Having a credit score below 629 poses challenges when seeking lenders, as it falls within the category of bad credit loans. Lenders are hesitant to approve loans for individuals with bad credit due to the higher likelihood of loan default. Nevertheless, certain loan providers extend guaranteed approval for bad credit loans to individuals with credit scores below 550.
Theislandnow has conducted extensive research and analysis, evaluating over 30 data points to curate a list of five reliable loan providers. These providers offer two types of loans: installment bad credit loans and payday loans for individuals with poor credit. Installment loans can reach up to $35,000 and are repaid in small, manageable EMIs. On the other hand, payday loans require a source of income and come with higher interest rates. However, if you are employed, earn a monthly income of over $800, and have a positive payment history, there is a possibility of obtaining guaranteed loans.
Top Bad Credit Loans Guaranteed Approval Sites
We added these companies as they are legit and trustworthy, with many customer reviews, and if you scroll down, you’ll know the complete thesis on how we compared these companies.
MoneyMutual works with lenders that offer loans to borrowers with bad credit. The company is not a direct lender; it works with an extended lender network ready to provide bad credit loans. These loans benefit those who need funds in an emergency but face rejection from most traditional lenders.
This lending platform provides short-term loans for bad credit. A short-term loan benefits most borrowers as they want to repay it quickly. These loans are also helpful for borrowers with bad credit as they help them build their credit. When the borrowers make timely payments, the lending networks report these activities to three major credit bureaus. It helps in improving the overall credit score.
To apply for a loan at MoneyMutual, you must consider their eligibility criteria. For example, the platform requires you to be at least 18 years or older. In addition, you must be a U.S. citizen and earn at least $800 monthly. Besides that, as a borrower, you should have an active bank account to receive the funds and make payments on the loan.
The application process at MoneyMutual is straightforward. You have to complete a 3-step process of applying for a loan and then wait for the lender’s response. First, fill out the loan application form by providing your information and submit it for review. The lenders will review and approve by giving a loan agreement. Once the loan agreement is made, you will get the funds in your bank account in as little as 24 hours.
- Easy application process
- Quick funding time
- Educational resources for borrowers
- Multiple loan types are available
- Extended lender network
- No complex documentation
- No detailed information on interest rates as they connect you to the lenders
At BadCreditLoans, the lenders are ready to provide loans for bad credit. Though these are risky loans, the lenders still offer higher interest rates. The lenders on this platform provide loans of up to $10,000 to people with bad credit scores. The lending network works with reliable lenders that offer quick funds and flexible repayment terms. We always recommend such lending networks to our readers because they are the most reliable.
Applying for a loan at BadCreditLoans is easy; it is a three-step process. First, a convenient online form requires you to provide your details. Then, within a minute, the platform will forward your loan request to suitable lenders, and you’ll get an offer. Of course, you may choose to work with a lender that is the most suitable lender according to your requirements
Remember that your credit history impacts the rates and terms the lender will offer. Lenders might only offer very favorable rates and terms if you have bad credit. On the other hand, working with a reliable lender means avoiding outrageously high-interest rates. The good thing about this platform is that you can compare various lenders and choose the one that offers the lowest rates. Plus, the platform is free, so spending time and making wise decisions is sound.
The eligibility criteria at this platform are almost the same as other lending platforms. Besides the main requirements of age and citizenship, the borrower must provide proof of income. They should also have a valid bank account and a regular income from self-employment or full-time employment.
- Compare rates from different lenders
- Choose your own repayment term
- Different types of lenders
- Loans up to $10,000
- High-interest rates
- Low amounts for bad credit users
RadCred is a third-party or intermediary connecting lenders and borrowers on its platform. The platform provides a quick and easy method to apply for loans. They work with a network of licensed and certified lenders that offer a variety of loans for all credit types. So if you have bad credit, you can still get a loan through the lenders on this platform.
Their service is free of charge; you can apply for a loan and compare various offers. The lending network also notifies through emails about promotional offers and discounts available. According to the information, the platform provides you with the most suitable loan options.
The company works with a vast network of certified and reliable lenders. In addition, they work with more lenders to give borrowers enough options to request loans and get funds. Their process is completely transparent; the lenders and borrowers connect and agree on specific terms and conditions. The main aim of this platform is to provide access to the best lenders for people with bad credit.
You can also apply for debt consolidation loans at RadCred. These loans allow you to repay your outstanding loan quickly. This helps in improving the credit score. In addition, the lending networks and agencies report your activity to the major credit bureaus, due to which your credit score improves. These loans benefit people with a bad credit scores as they can improve their credit for better rates and terms.
