Getting a loan can be a process that’s lengthy, time-consuming, and disappointing if your credit isn’t great. People with bad credit or a bad credit score may find it hard to obtain the loan they need.
Banks don’t make it easy.
They require you to have a credit score of 660 at a minimum. Many of us don’t have this number, but we still need money. What’s the solution?
You can use an online lender, which makes it easier.
There are plenty of online lenders ready and willing to provide customers with fast loans when they need them. You have to be mindful of these lenders. However- they sometimes charge huge fees because they know you’re desperate for money.
However, fear not. We’ve compiled a great list of the best and most reliable lending sites for bad credit loans with guaranteed approval. Look at these great sites, which help those who have bad credit.
Top 5 Online Lenders For Bad Credit Loans
- MoneyMutual: Overall Best Lender For Bad Credit Loans
- BadCreditLoans: Best Network Of Direct Lenders Offering Personal Loans For Bad Credit
- RadCred: Popular Online Lender For Payday Loans
- CashUSA : Get Instant Loan Approval On Cash Advance Loans
- PersonalLoans: Best Online Loan Lender For Small Loans
#1. MoneyMutual: Overall Best Lender For Bad Credit Loans
Statistics indicate that a good chunk of Americans lacks $400 to cover an emergency expense. This reason is why MoneyMutual was founded. They started their business back in 2010 to help those with bad credit get guaranteed loan approvals.
It is an internet marketplace for loans. They bridge the gap between lender and borrower and show the borrower’s sites willing to work with them.
All users must do is fill out a form using the MoneyMutual website, and you’ll enter all the basic financial information you’d expect: earnings, source of income, etc. You’ll also discuss information like your age, work history, and more. Once you’ve completed the form, they will review it in seconds and show you lenders that can help.
MoneyMutual boasts a network of 100-plus lenders. So, once they’ve sent that request out, Varied lenders willing to provide a payday loan will show you the offers. In addition, users can view various loan terms and conditions found on the lender’s sites.
You’re under no obligation to take that money since nothing has been signed yet.
But, if you do not agree with the terms and conditions, you can read other offers or just turn the offer away altogether. But, again, it’s important to understand that lenders working with MoneyMutual are third-party sites, so be sure you read all terms and conditions carefully.
MoneyMutual is the go-between for these lenders; they do not set the terms and conditions.
Once you’ve accepted the loan offer, the lender will transfer funds into your account within 24 hours or less. If you experience any problems or have complaints, the website offers a friendly customer support center.
MoneyMutual has been in the business for a long while, and its reputation has grown over time. They have helped millions of people with bad credit get approved. Some customers are returning borrowers; others are new and learning how MoneyMutual can help.
Many regulars stick with MoneyMutual thanks to the high priority on privacy and security.
Thanks to sensitive financial and personal info being shared with these loans, all the info must be kept safe and encrypted.
MoneyMutual cares about the safety and privacy of consumers. Therefore, they encrypt all data with Norton 256-bit protection.
- Information-Packed Website
The MoneyMutual website is known for being informative and user-friendly. Everyone will find it a breeze to navigate this website, and they offer educational resources for borrowers to learn from before signing anything.
This feature is great for helping new customers avoid beginner errors when spending or borrowing. Instead, they want to see you succeed and borrow responsibly.
Thanks to MoneyMutual having a wide range of lenders, customers are drawn to their website, with every lender offering a variable APR and interest rate. The interest rates and APR offered are comparable to market rates. Although the rates are competitive, you will be charged interest based on a few factors such as credit score, loan amount, etc.
Money Mutual is a site known for being honest about how they do business. Their user-friendly site offers detailed info and data about how the company operates: customer reviews, FAQ sections, and informational blog posts/articles.
Customers love the service from MoneyMutual because the company makes it easy, offers competitive rates, and shows you the offers in a handy list format. Plus, customers love instant deposits, which are very helpful when you have a problem that needs to be fixed fast.
- Approval is fast and easy
- The site is simple to navigate and use
- Borrowers can get their funds in just 24 hours or less
- A big network of lenders
- A secure, encrypted site
- Free service at no charge to you
- They do not work with NY or CT customers
- You must be a US Citizen to get a loan
#2. Bad Credit Loans: Best Network Of Direct Lenders Offering Personal Loans For Bad Credit
The second company on our list is none other than Bad Credit Loans, a platform specializing in connections between borrowers and lenders. The company started in 1999 and has since helped folks get bad credit loans even when their scores aren’t that great.
