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Oscar Wilde said, “A man who pays his bills on time is soon forgotten.” Perhaps unsurprisingly, this witty remark continues to define the life of Americans even now. In this country, one who fails to repay his debts, particularly to banks and other lenders, is never forgotten. They are kept in the collective memory of the financial institutions forever.
They are branded as unreliable and unworthy to be given any loan. Bad credit determines a financial pariah more than anything else in the United States.
Bad credit can be an obstacle to many of your financial steps. You will know the real struggle when you need cash all of a sudden. Be it an auto loan, mortgage loan, personal loan, or line of credit, nobody wants to take risks and give a loan to poor credit. You will have a hard time getting a good job or even renting an apartment, not just loans.
However, every cloud has a silver lining. As the demand for bad credit loans with guaranteed approvals has increased, some lenders are willing to take the risk and give loans to people with bad credit. Maintaining a perfect credit score can be difficult at times. Maybe you had a crisis and could not pay the loan back on time. That should not be why you will not get any financial assistance.
Do not worry. Your options are not limited. You can manage to get a good deal from these lenders offering you bad credit loans with guaranteed approvals. When offering a loan, these bad credit loan providers do not consider your credit score. Other factors like monthly payment, expenditure, and financial stability are considered. The good news is, you can get a secured loan with bad credit.
When an emergency crops up, it might be too stressful to search for the right lender. You may select the first option you get. There are many companies out there waiting to profit from your situation. We have come up with this article to ease your stress.
The options mentioned in this article are trusted and have been helping people in financial crises and facilitating loans for a long time. Besides aiding you with a guaranteed loan, they offer other financial services to borrowers that can help you improve your credit score.
This article can assist you in choosing the best bad credit loan available in the market. We have compiled this list of bad credit loans with guaranteed approvals to make all the right resources available to you. Make sure to bookmark this article as it can come in handy anytime. You will know what the platforms offer and how you can benefit from them.
Read on to find out all the options you have for bad credit loans with guaranteed approval.
Here Are the Top Five Picks of Best Personal Loans for Bad Credit of 2022
#1. MoneyMutual — Overall Most Reputed and Best Personal Loan Platform
#2. Bad Credit Loans — Top Lender for Secured Loans
#3. CashUSA — Best Loan Provider With Guaranteed Approval
#4. Personal Loans — Best for Instant Personal Loans for Bad Credit
#5. CreditLoan — Best Payday Loan With Bad Credit
#1. MoneyMutual — Overall Most Reputed and Best Personal Loan Platform
Overview
MoneyMutual stands out from the other loan facilitating portals that help people get bad credit loans with guaranteed approvals. Thousands of borrowers have availed of their service and loved them. For this reason, their client base is ever-expanding.
Established in 2010 after recognizing the need for financial assistance among Americans, MoneyMutual is based in Las Vegas. This organization is a peer-to-peer lender that offers unsecured personal loans through an online marketplace that connects borrowers and investors.
It is not a direct money-lending platform; MoneyMutual is a free platform that aims to connect borrowers with their wide network of lenders. They have many lenders in the network who are flexible with credit scores. Hence with them, you can get bad credit loans with guaranteed approvals. They offer a loan ranging from $200 to $5,000. You can get a loan for medical emergencies, property renovation, or automobile repair.
MoneyMutual is not involved in the lending processes, and it only connects you with the lenders. Think of it as one of the e-commerce websites where you purchase from different sellers, but only for loans.
Once you are on their website, you will need to fill out a form requesting a loan. It is a very simple process, and one can easily figure out the steps on the website. This form will be forwarded to the lenders, based on which they will decide if they want to work with you. A lender will contact you as soon as your application is reviewed. If the loan is approved, the lender will transfer the money you requested to your bank account within a few hours or during the next business day.
The interest rates depend on the amount of loan and the lender’s policy. Make sure you talk to the lender about the APR (Annual Percentage Rate), repayment procedure, and time frame before signing the loan agreement.
