Best Personal Loans For Bad Credit With Instant Approval

Sometimes, we find ourselves in a bit of a financial pinch: sometimes, it’s a sudden expense between paychecks, sometimes the car breaks down, and in some cases, we find ourselves unemployed.

Whatever the situation, you need a lifeline, and personal loans can be just that.

But what if you have bad credit?

As we’ll discuss in this article, bad credit is not the end-all be-all.

Let’s talk about the best personal loans for bad credit, how to spot them, and how to manage your repayments.

What is a Personal Loan For Bad Credit?

The best personal loans for people with bad credit are loans that don’t require a minimum credit score to quality.

They are typically repaid in monthly installments (commonly over 1-5 years), and you can use the funds for just about anything, whether it’s medical bills, debt consolidation, or even a home improvement project. These loans usually don’t include collateral. Instead, lenders will determine whether to lend you money based on your credit history and debt-to-income ratio, ability to pay back and other items.

But this begs the question: will a bad credit score impede your ability to to qualify for a personal loan?


You’re not disqualified from a personal loan if you have a bad credit score (300-629 on FICO), in fact, many lenders specialize in loans for people with low credit scores. These lenders understand that it takes years to rebuild your credit score after some “dings” and focus more on your ability to pay then your score. Let’s take a look at some of the countries top rated lenders below.

#1) GetFundsQuickly

  • Funding Amounts- $500-$50,000
  • Time Frame- 24 hours
  • Bed Credit Accepted- Click here! is one of the most efficient lending platforms for borrowers who need a bad-credit loan, whether it’s for rent, utility bills, a car payment, or a medical emergency, allowing borrowers funds from $500 to $50,000.

Just as the name suggests, is known for working rapidly: they accept all credit histories, the wait time for approval is quick (instant approval), and you should expect the funds within 24 hours of qualifying.

But doesn’t skimp out on their security for the sake of speed. They use 256-bit SSL encryption technology, so you can rest assured that your information is safe with them.

They have one of the highest limits of personal loans we’ve seen, $50,000 and the best part of the process is that you get an answer in less than 5 minutes. Click here to see how much you qualify for.

#2) Dollar Loan Club

  • Funding Amounts- $500-$50,000
  • Time Frame- 12 hours
  • Bed Credit Accepted- Click here!

Getting a personal loan has never been easier! takes less than 5 minutes (instant approval after form submit) and applicants can receive up to $5,000 cash the following day. Their network of lenders specialize in personal loans for individuals with poor credit and they are extremely fast.

Fill out the form, get a quote, and get funding the next day. is a national service with over 100+ independent lenders who licensed in every state.

This means that there’s quite a bit of variety, which will lend more options to choose from in terms of required credit score, APR, monthly payments, and required documentation for applying.

The only reason they aren’t #1 on the list is because they aren’t a direct lender like GetFundsQuickly, but they are absolutely worth checking out. Click here and see what loans you qualify for in less than 5 minutes.

#3) Honest Loans

  • Funding Amounts – $500 – $2,500
  • Time Frame – 24 hours
  • Bad Credit Accepted – Click Here!

Honest Loans is a fast-acting loan platform that offers a variety loan types including the best personal loans, emergency loans, and cash advances. These loans are handled through a large network of lenders across the country. And with their loan comparisons, you’ll be able to find the loan options with an APR you can manage.

They believe you have the right to use your money the way you want, and claim on their site that you can use the money for any purpose, whether it’s for overdue bills, gas, groceries or car repair, and bad credit is never held against you.

Honest Loans is also equipped with a state-of-the-art 256-bit SSL encryption system that protects your data as you complete your application.

Naturally, one of the biggest advantages with a personal loan from Honest Loans is that you’re not automatically disqualified for bad credit, and anyone can qualify for a loan.

To qualify for Honest Loans, you need to be at least 18 years of age, and you need an income of at least $800 after tax. You’ll also need to be in a state where Honest Loans operates (they’re not in 7 states).

#4) iCashLoans- Best Personal Loans For Bad Credit

  • Funding Amounts – $100 – $2,500
  • Time Frame – 24 hours
  • Bad Credit Accepted – Click Here!

iCashLoans is a free loan connection service that can find you short-term loans, even if it’s as little as $100.

