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Data shows that many Americans cannot spare cash for financial emergencies. That means that when trouble comes your way, you'll probably need some help to exit a financial tight spot. But what can you do if you don't have the time or credit to wait for your bank to process your application? Reach out for a bad credit loan.
In regards to the financial situation of Americans, the web is full of services offering bad credit loans with guaranteed approvals. However, some of them tend to provide less favorable deals than others. That's why you need to be very cautious when picking out your service provider.
If you're interested in these bad credit loans, we can help you out. We've already researched the market to provide you with the best options available. So let's not waste any more of your time and get straight to the point.
5 Best Bad Credit Loans With Guaranteed Approval:
- MoneyMutual - Overall Best Loan Marketplace For Bad Credit Loans, Editor’s Pick
- Bad Credit Loans- Reliable Online Portal Offering Short Term Loans For Bad Credit
- RadCred -Verified Lending Network For Personal Loans With No Credit Check
- CashUSA - Quick Approval Bad Credit Loans With Fast Cash
- Personal Loans - Best Bad Credit Personal Loans With Current Interest Rates
#1. MoneyMutual - Overall Best Loan Marketplace For Bad Credit Loans, Editor’s Pick
MoneyMutual is undoubtedly one of the most reliable lending networks online. The company has been in the lending business for over a decade. It used its time wisely to gather as much information as possible and deliver everything its clients asked.
The main goal of the lending platform is to help people get simple access to bad credit loans online. Therefore, every step between the application and depositing of the funds is made entirely straightforward and as short as possible.
The application form requires only some basic information and 3 to 5 minutes of your time. Applying for a bad credit loan through MoneyMutual is also free of charge, so you should give it a try.
Features
Reputable lenders
MoneyMutual has a significant advantage over its competitors - a vast lending network. Apart from gathering satisfied customers, MoneyMutual has also attracted some pretty reputable mortgage lenders.
Therefore, if you apply for a loan with MoneyMutual, your application will be shared with many potential lenders, allowing you to get several loan offers, including some pretty fair ones.
Eligibility requirements
Another thing that goes in your favor is the minimal credit check performed by the service. MoneyMutual only calls for a few basic eligibility requirements before connecting you to its lending partners.
The service doesn't usually perform credit checks, but when they're necessary, MoneyMutual insists on soft instead of hard inquiries to preserve your credit score. Individual lenders may, however, perform a hard pull on your credit.
Fast process
With MoneyMutual, you may get loan approval and a deposit within a business day. The service understands the urgency of bad credit loans and strives to deliver you its services as quickly as possible.
That's why the application form is so straightforward and concise. The small portion of the information is very convenient, as it minimizes the time it takes for applicants to fill it out and the verification and processing time.
Pros
- Voted as the number one choice for bad credit loans
- Quick and simple access to online loans, even if you have no prior experience with online lending
- A trustworthy and experienced company that has already made millions of successful deals
- Bad credit loans between $200 and $5.000 can be obtained using the platform
- The website is secured and encrypted for the ultimate safety of any data you enter
Cons
- MoneyMutual's services are only available to US citizens
Why do we recommend it?
MoneyMutual is undoubtedly the most reliable but also convenient lending service you'll encounter online. The company goes out of its way to make online lending as convenient as possible, knowing that people looking for bad credit loans are already troubled enough with many other problems. Therefore, MoneyMutual has the most straightforward approach to online lending, allowing users to get instant approvals and even deposits for the fastest solution to their problems.
Customer feedback is positive, with many users expressing gratitude for the simple-to-use lending platform. Many people are satisfied with the speedy service, claiming they couldn't have gotten funds any faster if they used similar other services.
⇒ Visit the Official Website of MoneyMutual
#2. Bad Credit Loans- Reliable Online Portal Offering Short Term Loans For Bad Credit
If you're struggling with bad credit on top of your financial problems, Bad Credit Loans is here to help. The reputable company works devotedly to delivering the best possible service and helping people get the funds they need, despite their poor credit. Bad Credit Loans are free for borrowers, meaning that you have no excuse to pass on the opportunity to enhance your chances of approval.
The company is very flexible with its borrowers. There are only a couple of basic eligibility criteria that keep you away from the service's assistance. You should note that Bad Credit Loans has no power to negotiate you a better deal or control the decisions of its lending partners. However, there are a ton of educational resources to help you make the right call.
Features
Bad Credit Loans offers 24/7 customer support for potential and existing customers. You can contact its professional support agents via email or a phone call and get their professional answers to anything bothering you. If your questions are more general, you might be able to get answers directly on the website.
