You have a bad credit score but you desperately need a loan?
Don’t worry, we have the solution for you.
Bad credit loans with guaranteed approvals are the matter we’re going to deal with in this article. Your problem will be solved once you realize that loans exist even if your credit is poor. Consider this as your luck, because we’re about to make your burden of having bad credit go away.
Currently, we are living in uncertain times. The global pandemic hit hard and many people are left without jobs. The financial situation of many families is questionable and of course, people are seeking some kind of help. The times have changed and the market loans are not what they used to be. The result is that financial institutions have appeared to provide customers that have bad credit with loans.
These loan providers will supply you with the money you require and will help you boost your credit with each repayment you make. These providers are independent, trustworthy, and won’t manipulate you. In this article, we will do in-depth reviews of the best companies providing bad credit loans with guaranteed approvals.
We searched for lending companies that charge reasonable fees, interest rates and are happy to help people despite their bad credit situation.
Top 5 Best Bad Credit Loans Lenders With Instant Cash Approval:
Money Mutual - Overall Best Bad Credit Loan Provider On The Market
FundsJoy - Best Reliable Payday Loans for Fast Cash Online
Bad Credit Loans - Top Online Direct Lenders For Bad Credit Borrowers
Cash USA - Leading Lender For Bad Credit Personal Loans
Personal Loans - Top Bad Credit Personal Loans with Instant Approval
Here are the detailed reviews of our top picks:
#1. Money Mutual - Overall Best Bad Credit Loan Provider On The Market
There’s no better company for online loans for bad credit than Money Mutual. It’s the most popular and highly reputed loan provider in the US. This company’s team works tirelessly to make sure their customers receive the required loans in less than 24 hours.
Money Mutual acts as a free service connecting bad credit borrowers with lenders. The service isn’t involved in the borrowing process. Money Mutual is a platform where there are two parties–lenders and borrowers.
Before you are approved of the loan, you should fill out an online form that will take no more than five minutes. You must provide basic information such as name, address, security number, etc. The maximum loan you can apply for is $5000, but that also depends on your situation.
Once you apply, Money Mutual will arrange you a lender and you’ll pay a low origination charge because of the simple application process. You should be 18 years old, a US citizen, earn at least $800 per month and provide a bank checking account.
If you’re having credit issues, Money Mutual can help you with a short-term loan. However, before agreeing, you should always carefully read the terms and conditions of the contract.
This company offers an ideal way of getting a short-term loan from local lenders. This way, you won’t be needing to call dozens of potential lenders individually and it will save your time of wandering around. If you’re applying for a loan for the first time, it’ll be more overwhelming to apply to 50 or more local lenders.
The borrowers can access a loan by filling out the application form on Money Mutual’s website. Once the customer does that, the application will be sent out to all the 60 short-term lending companies. After the sent application, Money Mutual doesn’t have business with the customer anymore. This working model was really helpful and convenient.
The amount of money, interest rate, loan term and other important key points are determined by the lenders. Money Mutual has nothing to do with it. Customers must read the terms and conditions carefully before agreeing on anything. After reviewing the contract, the client decides whether the offer is acceptable or not.
Money Mutual has some requirements, and one of them is the monthly income. According to them, the customer must provide proof that earns at least $800 per month. Also, it must be specified where the borrower earns that money, and the source will decide whether it’s eligible for a loan.
The approval process is simple, straightforward and completed by a few steps. People are used to doing things online, which is why Money Mutual offers them a fast and free online approval process that takes place in several steps. After completing those steps, the approval will take only a couple of minutes. The lenders will go through the form and decide what type of offer they should send you. The process is fast, and you aren’t going to wait long for feedback.
No extra expenses for fees
A simple and fast application process
The funds will be transferred within hours
The approval process is fast
More than 60 available lenders
Suitable for people with bad credit score
Everything is done online
Some of the loans aren’t available in all of the states
No defense against the loan issues after signing the offer
Money Mutual has a large number of customers who are leaving overwhelming reviews. According to those statements, we learned that this middleman is doing an excellent job. The customers are satisfied with the services of Money Mutual, especially because it’s hassle-free, and that there aren’t additional fees charged.