To be eligible to apply for a loan on MoneyMutual, you need to have a monthly income of $800, a valid checking account, and proof of your American citizenship or permanent residence.
MoneyMutual takes industry-standard measures to protect the personal information you share. The transmission of information is encrypted using secure socket layer technology (SSL).
Most of the customers who have used MoneyMutual’s service are very happy and satisfied with their service. They recommend MoneyMutual to other borrowers. From timely loan approval to excellent customer service – you will have very few complaints against MoneyMutual.
Highlights
- Trusted Platform: The platform of MoneyMutual has been trusted by millions of Americans since 2010.
- Free Service: They offer free service to connect lenders and borrowers.
- Wide Network of Lenders: The network of lenders on their website is reputed, and you can choose from a wide network of lenders.
- Flexible Credit Scores: The lenders do not prioritize credit scores while giving the loan.
- Transparent Transaction: You will have an idea of each step as they are transparent about application processes.
- Loan Amount: MoneyMutual allows for a loan amount of up to $ 5,000.
Pros
- Easy-to-use website
- Convenient process
- Numerous online lenders
- Free service for everyone
- Guaranteed loans
- Receive loan offers quickly
- Secured transaction
Cons
- Not available in New York and Connecticut
- Requires a monthly income of $800
- MoneyMutual plays no part after the loan is approved
#2. Bad Credit Loans — Top Lender for Secured Loans
Overview
Bad Credit Loans has been in the business of helping people and making the availability of online loans easy, simple, and for all. Established in 1999 in Washington, it has built a name for itself over the years.
Bad Credit Loans does not lend money to borrowers. Like MoneyMutual, Bad Credit Loans acts as a loan facilitator to connect the lenders and the borrowers. The platform collaborates with many reputable, trustworthy, and sensitive lenders to help people in dire need of money. If you have a poor credit score, Bad Credit Loans is one of the best platforms for you to try to get a loan.
Once you are on their website and submit the loan application, Bad Credit Loans will connect you with network lenders likely to give you a loan. The application process will not take more than a few minutes, and Bad Credit Loans ask for only a few important personal details.
The portal offers several options to the borrowers. You can get a loan ranging from $500 to $10,000. Besides loans, some lenders also offer lines of credit.
Once a lender decides to work with you, the lender will present you with a loan agreement. You will be under no obligation to accept the loan you get. You can decide to accept or reject it depending upon your requirement.
If you do not get any loan offer from the network lenders, the loan portal will forward your application to other third-party lenders for different credit-related services. These lenders may offer you other types of assistance, including debt relief, credit repair, and other related financial services.
Bad Credit Loans is popular not only for the loans but also for the resources available on its website. There are free expert-written financial articles on the website to educate their customers/clients to make an informed decision.
Bad Credit Loans averages an annual percentage rate (APR) between 5.99 percent to 35.99 percent. So, you can be assured that lenders will charge nothing more than that. While 5.99 percent is an insanely low rate of interest, and 35.99 percent is on the higher side, the interest rate will depend on your loan amount as well.
Bad Credit Loans offers its service to people in financial inconveniences for free. Its service is also available 24/7. You can apply for a loan at any convenient time sitting at your home. If you are someone with a poor credit score looking for quick finances, Bad Credit Loans should be your go-to platform.
Highlights
- It offers extremely useful tips and advice on when to take out a loan, how to spend the funds responsibly, and how to budget your future income to pay off a loan quickly.
- Bad Credit Loans is again not a lender but a facilitator with an impressive network of lenders.
- The lenders at the platform’s network aren’t bothered about your credit score.
- The lenders at BadCredit Scores approve loan applications almost instantly and disburse the amount within one working day.
- Bad Credit Loans understands and respects your urgency. That’s why the lenders on its network approve your application so fast.
- The platform actively participates in various charity activities and other great events associated with the welfare of people.
