Recent surveys show that a large number of Americans aren’t in a position to save money for unexpected events. Therefore, many people cannot afford to cover a financial emergency.
But financial emergencies are an inevitable part of life, and we’ve all had the misfortune of being faced with such unwanted occurrences. And if you’ve often struggled with financial problems in the past, things tend to get more and more tangled up with each new challenge.
When you need financial aid but struggle with a poor credit score, getting a conventional bank loan isn’t something you can hope for. Luckily for you, online loans make lending a lot easier. Many lending services offer bad credit loans with guaranteed approval, ensuring that you may have a suitable offer regardless of your credit score.
If you think a bad credit loan could solve your problems, we’ve enlisted some top-rated services offering such loans.
Best Loans for Bad Credit with Fast Approval
- MoneyMutual – Overall Best Platform For Bad Credit Loans, Editor’s Pick
- Bad Credit Loans – Most Popular Loan Company for Online Loans for Bad Credit
- RadCred – Reliable Online Lender For Fast Loans With Bad Credit Score
- CashUSA – Trusted Financial Institution For Quick Loans for Bad Credit
- Personal Loans – Reputed Lender for Bad Credit Personal Loans
#1. MoneyMutual – Overall Best Platform For Bad Credit Loans, Editor’s Pick
If you’re looking for the best odds of obtaining an online loan with poor credit, head to MoneyMutual’s website. The company is one of the leading lending services that bring together lenders and borrowers across the United States.
It was founded in 2010, so it has over a decade of experience in the lending business. Therefore, you can expect it to understand all your needs and won’t be disappointed when it’s time to deliver. MoneyMutual isn’t a direct lender but a vast network of individual lenders. Therefore, when you submit a single application, they share your data with hundreds of lenders, increasing your chances of getting instant approval.
Features
The maximum loan amount you can ask for through MoneyMutual’s service is $5.000. The lowest loan you apply for is $200, so if anything within this range works for you, you can easily submit your application and get immediate funding.
Asking for a loan is incredibly simple with MoneyMutual. The company only poses a couple of initial requirements to verify your qualification for a loan. If you can provide your citizenship, proof of monthly income, and other basic information, you’ll pass the service’s selection process and get in line for an online loan.
The waiting line on MoneyMutual’s website is usually relatively short. Although many people apply for loans with MoneyMutual, the incredible technology minimizes the waiting time so that you might get an almost instant loan offer.
Last but not least, according to theislandnow, the lending platform guarantees the ultimate safety of your data. If you decide to apply for a loan, you’ll notice that the required information is only slightly more extensive than what you’d fill out if you were creating a new email account. Nonetheless, all your data on MoneyMutual’s platform is safely encrypted using a 2048-bit RSA algorithm.
Pros
- It has a quick and simple application form you can complete in less than 5 minutes.
- State-of-the-art security guarantees the safety of your data on the website.
- If lenders are available, you may get a direct money deposit within a day.
- MoneyMutual is trusted by more than 2 million satisfied customers, with countless user testimonials on its website.
- Applying for a loan with MoneyMutual is entirely free of charge.
Cons
- MoneyMutual offers online loans for US residents, so you’ll need to supply your citizenship along with the application.
Why do we recommend it?
MoneyMutual is the place where most Americans turn to when they’re faced with financial difficulties and poor credit scores. If you need quick and simple access to online loans of up to $5.000, you may get them with the help of MoneyMutual. The lending service is pretty flexible with its requirements, giving almost everyone a chance to connect with a lender and get funding.
The company offers 24/7 service and support, so you can submit your application or get help anytime. The service is incredibly fast, thanks to the concise application form, the immediate processing of requests, and the responsiveness of MoneyMutual’s lending partners.
⇒ Visit the Official Website of MoneyMutual
#2. Bad Credit Loans – Most Popular Loan Company for Online Loans for Bad Credit
If your financial problems require some more attention and funding, you can turn to Bad Credit Loans. Bad Credit Loans is a seizable network of reputable lenders offering loans of up to $10.000, regardless of your credit.
