5 Best Bad Credit Loans with Guaranteed Approval in 2021

Need a loan but have a bad credit?

While most of the loan lenders don’t understand that no one wants to have bad credit intentionally, and such a condition is a result of some unfortunate happening like serious illnesses or financial crisis, we know how it feels like to be in such a situation where you are already suffering, and then, not being able to get loans adds to the misery. 

To ease your tension, we have come up with a list of lenders that can provide you with loans despite your bad credit, and that too comes with guaranteed approval. 

In addition to that, these lending companies might also help you come out of the “bad credit” situation by sending the records of your timely made payments to national credit bureaus. 

Here, you might be wondering if these companies do not consider the credit score, how do they even work? 

Well, the answer to that is, they look out for things other than that. For example, how do you manage your expenses, what’s your average income? How much do you spend from your total income? Etc. Therefore, these companies are legit. 

While genuine and legitimate companies help you out of this deadly situation and provide personal loans for bad credit, some fraudulent people take advantage of others’ problems and charge hefty amounts in the name of interest. 

Hence, it is highly important to opt for those lending companies that charge reasonable fees and interest rates, and we have got you covered in that regard. 

So, keep scrolling to see our top picks and much more. 

Top 5 Online Bad Credit Loan Providers With Guaranteed Approval 

1. MoneyMutual: Best Personal Loan Provider for Bad Credit
2. BadCreditLoans: Best Emergency Loans For Bad Credit Borrowers
3. CashUSA: The Easiest Loans To Get 
4. Personal Loans: Best Personal Loan Provider 
5. Credit Loan: Guaranteed Bad Credit Loans

 #1. MoneyMutual– Best Personal Loan Provider for Bad Credit

Brand Overview

As per a report, every 4 out of 10 people do not have enough wealth to even come up with $400 in case some unfortunate situation arises. 

Also, we all are well aware of the difficulties regarding approaching lenders individually and then fulfilling their never-ending requirements to have a personal loan that, too, comes with a heavy interest rate. However, things are different when we talk about MoneyMutual. 

Founded in 2010, MoneyMutual’s main aim is to link short-term lenders with borrowers and make things easy for the borrowers by providing funds immediately. The procedure is pretty swift and easy to get done with. 

Features 

Initially, all you have to do is to visit their official website and fill out a simple form which is the site’s basic requirement to proceed. Then you’ll have to provide information like where do you live, what’s your age, and whether you earn $800 per month or not. Then the company starts working on your request. You can keep track of the progress through the official website. 

In the next step, MoneyMutual connects you to that lender who’s willing to give you a personal loan. You are then redirected to the lender’s website to go through the loan agreement’s terms and conditions and interrogate since MoneyMutual does not intrude in this process at all. 

Then, if you agree to the terms, interest rate, and fees set by the lender, you can finalize the deal. The lender might contact you directly in order to proceed. 

The funds can then be directly deposited into your bank account in no more than 24 hours! However, it is pertinent to mention here that, MoneyMutual just acts as a free bridge between you and the lending company/lender and has nothing to do with the terms and conditions that have been set between you and your lender. 

Pros 

• MoneyMutual doesn’t charge any fees for the service it provides.
• The approval process is very simple.
• The official website is easy to navigate. 
• Funds are transferred into your bank account within 24 hours. 
• MoneyMutual has over 60 lenders available.
• The site is secure; hence your personal information is not at risk. 

Cons 

• Only US residents are eligible to get a personal loan.
• Once you have signed the loan agreement, the site is not responsible in case you encounter any problem. 
• If you are not able to prove that you have a regular source of income, you’ll not fall under MoneyMutual’s eligibility criteria.

Customer Experience

With more than 2,000,000 customers online and the overwhelming reviews that they have left, there is no doubt that MoneyMutual is doing a great job. Almost all of its users seem to be satisfied with their service since it’s hassle-free, and the company itself charges no fees to connect you with a lender. 