Bad Credit Loans has your back if you need help with just about anything: an emergency vehicle fix, debt relief, making the rent on time, debt consolidation, medical bills- you name it.
The platform’s big network of lenders can help you make quality loan choices. You are under no obligation to choose an offer you don’t care for after all. As is the case with Money Mutual, the company works alongside third-party lenders known for creating fair terms and conditions.
Users are free to request loans that range from anywhere from $500 to $10,000.
Plus, Bad Credit Loans offer flexible options for repayment and give you the freedom to repay the loan in three years if needed. However, your interest rate will vary based on the terms and conditions of that lender.
In most cases, the interest rates could range from 5.99% to 35.99%
To be eligible for a bad credit loan, you have to be 18 years or older, have a stable source of income, and demonstrate proof of US Citizenship. These are the basic requirements associated with Bad Credit Loans, but more criteria are.
To get a loan, users must follow three simple steps. The lender will then transfer the money to the bank account provided in just 24 hours or less. First, however, users must fill out a form on the Bad Credit Loans website.
For the application, you must enter your loan details such as the reason you’re applying, proof of citizenship, personal info, and financial info. After this is complete, you simply wait until the company does the remainder of the work.
Bad Credit Loans connects you fast to reliable lenders selected through the information provided.
The lender reviews your application and then offers you a payday loan with terms and conditions attached.
Feel free to sign the contract if you agree with the offer; otherwise, you can decline it and continue your search. However, once you’ve accepted the offer, you cannot change your mind.
So, read the terms and conditions with care.
Thanks to the experience of this company, Bad Credit Loans is a safe and reliable source to locate trustworthy and credible lenders. They have 24-hour customer service available. You will find that many customers have left positive feedback/reviews about the company.
Bad Credit Loans is known for being honest and transparent, which you can see thanks to the platform publishing and organizing all necessary loan information. They make information like interest rates and loan terms readily available.
In addition, they have bad credit loans with a surefire approval, so you can get the loan paperwork signed and your money in your account in just 24 hours.
Bad Credit Loans do not directly offer money. However, they connect lenders to borrowers. However, they cannot know the interest rates or APR of the loan.
But, to help customers, Bad Credit Loans has created a cap for their APR. It cannot go beyond 36%, the minimum being 6%. It ensures that lenders aren’t charging high APR or interest rates.
You are under no obligation to accept the loan offers from Bad Credit Loans. However, you can have borrowers review your many loan rates and choose the one that works for them.
If you love the offer, then feel free to accept. Otherwise, you can look elsewhere. Bad Credit Loans charges nothing for this feature.
They instead make their money by taking a small fee from the lenders in their network for each user, which helps prevent fraudulent or shady practices.
- Fast loan application
- It is a hassle-free way of getting a conventional loan
- One application gets sent to a variety of lenders, which saves energy and time
- They adhere to various privacy and security guidelines
- Customer care is offered around the clock
- You must enter financial and personal info to get connected with the lenders.
#3.RadCred: Popular Online Lender For Payday Loans
RadCred is another best financing platform that has a main goal to offer users secure, reliable methods by which to get the money they need. The lender ensures great accountability, thanks to its varied interest rates and APRs. They have loans for average credit people, and they work with buyers who have poor credit. In addition, RadCred ensures that all people they work with are transparent in their loan terms and conditions.
Every company on our list has nearly the same application requirements; RadCred is no different. However, they are great if you are a user that needs a smaller size loan at a competitive interest rate.
Users may send out a loan request by filling out some basic info on themselves. The form will ask for info such as zip code, email, age, name, and more. One great thing about RadCred is that they promise users their info will be protected.
The company is kept safe using TrustE, which offers premier security and safety. RadCred is also home to other safe certifications, including McAfee Secure- this ensures all users are secure and safe while using the site.
Once the form has been submitted, it’s sent off to an online lending network. If any of the lenders care to work with you, they will send you to their website for the next step. The process is very fast and quite easy, even if you’ve never done this before.
The lender website will have all your lending agreement details, such as interest rates, repayment info, funds, etc. If you agree with the lender’s terms and conditions, it’s time to accept them.
Nearly everybody who has worked with RadCred has left a good review, and they love the site for its secure, quick processing time.
Also, they indicate the site is perfect if you’d like to get bad credit loans that have guaranteed approval you need most, such as emergencies. Lenders will often transfer funds in just 24 hours or less.
RadCred is known for its website, which is easy to use. The site directs you every step of the way with what to do next, so you never feel lost while applying for your loan.