The service is designed to support the needs of people with less than fair credit scores. It focuses on other eligibility criteria instead of disregarding your application based on your credit score. Hence, Bad Credit Loans won’t demand to see your detailed credit report, but its lenders may have some individual requirements. So if you’re interested in an online loan of up to $10.000, you should be ready to provide proof of a higher monthly income.
Features
The best thing about Bad Credit Loans’ service is that the company features an extensive lending network of many lenders. However, if your credit score is considerably out of shape, a suitable lender may not be available to work with you. For such cases, Bad Credit Loans has a backup plan.
When there aren’t any available lenders in the extensive network, the service will reach out to third-party lenders or other financial institutions offering other credit-related products that might be useful in your situation.
Applying for an online loan through Bad Credit Loans’ platform is more effortless than signing up on social media. You’ll only need to provide general data, contact info, and details about your employment status or other sources of income. In less than 5 minutes, you may start expecting to get your first loan offer.
The lending service doesn’t dictate any of the loan terms or conditions. Instead, you and the lender negotiate every detail of the loan agreement and repayment. If you don’t think you can negotiate a good deal, there is no obligation forcing you to accept an offer, and you can simply wait for something better to arrive.
Pros
- Loan amounts between $500 and $10.000, loan terms between 90 days and 72 months
- An extensive library of valuable content offering extra help to protect yourself against online scam
- Impeccable service with 24/7 availability
- Excellent range of financial products for debt relief, credit repair, etc.
- No pressure or obligation to accept any loan offer
- You can unsubscribe at any time and stop receiving offers from Bad Credit Loans’ partners
Cons
- Variable APRs, going all the way up to 35.99% for some loans
Why do we recommend it?
Bad Credit Loans is one of the safest online places for you to potentially get significantly higher loans without too much trouble. The lending platform is straightforward to work with, so you can apply for a loan in 3 to 5 minutes. After completing the form, your request is shared with the most suitable lenders from the Bad Credit Loans network, speeding up the approval process.
The platform insists on speedy service so you may sort out any financial difficulties as quickly as possible. Applying for a loan and accepting an offer might take only a couple of minutes of your time, while money deposits are usually completed within a day and land directly on your bank account.
⇒ Visit the Official Website of BadCreditLoans
#3. RadCred – Reliable Online Lender For Fast Loans With Bad Credit Score
If you don’t want to put all your eggs in one basket, RadCred is a great way to explore multiple options. The lending service is free of charge to borrowers. It only needs a portion of your basic information, making it an excellent choice for adding an extra application to increase your chances of getting approval.
RadCred has been successfully doing business for a few years now. The company acts as an intermediary between lenders and borrowers, connecting people in need to those who may offer them a quick financial solution. It has an incredible range of lending partners, along with some third-party services, making getting help easier, even if your situation seems hopeless.
Features
RadCred significantly simplifies the loan application process. You can complete the entire application online in less than 5 minutes. There are some essential eligibility criteria, but if you’re an employed resident of the United States, you shouldn’t have any trouble qualifying.
Over the past few years, RadCred has become increasingly popular among users looking for online loans. They’re trusted by millions of Americans who’ve already achieved their financial goals with the help of RadCred.
RadCred’s service relies on three central pillars: simplicity, speed, and safety. Therefore, the application form is made as simple as possible to help you obtain an online loan without further frustrations. The speed at which your application is processed and reviewed is remarkable, delivering almost immediate approvals quickly after applying. Last but not least, all your data and activity on the website is spotlessly secured and safely encrypted using the latest industry-standard measures.
As a result, your chances of getting an online loan on time are significantly higher with RadCred. You can use the platform to ask for loans of up to $5.000 and may get funding within 24 hours.