The next thing that people really appreciated was the quick transfer of funds to their accounts that helped them deal with their situations immediately, and so, they trusted MoneyMutual more than any other source. 

Not only that the company has returning buyers but also, people have been reaching out through referrals which speaks for the company’s credibility and reputation. 

Click here to Get Started with MoneyMutual Today.

#2. BadCreditLoans – Best Emergency Loans For Bad Credit Borrowers

Brand Overview

BadCreditLoans is yet another company that connects the borrowers with the lenders, just like MoneyMutual. 

So, no matter for what reason, you want some immediate funds, be it debt relief, debt consolidation, credit card refinance, rent or mortgage, medical, rent or taxes, auto repair, special occasion, vacation, etc. BadCreditLoans has got you covered.

With the help of fact-based information provided by the company, you can make responsible decisions freely since the company isn’t bound to seal the deal with the lenders if you are not satisfied. 

Features

With BadCreditLoans, you can request funds ranging from $500 to $10,000. The flexible repayment options are great since they give you the liberty to make payments in up to 36 months. However, the interest rate varies depending upon the terms and conditions set by the lender. Interest rates range from 5.99% to 35.99% APR. 

To be eligible to get a loan through BadCreditLoans, you must be 18 years old or more. You should have a proper source of income, and proof of citizenship is also required.

By following three simple steps, you can get the funds transferred straight into your bank account without any inconvenience. The first step is to fill the simple form given on the official website. 

In the form, you’ll have to enter the amount you want to borrow, the reason for which you want money, provide proof of your citizenship – be it a social security number, provide some personal information like your name and date of birth, and bank information, etc. 

Then the company plays its role. It links you to a lender to help you with your financial needs. The lender then goes through your request and offers you an agreement based on your requirements. 

If the offer appeals to you, you can accept it; otherwise, there’s no pressure. You can turn it down and start over to find someone else. However, make sure to go through the terms and conditions set by the clients thoroughly. 

Let’s say you both have come to an agreement; then, you’ll be required to sign the contract electronically to get the amount transferred into your checking account. Higher chances are of receiving funds the next business day, but you might experience a delay too, depending on the deposit process lender has chosen.

Pros

• You can easily apply for funds just by filling a form.
• It eliminates the hassle of contacting the lenders individually for funds since a single form connects you to several lenders.
• In case no lender is available to lend you funds, the company shows you ads of other lending companies. 
• Factual information regarding the lender is provided. 
• The company puts no pressure to close the deal with a lender if you’re not satisfied personally. 

Cons 

• Those who have abysmal credit scores might not be able to get loans of more than $1000. 
• The Better Business Bureau hasn’t rated the company that well. 

Customer Experience

All in all, BadCreditLoans was a credible source to find trustworthy and reliable lenders. The fact that they proceed with your request without considering your poor credit scores at first opens a whole lot of avenues for those who haven’t been able to get loans from anywhere else. 

However, they require a little more detailed personal information as compared to other companies in the market, but it’s all worth it. 

Click here to Get Started with BadCreditLoans Today.

#3. CashUSA – The Easiest Loans To Get 

Brand Overview

Not all companies offer easy guaranteed approval on bad credit loans, but CashUSA does. You can borrow up to $10,000 from a lender via CashUSA. However, how much money can be lent to you depends on what is the condition of your credit score. The interest rates range from 5.99% – 35.99% APR. 

One of the most prominent features of this company is the education center that we can access through the website. 

It provides you with all the necessary information regarding many finance-related things such as credit score, calculation of debt, planning of paying back the student loan, setting your priorities and budget, accordingly, choosing a financial advisor, and the list goes on. 

So under one roof, you get useful information as well as some lender to borrow money from. 

Let’s have a detailed view of what the company has to offer and how it works. 

Features

CashUSA also works pretty much similar to others on this list. Firstly, you are required to fill out a short form that requires some basic information like your name, a valid email address, if you are an active military member or not, and lastly, the amount you want to borrow. 

