong to urgent loans, they also offer quick payouts within one business day.
However, bad credit personal loans have their price for availability. They are expensive loan options that come with high interest rates. Therefore, it may take you some time to find a reasonable loan among all the loan offers.
Loans for People With Bad Credit Scores - Available Options
Contrary to popular belief, people with poor credit scores have more than one option to consider. Here are just a few products you can access with any credit history.
Payday cash advances
Instant online same day payday loans are cash advances that can help you with your small financial emergencies. This unsecured loan provides loan amounts between $100 and $1,000 and allows you to pay it back in one large sum the day after you receive your next paycheck. You can access a payday loan with any credit history but should be ready to get high interest rates.
An installment loan is a type of borrowing that provides bad credit borrowers with loan amounts from $500 to $5,000 for 3 to 24 months. Due to longer repayment terms, you can make affordable monthly payments within the loan lifetime, so installment loans are usually better for people with low incomes or high financial burdens. Like any unsecured loan, an installment cash advance doesn't require collateral but has a high interest rate that may reach 100% APR.
Poor credit personal loans
An online personal loan can be your option if you need a significant loan amount and have a high enough revenue to fulfill your monthly payment obligations. Personal loans for low credit offer loan amounts of up to $15,000. As the repayment terms are typically up to 60 months, you will turn the money back in fixed monthly installments. It means that your total loan cost will be equally divided by the number of months of the loan term.
Secured personal loans
Borrowers who own some valuable property can also consider a secured loan if they're looking for a less expensive financial product. Secured loans, such as home equity loans, auto loans, or car title loans, use your home or vehicle as a return guarantee. So, they can repossess your property in case of non-payment. At the same time, secured loans usually have lower interest rates and affordable monthly payments. They also offer loan amounts that usually equal up to 50% of your pledge's estimated price.
Joint personal loans
If your credit score is low, but your loved ones have good credit, you can consider a joint personal loan. This option involves two borrowers, so your spouse, friend, or family member can become your co-borrower and meet repayment obligations on equal terms.
Pawn shop cash advances
These are secured loans you can obtain in exchange for some items you own, for example, a laptop, smartphone, jewelry, and more. As pawn shops don't ask for access to your bank account, you will get a loan amount on hand and will be obliged to pay it back up to date. Otherwise, the pawn shop can sell your belongings.
Useful Tips on Choosing a Bad Credit Personal Loan
Getting a loan may seem like a piece of cake, but actually, it's a deal you should take responsibly. As the lender you choose totally affects your whole lending experience, it's the first detail you should pay attention to when you're looking for instant no credit check loans online. Why do we focus our attention on these particular loans? Because multiple lenders often take advantage of their position. Moreover you can use a personal loans app, which is very convenient.
As bad credit score borrowers can usually access limited options in the industry, some loan providers set conditions that are beneficial to them but a daily robbery for their customers. But you should know that you always have a choice. Don't accept the first offer you get from an online lender until you take into account the following tips:
- Take a closer look at interest rates and fees. Even if you consider expensive types of personal loans, some options will have a lower annual percentage rate than others. Also, check out processing fees a lender charges. Sometimes an origination fee may cost you even more than your annual percentage rate amount;
- If you're going to use low-credit personal loans as debt consolidation loans, use a loan calculator to evaluate the benefit you will get from this decision. A debt consolidation loan should cost you less than your existing debt. Also, if you need to consolidate debt, take into account loan terms. A lower monthly payment does not always determine the lower cost. For example, if your new loan terms are longer, you're more likely to overpay more in the end;
- Don't take out more loan funds than you need. Some lenders may offer you higher loan amounts than you specify in your loan application form. But it's a trap that can lead you to debt accumulation and overburdening. You should use short-term loans wisely;
- Ask the lender about a credit check. If your credit score is bad or fair, you would probably want to make sure that it doesn't become even worse after you apply for a loan. Thus, it's better to choose a lender that doesn't perform a hard credit check;
- Estimate the lender's trustworthiness. Pay attention to previous customers' experiences and make sure a lender has long enough lending experience;
- Avoid application fees. If a lender asks you to pay something before you get approved, avoid doing business with it. It's usually a trick that scammers use.
Am I Eligible for Online Loans for Bad Credit?
As many lenders strive to make their personal loans affordable, they commonly have simple basic qualifications. Thus, you need to:
- Reach the age of majority in your state (usually the age of 18);
- Have US residency proof;
- Provide a lender with access to a live checking account in your name;
- Have a valid ID;
- Prove you have a high-enough income (at least $1,000 per month).
What Do I Need to Apply for Same-Day Loans Online?
Typically, you don't need many documents and information to fill out an online form, which is the main application step you should take. First of all, you need to visit the website of a chosen lender and go to the application page. Then, enter all the required details in a submission form. In most cases, you need to specify your full name, birth date, permanent address, valid US mobile phone number, and email, as well as enter your Social Security Number, bank account details, loan amount, and a valid ID. You also may be asked to attach your income verification in the form of bank statements or pay stubs. There is no minimum credit score requirement you must meet.
Once you fill out a form, a lender will check your data through free sources and come back to you with a loan decision. If approved, you should read your loan contract carefully and sign it electronically. After all, you will get the bad credit personal loan amount via direct deposit as soon as the next business day.
How Fast Can I get Small Personal Loans for Bad Credit?
Most lenders generally offer a next-day deposit. However, you can also find same-day options, but they usually require you to manage your online application before 10:30 AM on a weekday.
What Is The Best Personal Loan for Poor Credit
The best bad credit loan is a borrowing option with favorable terms and at low interest rates. In addition to these, it's also the one with no or low origination fee and without a hard credit check. However, you shouldn't expect to get all these benefits at once when it comes to bad credit loans.
What Minimum Credit Score Should I have to Get Unsecured Loans?
There is no minimum you must need to apply. Your credit score usually doesn't play any role to an online lender. If you're a reliable borrower with a high enough income, your FICO rating fades into the background.
Can I Get Guaranteed Approval Loans Online for Bad Credit?
Unfortunately, a lender can't guarantee it will approve your loan application. It needs to make sure it won't lose money, so a loan provider will check your income details and credit background first. Although you can get a loan with any credit, a lender can still deny your loan request.
Can I Apply for No Credit Check Loans With Poor Credit?
Yes, you can. Direct lenders usually don't set minimum credit score requirements. Thus, you can get fast financial support with any credit score if you confirm that you can fulfill your debt payment obligations, including your new potential debt. However, a lender can make a soft credit check that doesn't affect your FICO score but reveals your creditworthiness.