People love that the whole process is done online, so they can do business even from the comfort of their homes. They claim that the application and approval processes were really fast and they received the funds faster than they thought.
#2. FundsJoy - Best Reliable Payday Loans for Fast Cash Online
In the United States, FundsJoy is a well-known money-lending platform. It operates by connecting borrowers with lenders in its network. When a customer submits a loan application, the platform analyzes the information provided by the borrower and decides the loan amount to be issued. Even if you have low credit, you may be able to get an emergency loan the same day because of the wide variety of acceptable credit scores.
With a unique combination of features such as a quick operating system, a reliable network, and clear guidelines. The fast operating system facilitates the processing of application forms and the transfer of funds, while the dependable network aids in the completion of transactions securely. All the policies of the company are clear and there are no hidden or miscellaneous charges.
FundsJoy believes in creating an ecosystem of fund provision that is solely focused on benefiting users and assisting them even if they have bad credit. With a maximum loan amount of $5,000, this market is ideal for those looking for a little extra cash. Even if you have a low credit score, a lender may be willing to lend you money.
It's important to remember that FundsJoy is just a middleman when it comes to bad credit loans. The loan amount can range between $5,000 and $35,000, depending on a number of factors. As previously stated, interest rates vary by lender, but payday loans can have extremely high-interest rates ranging from 200 % to 1300 %.
Loans Range: FundsJoy can connect you with people who can provide you with money right away, ranging from $5,000 to $35,000 in some situations.
Services: The terms and conditions of FundsJoy are quite accommodating. Because they operate with so many different lenders, this is true. FundsJoy is a company that offers online payday loans as a way to get out of debt. Whether you have a good, bad, or no credit history, they can assist you. As long as you have all of the necessary documents, approval is simple.
Security: The brand follows strict security standards to protect your personal information. All of your information is encrypted to industry standards.
Easy application of loan
Loan amount up to $5000
Improved credit score, especially for people with bad credit score
Loan amount is limited up to $5000
The loan does gets approved everytime
Customers liked how flexible the loan payback terms were. Users choose FundsJoy because it is the only website that offers greater loans. It has a quick fundraising process and a user-friendly website. Because of its vast range, flexibility, and lack of collateral, clients viewed it as the greatest alternative for lending huge quantities of money.
#3. Bad Credit Loans - Top Online Direct Lenders For Bad Credit Borrowers
Bad Credit Loans is the second company we’d like to present to you. This platform works the same way as Money Mutual. It acts as a middleman who’s trying to connect the borrowers with local lenders. Bad Credit Loans is there to help everyone who has difficulties with getting a loan due to their bad credit score.
This online loan marketplace serves borrowers who are seeking personal loans of $5000 or less. You should keep in mind that this platform isn’t the direct lender. It only provides a loan-comparison service.
Bad Credit Loans has a wide network of online lenders across the US. This company is based in Nevada and accepts customers with credit scores of 500 or even lower.
If you’re looking for immediate funds, debt consolidation, credit card refinance, rent or mortgage, Bad Credit Loans will cover you. Any kind of financial emergency will be solved if you decide to do business with this company. You have a chance to improve your credit rating and have better financial support than a payday loan.
The services of Bad Credit Loans are fast, efficient and completely free. You can find the application form on their website, and it’ll take only a few minutes. You won’t be charged for anything, and if you change your mind you can quit the process at any time.
The loans range from $500 to $5000 or $10,000 depending on the customer’s needs. However, people who have a credit score lower than 500 can only borrow only $1000.
If a person wants to apply for a loan, they must fulfill certain requirements of the company such as be over 18 years old, a US citizen, have a regular income, have a bank account, and provide a valid email address.
If you want to apply, then the process begins on their website. On the first page of the form, you should specify the purpose of the loan, the amount and your credit rating. On the rest of the form, you need to fill in basic personal information such as name, address, phone number, monthly salary, etc. This online marketplace is safe so you can stay sure that your data won’t be revealed elsewhere.
The approval process is also fast. Once you have applied, the lenders are reviewing your request and are creating an offer that they find is the most appropriate according to your situation.