Then in the next step, you are asked to provide some more detailed information like your phone number, your home address, whether your home is yours or rented, what’s your monthly income, what’s the name and number of your boss, your ID, and social security number, and the bank account type. 

In the last and final step, you provide the company with information concerning your bank account and a few other things. 

You might be wondering if it is a lot to do and they require a lot of information but trust us; it’s still better than visiting different offices, having in-person meetings, waiting for weeks and weeks for a response, and funds to be transferred to you. 

The rest of the job will be performed by CashUSA since, as soon as you click “submit,” your request is sent to all the available lenders. Then, any lender whose interests align with yours will send you an offer.  

Once you have received the offer and you find it suitable after reviewing the terms and conditions, you accept it by giving your e-consent to get the funds transferred to your account in one business day. However, if you’re not satisfied, you can brush it aside. 

Pros

• Fast and free service is provided.
• One million monthly users speak for the company’s credibility.
• You can pay the loan installments easily, given the time of up to 70 months.
• The company has a lot of lenders to connect you with.
• The service is swift and free of cost.
• The education center contains a lot of helpful information to benefit from. 
• The safe and secure system ensures the protection of your personal information. 

Cons 

• Some people might not appreciate that the company asks for a lot of personal information. 

Customer Experience

People have been happy with their decision of choosing CashUSA to get some loans in the hour of need. The company has proved itself pretty helpful, especially for smaller loan amounts. The customers also praise the fast transfer of funds without any hassle.  

Click here to Get Started with CashUSA Today.

#4. Personal Loans – Best Personal Loan Provider

Brand Overview

The company promises its customers to provide a safe, secure, and fast transfer of funds regardless of the time at which they want some money. No matter if it is day or nighttime, Personal Loans always have some people ready to lend your money up to $35,000. 

Even if no one accepts your request from their own circle, they have the option to approach their other “third-party” members to help you. However, it requires the company to provide them with limited information about you. But nothing to worry about! You can be assured that you’re in safe hands. 

Personal loans, themselves, charge no fees for the service they provide. They just act as a bridge between you and the lender, and once contact has been established between you two, the company steps aside. 

Let’s have a detailed look at what the company has to offer and how it works.

Features

On reaching their official website, you start off the process by filling the traditional form as the initial step, which asks for some basic personal information. The thing that we found peculiar about Personal Loans is that it gives a solid reason for each detail that it asks for. This helps build a person’s confidence to trust the company blindly. 

Then, based on the information that you have provided initially, a lender who wants to work with you will send you an invitation to proceed by shifting to their website. Another good thing about Personal loans is that you’re not bound to provide additional information prior to being invited by a lender. 

You are then free to make a decision keeping in view the terms and conditions the lender has approved. On approving the deal, the funds are transferred to your bank account within 24 hours. 

Personal Loans also give their customers relaxation regarding repayment of the loan. Let’s say, due to any unfortunate reason you think you won’t be able to pay the installment on time, you can contact either the lender directly or the customer support to offer you relaxation by proposing a new due date. 

Even if you have missed a deadline, you still have got a chance. You can talk to your lender directly in this case and request him to propose a new repayment schedule according to your budget and affordability. 

Pros

• Funds are available in no more than one day.
• Easy repayment terms are proposed.
• You may repay the loan in up to 72 months.
• Turning down an offer will cost you nothing.
• Flexible repayments help you improve your poor credit scores.
• A solid reason is provided for the information required. 
• You can loan up to $35,000.

Cons 

• There are chances that your request might not get approved if you have very poor credit scores.

Click here to Get Started with Personal Loans Today.

#5. Credit Loan – Guaranteed Bad Credit Loans

Brand Overview

Founded in 1998, the company has served more than 750,000 people by connecting them to lenders. The company aims to provide its users with secure and practical tools to deal with everyday financial problems. 

Affordable interest rates on payments make Credit Loans a reasonable option to consider. The site is not only for those who have an average credit history but also for those who have a poor credit score. However, the company assures that only the lenders that are suitable for you can access your request for the loan. 