- The website of Bad Credit Loans offers a wide ‘variety of free, expertly written articles explaining every part of the loan process.’
- Its network of lenders includes both State and Tribal lenders.
- The portal uses robust security measures for the data protection of users.
- The criteria for applying for a loan are simple. You should have a stable monthly income and provide proof of citizenship.
Pros
- Easy and quick application.
- Fast transfer of funds.
- Flexible credit requirements.
- Good network of reputable lenders.
- Impressive financial resources available on the website.
Cons
- Not suitable for borrowers who need loans of more than $10,000.
- The portal has no Better Business Bureau accreditation.
#3. CashUSA —Best Loan Provider With Guaranteed ApprovalOverview
Launched in 2002 in Las Vegas, Nevada, CashUSA is another digital lending platform or a virtual financial marketplace to match borrowers with appropriate lenders. This platform facilitates quick and guaranteed loans even to those with poor credit.
They have a network of respectable State and Tribal lenders. The interest Tribal lenders charge is higher than State lenders as they abide by Federal laws, not State laws. You can get a loan of as little as $500 and as much as $10,000 from these lenders.
To request a loan, you have to apply online. It is a one-page application form where you have to put in some basic information like personal and financial details. If selected for a loan, the portal will provide borrowers with a list of lenders. You can compare their offers and select one lender from the list. After selecting a lender, you will have to fill out another application form. If you agree to the lender’s terms and conditions and the offer works for both of you, you can accept the agreement and put in your e-signature.
Most people receive the cash in their bank account in the next few hours or the next morning. It is only one of the many advantages of applying for a bad credit loan online.
If no lender makes an offer to you, do not worry. CashUSA is popular for its additional financial services. You can view offers on credit repair, debt relief, and more. So, if you are someone struggling to improve your credit score, you can get CashUSA’s help in credit repairing.
The annual percentage rate on bad credit loans varies from 5.99 percent to 35.99 percent. Borrowers get between 90 days and 72 months to repay the loan.
The unique feature of CashUSA is its resource center. If you are new to the financial world or someone looking to gain some knowledge, this resource center has a lot of information for you. Monthly payments are largely determined by the amount borrowed, the interest rate, and your loan term.
CashUSA’s network of lenders does not perform credit checks. So, if you are stuck in a financial emergency with a poor credit score, do not look any further beyond CashUSA.
Highlights
- Borrowers can take a loan from a wide network of registered State and Tribal lenders on the platform.
- Even with poor credit, the requirements for a loan are pretty simple and easy to meet.
- The lender will withdraw your monthly payment from the account to which the money was credited.
- CashUSA implements strong security measures to protect the personal data of borrowers.
- The loan amount is deposited in the borrower’s account in the next few hours if you apply for the loan before noon.
Pros
- Applying for a loan through this portal is free and open even to people with dismal credit scores.
- Excellent educational resources on a wide range of financial matters.
- Simple and easy application
- Standard eligibility criteria
- Discrete and straightforward loan process
- Rapid approval
Cons
- Not suitable for people needing loans over $10,000.
#4. Personal Loans — Best for Instant Personal Loans for Bad CreditOverview
If you are looking for a hassle-free process of getting a high-value bad credit loan, Personal Loans should be your first choice. It was launched in 2015 to provide a platform for borrowers to meet lenders in a simple, convenient way for online loans. Personal loans are a type of installment credit that affects your credit report as well as your credit score.
If you have a poor credit score and do not qualify on any other platform for a bad credit loan, you can contact Personal Loans for guaranteed loans. The lenders on Personal Loans are very considerate towards your credit scores and have not set any minimum credit requirement making it easy for people with poor credit to secure a loan.
There are endless possibilities for borrowers on Personal Loans as they offer wide loan types. Tax Loans, Payday Loans, Emergency Loans, Fast Cash, Bad Credit Loans, and Debt Consolidation are a few of the many services Personal Loans facilitates.