One of the features that not a lot of other lending services are offering to borrowers is the Scam Alert. Bad Credit Loans has been in the lending market for too long, and along its way, it testified to the poor fate of many troubled borrowers. To help its clients protect themselves against scams and theft, the company is actively updating the Scam Alert section with recently reported scams. Many valuable tips and tricks will help you detect fraud, so if you do, don't hesitate to report it.
With Bad Credit Loans, borrowers find it much easier to connect with lenders. The entire procedure is brought down to a 5-minute application form, which you can probably fill out even faster. After submitting your application, it is forwarded to many potential lenders in the company's database, so you should expect to get a call or an email quickly after applying.
Pros
- Loan applications with Bad Credit Loans are free of charge for all borrowers
- A fast and convenient way to get connected to several lenders simultaneously
- Loan amounts range between $500 and $10.000
- No waiting lines or paperwork to bother with
- Around-the-clock customer support for all your questions and uncertainties
- A broad library of content that'll help you avoid online scams
Cons
- If your credit score is abysmal, you might not get a $10.000 loan offer
Why do we recommend it?
Bad Credit Loans is a highly reputable lending network that's already served the needs of many troubled borrowers looking for quick financial solutions. Getting a loan offer using the site is incredibly straightforward, so even if you aren't optimistic, you should sacrifice 5 minutes of your time and try Bad Credit Loans.
With the unmatched transparency, top-notch customer support, and free-of-charge and non-obligatory service, you should submit a quick application and might get some pretty comprehensive rates from some of Bad Credit Loans' lending partners.
⇒ Visit the Official Website of Bad Credit Loans
#3. RadCred -Verified Lending Network For Personal Loans With No Credit Check
RadCred is another reputable lending network, ready to work with all borrowers regardless of their credit score. You'll only need to provide basic information to apply for a loan using the service. It only takes 3 minutes to apply, which is an incredibly low price to pay to access the extensive lending network of RadCred.
Although RadCred is not a direct lender, it collaborates with the most comprehensive range of lending partners. Therefore, the company might be able to get you several loan offers simultaneously so that you can compare different loan terms and conditions to decide what will work best in your case. Along the vast lending networks, there are some accredited lenders, meaning that you might be able to get some pretty affordable rates for the loan.
Features
If you're looking for a quick way to improve your chances of getting approval, RadCred is a service you shouldn't overlook. You'll see the short application form as soon as you enter its website.
It consists of only 5 fields for you to fill in: the loan amount, your zip code, email address, SSN, and date of birth; they don't even require your full name. However, that doesn't mean individual lenders won't have additional requirements before depositing the loan. But still, having such a concise application form significantly reduces the entire procedure.
Although the information you're required to submit is pretty limited, RadCred carefully handles your privacy and security on its website. The service runs regular checks using TrustedSite, which also certifies the platform's safety. All data is encrypted using a 2048-bit RSA encryption algorithm, which is later stored at a secured server.
The main focus of RadCred services is service speed. The company makes all possible efforts to provide you with a loan offer as quickly as possible. It immediately verifies and processes all applications, which are instantly shared with potential lenders from its network. Most of RadCred's lenders are open for same-day deposits for even better speed.
Pros
- After agreeing to the terms and conditions of the loan, your money can be immediately transferred directly to your bank account
- Using RadCred is entirely free of charge
- No limitations on how you can use the loan funds
- A chance to include a co-signer to the loan application
- RadCred won't perform a hard pull on your credit record
Cons
- RadCred's lenders or its third-party partners may undertake a hard pull
Why do we recommend it?
RadCred is here to help you get the financial help you need, even if you have less than a poor credit score. Despite their credit history, the company insists on making online lending easily available for everyone. Therefore, the user-friendly interface will guide you directly to the application form.
If you wish to get some information first, you can either go with the frequently asked questions featured on the site or contact the professional support agents ready to answer all your questions. Unfortunately, you cannot contact RadCred over the phone, so you'll need to send an email with anything you have to ask.
⇒ Visit the Official Website of RadCred
#4. CashUSA - Quick Approval Bad Credit Loans With Fast Cash
If your credit score is particularly out of shape, you should reach out to CashUSA. CashUSA is one of the most popular names in the lending industry and the most trusted resource for cash loans in America. The company works with a vast and reliable network of lending partners available and at your service around the clock.
CashUSA insists on a positive outcome from your collaboration. Thanks to the vast network of lenders, the service can proudly brag about its high success ratio. However, there are always cases when things cannot possibly work out between you and CashUSA.