If you find yourself in a between-paycheck emergency situation, it can be tricky to come up with the cash you need to cover your bases. But with iCashLoans, it only takes a few minutes to complete a form, which will put you in touch with one of their 50+ lenders, for free, and with very basic requirements.

iCashLoans can be helpful to those in a serious pinch: it offers streamlined access to a vast range of lenders, it’ll connect you with one that fits your needs, and you can expect to receive the funds within as little as 24 hours after approval. Click here to see how much you qualify for.

How to Compare Bad Credit Personal Loans

When it comes to bad-credit loans, there’s a vast array of options available, but let’s be clear here: some are better than others, and there are some you should simply avoid altogether.

But how do you find the right personal loan for you, and how do you know you’re making a safe choice?

Here’s how to compare bad credit loans.

Borrower Requirements

While of course credit score is a major factor, some lenders will also factor in monthly cash flow, the consistency of your income, employment, and any other debt-related history.


Compared to good-credit loans, bad credit loans tend to have higher interest rates. However, you should still compare offers to find the one that’s most affordable.

Measuring cost is done two ways:

Monthly payments: This is how much you’re paying each month toward the loan, and you can compare it to that of other lenders to find the most affordable option. While many lenders will show this information when you pre-qualify, you can also use a personal loan calculator online.

Annual percentage rate (APR): The APR of a loan is similar to the interest rate, except it also includes fees charged by the lender, like a prepayment fee or origination. And according to most financial experts, the most affordable personal loans should have an APR below 36%.


For the best bad-credit loans, the repayment period tends to fall between 1-5 years. Selecting a longer repayment period allows you to stretch out the amount you pay each month, but be careful not to over-extend it. The longer you go, the more you’ll pay in the long run, so aim for a period that fits your budget, but helps you pay off the loan quickly.

Managing Your Personal Loan

As is the case with any debt you acquire, it’s important to have a plan for paying it off.

This is where your budget becomes extremely important. Make sure to follow one that breaks down your income into necessities, things you want, savings, and debt. This will help you sleep easier at night knowing that you can pay off your debt in a timely manner.

And for some of us, autopay is a wise option. Scheduling automated payments will ensure that you’re making payments on time, and this can help your credit score in the long run. Some lenders will even offer incentives for autopay, like rate discounts.

And if anything goes wrong that could impact your income, like an unexpected expense or losing a job, get in touch with your lender right away. Some lenders offer deferment in times of hardship, and will waive late fees until you can pay again.

Do Personal Loans Build Credit?

Personal loans are a form of installment credit, and installment credit impacts both your credit score and credit report, for the better.

It’s often recommended to diversify your credit by having a blend of installment credit and revolving credit. On top of that, personal loans typically have low interest rates, so they can be extremely useful for consolidating credit card debt into one lower-cost monthly payment.

And while installment credit may boost your credit score in the beginning, it’s only going to improve over time if you make your payments on time each month.

Likewise, late and unattended payments will negatively impact your credit score. So make sure to pay on time!

Need Cash? Check Out The #1 Rated Lender In This Article, Click Here!

Here’s what to do if you’re trying to get a personal loan with bad credit.

Review Your Budget

Reviewing your budget is a helpful step when you’re getting ready to pay for a personal loan, since this gives you an understanding of what you can afford to pay each month.

Get Your Documents Ready

Make sure you have all the documents you need beforehand so you’re not fumbling for them during the application process. Most lenders will need a social security number, but some may also require proof of income or employment, such as tax documents and pay stubs.

Consider a Co-Signed or Secured Loan

While most lenders don’t place a collateral on a bad-credit loan, a secured loan with collateral (like a vehicle or property) may be the best option for those with especially low credit scores.

Alternatively, adding a co-signer can greatly improve your odds, as well. If you can’t make a payment for a co-signed loan, it’ll be on the co-signer to take care of it.

Submit an Application

Once you submit your application, most lenders (such as and GetFundsQuickly) will have an answer for you within minutes.

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