Trying to get a loan with a bad credit score is troublesome, and in such a situation, it can be very hard to get personal loan approval from lenders.
Fortunately, many online direct lenders are always prepared to help those customers with poor credit scores. But, are these money lenders even legit? The answer is yes, although not all of those companies are trustworthy. You just have to find the right one.
We are giving you the best bad credit loans with guaranteed approvals that are tried and tested. We filtered our list by scrutinizing the consumers’ reviews and the company’s history.
So, let us look at the top five bad credit loan lending platforms with no credit check and guaranteed approval.
Top 5 Best Bad Credit Loan Lenders Online for 2021
- MoneyMutual: Overall Best Bad Credit Loans Guaranteed Approval, No Credit Check Loans
- BadCreditLoans: Quickest Emergency Loans & Same-Day Loan Lenders
- CashUSA: Guaranteed Quick Loans for Poor Credit Online Loans
- Personal Loans: Easy to Get Personal Loans for Bad Credit, Fast Loan Online
- Credit Loan: Best Bad Credit Loan Company for Instant Cash Advance
#1. MoneyMutual: Overall Best Bad Credit Loans Guaranteed Approval, No Credit Check Loans
When it comes to borrowing money during desperate times, MoneyMutual is where many people go. It has been serving Americans since 1998 and has offered its loan facilities to many borrowers.
The company strives to provide practical and affordable personal loans to those with a poor credit score. MoneyMutual is also well-reputed for its reliability and great service. So, if you are looking to get a bad credit loan, look no further, as this company is among the top in the entire industry.
What makes MoneyMutual different is that it acts as a bridge between borrowers and short-term lenders. They simply make things easier for the borrowers to get short-term loans.
- Quick and Easy
Surfing the internet for quick and reliable bad credit loan providers is by no means an easy task. But, MoneyMutual makes this process extremely fast and easy.
All you need to do is visit their website and fill in a form. You will then be redirected to a page where you will see the lenders willing to provide you with a loan. Next, you can compare the fees and interest rates, and choose the one that best suits your needs.
After choosing and agreeing to the lender’s terms and conditions, you will be contacted by the lender to proceed further. Do keep in mind, however, that MoneyMutual has nothing to do with the loan, as its only job is to facilitate the loan proceedings.
- Fast, Secure, and User-Friendly Website
The website is incredibly easy to use, has a user-friendly interface, and has a fast load time. It also uses 256-bit encryption and is monitored 24/7 for any system breaches, so you can be sure your privacy is protected.
However, you need to ensure your internet security is updated and working properly when you are redirected to the lender’s website.
- Zero Service Charge
MoneyMutual does not charge any additional or hidden fees for its service, which is another good thing.
- Free to use service
- Easy and fast processing
- Simple, user-friendly, and easy to navigate website
- Funds available within 24 hours
- Site is well encrypted and secure
- Numerous lenders from which to choose
- Must have a regular source of income
- Only available to U.S. residents
- Site not responsible for any problems after connecting with a lender
When it comes to customer experience, there is no doubt that MoneyMutual stands out from the rest. We can say this with confidence because it has an overwhelmingly large number of customers, over two million to be exact.
Most customers who reviewed MoneyMutual were extremely happy that the company does not charge service fees. In addition, they appreciated the company’s awesome website, fast service, and reliability.
#2. BadCreditLoans: Quickest Emergency Loans & Same-Day Loan Lenders
Similar to MoneyMutual, BadCreditLoans collaborates with short-term lenders and connects them with borrowers who urgently need money but have bad credit.
Therefore, BadCreditLoans is not a lender but a platform for bad credit loans. So, regardless of the reasons you are looking to get a loan fast and easy, you can rely on this company for your needs.
BadCreditLoans focuses its aim on connecting its customers with lenders, and its users are free to choose whichever lenders are available. In addition, the BadCreditLoans service can be availed anytime, so you can apply for your loan at your convenience.
- Easy to Apply
If you have met all of the eligibility criteria, applying for a loan through BadCreditLoans is very simple and fast.
After filling in a form containing some basic information, you will see the lenders within minutes. If you find any lenders with an appealing offer, you can accept, and if you agree to make a deal, you can finalize by signing an electronic contract. Then, the loan amount from the lender is usually transferred to the borrower’s account within the next business day.
