Sometimes you need cash fast—whether for repairing your car, home improvement, buying groceries, paying medical bills, catering for water and electricity bills, or other emergency expenses. Personal loans will provide you with that kind of cash. However, most loan lenders, including credit unions, banks, and credit bureaus, will only consider borrowers with good credit scores.
A bad credit loan ranges from $500 to $50,000. Not to mention, bad credit personal loans lack collateral - they’re unsecured loans. What’s more, you’ll receive the money you need within 24 hours of application, making these loans ideal for emergencies.
With that said, finding the best bad credit personal loan lender is more challenging than it may seem. To help you choose the best personal loan on the market, we’ve reviewed the top bad credit loan companies and discussed their APRs, payment terms, loan amounts, the application process, and other relevant information.
Top Picks For Bad Credit Loans Guaranteed Approval
- Money Mutual – Overall Best For Bad Credit Loans With Guaranteed Approval
- Bad Credit Loans – Best Online Lender That Accepts Borrowers With Bad Credit
- Money-Wise – Get Payday Loans For Bad Credit Instant Approval
- RadCred – Best For Flexible Online Loans With No Credit Check
- CashUSA – Most Reputable Online Lender That Offers Secured Personal Loan
- Personal Loans – Best For Fast Funding Personal Loans From Direct Lenders
#1. Money Mutual - Overall Best For Bad Credit Loans With Guaranteed Approval
MoneyMutual is an online networking site that connects borrowers with various lenders. The networking site isn’t a lender but a middleman between lenders and borrowers. Equally important, MoneyMutual isn’t involved in the disbursement or repayment of loans - the loan lender is. Not to mention, the networking site doesn’t specify the credit score you’ll need to apply for a loan. Therefore, you can apply for a loan through MoneyMutual even with a bad credit score.
Variety of Loans: You can access personal loans, emergency loans, payday loans, and bad credit loans of around $200 to $5,000 through the networking site. However, the terms and conditions that accompany the loans differ between the lenders on the networking site.
Easy Loan Application: The loan application process through MoneyMutual is quick and free of charge. They want you to access the funds as quickly as possible so that you can solve your emergencies. All you’ll need to do is fill out an online application form and wait for lenders within the network to contact you with different loan offers and terms.
You can choose the loan offer that suits your financial needs. Additionally, different lenders offer different APRs that are negotiable. Therefore, before accepting a loan offer, try negotiating the APR and comparing the rates between the lenders. According to the website, you’ll receive the funds in your bank account within 24 hours once your application is accepted.
Straightforward Eligibility Requirements: MoneyMutual's eligibility requirements are straightforward. They include permanent U.S. citizenship, 18 years of age, an active bank account, a social security number, regular monthly income of at least $800, and valid contact information. Generally, you must meet these requirements to qualify for any loan through the site.
#2. BadCreditLoans - Best Online Lender That Accepts Borrowers With Bad Credit
BadCreditLoans is a free online marketplace that connects borrowers with low credit scores to dozens of lenders. Like MoneyMutual, BadCreditLoans act as a middleman between lenders and borrowers. The platform has been operating since 1998 and offers a variety of loans, such as payday loans, small personal loans, business loans, etc. The loan limits range from $500 - $10,000.
General APRs Rate: BadCreditLoan's actual APRs depend on the lender, the loan amount, and your credit history. Usually, the lender determines the actual APR and not the platform. However, BadCreditLoans have a general APR rate between 5.99% - 35.99%. The general rate offered by the platform is a great deal since lenders within the platform are not supposed to overcharge you. Their APRs should fall under the given rate. Ideally, choose a lender with an APR that you can manage.
Fast Application Process: The application process via the platform is quick. It involves filling out an online form with your personal information and waiting for lenders to contact you. It takes approximately 10 minutes. Once you receive the offers, you’ll need to review them and pick the one that suits you. From here, you’ll complete the necessary documentation and wait to receive funds in your account within 24 hours.
Free Service: BadCreditLoans is a free platform. You’re not charged or obliged to use their services. However, to keep their services free, they may show you ads or offers related to credit services, such as credit monitoring, credit repair, and debt relief.
#3. Money-Wise - Get Payday Loans For Bad Credit Instant Approval
Money-Wise's platform works with affordable direct lenders to provide loans to borrowers. The platform offers a maximum loan limit of $5,000. The loan application and approval processes are easy and quick. Fill out the necessary online form, wait for lender review and loan offers, and receive an instant deposit in your bank account once approved.