It facilitates fast loans for any occasion and loans at a very competitive rate. Once you visit the website, you can fill out the loan application. After you enter the amount you need, you will have to undergo five steps to complete the process.
In the first step, you will have to provide your name and the reason for your loan. After this, you need to provide your contact details, employment details, banking, and credit information. Keep all this information ready before applying, as it will save time.
After the application is submitted and if your loan is approved, the lender will get in touch with you. The platform will direct you to the lender’s website, where you can see the loan amount you qualified for, the repayment method and terms, the annual percentage rate, and a few other terms and conditions of the lender.
The interest rate of your loan will depend on the loan amount and the lender. Each lender has unique guidelines and conditions which you need to abide by.
You do not need to pay the portal any origination fee or additional charges even if you accept the loan. Personal Loans offer a safe, secure and quick loan for both good and bad credit scores.
Highlights
- A unique feature of Personal Loans is that it allows co-signers. This has proved beneficial to those who know someone with a good credit score. Get them to sign your application, and you an get a loan at a lower interest rate.
- In the rabble of non-banking money lenders, Personal Loans is distinct and unique for its offers. This online financial marketplace caters to borrowers in need of high-value loans. Personal Loans is among the handful that offers loans between $1,000 and $35,000.
- The application process takes only a minute or two to complete. It is convenient for everyone.
- You must be 18 and above, a U.S. citizen or a permanent resident, must not have any record of a recent bankruptcy, and have a monthly income to qualify for a loan.
Pros
- Secured path to help get the funding you need.
- Loans ranging between $1,000 and $35,000.
- Industry-standard APRs (between 5.99 percent and 35.99 percent).
- Lenders offer repayment terms between three months and 72 months.
- Adequate time and the opportunity to review lenders’ final offers.
- Service available across the U.S.
- Extremely beneficial for those needing a high-value loan.
Cons
- Though most of the eligibility criteria of the portal are standard, some may find its insistence on a verified monthly income of $2,000 a bit draconian.
#5. CreditLoan — Best Payday Loan With Bad Credit
Overview
Established in 1998, CreditLoan is one of the oldest platforms on this list. For over 20 years, the company has connected over 750,000 users with reputed lenders for financial assistance. The company was established to provide affordable loans to everyone, especially people with bad credit scores, and educate them about better financial management.
Both borrowers and lenders love this platform for CreditLoan’s smooth process. The website provides free financial resources and tools for its borrowers. The portal claims it has educated more than thirty-three million visitors on a wide range of financial topics since its inception.
If you are a borrower on CreditLoan, you can read some free resources on Auto Loans, Bad Credit Loans, Personal Loans, and Student Loans while applying. They also upload regular blogs written by financial experts.
CreditLoan offers to facilitate high-value loans up to $40,000. The range of loans the lenders at CreditLoan offer is stunning. At this platform, they can get loans between $250 and $40,000.
Besides the vast resources, the portal has two different networks of lenders – one for the borrowers with good credit and another for poor credit. This system ensures that you are connected to the right lender, only those willing to work with your kind of credit score.
Highlights
- The loan portal is a respected name and has featured in CNN, Forbes, CNNMoney, Lendingtree, The Wall Street Journal, and The New York Times.
- Service is completely free.
- Facilitates safe and quick loans.
- It has helped over 750,000 people tide over their financial logjams.
Pros
- Loan application process is easy and quick.
- Facilitates loans at affordable interest rates.
- Available in all U.S. states.
- Twenty years experience connecting borrowers and lenders.
- Large network of lenders.
- Offers student loans on easy terms.
- Offers auto loans.
- Keeps the information of borrowers safe.
Cons
- It facilitates small loans if you have poor credit.
- The lenders at this loan portal reportedly charge a higher interest rate.
How We Prepared This List
When you require money urgently, you will accept the help of anyone offering the amount. Similarly, when you search for lenders online, you will agree to the terms of any lender ready to offer you the loan amount. Other thoughts won’t cross your mind in your urgency to grab the cash you desperately need. That is why this list will save you time and effort. You do not have to spend hours understanding the loan portal and its service.