They got your back if you don’t think of yourself as very tech-savvy or financially smart. Unlike regular loans, where you have to speak with each lending company separately, this platform ships off your loan app to many lenders at once.
Not only does RadCred do a great job connecting reliable lenders to borrowers in their time of need, but they also have many extra features we can use.
First, they’ve got many financial tools, such as loan calculators and debt calculators, which help you create your budget.
Second, a content library is present on the site, which offers you helpful info like improving your credit rating, getting a bad credit loan, and other useful financial topics you’re curious about as you apply for an emergency loan with bad credit.
Best of all, this stuff is free, so use it!
- Ideal place for small loans
- Funds are usually available in just 1 business day
- No need to speak to anybody in-person
- TRUSTe/McAfee verified
- Great website
- All your information is kept safe
- Free, fast, and secure services
- Their eligibility criteria are rigid
#4. CashUSA: Get Instant Loan Approval On Cash Advance Loans
The bulk of online lenders don’t offer bad credit loans that have guaranteed approval, but CashUSA is one of the rare unicorns that do provide this incredible service. The lending platform gets lenders and borrowers connected, where the lenders dole out loans based on factors beyond the credit score.
CashUSA is a reliable and reputable place to find a loan. If you’re plagued with a bad credit history or a poor credit score, they can help you with their vast network of lenders. In addition, lenders associated with this company do not require you to submit a lengthy credit check since their primary concern is the borrower’s financial stability.
The application process is easy and fast, making it easy for everyone to complete.
Users will receive flexible terms and conditions on the loans that matter to them. For instance, they can borrow up to $1500 with interest rates that range from 5.99% to 35.99%. It could seem expensive, but it’s quite low in online lenders who give out bad credit loans with guaranteed approval.
CashUSA has a normal application process compared to other lenders on the list. First, you have to fill out a form asking for basic info like email, name, age, the money required, etc. Next, you will enter your address, bank account info, social security number, financial situation, and name.
For the last step of your process, you will have to provide financial info and send in the form. Once you’ve completed this, all you must do is wait for CashUSA to do the rest of the leg work. The application is then sent to many lenders, and if any have interest in working with you, they will submit an offer to you.
This procedure could seem like tons of work and information, but it’s worth the time. Filling out this application form is great for connecting many lenders with money to loan. Normal conventional loans can take tons of time if you have to visit various offices, wait weeks to get a response, do meetings in person, etc.
So, this online lender is a big help.
CashUSA uses advanced encryption to keep data safe and private. It includes the personal and financial info of the users. In addition, the site has security files that folks cannot access without the right credentials. Plus, tests are run on the site every day to ensure the platform is secure, and no security leaks are present.
Users only need to fill out a single application form to connect to various lenders.
These lenders will respond quickly, with the transaction often being completed in just 24 hours. Unlike neighborhood banks, the process is usually instant.
Plus, if you take a loan offer, the funds will arrive in your bank account in just 24 hours or less.
- Online Payments/Auto-Debit
One of the things we love most about CashUSA compared to its competitors is the flexibility and repayment options. Users are free to make the payments when convenient for them using the company’s AutoPay feature or manually through the website.
In addition, the platform will automatically withdraw loan funds from the bank account each month. It helps make sure borrowers are not late on the repayments and will not default on the loan.
- The service is easy to use
- There are 1 million monthly users
- Loan repayments are flexible
- Vast lending network available
- Safe, secure website
- You have to enter a lot of information during the application process.
#5. Personal Loans: Best Online Loan Lender For Small Loans
Personal Loans is an online lending network devoted to providing secure, convenient lending services to anybody that requires them.
To make it happen, they have a wide range of various financial agencies and lenders that help people with bad credit loans enjoy guaranteed approval.
Personal Loans ensures its customers have a safe, fast, secure funding transfer regardless of why they need the money and the time the funds are needed.
This Utah company has been in the business of lending money online for a long time. As a result, they’ve earned the trust of their thousands of customers, as reviews show.
The reason for the loans doesn’t matter.
You can get a loan for your auto repair or an emergency house repair, medical bills, or emergency expenses.
Personal Loans always have a way to help.
The loan application process is easy and fast. You begin by entering basic information.
Once you’ve submitted all your information, the form is shown to a big network of reliable and safe lenders. Many lenders can view your request and work with you by doing this.
This approach saves you tons of time since you don’t need to contact lenders directly. Once you’ve reviewed the terms and conditions of the offered loan, you can decline or accept it. You are under no obligation to accept the loan.