- Quick and easy application
- Connects you with awesome lenders
- All types of loans are available
- Encrypted interface
- Their educational series helps in building the credit score
- A lot of applications are rejected due to low credit score
- They reject you if they feel you’ll pay more than 100% APR (Kind of a pro, but far from a guaranteed approval loan)
PersonalLoans allow you to get loans up to $35,000. It is a safe and secure platform enabling people with bad credit scores to get loans at reasonable rates. However, the platform has specific eligibility requirements which you must consider before applying. For example, there are age, status, and residency requirements. Besides, you must have a regular income through self-employment or full-time employment. A valid bank account is also a must for applying for a loan.
On this platform, you can request loans of up to $35,000. It is a significant amount, and you can use it to cover large expenses. For instance, if you must renovate your home or make home improvements. There are loans for all occasions; you can also request small loans. The minimum amount of loan is $1000 on this platform.
Their service is free of cost; there are no hidden charges or additional fees. There are zero obligations for applying for a loan on this website. Before accepting funds, the whole process is free of charge. However, once you start your deal with a lender, the origination fees and other costs vary from lender to lender. If you need clarification about the loan process, you can also visit their education resources and learn about other credit-related products.
It is easy to apply at PersonalLoans to get a loan. It is a three-step process where you must provide basic information and wait for the lending network to forward it to suitable lenders. You must choose the loan amount and proceed.
- Best for big loan amounts
- Fast funding
- Free service
- Loans for all occasions
- Educational resources
- Competitive rates
- Not available in all U.S. states
CashUSA has been in the lending industry for more than two decades. The platform serves as a medium for lenders and borrowers to connect. On this platform, you can apply for loans up to $10,000. So whether you need to repair your home or car, pay a medical bill, or go on a vacation, you can request any loan on this platform.
The platform works with lenders that offer loans for bad credit. The amount of loan provided also depends on the lender and the borrower. For example, borrowers with a good credit score, good employment status, and a regular income will get more favorable rates and terms. On the other hand, if you have a bad credit score, but your income is steady and stable, you can still get reasonable rates and terms on loan.
There are different types of loans that you can apply for at CashUSA. For example, there are bad credit personal loans, in which the borrower requests a certain amount of money and then repays the loan in fixed installments to the lender. Overall, this platform suits lenders who want to apply for a loan without fearing rejection.
The interest rates and APR depend on your credit score and loan amount. CashUSA works with lenders that offer flexible APRs. It means that the lenders here won’t charge a very high rate to borrowers with poor credit scores. The interest rate is higher than for those with good credit scores.
- Quick service
- A variety of lenders are available
- Safe and secure platform
- Soft credit check
- Instant fund deposit
- Easy application
- Not many positive reviews
- Outdated website
MoneyWise offers loans for all occasions, and even if you have bad credit, you can apply for a loan here. The platform connects lenders and borrowers and allows borrowers to use the service free of charge. There are bad credit personal loans, secured loans, unsecured loans, credit check loans, home equity loans, and credit cards. For example, you can get loans for various personal uses with a personal loan.
These loans can help you start a business, pay medical bills or tuition fees, or use the funds for home renovation or improvement. However, you must calculate the loan cost before applying because the loans can be expensive if you have bad credit, the loans can be costly. However, Bad credit loans with guaranteed approval will work for you if you have an emergency expense.
Besides that, there are debt consolidation loans that help borrowers improve their credit scores. These loans allow borrowers to make quick, on-time payments to improve their scores quickly. Once their score improves to be a good credit score, they can apply for a loan refinance to get better rates and terms.
At MoneyWise, the platform follows an advanced algorithm matching borrowers with their respective lenders. This way, the borrowers get the most suitable offers that meet their requirements. There are a variety of lenders that work with MoneyWise, and you can easily get matched to one that meets your needs.
- User-friendly website
- Loans for all occasions
- Quick support
- Educational resources
- Useful packages
- High rates for bad credit
How We Made This List Of Best Bad Credit Loans Guaranteed Approval?
To review the best bad credit loan providers, we wanted to ensure that the lenders we examined are legit and reliable.
Many bad credit loan providers charge extra-ordinarily high-interest rates to reduce the risk of lending to people with bad credit. However, being a bad credit lender doesn’t mean they can charge you outrageously high rates.
We read thousands of customer reviews to determine more about the reliability and performance of a lending network. There are a few factors that we consider before choosing the best ones.
For instance, we compared various brand’s funding times, the loan application process, and interest charges. After reviewing dozens of loan providers, we checked only six of them.
What We Looked For:
We looked for a few factors to choose the best bad credit loans. These factors are as follows:
For us, brand image is essential. Any brand with a negative image is something we always want to avoid. To determine the reliability of a brand, we read its customer reviews. We have chosen only those bad credit loan-providing networks with a majority of positive customer reviews. These platforms have a majority of satisfied customers because they care for them.
One thing the borrowers face difficulty with applying for loans is the application process. Some platforms have a lengthy and complex application process, making it difficult for borrowers to apply for loans. Thus, we considered lending networks that have a simple 3-step application process.