Let’s have a detailed look at what the company has to offer and how it works.

Features

All the companies that we have discussed in this article have the same procedure, so has the “Credit Loan”; however, this one is particularly best for you in case you want a small amount to be lent to you at an affordable interest rate. 

You start the process by filling out the typical site form that requires some basic information like your zip code, name, and email address, etc. Another appreciable thing about Credit Loans is that it protects your privacy by taking care of your personal information like nothing else. 

The proof of this is that TRUSTe verifies the company. The company also has other certifications like McAfee SECURE, meaning that you’re safe and secure while you surf through their website. 

Your submitted request is then forwarded to the company’s lender community, and if a lender wants to work with you, you are redirected to his website to take the next steps. This whole process is very swift and fast. 

On reaching the lender’s website, you are supposed to review the agreement. If you find the loan terms reasonable, go for it or else decline it. No rush. 

On accepting the loan terms, 90% of the chances are that you’ll find your funds in your account within one business day, but your financial institution can affect that. 

Pros 

• Free, fast, and secure service is provided by Credit Loans.
• Our personal information is in the right hands. 
• The site is secure and safe.
• The site is TRUSTe verified.
• No in-person meetings are required.
• Funds are available in no more than 24 hours.
• A suitable platform for smaller funds.

Cons 

• Limited loan amounts – only up to $5000. 

Customer Experience

Almost all of its customers have been praising the fast and secure service. They state that they would highly recommend it to anyone who wants to borrow some small amount immediately since the funds are available to use post-haste. 

Also, the repayment terms and interest rates were found reasonable. The lenders also help people improve their poor credit scores by reporting their payments to the credit bureaus regularly. 

Click here to Get Started with Credit Loan Today.

Factors to Look for While Getting a Bad Credit Loan

Many factors are involved in getting the best personal loan for bad credit. If you are in search of an online lender for personal loans for bad credit, you must keep in mind the following points. 

See If You Are Eligible 

Lenders who offer loans to people with bad credit usually demand minimum credit score criteria as set by an analytic company known as FICO (Fair Isaac Corporation) that begins from at least 620. 

Moreover, the debt-to-income ratio, which is explained as the amount you owe to pay and the amount you earn every month, should strictly be kept in mind. Also, mostly the lenders prefer the borrowers that have a solid and definite income so that repayments are made timely and punctually. 

Some lenders prefer setting a limit of income per annum for the borrower; however, other lenders may forego that, but they don’t ignore the other considerations like your job and the amount you earn from your job while analyzing your ability to pay back the borrowed loan amounts. 

Some lenders go even beyond your credit history. They consider your background of credit score too. 

If you are unable to meet the conditions of getting a loan based on your own credit history, you may look for lenders who can permit you to induct another signatory. You can benefit yourself from the co-signer’s best credit and income. This can enable you to negotiate with the lender more effectively. 

This can also provide you with a loan at a comparatively lower interest rate. In case you fail to make the repayment of the loan, your co-signer is liable to pay on your behalf. It will be a guarantee for the lender from the co-signer.

There is a risk factor in this matter. If you are unable to pay the loan amounts, you can lose the relationship with your co-signer. Therefore, the pros and cons of this partnership must be kept in view before jumping into such an affair.   

What Are Interest Rates Offered?

The first and foremost consideration in borrowing a loan should be the best affordable interest rate. This factor should always be the top priority. Making a comparison of the minimum interest rates is a must. However, it all depends upon the credibility of your credit score. The better your score is, the lower the interest rate you can get.     

There are some bad credit lenders who offer fixed interest rates instead of fluctuating ones to people with bad credit. The fixed interest rates remain consistent throughout the duration. On the other hand, the variable interest rate is changeable. The interest rates move side by side with the index rate.

Terms and Conditions

Once your bad credit loan has been sanctioned, the loan agreement will be made accessible to you. It will include all the basic T&Cs, the info about the amount, and APR (annual percentage rate. 