As stated earlier, BadCreditLoans is just a lending platform and not a lender itself. It will not in any way try to push or influence you to make a deal with a particular lender. Instead, you will be provided with fact-based information about the lenders to help you get the best deal.
Safety is the topmost priority of any legitimate and responsible financial institution. As a result, this site uses highly sophisticated encryption algorithms to safeguard your personal information.
BadCreditLoans offers its service for free, so you do not have to pay a single extra dollar.
- Access to several lender after filling in one form
- Provides fact-based information about the lenders
- Fast processing time with quick funding
- Keeps personal information secure
- Free service
- Bad credit holders may only be able to get loans up to $1,000
- Eligibility criteria may be strict for some
- Requires a lot of detailed personal information
Given that the platform has a good number of positive reviews, we concluded BadCreditLoans is a reliable and trustworthy source to get access to reputable and credible lenders.
Also, the fact that this platform accepts all loan requests regardless of the credit scores is great. Some users admitted they loved the support crew for their friendliness and their ability to solve difficult problems.
All in all, this platform is one of the best places to get a bad credit loan, which is not available anywhere else.
#3. CashUSA: Guaranteed Quick Loans for Poor Credit Online Loans
CashUSA is another great digital loan platform that collaborates with a large network of reputable lenders and provides the best personal loans to customers.
Through this incredible source, you can get from $500 to $10,000 with interest rates ranging from 5.99% to 35.99%. However, the amount of loan you can get may be limited by your credit score.
CashUSA also provides highly valuable finance-related information, such as how to repay debts on time, how to manage finances efficiently, how to improve your credit score, and many others.
In addition, it is worth mentioning that Tribal loans can also be availed of at CashUSA.
- Easy to Apply
CashUSA requires its users to be at least 18 years of age with a stable and regular monthly income. If you are eligible to apply for a loan through this platform, the entire process is very simple and can be completed within minutes.
Similar to other online loan platforms, you need to fill in and submit a form. You are required to provide some basic information about yourself, such as your name, address, email, and contact number. They may also ask for your income statement, your ID, and your social security number. This might seem like a lot of work, but it is a lot more convenient than dealing with employees of financial institutions in person.
Once you are done submitting your form, CashUSA will take care of everything and connect you with the lenders. They also have support staff ready to assist the users, so you can get your loan hassle-free.
When it comes to online banking activities, security comes first. So, CashUSA has one of the safest and reliable security systems that safeguards its customer’s information. In addition, they work around the clock to check if there are any suspicious activities and threats.
CashUSA allows its users to avail of their services free of cost.
- Over one million monthly users
- Keeps your information secure with sophisticated encryption
- Connects borrowers with a number of lenders
- Fast and free service
- No minimum credit score requirement
- Only available in the U.S.
- Asks for a lot of personal information
A good number of people expressed their satisfaction with the service offered by CashUSA. Some said the platform is very consistent and one of the most secure sources to get an online bad credit loan.
According to some websites and magazines, CashUSA is one of the top-rated online loan platforms. This online financial company has received many good reviews from multiple financial websites.
#4. Personal Loans: Easy to Get Personal Loans for Bad Credit, Fast Loan Online
This online loan marketplace can help you get fast and secure funds at any given time. Through this portal, you can avail of up to $35,000 to meet your financial problems.
Personal Loans always has multiple lenders ready to lend money to those stuck in a financial crisis. If you have tried several lenders and platforms but have failed, you may want to try this portal.
To be able to use this platform, you must be 18 years of age or above, a permanent resident of the U.S., and have a stable source of income. The annual percentage rate, or APR, is determined by considering the type and amount of loan you choose and your credit.
Like the other loan platforms reviewed above, Personal Loans does not provide a loan directly. Instead, they simply act as a portal so bad credit borrowers can easily access individuals or corporations who are willing to loan a certain amount of money to them.
- Fast and Easy
The application process at Personal Loans involves just a few easy steps. Simply complete the form submission by entering your name, address, and some basic information about yourself.
A unique feature of the Personal Loans’ site is that solid and valid reasons back the terms and conditions. This makes it easy to proceed, and it gives confidence to the users.
After completing the initial step, which is form submission, you will be prompted to shift to the lender’s website. Here, we recommend you take your time to go through the lender’s terms and conditions, as it will help you find the most suitable deal that meets your requirements.
