Bad credit loans can save you from financial collapse. If you have a bad credit history and you are under extreme financial pressure because of the bad credit. Don’t worry these are the best bad credit lenders that will grant you a loan.
There are many lenders who offer a bad credit loan but most of them have procedures that are so tough that people with bad credits don’t get their loan applications approved.
That is why I have carefully selected the Top Bad credit loans with guaranteed approval. You will get loans from these bad credit lenders, no matter what.
However, there is a lot to understand before taking a loan, if you don’t understand the risks associated with bad credit loans, you might end up bankrupt. So please read this article very carefully to understand everything about bad credit loans, how to get guaranteed approval for bad credit loans and how to secure the best bad credit loan with guaranteed approval.
I have also listed alternatives for the bad credit lenders, and the platforms where you can get loans with zero interest despite having a bad credit score.
Let’s dive in…
What is a Bad Credit?
Bad credit is referred to having a history of not paying your dues in time, it is also the likelihood that you will not be able to pay bills on time in the future too.
A person with a bad credit history will have a low credit score.
If you have ever borrowed money or signed up for a credit card, you will have a record at one of the three major credit bureaus, Equifax, Experian, and TransUnion. This information is used to compute your Credit Score.
The most common credit score in the United States is the FICO score. If you have a FICO score below 580, it is considered a poor credit score and you will not be considered a safe buyer. Lenders will consider you a risky borrower and will most probably decline your loan application.
What is a Bad Credit Loan?
Well, If you have a bad credit history, how can someone give you a loan? and most importantly why will someone give you a loan? Why do bad credit lenders give money to people with bad credit history?
The reason of course is that the times have changed, and financial needs are not the same as they were long ago, there are many financial institutes that you can use for guaranteed loan approval.
Though you will be charged higher than usual interest rates on the loan, these institutes will also help you to build your credit score with each payment that you make. These organizations are not public and work independently which is why they have their own policies.
These bad credit loan lenders are trustworthy and you will not be cheated. I have only listed the best loan providers, with guaranteed approval.
Let’s see which bad credit loan lender suits your needs.
Top Bad Credit Loan Lenders With Guaranteed Approval
In this section, I will explain the features, pros, and cons of each Bad Credit loan provider. This will make it easy for you to choose the best one.
If you want the overall best online money lending platform for people with bad credit, then MoneyMutual should be your first preference. It is easy to use and has gained popularity for its lenient money lending policies.
MoneyMutual is basically a platform that connects borrowers with lenders. The platform itself doesn’t give you loans, it acts as a medium or marketplace for you to find the right lenders. It doesn’t always carry out a thorough credit check on users which has made it popular in a sense.
You can get a guaranteed approval of bad credit loans on MoneyMutual. You will be charged a service fee for using this platform.
It’s just like any other marketplace like Amazon or eBay, but it is used to get loans for people with a bad credit score. MoneyMutual has helped more than 2 million people to get bad credit loans and is operating for over a decade now.
Features of MoneyMutual
- A marketplace that connects borrowers with lenders online.
- You can get bad credit loans starting from $200 to $50000.
- The online application is simple and requires minimum information.
- Once the application is filed, it is sent to many lenders, who will then review the application and decide whether to approve the application or not.
- You are connected with lenders instantly.
- One of the best bad credit loan platforms.
- Allows you to borrow up to $5000.
- Most customers with bad credit scores will find a lender.
- Simple online application form.
- You can receive loans within 24 hours after approval.
- Not available in New York and a few other states.
To get payday loans on the same day you will have to meet the following criteria on MoneyMutual
- Your income should be at least $800 per month after taxes.
- You should have a checking account.
- You should be a U.S citizen.
- Only if you are 18+ you can apply for the payday loan.
- Lenders can have some additional requirements
Visit MoneyMutual to Learn More
This is another platform with low-interest rates, it is a convenient way to get connected to online money lenders. If you want to get a bad credit personal loan, this website could be a great start.
You can use Personalloans.com to get bad credit loans between $1000 and $35000 right from your mobile device. The process is simple and doesn’t require a lot of information. You can get a payday loan, home improvement project loans, debt consolidation, bad credit loans, medical expenses, or anything else.
Just like MoneyMutual, this platform is also not a moneylender itself, It has an extensive network that connects money lenders to borrowers.
All you have to do is fill out a simple form, that will then be sent to bad credit lenders, the lenders will go through the information that you have provided in the form. If someone chooses to give you a bad credit loan, he will then be connected to you.