The term of the loan, monthly payments, percentage rates, fees and APR are determined by the lender. According to Bad Credit Loans, the APR ranges between 5.99% to 35.99%.
The repayment terms are also determined by the lenders. Bad Credit Loans’ lenders require the loan to be repaid in three to 36 months, according to the amount of the loan. The lenders usually charge an origination fee of 1% plus closing fees.
A fast, simple, and free application process
Suitable for borrowers who have bad or poor credit
The loan amount ranges between $500 and $5000
You can compare lenders and interest rates
No need of contacting the lenders individually
It doesn’t charge you any fees
Fast approval process
People with a credit score lower than $500 aren’t eligible to apply
No other major cons
Customers have rated this company highly. They found Bad Credit Loans as trustworthy and reliable lenders. People with bad credit are very satisfied with this company’s services, because they didn’t consider their credit score at all. Clients were happy because the wandering around the lender's offices had come to an end.
The simple and free process of online application was the real deal for most of the borrowers. They were surprised at how fast their loan was taken into consideration and then approved. Clients were mostly thankful about the quickly the funds were transferred since they need the money faster.
#4. Cash USA - Leading Lender For Bad Credit Personal Loans
Cash USA is one of the companies that offer bad credit loans with guaranteed approval. It’s a lending network whose main task is to connect borrowers with lenders. Cash USA offers a free service that’s also very fast and simple. The entire process is done online, and there’s no need to visit from office to office.
Cash USA allows its customers to borrow up to $10,000 from their lenders. However, the loan amount depends on many factors, one of which is the condition of your credit score. You should be aware of the interest rate which will be higher, since lenders aren’t checking your credit score.
Borrowers who have more conventional personal credit scores can use the borrowing capacity to cover their short-term financial needs. This online marketplace is designed to help customers by giving them ready access to working capital, and funds that can be used for anything. Cash USA is your perfect go-to destination if you need personal loan cash.
This company has prominent and convenient attributes. They can help you get a better idea of how this process works. Of course, once you apply, you should wait for an offer and then bring the decision if you see a potential mutual collaboration. Remember, Cash USA isn’t providing the loans, the lenders are.
The loan amounts of Cash USA vary from $500 up to $10,000 depending on the lender. There are dozens of requirements that need to be confirmed before they see you as a potential candidate. The process can take only several minutes, the same as for the transferred funds.
The company hasn’t specified the APR because it acts as an online loan marketplace, and not a lender. The APR depends on the loan you requested, your credit score and the state you’re living in. Here, also the lender has a big role. The short-term loan APR ranges from 5.99% up to 35.99%.
When the personal loan has been approved, your funds will be transferred within a few business days. After you receive them, you can repay the borrowed money with interest in a specified number of installments, over an agreed period that begins from 90 days to 72 months.
This company doesn’t charge fees for the application process. The costs in interest and fees are charged and required by the lenders. In general, those will be higher than the ones when acquiring a traditional loan. Cash USA has nothing to do and isn’t met with the exact fees or penalties you’re charged by the lenders.
Fast and free service
More than one million users per month
A safe and secure system that ensures your personal information
The company has a wide network of lenders
Education center that has helpful information
Loans up to $10,000
Modest loan amounts
Interest rates might be too high
People are happy that they found and chose to work with Cash USA, because of how fast everything works. This company has proven to be very helpful according to its customers. They claim that whenever they were in a situation to need quick money but weren’t eligible because of bad credit, Cash USA was there for them.
According to the customers, borrowing money has never been easier. They said that the funds were immediately transferred into their bank accounts. The service of Cash USA is customer friendly, and people are surprised at how many lenders they work with. This way, they were allowed to compare and choose a suitable lender according to their needs.
The overall experience of the customers is good, and thanks to them, Cash USA has ranked high on this list. If you’re in times of financial trouble, feel free to use the services of Cash USA. You certainly won’t be disappointed.
#5. Personal Loans -Top Bad Credit Personal Loans with Instant Approval
Personal Loans is an online lending platform where borrowers and lenders meet. This company has a wide network of lending partners who are willing to help people get loans even though they have bad credit. The purpose of this platform is to provide a convenient and easy way for customers to get fast money.