Variety of Loan Services: Money-Wise offers loan services such as installment loans, bad credit loans, payday loans, online loans, no-credit-check loans, emergency loans, and personal loans. Therefore, as a borrower, you have a variety of loan types to choose from.
24 Hours Funding: According to the platform, once you’ve filled out the application form, the lenders within the network will review it. Upon acceptance, funds are transferred to your bank account within 24 hours.
Poor Credit Score Accepted: Money-Wise platform ensures that you can receive a loan despite your poor credit score. Additionally, the lenders within the network will help you raise your credit scores upon timely repayment of the loan.
#4. RadCred - Best For Flexible Online Loans With No Credit Check
RadCred is an online platform that connects borrowers with bad credit histories to direct loan lenders. The platform works with reliable lenders who offer a variety of loans, such as personal loans, bad credit loans, payday loans, installment loans, and student loans. The loan application process is quick and straightforward. It involves three radical steps - filling out the online form, lender review, and instant deposit of funds in your account.
Secure Platform: RadCred ensures that your data is safe and secure from third parties through its encryption technology. Therefore, you don’t have to worry about exposing your data to scammers or third parties. Additionally, the platform only gives lenders vital information if necessary.
Free Platform: Loan applications through the platform are free. However, the platform may send you occasional emails showing you content related to their offers. In addition, when a lender decides to work with you, they’ll pay the platform to contact you. That’s how the platform makes its money.
Variety of Loans: The best part about the platform is that you’ll have a variety of loans to choose from, depending on your needs. They include bad credit personal loans, no credit check loans, debt consolidation loans, student loans, and payday loans.
#5. CashUSA - Most Reputable Online Lender That Offers Secured Personal Loan
CashUSA is an online network that connects borrowers with lenders. The platform offers loans that range between $500-$10,000. The platform lenders are reliable and provide affordable monthly payments and interest rates. Most importantly, applying for a loan through the platform is free.
Fast Application Process: The CashUsa loan application is quick and straightforward. You’ll need to complete an online form that will take a few minutes. Wait for loan offers from a variety of lenders. If you don’t qualify for a loan offer, you may receive other offers, such as credit repair, debt relief, or similar services. Once you’ve accepted an offer, you’ll need to provide some additional information to the lender and then wait to receive your loan. Loan processing takes approximately one business day or sooner.
Convenient Interest Rates and Repayment Terms: The actual CashUsa APR varies depending on the lender. However, the rates range between 5.99%-35.99%. Additionally, the repayment period ranges from 3 to 72 months, depending on the loan amount and the lender.
Simple Eligibility Requirements: The eligibility requirements to apply for a loan through the platform are simple and few. They include U.S. citizenship, 18 years of age, an active bank account, at least 90 days of employment, and a minimum monthly income of $1,000.
#6. Personal Loans - Best For Fast Funding Personal Loans From Direct Lenders
PersonalLoans is an online platform that works with dozens of lenders to offer personal installment loans, payday loans, bank loans, peer-to-peer loans, cash advances, and personal loans for borrowers with poor credit histories. The PersonalLoans platform may be your solution if you’ve tried applying for secured or unsecured personal loans but have yet to succeed.
Large Loan Amount: PersonalLoans provides huge loans of up to $35,000, an ideal amount for a borrower looking for a large loan despite a poor credit report. Additionally, the platform offers a variety of loans, such as cash advances, payday loans, and personal installment loans, among others. Therefore, you have a variety of options to choose from.
General APR Rate: The minimum PersonalLoans APR is 5.99% and a maximum of 35.99%. However, the actual loan APR depends on the loan amount, lender, credit score, and loan agreement. This way, lenders within the network cannot overcharge you. For repayment terms, there’s a minimum repayment period of three months and a maximum of 72 months, which is convenient.
Competitive Rates: The best part of the platform is that they have a wide variety of lenders and third-party loan lending companies within their network. Therefore, the rates are competitive, and you have a high chance of receiving a loan.
Factors to Consider When Applying for Bad Credit Loans (Buying Guide)
Here are some things that you need to put into consideration before applying for bad credit loans:
- You’ll need to determine how much money you need to borrow. You want to run smoothly with your financial emergency.