In such cases, the company reaches out to plan B - its third-party partners that can help you with credit repair or debt relief which can mean a lot when you're looking for a bad credit loan.
Features
With CashUSA, you can request loan amounts of up to $10.000. The company has some loose eligibility criteria, so it shouldn't be difficult to qualify for its assistance. It will ask you for some basic information that's necessary for its lenders to be able to make a decision and offer you a loan. Still, some individual lenders may need additional information or requirements before transferring the funds.
CashUSA understands the need for proper security as one of the oldest lending services. Its website uses some of the most advanced encryption technology to keep your data private and safe. For extra precaution, the company runs regular scans on the site to ensure there aren't any potential threats or security leaks.
Another big advantage for CashUSA is its admirable educational center. On CashUSA's website, you will find a comprehensive library of educational resources that will help you reconsider all your options and make the right decision when taking out a bad credit loan.
User guides for credit, finances, banking, and debt management will significantly help you take control of your financial situation. If you do decide to take a loan, CashUSA's educational center can help you learn how to repay your debt reasonably and promptly.
Pros
- Request for bad credit loans of up to $10.000 through a simple application form
- The entire procedure takes place online, so there's no need for personal encounters with your lender or extensive paperwork
- Industry-standard encryption guarantees the safety of your personal information on the site
- Loan terms range between 90 days to 72 months
- An excellent range of educational resources to aid your loan decision
Cons
- The application form on CashUSA's website requires slightly more information than many other services
Why do we recommend it?
The smoothness of the application process is one of the main reasons we recommend CashUSAas an excellent alternative for bad credit loans. Although it requires slightly more information, it is neatly organized and put together, so you can quickly fill in all the information you need to provide.
CashUSA is one of the most flexible and transparent lending networks. Since it is not a direct lender, CashUSA cannot guarantee the loan terms and conditions. However, it has some boundaries that limit the profit of its lending partners. On the site, you can ask for loans of up to $10.000, with repayment terms between 90 days and 72 months, with the APRs ranging between 5.99% and 35.99%
⇒ Visit the Official Website of CashUSA
#5. Personal Loans - Best Bad Credit Personal Loans With Current Interest Rates
We've saved the highest bad credit loans with guaranteed approvals for last. Personal Loans is an established lending service, offering its customers bad credit loans of up to $35.000. The maximum loan limit is sky high, and we strongly advise you not to get such large online loans unless you have no other options.
Despite surpassing many of its competitors with the loan amount, Personal Loans has many other features to be proud of. Its services are free of charge for borrowers, and there are no obligations to accept any deal or offer, making the platform one of the best options for anyone looking for a higher bad credit loan. If you add competitive rates on top, you'll get an offer you cannot refuse.
Features
Personal Loans is a lending network that strives to make online lending as convenient and safe as possible. The company works with a vast range of diversified lenders and financial agencies to provide you with the best approval odds. To eliminate any chances of failure, Personal Loans also collaborates with third-party lenders and non-lender networks that might be able to offer you a loan.
But bad credit loans aren't the only service that Personal Loans offers its clients. If it cannot provide you with a suitable loan offer, the service may show you suggestions for other credit-related products, which may be particularly useful in your situation.
The lending service allows you to ask for a loan at your convenience. Your application is welcomed 24/7 since the latest technology and software will process it. That way, even if you apply for a loan at 4 in the morning, the algorithm will quickly verify your data and share it with the most suitable lenders who might be interested in making you an offer. With the quick verification and processing, you won't use any precious time waiting.
Pros
- Short-term and long-term loans are available
- All the data you enter is safely encrypted using the latest industry standards
- Loan amounts of up to $35.000, which is more than what many other services have to offer
- The non-obligatory service allows you to make the final call
- Fast fund depositing directly to your bank account
- Personal loans for any occasion
- Some of Personal Loans’ lending partners may offer pretty competitive rates
Cons
- Higher loan amounts usually call for higher monthly incomes
Why do we recommend it?
Although Personal Loans offers some pretty high loan amounts, the service is often used for obtaining lower loans. It has some very loose requirements for its borrowers, followed by flexible interest rates and repayment options that simplify online lending.
With the convenience, security, and success ratio of Personal Loans, many people use them as their first option for online lending. The platform offers fast and convenient funding for any of your financial problems, which is more than appreciated by its clients. Users enjoy the smoothness of the entire process, allowing them to get bad credit loans within a couple of days.
⇒ Visit the Official Website of Personal Loans
How Did We Choose the Best Financial Services for Bad Credit Loans Guaranteed Approval?