Personal Loans started this business in 2015 with the intention of bringing traditional lenders, peer-to-peer lending networks and tribal loans. Now, they have grown into a much bigger company that offers personal and installment loans all across the US.
Personal Loans don’t act as an actual lender–keep that in mind.
The application process is quite simple and easy. All you need to do is visit their website and fill out the application form. Before doing that, you have to fulfill certain requirements such as being over 18 years old, providing a valid social security number, and being a permanent resident of the US.
When applying, Personal Loans requires the applicant to provide proof of income and the source. The applicant should also provide a valid checking account, so that the lender can have the funds deposited into that account.
If you decide to do business with Personal Loans, then you will enjoy many advantages. They have customer-friendly services. On the other hand, you must consider that if you have a lower credit score, then you’ll be charged with a higher APR interest rate.
Customers can apply for loans between $500 and $35,000. This money can be approved in less than 24 hours. Personal Loans are a specialty to this company. However, non-business loans tend to have better terms and conditions, fewer restrictions on how you can spend your money.
There are many people with emergency expenses who’d like to consider taking an online loan, since the process is faster and doesn’t involve a lot of paperwork. You don’t need to deal with a bank, savings, or loan. If you correspond to the requirements of the company, you’ll be eligible for a loan.
Personal Loans can help people who have debts, which unfortunately sometimes is unavoidable. This platform offers help by consolidating your debt or credit card refinance, so you can finally get on the right track. This doesn’t mean that you’ll be free of debt overnight, but you’ll be given secure money for repayment.
Personal Loans is known for helping newcomers and walking them through everything they need to know when applying for a loan. There’s a knowledge base that users can learn from, as customers browse through the site’s features. Their website protects all of your personal information. While your application is reviewed, only your contact details will be shared with the lenders so that they can contact you. All this won’t cost you a dime.
The funds are transferred very fast
Easy repayment terms
You can repay the loan up to 72 months
You can take a loan of up to $35,000
Improves the bad credit score
Ideal for short-term loans
Quick loan process
Comprehensive knowledge base
If your credit score is lower then you might not be eligible for a loan
You must give too much personal information
Customers are praising this platform because of the ease of use, and how great their customer service is. They are fascinated by the fast and free application process. Clients claim that this company has represented itself as very friendly and able to solve their financial issues. Customers appreciate that this company isn’t considering the people’s credit scores in order to approve them a loan.
The overall experience of the borrowers is great. They felt lucky after all! In these uncertain times, they were helped a lot with these loans. They claim that their financial burden disappeared once they convinced themselves to do business with Personal Loans.
The bad credit car loans lenders are friendly and have patience, claim the customers.
#6. Credit Loan - Guaranteed Bad Credit Loans
Credit Loan has been operating since 1998 and is successfully providing online loan services. It’s the first customer-focused finance website. Their main mission was to educate the people on personal finance issues. Credit Loan has gained people’s trust and, now, has more than 33 million visitors on its website.
This company covers installment loans, bad credit loans, mortgage/refinance loans, student loan information, credit reports, credit card monitoring and other services. The team of Credit Loan consists of people who have enormous experience in life events and personal finance.
With their passion for finance and credit history, they continue to add more fresh and original finance articles to the website. If you are unemployed and have a poor credit score, you may be able to receive loan funding from payday loan lenders online.
People consider working with Credit Loan because this company provides affordable interest rates on payments. This isn’t only for people who have an average credit history, but for people who have poor or bad credit scores. There is a wide network of lenders who are suitable to respond to your credit requirements.
Credit Loan helps people to consolidate their credit card debt, build their savings account and pay off bills. The application process is quite simple, easy, and fast. All you need to do is visit their website and fill in the application form.
Borrowers who have high credit scores are always more likely to be approved in getting a loan, and they usually are provided with better terms. However, Credit Loan allows people with bad or poor credit to be able to still obtain a loan. Going around from bank to bank is over if you apply for a loan through this online marketplace.
The quick cash loans lenders will use your credit score while reviewing your application. If your credit is lower than the required amount, then you won’t qualify as eligible. That’s why you must check your credit score before you decide to apply. The Credit Loan website provides a link where you can calculate your credit score.