You will get your funds deposited into your bank account in just 24 hours.
When working with Personal Loans, users can review plenty of offers from several lenders. Plus, they can work with companies from that platform network or select a third-party lender on that website. This website lets users choose to compare and contrast various loan offers, enabling them to select the best ones.
Personal Loans work with lenders who favor the borrowers while making repayments. It offers borrowers some leniency while they make their repayments and installments.
If you feel you’ll miss a payment or be late, simply email or call the customer service department of your lender.
They may be able to work with you about setting a new repayment date or ask you to pay an additional fee. However, it is better than defaulting on the loan or incurring a late fee.
This platform helps keep your financial and personal info safe. Plus, Personal Loans follows all appropriate security measures to ensure there will be no data leaks of private customer info.
They have current encryption technology used on their website, which prevents hackers or bad actors from accessing your sensitive info.
- Friendly Customer Service
If you encounter any trouble using the Personal Loans official site or require more info about the loan terms, please contact their customer service team using email or telephone.
They have support offered around the clock via email, and their phone team works from 6 am to 7 pm.
The team is patient and helpful. The customer service reps for Personal Loans work hard to resolve issues you might have. The site is also filled with educational materials and guides that help customers.
- Loan terms are flexible
- No obligation to take the loan
- Loans offered up to $30K
- The process is quick and simple
- Some lenders may require twice-monthly payments
How We Made This List For The Best Online Lenders For Bad Credit Loans?
We chose lenders who laid out all eligibility criteria on the company website and made it a breeze to see if you should apply. You can easily find out the company’s minimum credit score requirements, income requirements, age, and more.
This way, you don’t have to deal with the hassle of filling out all the paperwork to find out you don’t qualify anyway.
Good Interest Rates
Lenders will use a range of criteria to determine the borrower’s APR. We chose brands that cap their interest rates at 35.99%.
Hopefully, you will not be stuck with an interest rate at this level, but we will choose brands with an interest rate cap if you do not qualify for a lowered rate. This way, borrowers know what to expect in the worst-case scenario for interest rates.
If you’re already battling financial hardship, you shouldn’t have to pay even more money to fix your problem.
The loan marketplaces we have included are completely free to use and cost nothing extra. You don’t need to pay to fill out this loan app, find approval, or see who is available to help.
However, you will likely pay various fees on that loan- for example, the origination fee- so ensure you understand such terms before signing off on the paperwork and plan to pay it back in full and make all payments on time.
Loan Dollar Amounts
Loan companies will figure the length of your borrowing terms and loan dollar amount based on credit score and history.
However, with several lenders such as credit unions, banks, and other financial institutions, bad-credit borrowers usually cannot get more than $100.
But the brands we’ve chosen are generous when serving bad-credit consumers, and they are glad to work with you to get the funds you need.
Easy Application Process
If you are in a hurry to get the funding you need, you won’t have tons of time for intake forms and a huge ream of applications. But if your credit is poor, you have to apply to varied lenders and fill out many application forms.
Moreover, if a hard pull is done on your credit score, the score will decrease. So, we chose lending marketplaces with a streamlined application process that requires just a few moments of your day to submit.
Quick Processing Times
Getting the funding you need was something else we used to make this list. Every loan provider on the list will have the money in your account in just a little time- in the best-case scenario; you’ll have the funds in 24 hours.
Buying Guide On Applying For The Best Bad Credit Loans
Before selecting an online lender for bad credit, the first thing to think about is how much money you truly require. The choice you make, and the amount selected will depend on your circumstances and the loan type you’re choosing. Lenders may charge higher fees, so it’s critical you can repay the loan before you sign for it.
It’s no secret that the more you take out, the longer it will take you to pay it back. Moreover, the lender might take a while to disburse the funds than a smaller loan.
Remember, you have to pay back that loan entirely- every cent has to be repaid plus interest.
So, make a list of what you truly need before applying for a loan beyond what’s necessary. You don’t want to be stuck paying the loan back for years after the reason you took it has long passed. Consider your budget before you borrow.
- Loan Terms and Conditions
When you apply for any loan, you are given all loan terms and conditions, including when to pay it back, the total amount to be repaid, and your interest rate. They also lay out any penalties/fees you might incur from taking this loan.
Ensure you review the total amount, loan time, and APR before signing. You should carefully consider these terms before you sign anything- it’s a legally binding contract.