Pros
- Quick access to potential funds through a couple of simple online steps
- RadCred’s safety is certified by TrustedSite
- The company is a proud member of the Online Lenders Alliance
- Shopping for loans in RadCred’s online marketplace is free of charge
- You’ll get a chance to review and negotiate the terms and conditions with the lender
- Lenders may quickly deposit the funds directly to your bank account
Cons
- Although RadCred works with all types of credit, having a lower score may impact your eligibility for higher loans.
Why do we recommend it?
RadCred brings online lending much closer to people with bad credit. The user-friendly platform allows you to apply for a loan and get approval in only a few minutes. Despite offering you simple access to loans, RadCred strives to answer all your questions and help you make a well-informed decision, which can be vital if you’re taking out a loan for the first time.
The service has no strict eligibility criteria, so almost anyone can apply for a loan. If you apply at the right time, you might even get several offers from multiple lenders and a chance to compare your options before making the final decision.
⇒ Visit the Official Website of RadCred
#4. CashUSA – Trusted Financial Institution For Quick Loans for Bad Credit
CashUSA is another lending service that helps people with bad credit get quick loans with guaranteed approval. It is one of the most trusted lending services and the number one choice of Americans with abysmal credit scores. The company empowers a vast network of individual lenders working with bad credit.
It offers a fast and secure application form, allowing you to apply for a loan anytime, from any place, without worrying about strict requirements or safety concerns. With the extensive network of lenders, your chances of getting a fair loan offer are favorable. If the company cannot connect you to a reputable lender, it will try to help you with other credit-related products that may be useful in your situation.
Features
To improve your chances of getting quick approval, CashUSA collaborates with both state and tribal lenders. The broader range of opportunities can be an excellent feature in many ways. However, you should be very careful when reviewing the offers of tribal lenders. They usually offer higher rates and fees than state-licensed lenders, and they’re also subject to federal and tribal laws instead of state laws, which may aggravate you.
CashUSA insists on the ultimate safety of its lending platform. Therefore, all the data you enter is safely encrypted using industry-standard encryption and safety measures. The service is utterly transparent about how it stores and users your data, so you can read more about it in the privacy policy available on CashUSA’s website.
Applying for a loan through CashUSA is incredibly fast and convenient. You can fill out and submit the application form within minutes. The form is neatly organized with easily digestible requirements that significantly simplify the already straightforward procedure.
Getting a loan offer can be just as fast as most available lenders will need to take a brief look at your application and perhaps perform a soft pull on your records. After that, you should get an offer pretty soon.
Pros
- A vast library of educational resources that may help you make the right decision
- Simple eligibility requirements that almost every adult US citizen or permanent resident can check off
- A convenient way to get a personal loan online
- Valuable financial tips and tricks to help you better manage your finance
- Despite bad credit loans, CashUSA also offers a variety of credit-related services, including debt relief, credit repair, and monitoring
Cons
- Some of CashUSA’s lenders are offering significantly high-interest rates
Why do we recommend it?
CashUSA is a lending platform you should check out if you’re looking to increase your chances of getting a fair loan offer despite your poor credit. The platform features a broad range of reputable lenders, state and tribal, as the best way to offer as many opportunities as possible if you’re struggling to get a loan because of your credit records.
The service offers incredibly straightforward access to funding. All you have to do is check off a couple of basic eligibility requirements, fill out the concise application form, and review loan offers from potential lenders. The last part is probably the hardest one, as CashUSA doesn’t participate in negotiating the end terms and conditions for your loan.
⇒ Visit the Official Website of CashUSA
#5. Personal Loans – Reputed Lender for Bad Credit Personal Loans
If you’re faced with more severe financial issues, you’re probably looking for higher loan amounts. While most online lenders work with loans of up to $5.000 and $10.000, Personal Loans exceed their efficacy and work with bad credit loans of up to $35.000.
The service vows to help you end your financial troubles, regardless of their severity or your credit score. Therefore, if you meet its eligibility criteria, Personal Loans might be able to help you put financial trouble behind you once and for all.