Another important factor is the funding time. When borrowers apply for a bad credit loan, they may have already tried other ways to meet their financial emergency and have chosen the loan as the last option. These people apply for loans as they have no other option left and need funds immediately to meet their emergencies. We have chosen lending networks with quick funding times to help needy people.
Generally, the interest rates and Annual Percentage Rate (APR) are high for lousy credit loans. Lenders want to minimize their lending risk to a high-risk borrower. People with bad credit are high-risk borrowers. Thus, these lenders charge high-interest rates, which makes the loans more expensive. In this post, we have reviewed bad credit loan providers that don’t charge outrageously high rates to people with bad credit.
Before Sending Your Information To "Bad Credit Loans Guaranteed Approval" Sites, Look For These Factors
If you choose a bad credit loan “guaranteed approval” provider, you must consider a few factors.
These factors will help you determine whether a lender is legit for you. There are many loan providers and networks on the internet, but not all are genuine.
If you have bad credit, it doesn’t mean you should settle for very high-interest rates. You can still get better rates and terms if you research online loans. To choose the best bad credit loan provider, consider the following factors:
Before applying for a bad credit loan, you must consider the eligibility criteria. This will help you save time. Different lenders have different eligibility criteria that the borrower must go through before investing their time in a lending network. For example, the lender might require a high stable income from the borrower. Though most lenders require around $800 to $1000 monthly income, some might require higher than that.
Besides that, other requirements include the minimum credit score and maximum debt-to-income ratio, which the borrower must consider before applying.
The loan amounts offered by lending networks vary from lender to lender. If you need a considerable loan, you must find a lender ready to provide the exact amount. For example, lenders may give a loan of up to $5000 to a borrower with bad credit. If you need a loan amount higher than that, consider another lender.
This post has picked loan providers that offer varying loan amounts. For example, some lenders offer loans up to $5000, while others can provide up to $10,000. Thus, it is essential to consider the minimum and maximum loan amounts before choosing a lender.
Repayment terms mean the amount of time the lender requires from the borrower to repay the loan. Some lenders require a short repayment term, which means that the borrower has to pay back the loan in a short time. Repaying the loan is beneficial if you have a regular steady income. Still, the interest rate is higher because the lender wants to collect more interest quickly from the borrower.
On the other hand, long repayment terms are used to finance major purchases. With a long repayment term, the monthly payments are small because the borrower repays the loan amount over a long period.
Interest Rate and Fees
Lenders use different criteria and methods to calculate the interest rates they offer borrowers. Therefore, it is essential to get quotes from various lenders and compare them to choose the one that provides the most reasonable interest rate and fees. The interest rate for people with bad credit is higher than for those with good credit. Lenders charge high-interest rates because there is a risk of default from the borrower’s side.
A bad credit borrower has missed or made late payments with their previous lenders. Chances are that these borrowers have already taken multiple loans that they have to pay. Thus, lenders consider them high-risk borrowers.
It is crucial to read customer reviews before choosing a lending network. In this post, we have chosen lending networks with a majority of positive reviews showing that most customers are satisfied. Lending networks with the most negative reviews and unsatisfied customers indicate their performance is not up to the mark.
Even if these lenders don’t charge very high-interest rates, other services might create trouble for the borrowers if they have negative reviews.
Type of Loans
Bad credit borrowers have many choices when it comes to choosing loans. There are personal loans, secured and unsecured loans, online loans, payday loans, and debt consolidation loans. A payday loan has a short repayment time, mostly two weeks, in which the borrower has to repay the loan amount.
These loans are helpful for people with bad credit as they help them to improve their credit quickly. A personal loan is a broad category that comprises different types of loans that individuals can use to meet their requirements.
FAQs Regarding Bad Credit Loans Guaranteed Approval
Secured, co-signed, and joint loans are the easiest loans to be approved for with bad credit since you may utilize the collateral or the creditworthiness of another person to make up for your poor credit score. Although they are simple to obtain, payday loans, pawnshop loans, and auto title loans are also very expensive.
MoneyMutual and Badcreditloans offer the best personal loans for those with credit scores under 500. When you apply for a loan with one of these businesses, which specialize in lending to those with bad credit, not even a credit check will be performed.
Concluding Best Guaranteed Loans For Bad Credit In 2023
If you find yourself feeling disappointed and discouraged after facing rejection from traditional lenders, especially when you’re in urgent need of a loan, there’s still hope! This post is here to offer you a lifeline by providing valuable information and a range of options. We’ve partnered with reputable lending networks that specialize in bad credit loans, catering to those who have been turned away by other lenders.
Now, your credit history doesn’t have to stand in the way of accessing the financial support you require.Take solace in knowing that we’ve compiled a comprehensive guide to help you make an informed decision from the assortment of bad credit loans available to you. Choose wisely and regain control of your financial situation with our guaranteed approval bad credit loans.