You don’t need to worry about giving out your personal information, because a Credit Loan is protecting your privacy. TRUSTe and McAfee SECURE are verifying the company, meaning you and your private info are safe and secure.
Your request is forwarded to the company’s lender community. If there’s a proposition, then you are redirected to the next steps. This process is also fast and simple.
Once you are given an offer you must carefully read the terms and conditions. If you find them reasonable, you should accept it. If not, feel free to search for another offer or quit the whole process. However, if you accept the terms, there’s a high chance that the funds will be transferred to your bank account very fast–within 24 hours.
A free, fast, and simple application process
Quick approval of the funds
The shared personal information is safe and secure
The whole process is done online
This platform is suitable for people who have a bad credit score
Limited loan amounts
No other major cons
The customers are happy and beyond satisfied with Credit Loan’s services. They claim that every process is fast, simple and free. Some people found it disturbing that they must share too much personal information, but personal Loans are a safe platform verified by TRUSTe.
The customers found the repayment terms and interest rates very reasonable. They say that the easy loans lenders have customer-friendly behavior and truly had the intention of helping them out. The customers’ credit was improved and they were able to stand on their feet after a long time.
Factors To Consider While Taking Personal Loans For Bad Credit:Eligibility
Before you decide to apply for a loan, you must check if you’re eligible and respond to their requirements. Even though they approve payday loans to people with bad credit, lenders demand a minimum credit score that begins from at least 620–a criteria set by FICO.
You should also keep in mind the debt-to-income ratio, which is the amount you must pay and the amount you earn every month. The lenders require the borrowers to have solid and definite income as a security that the customers will repay them on time.
Certain lenders, however, prefer to set a limit of income per annum for the customer. Others may forego that, but they won’t ignore other considerations such as the borrower’s job and the amount you earn when analyzing your ability to repay the borrowed loan.
If the customer isn’t able to meet the requirements, you can look for other lenders who will permit you to induct another signatory.
The interest rate is one of the most important factors to consider when borrowing a loan. You should compare minimum interest rates and see if it’s affordable or not. This also depends on the credibility of the credit score. The better your score is, the lower the interest rate will be.
You can find bad credit lenders who will offer fixed interest rates, instead of fluctuating ones to people with bad credit. Those fixed interest rates can stay consistent throughout the duration. However, the variable rate can be changed. According to the index rate, the interest rates can move side by side.
Terms and conditions
Once you apply and receive an offer, you should always pay careful attention to the terms and conditions. The loan contract will be made according to your requirements and it’ll include basic terms and conditions, information about the amount and APR.
You must be very careful while reading this part of the agreement, to make sure that those terms will be favorable and you won’t have any problems with them. You should also make sure that you’ll be able to make the installments of the loan on time.
The online lending platforms listed above are entirely free and you have no charges. However, the lenders have. Payment in advance, commencement, late payments, bounced checks, inadequate funds and processing fees of transactions might be applicable. The lenders will charge you with fees, but not all of them. The chargeable fee is from 1% to 6% of the total loan.
There are lenders who will adjust the origination fee to the loan, which is variable from state to state and lender to lender. Other lenders will charge a fee if the payment has been delayed. The late fees range from $15 to $30, and there are lenders that don’t charge late fees.
How To Get Bad Credit Loans & Loans With Bad Credit?Assess your credit report
Once you have your credit report, make sure to find the mistakes and determine the points to be improved. If you detect the downfalls and address them, you’ll be able to make your credit score better. This way, you can be entitled to lower interest rates, and you can get a free credit report from the bureaus. Lenders and agents who offer products related to your loan request, as well as other marketing partners, are examples of third-party marketing partners.
When applying for a loan, the lender will check your credit history and it will help him to make a decision about if you’re able to repay the loan. The credit report and score are the only touchstones through which the lender will judge your credibility.
We advise you to check your credit history at least three months before you apply.
Make a target and plan
You should have a target of how much money you need to borrow. Afterward, make a plan so that you’re able to make all the payments on time. The budget must be inclusive of your essential expenditures, savings and debt payments, as an addition to your payments of the loan.