After a meticulous study of all the available online platforms offering bad credit loans with guaranteed approvals, we drafted this article for you. After drawing a list, we researched each company and its services. Then we made a list of their features, pros, and cons.
We visited the website of each platform and assessed its features. Some platforms provide good assistance in helping the borrower secure an instant loan. Furthermore, we read customer reviews about these loan facilitators to understand their experience and services.
We made this list from the perspective of a borrower looking for bad credit loans with guaranteed approvals. What are the things they can look for? How much money do they need? What are the possible repayment methods they would prefer? We have explored all these questions, and the article will address all your queries.
What We Looked For
- Companies that value their customers and their experiences
- The reputation of the company in the market
- The services offered by the company and most popular among consumers
- How convenient is the process of the service for users
- How much information is available about each company
- Whether the company offers any additional related services
- If the company has active customer support to guide customers
- The methods employed by the company to maintain data privacy and security
- The time the company takes to process a loan request
- The terms of loan repayment
- Flexibility in terms of credit
- Wide options for customers to choose from
- Companies with a transparent transaction process
- Companies offering reasonable interest rates
- Customer reviews for each company
A Buying Guide To Choose the Best Bad Credit Loans With Guaranteed Approvals
Many factors determine and influence getting the right loan. You must remain extremely careful when applying for a loan, especially when you have a poor credit history. There are loan sharks out there waiting for prey like you. And once you step into their traps, you may end up repaying through your nose.
We, in this blog, have given you the names of five virtual financial marketplaces where you can find lenders specialized in providing secured loans to poor credit. They are some of the best lenders. If you need a loan, try out any five loan facilitating platforms.
But we are sure you would like to explore going beyond our recommendations. And, if you would, then devote time and effort to check the eligibility criteria of the platforms and lenders. Meeting the eligibility criteria does not guarantee approval of the loan, but it surely is a step you can take in the right direction.
If your loan is approved, make sure to review the loan terms such as approved amount, interest rate, repayment deadlines, repayment options, consequences for non-repayment or delayed repayment. Remember that you are not obligated to accept the loan after it has been approved. Accept the offer only if the terms are to your liking. There are plenty of fish in the sea.
The online platforms mainly facilitate loans and won’t have interest rates listed. Once your loan application is processed, a moneylender will contact you and tell you about the interest they charge. A fair moneylender should charge somewhere between 22 and 25 percent APR. If the moneylender asks for more than 35 percent, it’s a loan trap, and you should not accept the offer.
Customer reviews can often give you all the information you need to understand if the loan facilitating company has a good or bad reputation from the experience of past customers. Don’t just fall for a high review score. Read a few customer testimonials to get a good idea of the details. Individual customer experiences can resonate with you and give you vital information.
If you are in urgent need of a loan, it might be prudent to approach companies that not only have a high rate of loan approval but offer expedited loan approval. Some companies can even process your application and get the money to you in one day.
Reputable online loan platforms do not charge any fees for facilitating your loan and getting you connected to a moneylender. Instead, they get their fees from the lenders. Ensure that the company you are going for doesn’t charge you fees for the “privilege” of this service. It is a mark of a less-than-reputable company.
FAQs on Bad Credit Loans With Guaranteed Approvals
Q: What is bad credit?
A: A low credit score is referred to as bad credit. A credit score of 700 is considered a good credit score, and you will have endless loan possibilities. A credit score in the range of 300-550 is considered bad credit.
Q: What are bad credit loans?
A: Loans designed for low or no credit scores are bad credit loans. Lenders give bad credit loans to people with poor credit scores. Since there is no minimum credit score requirement in this type of loan, other factors are considered, mainly the borrower’s ability to repay the amount.
Q: What types of loans can one get with bad credit?