Before choosing a lender, consider all the interest rates available and choose the lowest one. Interest and APR can be determined using one’s credit rating, repayment period, income, and amount to be borrowed.
For instance, a bad credit score or poor credit rating will probably get you a higher interest rate.
Pick a lender with a fixed interest rate for the duration of your repayment. If you opt for a loan with varied interest rates, you will probably pay more in the long term.
You deserve a company that will offer friendly and knowledgeable customer service when getting a loan with bad credit. Plus, you deserve a company that can answer questions and concerns you might have.
Make sure that, as you shop, you read customer reviews for info on how they treat their customers. Make sure you have a contact method for the company- a phone number/email/live chat, for example.
You may be able to negotiate with your lender the due date of your payment. This choice is perfect if you are paid on the same days each month or if you receive a benefits check on the first of every month.
Lenders may be able to help you select a date that works for you. Plus, you can choose your preferred payment method; for example, some borrowers like to use Autopay, while others may pay online using their checking account.
While looking for an emergency loan with bad credit, one big problem is the fees/penalties lenders may charge if you miss out on a payment. So, ensure you choose a brand with flexible payment choices and reasonably priced penalties if you have to miss a payment.
Better yet, look carefully at these loans and penalties and form a plan to NEVER miss a payment- for instance, sell items you don’t need at home or pick up extra hours at work, so you’re not stuck paying these penalties.
This procedure will make your repayment easier, and you don’t need to worry about forking over extra cash to the loan company. Remember, a missed payment can adversely affect your credit score, so do all you can to make timely payments.
FAQs On Bad Credit Loans With Guaranteed Approval
My Credit Score Is Not Good; Can I Still Qualify?
Yes, you can still get a loan- after all, these are bad credit loans with guaranteed approval!
The sites we’ve listed here take as little as 24 hours to get your funds out to you. You might have your money in just a few hours in a few cases.
After filling out the lenders and reviewing your online form and app, you can get them to send you the funds you want quickly.
The loan companies might restrict the money you’re borrowing and repayments, but there’s comfort in knowing you can still get emergency funding from sites despite your credit being bad.
I Am Not Working; Could I Still Qualify for A Loan?
One great thing about getting a bad credit loan is that loans can still be disbursed even if you don’t have a traditional job right now. To put it differently, you might not need a regular income source to get approval for a loan.
If a lender can verify you have funding in your account from income like Social Security, unemployment, a trust fund, etc., they may approve your funding request. So, we encourage you to apply with the knowledge that such lenders can look at varied sources of income for eligibility.
How Do You Boost Your Credit Rating?
The fastest and easiest way to increase your credit score is to fulfill all loan prepayments and repayments when asked to do so.
Be sure you avoid penalties and late-payment fees as much as you can. These hurt your score. Make sure you pay off all short-term debts, which could cause your FICO score to increase.
A solid credit rating tells others you have a stable financial life, and it will help you get better interest rates and loans going forward. So, make sure you learn where your credit rating is and what you can do to improve it. A good credit score has many benefits!
Do I Have to Have a Bank Account to Qualify for My Bad Credit Loan?
When you apply for a loan with an online lender, they will usually need a bank account as part of the pre-approval process.
This bank account usually has to be under your name, thanks to liability reasons and to make transferring funds easier.
Credit Loan, for instance, asks users to provide their checking account with their name. Here are some other eligibility requirements:
- You must be at least 18 years old
- You must be a US citizen/Permanent Resident
- You must have at least $1K monthly income
- You must have a valid home and work address. You must also have a valid phone number, address, and email address.
These are just a few of the site’s eligibility criteria to approve you for your bad credit loan. Other third-party companies may ask for more info and possess additional criteria for eligibility for the loans offered.
Moreover, some online loan companies require your banking info so they can auto-debit payments from your account. So, make sure you have funds available for that day your payment is due, and contact them if you can’t make that payment on time.
Wrapping Up On Choosing The Best Online Lenders For Bad Credit Loans
Companies offering bad credit loans with guaranteed approval offer you the luxury of getting funding fast with very little paperwork and almost no effort. The platforms we’ve reviewed today offer the best loans with guaranteed approval if you have bad credit.
Aside from this, the platform is helpful if you have a bad credit score- the loan you repay on time could help you rebuild your credit. While such sites might not be your first choice, keep them in mind because they are reliable and secure.
You must have all your info ready before you choose a lender. So, do some research before you select the lending platform- that way, you’ll go in with confidence as you sign for your emergency loan.