Financial emergencies often call for immediate action. But getting a loan is an important decision, and you shouldn't rush it, regardless of the pressure you face. You should always give yourself enough time to consider all your options before signing the dotted line. But that might not be an option when time is working against you.
To help you save time without making any compromises, we took the liberty of picking out the best services offering bad credit loans with guaranteed approvals. We carefully reviewed many options to introduce you to only the safe and reliable ones.
While conducting our research, we looked for the services that checked most of the criteria expected from a trustworthy lending service. Here's what we based our decisions on:
Service speed
With the service speed as one of the most critical aspects, while looking for a bad credit loan, we insisted on finding the fastest lending platforms. In terms of speed, we made sure that every single procedure that's a part of the lending procedure is shortened and simplified.
From the application form and going all the way to depositing the funds, the services we reviewed are here to help you find the fastest solution to your financial problems.
The application forms on these platforms are pretty concise, so you can send an application on all of these services within less than 30 minutes. Next is the application processing, which refers to verifying the credibility of the data you've entered and sharing your application with potential lenders. That's also done incredibly fast, as these services rely on professional algorithms that can tackle the task in less than a minute.
To make things even more convenient, almost all the lending partners from these networks can make quick deposits directly to your bank account, significantly reducing the waiting time.
Approval odds
Having guaranteed approvals is a great plus when looking for a bad credit loan. However, it can be very difficult to find services offering guaranteed approvals. Luckily for you, the lending networks we reviewed have extensive networks, significantly increasing your chances of approval.
As a safety net, these services also work with other third-party financial loan companies that are ready to step in if the initial service cannot connect you to an available lender.
However, you must be careful about bad credit loans and guaranteed approvals. Although you'll get a loan offer, not all proposals are worth accepting. Some lenders may prompt you with some unfair loan conditions, so make sure you carefully review each proposal before accepting or rejecting it.
Credit inquiries
Getting a bad credit loan without even a soft credit inquiry is possible. However, that depends on the lending service you choose and the individual lender you will work with.
To minimize the implications on your credit score, we only introduced you to lending networks that won't perform a credit pull as part of the verification process. There may be some cases where a credit inquiry is necessary, but these services will insist on a soft pull instead of a hard pull so that it doesn't appear in your report.
But that doesn't mean that individual lenders won't need the reassurance of your credit score before offering you a loan. Therefore, although the credit networks won't perform a hard pull on your credit, some individual lenders may.
Factors to Consider Before You Get a Bad Credit Loans
Getting a loan is an important decision that might follow you for the rest of your life. Although the simplicity of obtaining a bad credit loan online may make it feel like it isn't too big of a deal, getting a loan can change the entire course of your life.
That's why you must be very careful when making the right decision. You should take all the precautions to minimize the risks when taking out a loan. To do that, you'll need to develop a foolproof plan for repayment and focus on returning the loan amount as quickly as possible.
To help you make a good decision about your new loan, we list a few things you should consider before getting it.
The money you need
Before you go any further in looking for a bad credit loan, you have to be in the clear with the amount of money you'll need. To make things easier on yourself in the long run and lower the total expenses for the loan, you'll need to work with as little as possible.
If you need a loan for bad credit to cover some emergency expenses, carefully calculate how much money you'll needThe higher the loan amount, the higher the expenses will be. Furthermore, even though there are bad credit loans with guaranteed approvals, depending on your credit score and qualification, you might not get the highest offer you expect.
The loan term
Another thing to keep in mind while applying for an online loan is the loan term. The loan term refers to the time you'll have to repay the total cost of the loan. It should be calculated in correspondence with the loan amount.
When deciding on the loan term, you'll need to predict your future incomes and expenses to calculate how much you can spare for the installments. You must get these calculations as accurate as possible.
Deciding on a higher installment than what you can afford will call for late payment penalties. Agreeing to lower monthly installments might tempt you to spend money on unnecessary things when you could have used those funds to repay your debt much faster and save on interest.
The offered conditions
Along with the loan amount and term, each loan agreement contains a set of other conditions. These conditions usually refer to the APRs, interest rates, penalties the lender poses, etc.
While getting a loan, some of these conditions may seem insignificant, but trust us, they aren't. You should be very careful with every detail mentioned in the loan agreement if you don't want it to come back and bite you in the future.
If you aren't entirely familiar with the language used in the loan agreement, we recommend you get professional help, as you must understand everything written before you sign.
How to Improve a Bad Credit Score?