To safeguard your data and keep hackers from accessing your personal information, Personal Loans follow all necessary security protocols and conduct routine checks.
- Free Service
You do not have to pay Personal Loans for using their loan platform, as everything is accessible to you for free.
At Personal Loans, you can get a loan with more flexible repayment duration. While most online loan platforms have a repayment duration of 72 months, you can choose to opt for an extended loan repayment period of up to 90 months.
- Optimized and User-Friendly Website
Personal Loans has an optimized website that is fast and has a user-friendly interface. Anyone can access their site and apply for a bad credit loan without any difficulty.
- Fast and easy to use
- Many lenders from which to choose
- Flexible repayment terms
- Loans up to $35,000
- No obligation to accept a loan offer
- Secure and fast website
- Only for the U.S. citizens
- Your loan request may be rejected if your credit score is too low
After a lot of research, we realized why Personal Loans is one of the best online loan platforms. Many of its clients commented this is a very convenient and easy source to get bad credit loans.
Apart from the many good and positive reviews, Personal Loans is also rated A+ by the Better Business Bureau, or BBB, which signifies the company is indeed a reliable source and has excellent customer service.
#5. Credit Loan: Best Bad Credit Loan Company for Instant Cash Advance
Credit Loan may not be the top-rated online loan platform, but it is one of the most visited. It has been in this business ever since the late 90s and has helped over 750,000 users get a loan.
The company is not just a loan platform, and it aims to help its customers deal with finance-related problems by providing safe and practical tools.
If you are looking to educate yourself or do research on financial matters such as mortgage information and ways to improve your credit score, you might want to visit their website. You will also find an accurate and easy-to-use interest rate calculator. Overall, the company has also helped over 33 million users by providing them with those helpful financial tools.
- Easy and Fast Loans
This company, too, works similarly to the ones reviewed above. It gathers some of your personal information and lets you gain access to the loan providers.
Being one of the most visited online lending marketplaces, it has a very high success rate. So, if you have very poor credit score, this is where you can get your loan.
- Safe and Secure
One of the reasons why Credit Loan is reliable and safe is that they take extreme measures when it comes to security. The company has SSL and McAfee certifications, which means your data is kept secure while you are on their website. They also transmit the information to the lenders through secure and encrypted lines.
- Fast Loading Website with User-Friendly Interface
Financial institutions usually have complicated websites, but this is not the case here. Credit Loan’s website is very easy to navigate, as it has a user-friendly interface. So, with a good and stable internet connection, you can enter the site in a matter of seconds.
- Zero Service Fees
We mentioned that Credit Loan offers interest rate calculators and other helpful tools. But, the best thing is that you can use those tools and their service free of charge. Instead, the lenders pay them a small commission whenever a loan is disbursed, which is how they earn their profit.
- Guaranteed short-term loan
- Entire process completely done online
- Fast processing time
- Reliable source to get smaller funds in times of emergency
- Secure and safe site
- No service fees or any other hidden fees
- Only for the residents of the U.S.
- If you have an extremely low credit score, you may only be able to get $5,000
There is no denying that Credit Loan is a well-reputed source for bad credit loans. Because of its extensive number of users, it has thousands of reviews on multiple sites.
Although we cannot say that each of those reviews is positive, most customers praised their secure and fast service. And there is another group of customers who said the company’s free tools were very helpful.
What to Look for When Applying for a Bad Credit Loan
It is always safer to carefully consider your options before opting to receive a loan. By comparing the services and fees, you can choose the best poor credit personal loan.
But, that is not all, and you should know there are many scammers out there. If you are planning to get a bad credit loan, here are some very important factors you need to look for.
Most lenders require a minimum credit score as set by FICO. If your score is so low that you cannot qualify for a bad credit loan, look for lenders who allow a co-signer. But, in most cases, lenders do not pay a lot of attention to your credit score if you have a steady source of income.
Not all lenders that show up on the online loan marketplaces are the same. This is why you should research the lenders’ background and history before you give your approval to proceed.
- Interest Rates
Since you are opting for a loan that does not require a good credit score, you should not expect to get low-interest rates. Bad credit loans, irrespective of the lender, usually have higher interest rates. However, you still need to compare the personal loans and opt for the best.
When your request is rejected many times, you may be tempted to sign a contract with a particular lender, although the terms are not to your liking. If that happens, do remember that you have many options for taking a loan online.