Lenders may also approach you via email or phone to get some additional information if required.
Once the loan is approved, the funds will be transferred to your account within the next business day. You need to have an active checking account to receive bad credit loans from Personal Loans.
However, if you don’t find a moneylender, Personal Loans will show you ads of other lenders that offer debt relief, credit repair, or other credit-related services..
- You can get bad credit loans of up to $35000.
- This website provides loans to people with a bad credit history.
- You can get loans for home improvement project loans, debt consolidation, bad credit loans, medical expenses, or anything else.
- Personal Loans has a vast network of moneylenders as well as other credit-related services.
- You can compare the loan offers from various lenders to choose the best.
- You can get bigger amounts despite having bad credit.
- Lower interest rates as compared to other bad credit money lenders.
- If a money lender is not available you will be given out of the network money lenders.
- Easy form submission process.
- Get money deposited to your account within 24 hours after the approval of the application.
- Not available in a few US States.
Personal Loans don’t care about the bad credit score, however, there are a few basic requirements that you need to fulfill if you want to apply for a bad credit loan.
- You must be a U.S citizen or a permanent resident
- You must be 18 or older with a valid government-issued ID.
- In order to ensure that you will be able to repay the amount, you must be a full-time employee, be self-employed or receive regular disability or social security benefits.
- An active checking account is required to secure a bad credit loan.
If you meet the above criteria, your chances of getting a bad credit loan boost up.
Let’s move on to the next bad credit money lender with guaranteed approval.
Visit PersonalLoans.com to Learn More.
FundsJoy offers bad credit loans by making the process simple. It is one of the most popular online money lending platforms with guaranteed approval of funds for people with bad credit scores.
FundsJoy was created to make things simple and help people with low credit get loans and improve their financial situation. FundsJoy is also a marketplace and acts as a medium to connect moneylenders with borrowers.
The application process is really quick as you do not need to submit any paperwork, all you have to do is fill in the online application that doesn’t require more than 10 minutes. Application is processed quickly and it gets approved most of the time.
You can get same-day loans on FundsJoy because of the quick application process. You can get emergency loans with bad credit as well which makes loan approval easier. The credit check may be performed with Experian, Equifax, and TransUnion.
So your loans are passed through these 3 credit bureaus for the final approval of the application. FundsJoy requests your approval to conduct this check of creditworthiness.
- Your application data is safe through encryption.
- Login details of users are not stored with FundJoy
- You can get a loan of up to $5000 with a bad credit
- Quick and simple application
- Fast processing of the application.
- This website allows users with a bad credit score to get loans.
- Form filling is online and requires less than 10 minutes
- An extensive network of moneylenders.
- Not available in all of the states of the U.S.
- Approval of the application doesn’t guarantee the loan
- The website collects personal data and transfers it to its third-party partners.
FundsJoy has a very short list of requirements
- You can be eligible if you:
- legally reside in the United States;
- are 18 years old or older;
- have a stable source of income.
These are the top online bad credit lending websites, you can get guaranteed approval of loans on these platforms. However, getting a loan just because you can get it is not enough. There are very important details that you need to check before applying for a loan.
This will be helpful to minimize the risk including high-interest rates and shorter deadlines.
Visit FundsJoy to Learn More.
Things to Consider Before Applying For A Bad Credit Loan
If you have decided to use any of the above platforms to secure an online bad credit loan, fill out the online application and apply for the loan.
Next, you should be carefully checking all of the offers that you have received. Look carefully into these factors before accepting any offer.
1- Look For the Interest Rates
When consumers have a bad credit history it is normal for the lenders to exploit this, you will be asked for a higher interest rate on the loans.
All of the websites that are listed above give guaranteed loans to people with a bad credit history but they will charge higher interest rates than usual. Now it doesn’t mean that you have to pay exorbitant amounts of interest.
So, my advice is that you carefully look at the offers that you are getting from the lenders, and cross-check these offers to see who has offered you the same amount with a lower interest rate.
Apply for a bad credit loan on all of the above bad credit loan-providing websites. Then compare the loan offers that you have received on them, and finally chose the one with the lowest interest rates.
Once you have accepted the offer, you will have to return the money at the same fixed interest rate.
2- Eligibility For The Bad Credit Loans
The second most important factor to be careful about is the eligibility criteria of the online bad credit money lending websites.
Even if you have found the best money lending platform but are not eligible to apply for a loan, it’s of no use. Most of the moneylending platforms have some common eligibility criteria. For example, you have to be 18 or older.