Personal Loans feature an impeccable success rate and have helped thousands of Americans improve their financial stability over the past few years.
Features
Getting an online loan often comes as a rushed decision, leading to an endless debt cycle. That’s why Personal Loans insists on delivering financial guidance to its customers and helping them avoid debt unless it is the last resort. Therefore, on its website, you can find a variety of loan guides that might help you better understand different types of loans and see how you may use them to your advantage. After going through these guides, you should have a good idea about the upsides and downsides of getting an online loan.
Personal Loans’ service is available 24/7, so you can request a loan anytime. The processing and verification of your application are automated, meaning that a computer algorithm will check the data’s authenticity and immediately share it with potential lenders. If there are available lenders when you’re applying, you might get an instant offer, regardless of the time of the day.
Since there are significantly higher loan amounts available, Personal Loans offers loan terms ranging up to 6 years. Depending on your credit score and lender, you might get some pretty competitive rates. However, the APRs are variable, ranging between 5.99% and 35.99%, so make sure you carefully review every offer and don’t accept any unfair proposals.
Pros
- Wide variety of lenders, with some offering pretty competitive rates
- A great chance to get bad credit loans and other credit-related products that might be useful for people with poor credit
- Personal Loans is connected to third-party non-lender lending networks to increase your chances of getting approval
- Online loans for any occasion, including home improvement loans, business startups, unexpected expenses, and even family vacation
- No hidden fees or any obligations
Cons
- Personal Loans’ lenders may require you to pay an origination fee
Why do we recommend it?
Personal Loans is the best online lending service offering loans of up to $35.000 through a straightforward application. The platform is open about working with all types of credit, including abysmal scores. However, if you’re in terrible financial shape, you shouldn’t expect to get the highest loan amount available.
Nonetheless, Personal Loans offers easily approachable online loans that may help you get out of a challenging financial situation. The terms and conditions aren’t predefined, so you can work on them with your lender and might be able to negotiate a better deal.
⇒ Visit the Official Website of Personal Loans
How We Chose These Best Financial Services for Bad Credit Loans?
We understand that struggling with financial trouble and bad credit can be challenging, so we decided to help you by introducing some of the top lending services offering bad credit loans with guaranteed approvals. The market for such online loans is extensive, so picking out a reliable service can be quite complicated.
To save you time and money, we’ve thoroughly researched some of the top-rated services for bad credit loans. We reviewed lending networks instead of individual lenders to significantly increase your chances of getting approval without contacting individual lenders. If you want to learn more about the qualities of the services we’ve chosen, here’s what we based our decisions on.
Eligibility criteria
You’re probably turning to bad credit loans after realizing how difficult it is to get a conventional loan from a traditional bank. To help you get what you need, we looked into the lending services with the loosest eligibility criteria.
With the flexibility of the reviewed services, you shouldn’t have any difficulties applying for a loan. In most cases, these services only require that you’re a US citizen or permanent resident with a steady source of income. If you check off those requirements, you’re probably eligible to apply for a loan on the below services.
However, you should know those individual lenders may have additional requirements.
Service speed
Financial problems are usually urgent, so we decided to help you get the fastest service possible. We looked across several factors to minimize the waiting time necessary for approval.
First of all, we insisted on the shortest application forms. Applications that require a lot of information can have you back and forth with paperwork, significantly extending the time it takes to submit your request. On the other hand, bad credit loans usually only call for some limited info, and we introduced only the ones with quick and short application forms.
Next, we considered the speed at which the application form is processed. We looked for lending services that work 24/7 and found the ones that immediately process the received applications. That way, there is no latency between the time the application is submitted by the borrower and the lender’s review.
The final step is getting the deposit, and the following platforms promise to have the funds transferred directly to your account as quickly as possible. With that said, the services we reviewed are undoubtedly one of the fastest ways for you to get a bad credit loan with guaranteed approval.