Unless you are in a very desperate condition, you can always try another one. Having a bad credit score does not mean you have to accept whatever is laid before you. After all, it is you who will be paying back the loan with interest.
- Terms and Conditions
Do not accept the lender’s terms and conditions without reading them carefully. Make sure you understand the financial terms and every little detail.
Some loan providers may offer very reasonable interest rates but may have very stringent and harsh repayment terms.
- Penalties and Fees
Lenders have different terms, interest rates, policies, and fees. While some lenders charge transaction fees and processing fees, others do not. Also, lenders usually charge fees on late payments.
Most late fines range from $15 to $35. Also, some lenders allow 10 to 15 extra days before imposing a penalty for late payments, and some do not impose late payment fees at all.
Other Things to Consider Before Getting a Bad Credit Loan
- Company’s Legitimacy
The finance industry is one of the top industries with the most scammers. For this reason, you need to be sure the lenders you work with are legit and reliable.
One of the most reliable sources of information you can get about a particular brand or company is through existing customers’ reviews. By going through each and every good and bad review, you can determine the reputation and performance of the lenders.
- Processing Time
In most cases, bad credit loans are usually applied for during emergencies, and this is why you should pick only those lenders with a quick processing time.
Getting bad credit loans with guaranteed approval does not mean you have to pay very high fees. Through the companies we covered here, you can get very reasonable interest rates and other fees.
A Comprehensive Guide: Getting Bad Credit Loans with Guaranteed Approval
With the online banking facilities available to everyone, getting a loan with a bad credit score has become a lot easier than it was a few decades ago.
However, to get the best deal on your loan, you need to plan carefully and follow certain rules.
- Analyze Your Credit Report
Did you know that errors in your credit report can damage your credit score? This usually happens when the lenders provide the wrong information to the credit bureaus. Identifying fraud is also another common factor that affects the credit score.
As a result, you may actually have a better credit score than what is showing up. So, before proceeding with your bad credit loan, it is advised that you obtain your credit report, analyze it, and file a request if you see any errors. Remember, a better credit score means better terms and interest rates.
Your credit history is what the lenders rely on to determine whether you are credible or not. Fixing credit errors takes at least 30 days, so developing a habit of checking your credit report on a timely basis is a good idea.
- Set Your Budget and Plan Ahead
Do not make the terrible mistake of taking your loan repayment lightly just because it is a bad credit loan. You should think about the mistakes you have made that caused damage to your credit score.
To avoid making the same mistakes, make sure you have a solid reason for wanting to take a loan. Then, make a quick analysis of the problem at hand and try to figure out the loan amount needed to fix those issues. When doing so, consider your daily expenditures, your savings, and other debts, if any.
Also, make a plan on how you are going to repay the loan, and always try to avoid penalties for late payment fees, as it will make your burden heavier.
- Check and Compare Interest Rates
Whether it is CashUSA, Personal Loans, or MoneyMutual, each of these platforms collaborates with multiple lenders. This means you have many options when it comes to choosing the lenders.
If you have set your budget and made your plans, you should know exactly how much money you need and what conditions you are looking for.
Most lenders offer pre-approvals that show the interest rates, and the good thing is that it does not harm your credit score. So, try to get as many pre-approvals from the lenders, as it will help you find a suitable loan.
- Be Aware of Scammers
There is nothing more frustrating than being scammed. So, do not trust a particular lender if they do not pay attention to your credit score or other essential information, but only try to persuade you to make an advance payment.
- Check for Additional Fees and Customer Service
Not all lenders will ask you to pay for the service offered to you. Even if they do, the personal loan processing fees and origination fees are usually less than $10.
So, apart from comparing lenders’ interest rates, you should also consider checking the fee structure.
Many people do not take customer support seriously, but it is one of the most important things to look out for.
A good customer support service can help you deal with any issues regarding the loan. Furthermore, you can seek their service if you encounter problems during the repayment terms and period.
- Make Your Payments on Time
Once you have the loan money in your bank account, it is your responsibility to start making timely payments. This will not only save you from paying late fines and penalties, but it will worsen your credit score.
When you make your payments on time, the lenders will send the report to the credit bureaus, which will help improve your credit score.
Best Alternatives to Bad Credit Loans
If you cannot qualify for a bad credit loan, you need to start looking for other sources. Below are the best alternative bad credit options.