You need to be careful in reading the terms before accepting them to be assured that the terms and conditions you are going to sign are favorable to you and you will have no issue with them. You should also be certain that you will be able to make the installments of the loan well in time.

Other Charges

Commencement, payment in advance, late payment, bounced checks, inadequate funds, and processing fees of transactions may be applicable. Some of the lenders charge fees, and others don’t. The range of chargeable fees is from 1% to 6% of the total loan.

Some lenders offer to adjust the origination fee to the loan. This type of fee is variable from state to state and lender to lender. Some lenders charge a fee if payments are delayed. However, some lenders allow an additional time of 10 to 15 days before charging late fees.            

Mostly late fees range from $15 to $30. There are also some loan lenders who do not charge any late fees.  

Backup

Being a borrower of a loan, you should check whether you have any money on savings in your bank account or any assets that you can turn into cash. These types of liquid assets will you save from any crisis and set back like the impending danger of losing your job

Step by Step Guide: How to Get a Bad Loan With Guaranteed Approval?

You can be eligible to get a personal loan even with a bad credit score if you have the ability to strike the best bargain. It needs careful preparation.

The initial step is checking your credit history, making a budget to pay off your loan, and looking for the most suitable deal with the best possible terms.

Step 1 : Assess Your Credit Report

Get your credit report, see through it to find the mistakes, and determine the points to be improved. If you detect the drawbacks and address them, you can make your credit score better. Hence you can be entitled to the low-interest rates. You can achieve a free credit report from all the prominent bureaus. 

At the time of applying for a loan, the thing the lender will see is your credit history which will direct him to make the decision whether you will be able to pay the loan or not. Your credit report and credit score are the only touchstones with which the lender will judge your credibility.

Check your credit history at least three months before you intend to apply for a loan. The reason is that you can easily get the disputes, if any, cleared with the credit bureaus. This procedure needs at least 30 days. You can also pinpoint the areas which are deemed to be improved in your credit history.

Step-2: Make a Target & Plan Well

Fix the exact target of how much amount you really need to borrow. Then, make a practicable plan to make all the payments well in time. Your budget should be inclusive of your essential expenditures, savings, and debt payments, etc., in addition to your payments of the loan. 

After making a realistic calculation as to how much you can pay every month, finalize the amount of your loan and the period of repayment accordingly. The conclusion is that the long-term loan will be costly because of higher interest whereas the monthly installment will comparatively be lower. 

Step-3: Check The Interest Rate

Borrowing an amount from someone as a loan with bad credit is something that needs to be dealt with very carefully. What you need to do is to look for the most suitable interest rate. The lenders who offer pre-approvals can be a better option to opt for since they don’t do hard credit investigations to propose their terms and conditions along with the interest rate. 

So go for such lenders and then choose one lender whose quote appeals the most to you. This will save you from undergoing hard credit inquiry by many. 

Step-4: Look Out For Scams.

Never ignore bad credit loan scams before you get started. It is hard to recognize scams, especially being a newbie. However, you can keep some tips in your mind to recognize them. 

For example, the fraudulent lender will not ask you about your payment-making history. They are only concerned with the advance fees. Once they are connected with you, they keep knocking constantly. They will demand you to pay from your prepaid card. Some might lack the license to deal in loans for the state you live in.

Step-5: Plan Your Payments Wisely

Making well on-time payments is your duty. It will save you from penalties, late fees, and a negative impact on your credit report. You will suffer a big loss if you neglect to pay. And, you will have to pay excessive interest amounts, and your actual cost of the loan will rise.

Alternative Bad Credit Loan Options 

If you are unable to get a loan with bad credit and you think that no other option is left for you to fulfill your financial needs, don’t lose hope. There is always a silver lining in the utter darkness. 