Tips to Improve Bad Credit Score
Five factors are responsible for your credit score, so making slight improvements to any of them might help you build a better credit score.
- Make timely payments
Your payment history is the most crucial factor accounted for in your credit score, so if you’re serious about making improvements, it is the perfect place to start. If you’re new to credit cards, make sure you pay your card’s bill on time, as it should boost your credit score and creditworthiness pretty quickly. There are credit cards specifically designed to help you improve your credit, so ensure you check them out.
- Lower your credit utilization ratio
With your credit utilization ratio being the second most crucial factor, you’d want to either lower your credit use or increase your credit limit. A reasonable credit utilization ratio ranges between 10 and 30 percent, so consider moving in that direction. Getting a new card account or raising your credit limit can decrease this ratio, but the best thing you can do is pay off outstanding balances, which might significantly improve your credit score.
- Check up on your credit history
Next comes the length of your credit history or the age of your credit accounts. More extended credit history improves your credit score, so don’t rush into closing up any older accounts. Canceling a credit card might be beneficial, but in most cases, you’re better off with your older credit cards open.
- Work on your credit mix
Your credit mix makes for 10% of your credit score, so adding new types of debt might help you make significant improvements. Smaller and more specific loans such as personal or auto loans are healthier for your credit mix and might help you raise your score. Opening new accounts are generally beneficial, as long as you can keep up with several payments. However, you shouldn’t apply for multiple new lines of credit at once, as it won’t look good in the eyes of credit issuers and lenders.
- Plan your budget and cut down unnecessary expenses
Suppose your credit score has recently suffered a significant punch from bankruptcy, defaulting a loan, getting turned over to a collection agency, etc. In that case, you’ll need to be very careful with your finances, and it might still take years to repair your credit. In such cases, the best thing you can do is to set up a budget and lower your expenses. Make sure you carefully plan your budget and avoid spending as much as possible while making timely payments for all outstanding bills and expenses.
Factors to Consider Before Applying for An Installment Loans for Bad Credit
Bad credit loans are inevitable when you’re faced with a challenging financial situation and have poor credit. Although these loans aren’t always favorable for the borrower, a bad credit loan may work in your favor if you make a proper plan.
We have a couple of factors to help you develop a good plan that won’t let you fall into further debt.
Loan amount
This is where many people get things wrong when getting a loan. With higher credit limits readily available, people are tempted to get the highest loan possible, and that’s a big mistake. Suppose you’re looking for a bad credit loan as a way to patch things up until you recover from financial difficulty. In that case, you’ll need to stay focused on your goal without being distracted by unreasonable expenses.
In those terms, you should ask for the lowest loan amount to settle your financial problems, not a penny more than that.
Loan term
The loan term follows the same analogy as the loan amount – the shorter – the better. Getting a long-term loan may seem like a good decision as it should significantly lower the height of your monthly installments. However, it can cost you much more in the long run than a short-term loan.
The loan terms are directly related to the amount of APR and other fees you’ll be dealing with, so you need to choose the shortest term possible. On the other hand, if you get a shorter loan than what you can handle, you might fail to make timely payments and end up dealing with penalties and extra charges. Therefore, picking out the proper term for your loan can be very tricky, so make sure you consider it.
Loan conditions
Not all of the loan offers you’ll get from bad credit loan providers will be fair and favorable. Some might come with high-interest rates, APRs, and unreasonable penalties. That’s why you must consider these things before submitting your application.
Explore your options to get an idea about the loan conditions you can get, and set some boundaries about what you’re comfortable with and what’s simply unacceptable. That will make it a lot easier on you when it is time to review loan offers and decide whether you accept or reject a proposal.
FAQs: Best Loans for Bad Credit
Q1. Who can get a bad credit loan with guaranteed approval?