You should be a U.S citizen or a permanent resident, You should have a valid government-issued ID and you need to have an active checking account.
It is wise to log on to these websites that I have listed above and check the eligibility criteria of each website before applying for a bad credit loan.
You will also be able to find the FICO score that each lender requires. Lenders will also check the amount of money that you are making every month and compare it to the amount that you want to borrow.
If you do not have a proper source of income, you are not likely to get any bad credit loans, some websites require you to provide proof of full-time employment or a history of receiving a direct deposit to your bank account regularly.
This shows that with a steady source of income, your bad credit scores will be ignored by a lender. You can see the requirement of lenders on the bad credit money lending websites. Sometimes money lenders will require extra information other than the application form that you have submitted, so don’t be surprised.
3- Bad Credit Loan Terms
Always check the terms and conditions on which the loan is being released. It is very important to read the conditions. Sometimes the conditions on which you can get the loan are not that good, and you might end up getting into more trouble than expected.
Some money lenders might offer you loans with relatively low-interest rates but have tough loan terms when it comes to repayment.
You may have restrictions on how to spend money by the lenders. Every lender can have different terms, so it’s better to read and understand the terms and conditions on which you are getting the loan.
4- Beware of The Hidden Charges
I know we all have to pay fees, but with a bad credit score, fees become a nightmare. There are many hidden charges and penalties that you should be aware of if you are getting an online bad credit loan.
You will be penalized if you have not repaid the loan in time. Sometimes you can also be subjected to extra charges if you do not have sufficient funds in your account for the prepayment.
So it’s not just the loan itself you also need to check the processing fee, and bad credit loan website fees, these are often mentioned on the website so you can go through this information before selecting a platform.
Keep in mind that these fees can be up to 6% of the loan, so be very careful in the selection of online money lending platforms.
Also, the origination fee may be levied separately or it can also be included in the loan. This depends on the moneylender, that is why I advise you to compare different moneylenders’ offers before choosing one.
Don’t ever pay your loan after the due date, as late payment fees are huge, you might have to pay 5% on every late payment. Always repay your debt within the time frame. Or you will have to pay extra as well as you will lose another moneylender, your credit score will decline further.
Steps to Get A Bad Credit Loan
Once you have selected any online bad credit loan website, after reading its terms and conditions, you are good to go. These money lending websites that I have mentioned are pretty solid and you will get a bad credit loan with guaranteed approval.
These are the steps that are common for all of the bad credit loan sites, and this is what you have to do most of the time to get a guaranteed bad credit loan.
Step 1- Lender Selection
Remember, you need to select the right lender, If you have not carefully selected the money lending platform, you will probably not get the loan, or even if you get it you will have to pay a lot of interest fees on your loans and you will never be able to get out of it.
Reputed money lending websites that I have mentioned above are a good starting point. You definitely don’t want to be scammed by the fraudsters out there, It is best to choose the marketplace that has a lot of good reviews and is business for a long time.
If you come across a money lending platform for bad credit scores, and the offer is too good to be true like you have to pay very little interest with no late payment fee, but you are only required to deposit some kinda fee first, leave that platform immediately.
No online bad credit money lending website will ask you for any upfront payment, and I am talking about the legit platforms. Only scammers will ask you for upfront processing fees and other initial deposits.
Always make sure that the online loan provider is authorized to operate in your state.
Step 2- Keep an Eye on Your FICO Score
Sometimes we are not well aware of our credit score, we think we have a low credit score but actually, it is not that bad. Credit scores can make a difference between a good loan and a bad loan.
If your FICO score is not as bad as you supposed it was, you can get loans with low-interest rates and better repayment terms. It is very easy to go online and get your FICO credit score report.
Also, sometimes moneylenders will also require the FICO report from you, as your credit score report on the money lending website might not be as accurate as of the FICO report.
Step 3- Complete Comparison of Loan Offers
Even though you have bad credit and you want a loan, and we all know that loans with bad credit scores tend to have higher interest rates, you still have the freedom to do your research to find the best loan offer.
The best way to do this is to apply for a bad credit loan on multiple platforms. Then gather the data from all of these platforms. Compare the loan interest of each offer you have received. Add the additional charges and also get information about late fee penalties.
Create a profile from each lender and then compare the interest and other fees of each platform. Now select the best suitable offer.
This little research will save you a lot of money.
Step 4- Budget your Money
Getting a bad credit loan is not enough, if you are gonna take a loan despite a bad credit score, you do not want to make it worst, you do not want to make the same mistakes that lead to this situation.