A: Even if you have bad credit, you can qualify for different types of loans. These include short-term loans on bad credit, emergency loans, cash advances on credit cards, student loans, and auto loans.
Q: Do I have to pay high interest on the money I borrow with a poor credit score?
A: Yes, that’s correct. Your bad credit score denotes your incapacity to get loans from banks. However, the non-banking moneylenders who may still provide you with a loan will charge a higher interest because of the massive risks they are taking.
Q: What are the requirements for a bad credit loan?
A: The requirements for a bad credit loan are stricter than other personal loans. You will have to meet other eligibility criteria like having proof of stable monthly income, source of monthly income, bank statement, and other financial details.
Besides these, other requirements remain the same. You should have proof of citizenship, a valid checking account, address, and phone number.
Q: How much can I borrow with bad credit?
A: The amount you can borrow depends on the lender and the personal details you will be submitting in the loan application. The highest loan value offered by any of the platforms we reviewed is $40,000. If you want a high-value loan, you should aim to have an acceptable credit score. The lower your credit score, the lesser the loan you may be granted. When you apply for a loan, a payday lender will not necessarily run a credit check with the major credit bureaus.
Q: Where can I borrow a loan with bad credit?
A: All the platforms mentioned in this article – MoneyMutual, Bad Credit Loans, CashUSA, Personal Loans, and CreditLoan – are known to give bad credit loans with guaranteed approvals. If you have reviewed the platforms offering bad credit loans with guaranteed approvals, you will know how convenient it is to get loans with bad credit on these platforms.
Q: How fast can I get a bad credit loan?
A: The lenders who provide loans for bad credit usually make the cash available in about 24 hours or even less. So, these loans are fast as they enable the borrower to meet the emergency.
Q: If I take a bad credit loan, will it affect my credit score?
A: Taking a loan with your bad credit score is not likely to affect your credit rating. But it may get seriously tarnished or dented even more if you again default in your repayment. A proper and timely repayment, on the contrary, may help to repair your credit points.
Q: How to improve the chances of getting a bad credit loan?
A: To improve your chances of qualifying for a bad credit loan, try to meet the other criteria set by the lender. Also, furnish the application with all accurate information. Do not apply for an amount more than you require because keep in mind, you will have to repay more than the original amount.
Q: How do I improve my credit score?
A: There are reputed credit repair companies out there who can repair your credit score by fixing the errors on the report. You can contact the companies offering additional services mentioned above for credit repair. It is advised to take the assistance of a reputed company as doing it on your own can be a difficult process. In general, secured loans are easier to obtain than unsecured loans because they pose less risk to the lender.
Who Provides the Best Bad Credit Loans With Guaranteed Approvals?
To conclude, bad credit loans can pull you out of a difficult financial situation. There are many options available for bad credit loans, and securing one is not at all difficult if you know where to look.
Thousands of people depend on banks for a loan. But you have to spend countless hours standing in the queue, filling out forms, and it takes days to know if your loan will be approved. Most personal loan lenders platforms mentioned here are reputed and trusted by millions of people in financial distress. You get fast service, avoid long queues, get a guaranteed loan, money gets transferred to your account in a day or two – all while sitting at the comfort of your home. There are various bad credit personal loans available on the market for people with bad credit. Choose a facilitator from the list above.
However, be sure to understand the terms and conditions of the loan agreement before you accept an offer. Talk to your lender to get the best deal. Call customer support if you have any doubts or fail to understand any part of the procedure. Proceed only when you are completely sure of the deal and understand what you are signing up for. Ensure to check rates, terms and conditions, privacy policy, and fees. Each lender has its unique structure.
Also, ensure you have a repayment strategy in place before you accept the loan. It will make the entire process much easier for you. Accept the repayment method that works best for you. Try not to miss any of the repayments, as it will affect your already poor credit. If you pay back on time, you may not have to try so hard to secure a loan and pay a steep interest next time.
The news and editorial staff of the Bay Area News Group had no role in this post’s preparation.