Although you can get guaranteed approvals regardless of your credit score, having better credit will significantly improve the conditions you're offered. Therefore, you should insist on making even the slightest improvements before applying for a loan. There are a couple of things you can do the work on your credit, so here are some tips that come straight from FICO:
Set up automatic payments
If you have several credit cards, online loans, or bills due on different dates, you're probably struggling to keep up with them and make timely payments. Setting up automatic online payments is the best way to avoid falling behind with your payments, which significantly impacts your credit. You can access your online banking system or contact your bank to authorize such payments.
If you don't want to set up automatic payments, it would still help if you sign up for email or text reminders provided by your lenders. By getting these reminders, you'll always be up to date with the next payment you need to make.
Pay down credit cards
A higher credit card debt significantly impacts and damages your credit score, so you must pay more than the minimum whenever possible. To improve your credit score, you'll need to develop a realistic repayment goal and work gradually until you reach it.
It is okay to move slowly, as long as you make the best effort possible. To spare some cash for credit card repayments, you should consider cutting back on unnecessary expenses and luxuries until you're in better financial shape.
Prioritize your debt
If you've committed to improving your credit, you'll need to stay focused on the goal without being tempted by unnecessary expenses. You'll need to set your priorities straight if you have several loans and lines of credit hanging over your head.
Check the interest rate disclosures for all your credit card accounts to see which ones have the highest interest, and focus on repaying them first. It will help you free up a lot of cash and lower your credit utilization ratio, allowing you to apply for other, lower-interest debt.
Don't close unused credit cards
Opening and closing a credit card may damage your credit score. However, some credit cards are specifically designed to help you build credit. Secured credit cards are similar to bank debit cards, allowing you to spend what you have on deposit.
Making timely payments to your secured card will significantly impact your credit and help you rebuild a bad credit rating. If you can keep up the good work, you may quickly qualify for a regular card. It is an excellent way for younger adults to establish a positive credit history.
FAQs On Best Bad Credit Loans
Q1. Can I get a bad credit loan if I’m unemployed?
One of the main advantages of bad credit loans is that you can get one even if you aren't formally employed. The eligibility criteria for most payday loans for bad credit ask that you have a steady source of income, but it doesn't imply where it needs to come from.
Therefore, if you have a steady source of income from sources other than employment, you can still apply for a bad credit loan.
Some of the many sources of income that'll help you qualify for a bad credit loan include alimony, child support, separate maintenance, border income, capital gains, disability income, housing or parsonage allowance, mortgage credit certificates, and social security income, VA benefits, etc.
Q2. What are the eligibility requirements for applying for a bad credit loan?
Eligibility criteria usually vary between lending services and individual lenders. Still, some eligibility standards are persistent across most loan providers. These include:
- Being at least 18 years old
- Having an active checking account in your name
- Having a permanent US citizenship
- Financial stability and a verifiable source of monthly income
- Contact information such as work and home address, phone number, and email address
Along with these basic eligibility criteria, you can expect a couple more requirements from your lending network or the direct lender you're connected to.
Q3. What is the average interest rate for a bad credit loan?
Bad credit loan providers are willing to take a higher risk than a traditional bank, so they often charge higher interest rates. However, there is no way to predict the offer you'll get. Every lender has criteria and works by their standards to develop the loan offer they present to you. According to statistics, the interest rates for such personal loans for bad credit usually range between 5.99% and 35.99%.
You can notice that the range is extensive, making it harder to predict the APR or interest rate you'll be offered. If you get several loan offers, they'll probably all have different interest rates, so be patient and wise when deciding.
Q4. How long does it take to get a bad credit loan?
Usually, bad credit loans are incredibly fast. Although you shouldn't expect miracles like getting the funds deposited within a few minutes after making your request, some lending services may offer you fast access to online lending.
By reducing the application form, speeding up the processing of applications, and making immediate deposits, you might be able to get a bad credit loan within a single business day after applying. If you're looking for a fast bad credit loan, we suggest you consider the services reviewed above.
Conclusion: Get Online Installment Loans & Personal Loans for Bad Credit
If you're looking for the fastest solution to your financial troubles, bad credit loans with guaranteed approval might be what you need. These online no credit check loans are incredibly flexible, so almost anyone can apply.
Thanks to the loose requirements and the vast number of lending partners for the services we reviewed above, you can get almost instant approval and some pretty fair conditions.
Although all of the services we reviewed have a lot to offer, we recommend MoneyMutual as the absolute number one option for online loans for bad credit. The service handles your application as quickly as possible and makes an incredible effort to provide suitable solutions for your financial situation.
However, probably the best thing you can do is submit multiple applications. With most of these services requiring less than 5 minutes of your time, you won't need more than 30 minutes to apply on the best platforms for bad credit loans online and get several offers to work with.