- Secondly, you must determine how you’ll pay the loan. While developing a plan, remember that bad credit loans have high-interest rates, and you’ll need to devise a plan to repay the loan to avoid debt cycles. In addition, before accepting a loan offer from a lender, take your time to compare the lender’s terms and interest rates with others so that you can settle for loan terms and interest rates you can meet. Most importantly, you are not obligated to accept a loan offer from a lender.
- Ensure that you meet the eligibility requirements of the loan platform before applying for bad credit loans. There’s no point wasting time filling out an application form if you don’t meet the requirements. Additionally, when filling out the online loan application form, ensure that the information you provide is genuine. This determines whether the lender will give you the loan or not. Moreover, bad credit loan lenders conduct thorough background research on the borrowers before providing a loan.
- Most importantly, conduct thorough research on bad credit loan lenders. As mentioned earlier, these lenders work differently. Please pay attention to the loan interest rates, repayment terms, and whether they offer loan status tracking tools. Additionally, ensure you understand all the terms and conditions of the lender before accepting the loan offer.
Types of Bad Credit Loans With Quick Loan Approval
There are a variety of bad credit loans. They include:
Secured loans are loans with collateral. The most common examples of secured loans are car, home equity, and title loans. As a borrower, you risk losing the asset in case you fail to repay the loan. Most importantly, these loans have low-interest rates compared to other bad credit loans.
Payday loans are ideal for short-term financial relief. You don’t need a credit check to qualify for these loans. However, their interest rates may be high, especially for those with a bad credit score.
Cash advances allow you to withdraw funds from your credit card up to the preset limit set by the issuer. While cash advances are convenient, their interest rates are higher than those of regular credit card purchases.
These loans are ideal for borrowers with low or bad credit scores. As the name suggests, they don’t require a credit check for approval. However, their interest rates are high to offset the risks posed to lenders. Additionally, the probability of receiving a monthly payment that doesn’t fit your budget is high, which may lead to more debt cycles.
Advantages and Disadvantages of Bad Credit Loans
The best part of bad credit loans is that you don’t need a good credit score to secure a loan. Other factors, such as your monthly income and ability to repay the loan, are considered for approval.
Another advantage of bad credit loans is that they have quick approval. Most lenders will deposit your funds into your bank account within 24 hours. Not to mention, the application process will take you minutes to complete.
Equally important, bad credit loans give the borrower a chance to improve their credit score once they repay their loans on time. Without such loans, it may take you a lot of time to improve your score.
The worst part of bad credit loans is the high-interest rates. While these loans are convenient, it may take time to repay them as a result of the high interest rates. Additionally, you may end up in a debt cycle due to these rates.
FAQs On Bad Credit Loans Guaranteed Approval
Q1. What is a bad credit loan?
A "bad credit loan" is a personal loan category for borrowers with poor credit scores. There are different types of bad credit loans. They include payday loans, cash advances, personal installment loans, secured loans, unsecured loans, and personal loans.
Q2. Which is the best interest rate for a bad credit loan?
The interest rates on loans depend on the lender. Additionally, you’ll find that some online lending platforms have an APR range limit, while others don’t. For those without a general range, their interest rates may be high since the lender is the one who decides the rate to charge you. On the other hand, lenders must adjust the rates to fit in with a general interest range. Most general rates range between 5.99% and 35.99%.
Equally important, the worse your credit score, the higher the rates. Generally, avoid interest rates that are above 36%. These rates can lead to a debt cycle since they are unaffordable for most people.
Q3. Can you apply for a loan with a bad credit score?
With the many online lenders, a bad credit score shouldn’t stop you from acquiring a loan for emergencies. However, expect high-interest rates with such loan types. Most important, you must do thorough research to find the best lenders on the market. Alternatively, you can opt for secured loans, which involve providing an asset as collateral. However, you risk losing the asset if you encounter financial hardship.
Conclusion: Bad Credit Loans Guaranteed Approval to Get Right Now!
Bad credit scores should allow you to access financial assistance. With the reviewed companies, you stand a high chance of receiving a loan in times of need. However, carefully examine the loan offers from the lenders to determine which terms suit you. Additionally, remember that repaying your guaranteed loans for bad credit on time can improve your credit scores; thus, you’ll have a better chance of receiving a loan in the future.
With that said, accepting a loan offer is yours to make. Under no circumstances should you feel obliged to take a loan offer from a lender. The key to borrowing bad credit loans is doing enough research on different lenders until you find one that suits your needs.