This guide discusses the top five credible loan finders for online personal loans with bad credit.
Best loans for bad credit – quick overview
Several online lenders and brokers provide bad credit loans to borrowers, regardless of their credit scores. Some loan platforms that give personal loans with bad credit won’t perform credit checks in the first stage of the application and will focus on your affordability.
Here are the best loan services to go to for loans for bad credit in 2022:
1) Viva Payday Loans – Best platform for payday loans with bad credit.
2) Heart Paydays – Top-rated loan service for installment loans with bad credit.
3) Credit Clock – Reliable platform for quick personal loans for bad credit.
4) Money Lender Squad – best for low-interest bad credit loans.
5) Big Buck Loans – best for emergency or extremely bad credit loans.
Bad credit loans – general eligibility criteria
Personal loans for bad credit are pretty risky, as lenders can’t guarantee that borrowers with bad credit won’t default on their loan repayment. Based on this, a borrower must meet certain criteria before accessing personal loans with bad credit.
Here are some general eligibility criteria for borrowers to qualify for small personal loans for bad credit.
* Applicants must be 18 years and above.
* Applicants must have an active bank account.
* Applicants must have a regular monthly income of at least $1000.
* Applicants must have a valid means of contact: phone numbers, email addresses, and physical addresses are compulsory.
* Applicants must be citizens of the United States.
5 best personal loans bad credit
When getting loans for bad credit with guaranteed approval, it is essential to check out the best lenders and brokers available. This is because the lender or broker you choose determines the quality of your loan. If you wish to get bad credit personal loans with the guaranteed decision of $5000, here are the five bad credit personal loan matching services.
Viva Payday Loans – best for emergency loans for bad credit
* Same day payout.
* Loan amounts range from $100 to $5000.
* The loan application process is seamless.
* Their loan matching service is not accessible in some states.
Viva Payday Loans is a loan broker matching service that provides borrowers with top-quality loans for bad credit. They operate by connecting borrowers to credible lenders. Viva Payday Loans have been in the industry for years offering top-notch services.
At Viva Payday Loans, customers can access flexible lending options. The loan application process is also seamless. If a customer’s loan application is approved, the customer can get personal loans with bad credit ranging from $100 to $5000. The bad credit loans offered are charged at APR rates ranging from 5.99% to 35.99% and last for three to 12 months.
Click here to Request Funds At Viva Payday Loans In Under 2 Minutes
Heart Paydays – best for bad credit loans with guaranteed decision
* Instant loan disbursement if the loan is approved.
* Applicants with bad credit can apply.
* Flexible loan repayment duration
* Extra charges on late repayment.
Heart Paydays is another credible loan finder many borrowers in the United States can get top-quality personal loans from even with bad credit. They are not loan lenders like many would expect. They link customers in need of a loan to lenders.
Heart Paydays offer relatively affordable loan rates, at APR rates ranging from 5.99% to 35.99%. At Heart Paydays, borrowers can access loan amounts of up to $5000 for a duration of three to 24 months.
Credit Clock – best for small loans for bad credit
* The application process is fully processed online and pretty seamless.
* Flexible repayment ranging from 61 to 90 days.
* Multiple lenders in almost all states in the United States.
* Not available in various states in the United States
If you have a bad credit score and need urgent cash for an emergency, you can request loans at Credit Clock. This loan matching service’s loan application is quick, as their application process is straightforward. When a customer applies for a loan from Credit Clock, they would usually get a response within a few minutes.
Credit Clock can link borrowers to lenders regardless of their credit score. At Credit Clock, borrowers can get personal loans with bad credit of as much as $5000 at an APR rate of 5.99% to 35. 99%. But their loan repayment is usually between 61 days to 90 days.
Money Lender Squad – Best for quick loans for bad credit
* If approved, the payout is always on the same day.
* Loan applicants can access loan amounts ranging from $100 to $5000.
* Flexible loan options and repayment duration
* Few lender options for unemployed people
Money Lender Squad is another top-rated loan matching system where you can get a personal loan with bad credit. This loan finder helps to connect borrowers with legit lenders within minutes if a borrower meets the requirements for a bad credit personal loan.
Borrowers can get payday loans from reputable loan lenders, as Money Lender Squad ensures that they only work with legit lenders. At Money Lender Squad, borrowers have access to several loan options, allowing them to choose the kind of loan they want.
The loan amount Money Lender Squad offers ranges from $100 to $5000. These loans are available at an APR rate of 5.99% to 35.99% for 61 days and a minimum of 90 days maximum.
Big Buck Loans – Best for online payday loans for bad credit
* Available to borrowers with bad credit scores.
* The online application is fast and seamless
* Quick payout if a lender approves the loan
* High-interest rates
Big Buck Loans is a popular loan broker helping people get quick and affordable personal loans. Their application process is seamless. After applying for a loan, if the person meets their loan requirements, the loan will be paid out on the same day or on the next business day.
The Big Buck Loans application process takes a few minutes. Some lenders can loan borrowers about $200 to $2000 in loans for two years. These loans are offered at an APR rate of $5.99 to $35.99.
You can contact Viva Payday Loans for loans with bad credit at pretty low-interest rates and fees. As long as you meet their loan requirements, you will get your loan on the same day. You can also access Viva Payday loans at flexible repayment even if you have a bad credit score.
What does it mean for a person to have a bad credit score?
A credit score is a measure of a person’s lending ability. Therefore, if a person has a bad credit score, it means the person’s lending ability is lower than the average score. This is mainly because the person has defaulted on their loan repayment or failed to pay theirs promptly. A person with bad credit has a FICO score lower than 400.
What are same-day bad credit loans?
Same-day bad credit loans are loans provided to borrowers with a bad credit score. Such loans are disbursed on the same day of application. Different lenders offer same-day bad credit payday loans at different interest rates and conditions.
How can a borrower provide proof of income when self-employed?
Several lenders, especially traditional lenders, don’t offer self-employed people loans. This is because it is challenging to ascertain such a borrower’s income and repayment ability. However, lenders like Viva Paydays may require specific documents to grant self-employed people loans.
* Your annual tax returns
* Bank statements (recent ones)
* Official profit and loss affidavits.
What will happen if a borrower can’t repay their loan promptly?
If a borrower can’t repay their loan promptly, they may be fined by the lender. Such fines are pretty hefty and could cause borrowers to keep borrowing more to pay off their debt. Therefore, if a borrower realizes they can’t repay their loan on time, it is essential to inform the lender immediately. The lender can freeze all additional fees.
Disclaimer – The above content is non-editorial, and Times Of India hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content. The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to US residents only.