Set a goal, that now you want to improve your credit score by paying the complete money. It is not easy so you will have to create a budget. Manual budgeting is time-consuming and outdated, so it is better to get a great budgeting app that will automatically set your money-saving goals based on the loans that you have to repay.
You do not want to pay hefty fines and additional charges, it is best to set a budget to make proper repayments.
Step 5- Avoid Late Payments
Late Payments, more penalties. You don’t want that, to improve your bad credit score, you should avoid late payments. Always pay the loan first before spending your paycheck on some other things.
You can use the budgeting apps that will always remind you of your due payments before the deadline, budgeting apps can also help you to automatically set the money for loans aside so that you don’t accidentally spend that money.
Bad Credit Loans Alternatives
Although you can get loans if you have bad credit on these websites with guaranteed approval, still if you want to see the alternatives, fret not, I have some of the best alternatives to Bad Credit loan websites.
Maybe you don’t want to pay huge interest on the loan, or may you want to avoid hidden charges. Let’s explore what other options you have to get bad credit loans.
Use Payday Loan Apps
If you do not want to borrow a large amount, you can use the payday loan apps, that give payday loans, with zero interest.
These apps will not charge you anything for taking the loan, you don’t have to pay the interest on the loan, and there are no late payment fees.
Payday loans are a great option if you want to borrow small amounts. Payday loan apps also help you improve your credit score. You also don’t have to borrow this money against some valuable thing.
If you want to get bad credit loans from the app, all you need to do is connect with your bank account so that you can receive your Paycheck through the app.
Cash App Loans
Cash App is also becoming one of the most popular apps in the market, you can use this application to send and receive money from your friends and family, and you can also make business payments through the cash app.
The good thing about Cash App is that you can also borrow money from Cash App. This money of course is not a large sum, but you do not have to pay any interest on this loan. If you have bad credit and you want a quick loan, you can use Cash App Loans.
If you have bad credit, and you still want to get a loan, you can ask your friends and family, if they trust you, I am sure you can get a loan from them despite having a bad credit history.
With this kinda loan you will probably be not asked to pay interest, and there are no hidden charges or fees or any kind of strict terms and conditions.
All you have to do is return the money to your friend in time like a real gentleman.
Credit Card Cash Advance
This is among the options available for those with low credit scores. Typically, you’ll buy anything you want by using your credit card and then repay the full amount at a later time. What happens if, however, you need cash in your hand? In certain situations, an institution may let you take your credit and cash it out.
That is you will keep cash on reserve to pay for your requirements instead of being compelled to buy cash.
I know this is the toughest thing to do, and as we all know it is really hard to live from paycheck to paycheck. Saving money seems very very difficult.
But trust me this is the only long-term solution to your problems, it is hard but it is fruitful. Imagine never needing a loan again, how freeing that thought is, and once you have extra money you can improve your credit score and invest that money to generate wealth.
Saving money is not as hard as it was, you can now save and invest the money without even knowing it. There are apps that save money for you and invest money on your behalf without you even noticing.
So you will not know that the money has been invested because the money in your account will never decrease. Isn’t it great? You should get these apps and start saving your future.
Alright, so let’s conclude this post, you can get a guaranteed loan with bad credit from the websites that I have mentioned in this post. You don’t need to worry about your bad credit ratings anymore.
This is the purpose of the existence of the marketplaces, so don’t worry about not getting a bad credit loan. You should always compare the fee and multiple loans offers before selecting one.
However, the best way out is to avoid high-interest loans and start saving money that you can use in the hour of need. Saving money is hard yet worth it.
I hope this article was helpful and you have got all the information that you were looking for, please share your thought in the comment sections as they are always helpful.
Below are some most frequently asked questions about bad credit money lending, have a look.
Frequently Asked Questions
Can I get bad credit loans if I am unemployed?
Well, these loans and platforms are designed to help people who have a bad credit history and no formal employment. So you don’t have to have a steady income to apply for these loans.
However, you should have proof of some sort of income to show to the money lenders. If the lender is convinced that you have the means to return the money, they don’t care about the employment.
Can I get a loan if I have a bad credit score?
If you have a bad credit score you might not be able to get a loan from your bank, but there are online bad credit loan websites that can give you a loan.
These platforms are created to help people who have a bad credit score to get loans. These loans will have higher interest rates but you can get a loan for sure.
You can also get loans from some apps like Cash App if you have a bad credit score, there are other apps too that lend loans to people with bad credit and there is no interest that you have to pay at the time of repayment.