Once you do the calculations, you should finalize the amount of loan you need and the period of repayment. Long-term payday loans will cost you a bit more due to higher interest, where the monthly installment will be lower.
Check the interest rate
Borrowing money is something that must be done very carefully. You need to look for the most suitable and affordable interest rate. The lenders who offer pre-approvals have better options to opt for. While forming terms and conditions, the lenders aren’t doing hard credit investigation.
You should do business with lenders whose quotes seem the most suitable for you.
Be careful of scams
You should be aware of bad credit loan scams because, unfortunately, they are present. If you’re new and it’s your first time getting a loan, it’s going to be very hard to recognize them. Still, there are some tips to keep in mind.
If you aren’t asked about your payment history, then it’s most likely to be a fraudulent lender. These lenders will be concerned only about the advance fees, and once they connect with you, they will keep appearing.
Be wise with your payments
Paying on time is the borrower’s duty. This way, the customer will be saved from penalties, late fees and the negative impact on your credit report. If you’re neglecting payment, then you’ll face a big loss.
In order to avoid paying excessive interest amounts, you should stick to your plan about repayment. The actual cost of the loan will also rise if your repayment is inconsistent.
FAQs: Installment Loans At Bad Credit ScoreHow can I get a loan if I have bad credit?
A bad credit score is a reason so many people are trying to get a loan. Under those circumstances, you can benefit from online lending networks. You won’t experience any difficulties if you’re worried about qualifying for a loan, since that’s the intention of these online marketplaces.
If you decide to use this method of applying for a loan, you’ll have cash instantly in your account. The application process is simple and free, and doesn’t require any specified credit score. However, if the credit score is below 630, then unfortunately your request might be denied.
The platforms on our list are all safe and provide emergency loans with guaranteed approvals.
How can I know if my credit score is bad or poor?
You have the right to obtain a free-of-cost copy pertaining to your credit yearly history from all three countrywide bureaus. You should visit the website www.annualcreditreport.com and follow the instructions. There’s a scale of judging your credit score that is set by FICO which ranges from 300 to 850.
If your credit score is below 670, then this means that your current credit score is bad. Between 580 to 669 is good enough, and 300 to 570 is poor. The score that begins from 669 up to 850 is considered an excellent score.
The credit score is an important factor in getting a loan. However, the lenders might also consider your income, other no credit check loans, debts, collateral and credit history. Once you’re aware of the status of your credit score, then you are ready to apply and be sure that it’ll be approved.
How does bad credit affect loans?
Bad credit has many negative repercussions because if you don’t have a habit of paying bills on time, late fees won’t be your primary problem. Bad credit can make it more difficult for the customer to get a loan and to qualify for credit card accounts. If you qualify to get a loan, due to bad credit you’ll be charged a higher interest rate. Even if you have a poor credit rating, it is possible to obtain emergency short-term funding online.
The bad score will make things difficult even if it’s a car loan, mortgage, etc. If you need the loan to buy a new home, you must have a FICO of at least 620. Sometimes borrowers can get an FHA mortgage with a 500 score even though you must put down at least 10% and pay mortgage insurance.
However, this option will increase the overall borrowing costs.
Conclusion: Best Loan Companies Offering No Credit & Bad Credit Loans Online 
Having bad or poor credit doesn’t mean all is lost. These days, there are online lending platforms that allow you to purchase bad credit loans with guaranteed approvals. These platforms are designed to help people who have financial difficulties instantly get money.
During these past two years, we saw that unfortunate and unseen events can occur that can easily damage our budget.
The favorite platform among customers is Money Mutual, which is considered the most reliable and trustworthy. Other platforms such as Bad Credit Loan and Cash USA are convenient too, and you can feel safe if you decide to do business with them.
The personal information you provide will be secured since these platforms are TRUSTe verified. We did thorough research and reviewed each company with its features, pros, and cons. These companies have a wide lenders network ready to help people with poor credit scores.
We really hope that you gained more knowledge from this article. The main goal is to be aware that even if you have bad or poor credit, you’re still eligible to apply for a loan. We live in times where there are many new opportunities and you’ll eventually find a solution for your financial issues.
Don’t waste your time if you’re in desperate need of money. Apply today, get your money tomorrow!