Following are the best possible alternatives to get a loan:  

Improvise 

If you are in need of a petty amount of money, make it available from the other sources you have in your access. For example, if you have some assets in your possession, you can sell them out and get the cash you need promptly. It can be the best choice for you. You need not get into any trouble by adopting the other impracticable ways.

Take Help from your Employer

You can beseech your employer for some cash in advance against your salary if you are on good terms with him. This short-term borrowing will ease you out a lot.

Borrow an Amount from Your Closed Ones

If all the other doors are closed for you to get a loan, you can approach your friends and family members to borrow a small loan from them. 

Don’t take it easy that you are borrowing from your friends or relatives. Bring all the terms and conditions in black and white, including the repayment schedule, the interest rate, installments, and other charges, if any. 

Take this loan from your relatives and friends as if you have borrowed from a typical money lender. Mind you, if you fail to fulfill your agreement, you may lose your precious relationship, which you would certainly not wish at all.  

FAQs About Bad Credit Loans with Guaranteed Approval

Q: How to Know If Your Credit Score is Good, Bad, or Poor?

You have a legal right to officially obtain a free-of-cost copy pertaining to your credit history yearly from all the three countrywide bureaus. All you have to do is to visit www.annualcreditreport.com. Easy peasy!

Then, there is a scale of judging your credit score set by FICO, which is most commonly acknowledged.  It ranges from 300 to 850.  

A score below 670 is considered to be bad. Mostly a score between 580 to 669 is good enough, and 300 to 570 is poor. A score that begins from 669 up to 850 falls in the category of an excellent score.

Q: How to Get Rid of a Bad Credit Score?

• Keep an eye on your free credit score report.
• Be punctual in paying your bills.
• Pay the installments you owe.
• Avoid getting into a situation that can cost you hard investigations.
• Build up your credit with the wise counseling of professional advisors.

Q: What Is the Result of a Bad Credit Score?

 A bad credit score can hold you back from growing your business. You will face a straight-away refusal on applying for loans. You cannot benefit from the line of credit at the time of your urgent need. 

You will be deprived of many financial advantages like personal loans, loans for cars, student loans, and credit cards. Besides, you may face many other financial hardships.

Q: How to Get A Loan Urgently If You Have A Bad Credit Score?

Financial constraints are always impending. Under such circumstances, you can make full use of online lending systems and networks. You will not feel any difficulty getting yourself qualified for a loan you need within the shortest possible time. 

By opting for this method, you can have cash in your account instantly. This process does not involve any complexity, nor does it need any exceptional credit score.

Q: Is It Possible to Get Personal Loans Without Having Checked My Credit Score? 

If you want to escape your credit history at the time of applying for a loan, you will have to pay the cost. It may be in the form of paying a high interest rate and other fees to compensate and secure the lender’s interest.

Following are the ways you can adapt to get a loan without revealing your credit score:

1. Pawn Shops can provide you with personal loans. You can borrow a loan by mortgaging anything you have in your possession with the pawnshop. In case you fail to pay the borrowed amount, your mortgaged item will be confiscated.

1. You have the option for an auto title loan too. For this, you will have to attach your vehicle’s title with the lender. If you fail to pay, you will lose ownership of your vehicle.

1. You can also get a payday loan facility by proving your adequate income to pay for the loan. You have to be ready to pay big penalties in case of your failure to repay the loan.    

Conclusion: Should You Get a Loan if You Have a Bad Credit?

You can plan a wedding or a vacation, but a blown car gasket is not something you have planned beforehand. This is just one example. There are a lot of other unfortunate and unseen events that can come up and damage your budget as well as your credit report. 

Thankfully, we have some trustworthy platforms like MoneyMutual, Bad Credit Loans, CashUSA, etc., that prove themselves to help when we feel like there’s no way out of the situation. 

We have discussed all the pros and cons, working and features along with the brand overview in detail in this article to make it easy for you to decide. The best thing about these platforms is that they don’t ask you to pay a single buck for the service they provide. 

So what are you waiting for? Get the immediate help you require at the comfort of your home without having to run after the lenders individually.