Almost anyone can get approval with the loose requirements for bad credit loans. The eligibility requirements for online bad credit loans usually state that you must be at least 18 years old, have US citizenship, or are a permanent resident of the United States, and provide a steady source of monthly income. You’ll also need to enter your social security number and provide an active checking account to receive the funds once you accept an offer.
Still, you should know that not all offers will work in your favor. Some lenders may send unfair proposals and charge you sky-high interest rates for their services. That’s why you must be very careful and disregard any proposals that don’t go in your best interest. Even if time is pressuring you, you shouldn’t succumb to the pressure and accept offers that might get you tied in a debt cycle.
Q2. Can I get a bad credit loan if I’m unemployed?
Many lending services and lenders look for a verifiable source of income without specifying the source. Therefore, if you have steady incomes that don’t come from a regular job, there’s no reason why you shouldn’t get a bad credit loan.
When considering your loan application, bad credit loan providers aren’t interested in your employment status. They are only interested in whether you can repay your debt. Thus, if you have a steady monthly income that’ll allow you to make timely payments and responsibly repay what you owe, it makes no difference whether it comes from your salary or rent.
To answer your question, you can get a bad credit loan even if you’re unemployed. You just need to provide another verifiable steady source of monthly income, such as social welfare payments, alimony, rent revenues, etc.
Q3. Will a bad credit loan impact my credit record?
Applying for a bad credit loan doesn’t necessarily impact your credit score. Since providers for such loans don’t focus on your credit score, many lenders won’t perform a hard inquiry on your credit record, although they might do a soft pull. A soft pull won’t appear on your credit record, but a hard pull will. Therefore, whether or not your loan application impacts your credit score depends on the individual lender’s way of work.
However, your credit score might suffer if you’re approved for a bad credit loan and decide to accept an offer. New lines of credit account for a large portion of your credit score – they make for 10% of your FICO score.
Still, things can get better after they become worse. If your lender reports to the primary business bureaus, making timely payments may help you rebuild your credit. On the other hand, if you fail to pay the installments promptly, you might make things worse.
Q4. How long does it take to raise your bad credit score?
The time it might take to rebuild your credit score depends on several factors. Financial habits are the most frequent cause of low credit scores, but there is no predetermined timeline to help you calculate how much time you’ll need to get your credit records in good shape. Still, some analytics data make a reasonable estimation of the recovery time for people with poor to fair credit:
Bankruptcy is the financial event you’ll need the most time to repair. According to CNBC and FICO, it usually takes people more than 6 years to repair the damage that bankruptcy does to their credit. Next in line are home foreclosure, as they typically call for recovery times of up to 3 years.
Defaulted or missed payments can disappear from your score within 18 months while falling behind with mortgage payments can be sorted out within 9 months. Closing, maxing your credit card account, or applying for a new one is the least severe financial offense to your credit, as you may recover the damage within 3 months.
Q5. How is my credit score calculated?
Your credit score is determined through a generally accepted formula focusing on five factors. Although these formulas slightly vary between credit bureaus, there are the factors that have the most significant impact on your credit score:
- Payment history
- Length of credit history
- Credit utilization
- Credit mix
- New lines of credit
The biggest part of your credit score goes to payment history, which accounts for around 35% of your ranking. Next is credit utilization, covering approximately 30% of your score. The length of your credit history accounts for 15% of it. Your credit mix and new lines of credit account for the rest of your credit score, with 10% each.
Final Thoughts: Best Personal Loans for Bad Credit
Taking out a loan is an important decision that might change the entire course of your life. Still, there are times when you’re all out of options and need financial help to keep going.
If you want to take out a loan, turn to reliable and trustworthy lenders. Otherwise, you might end up in an even more challenging financial situation than what you started with.
To get quick and safe bad credit loans with no credit check, we suggest you consider the services we reviewed above and consult a financial advisor or lawyer. They will help you reach several lenders simultaneously, maximizing your chances of approval. However, you must be careful when going through your offers, as the lending networks don’t guarantee fair conditions.