- Seek Help from Your Employer
If you have a good reputation and you are on good terms with your employer, you can ask them to loan you some cash or pay your salary in advance.
- Improvise and Get Creative
As the saying goes, “desperate times call for desperate measures.” When in need of money, many people go for impractical methods that make them look very desperate and get them into deeper trouble.
There may be a lot of ways to make some money if you look around carefully. For instance, you can sell some of your assets or put those empty rooms in your house for rent.
- Approach Your Family and Friends
When everything else fails and you have run out of options, you can always turn to your loved ones.
However, we strongly recommend you take it seriously. Consider it as if you are taking a personal loan from a bank or other financial institution. The terms, interest rate, and repayment terms and period must be put in writing.
FAQs: Bad Credit Loans
Q. Can I Get a Loan Without Disclosing My Credit Score?
Getting a loan without disclosing or revealing your credit history may be possible, but it comes with a price. Some lenders may offer a personal loan without looking at your credit history. However, those lenders charge very high-interest rates.
You can also get a personal loan from the pawn shops by mortgaging any valuable item you own. But, you need to be able to pay them back on time, or else they get to keep your mortgaged item.
Q. How Much Money Can You Loan with Bad Credit?
The lenders determine your personal loan limit by considering your income and credit score. You cannot expect to get a large sum with a poor credit score, as those are usually reserved for others who have higher scores and better qualifications. In order to borrow more money, you have to try repairing your credit by fixing the errors in your credit history.
Q. What Credit Score Is Considered Bad?
As set by FICO, a credit score is considered bad if it is below 670. If it drops below 570, it is considered very poor, and you may not qualify for any type of loan, including bad credit loans.
To get a personal loan with a credit score of 550 to 569, you will have to find a lender that allows a co-signer. A co-signer guarantees the lender they will repay the personal loan so the primary borrower can get approved.
Q. How Do I Get Rid of a Bad Credit Score?
You can ask for your credit report from all three major bureaus once a year. Make sure you avail of your report and file a dispute if you find any false reports or errors. To improve your credit score, you can do the following.
- Pay your bills on time.
- Do not opt for personal loans unless it is absolutely necessary.
- Minimize your spending, and do not buy something unless you need it.
Q. How Do I Know if an Online Money Lender Is a Scam?
When applying for a bad credit loan, look out for the following signs.
- As per the regulations set by the Federal Trade Commission, lenders are required to be registered and licensed in the state where they want to operate their business. Therefore, it is crucial to check whether the lender is licensed to do business in your state.
- If you do not have time to research, apply for your personal loan through a secure and reliable source. No matter what type of personal loan you apply for, a reputable lender will always want to see your credit score, monthly payments history, and other information. If you find that the lender is not interested in your credit score or your payment history, you can be sure that it is a scam.
- If you are asked to pay the service fee before the personal loan is disbursed, you are in trouble. Most direct lenders may charge a certain loan amount of money for their service, but those fees are usually deducted from the loan itself.
- A reliable and reputable company is transparent, and they will not shy away when you bombard them with questions. In addition, all legit lenders provide their physical addresses on their websites. Furthermore, their website must be secure, which means the web address should start with “https,” and you should also see a padlock symbol on the web page where you are asked to provide your personal information.
- No reputable lender will force you to accept their terms and sign the contract. If you get frequent phone calls from the company for no valid reasons or if you feel like you are being pushed hard, cut off contact with that company immediately.
Q. Is It Possible for Unemployed Individuals to Get a Loan?
Not having a day job or not being formally employed does not mean you cannot get a bad credit loan. Lenders know for a fact that unemployed people have various sources of income. So, even if you do not have a steady source of income, you can get a loan.
Sudden and unexpected incidents, such as car repairs or the need to replace expensive home appliances, are inevitable. Such unfortunate incidents can cost a lot of money and disrupt your financial plans as well as your credit score.
However, a bad credit loan can be a lifesaver in those situations. The free-to-use websites we have reviewed above should help you connect with lenders who can give you a personal loan in a short amount of time.
We also included the platforms’ features, pros and cons, and backgrounds to decide which one works best for you.
Life itself is unpredictable, and all of us have to deal with many unexpected problems. On top of that, it is not always possible to maintain a good credit score. But, you can always get out of those unpleasant situations by availing a personal loan through these websites, regardless of your credit score.