7 Top Bad Credit Loans: Approval Guaranteed - Get Cash Fast

Struggling with bad credit is one of the most stressful experiences in life. Any situation where a financial emergency pops up or if you want to consolidate your debt can make it seem impossible to get a personal loan without turning to predatory payday lenders.

However, this couldn't be further from the truth and although personal loan options can be more limited when you have bad credit, it doesn't mean that you have no options. You'll be surprised to find that there are lenders out there who may be willing to offer you a personal loan even if you have a poor credit rating.

If these companies do not consider your bad credit score, then how do they even work? These companies will look at all the factors besides your credit score such as how you manage your expenses, your average income, how much of your income you spend, etc.

Some of these lenders may even help you repair your credit score by reporting your payments to one or more of the national credit bureaus. If you make your payments on time and always pay the amount you owe, you can look forward to improving your credit score over time.

In this article, we'll take a look at some of the best personal loan providers for bad credit loans. Those chosen are reputable, charge reasonable fees and interest rates so there's no need to worry.

Best companies that provide personal loans for bad credit

BadCreditLoans.com

Overview

  • Qualifications: 18 years old, proof of citizenship(Social Security Number or legal residency), regular income, a checking account in your name, work and home phone numbers, and a valid email.
  • Estimated APR percentage: 5.99% - 35.99%
  • Loan amount: $500-$10,000
  • Loan term lengths: minimum repayment term: 90 days and maximum repayment term: 6 years

Bad Credit Loans understand that sometimes things happen that are beyond our control and as such, they are not limited to only helping those with perfect credit. As long as you reach the other requirements, Bad Credit Loans can put you in touch with some of its lending partners that may offer you a loan even if you have poor credit.

However, do keep in mind that your credit history can impact the loan amount, type of loan and the terms of the loan offers you receive. Bad Credit Loans is free to use, simply fill out the easy online form and if approved you can be on your way to securing a loan in a matter of mere minutes.

Pros:

  • Free to use
  • Loans from $500-$10,000
  • Suitable for borrowers with bad credit

Cons:

  • Loans and loan terms may not be favorable due to bad credit.
  • May give your contact information with debt relief or credit repair companies if denied a loan.

PersonalLoans.com

Overview

  • Qualifications: You'll need to be 18 years or older, have a valid Social Security Number, steady source of income as well as a valid bank account, valid email address, and phone number.
  • Estimated interest rates: This varies by lender
  • Loan amount: Loans up to $10,000
  • Loan type: Short-term loans(12-60 months)

Personal Loans is an online marketplace to source personal loans up to $10, 000 to those with bad credit, pending lender's approval. Simply fill out the online form and if approved, the money can be available to you as soon as the next business day.

You are not required to have good or excellent credit to qualify for a personal loan as Personal Loans works with lenders specializing in lending to those with bad credit. These lenders take a look at additional areas of your finances which can include the time of employment, income, and debt to income ratio, and other factors.

Personal loan payments can be scheduled monthly or bi-monthly and will all depend on your lender's terms and personal preferences. The lender will be able to provide you with information regarding their loan rates and terms.

Personal Loans cannot make these credit decisions or determine the rates and fees associated with any loan offer. You have the option to accept or deny any loan offer from any lender that does not meet your financial needs.

Pros:

  • Fast and discreet bad credit loan
  • Specialize in personal loans for those with bad credit or no credit history
  • Approval and access to cash within 24 hours

Cons:

  • No control over lender's rates and terms
  • The lender can report you to major credit bureaus if you miss payments.

Rapid1k.com

Overview

  • Qualifications: 18 years or older, a legal resident of the US, and steady source of monthly income, bank account and working email and telephone number
  • Estimated interest rates: APRs range between 169% and 1,825%
  • Loan amount: up to $2,500
  • Loan type: Short-term loans
  • Fees: Varies by the lenders

If you’re in a fix and need a short time loan, apply for a loan on Rapid1K regardless of your credit score. You can find a lender in just a few minutes by filling up the online form and get a short-term loan up to $2,500. However, lenders will perform a credit check with several bureaus to make sure that you aren’t bankrupt or have existing non-paid short-term loans with other lenders.

Some lenders may even provide you with funds even if you are not employed. However, you must be able to show proof of steady income from various sources like SSI or unemployment. You can also obtain a loan if you’re self-employed but you must meet the minimum income guideline which lies at $1200 per month.

Once both the lender and borrower(you) agree to the terms, funds may be accessible as soon as the next business day.

Pros:

  • Easy process
  • Can be approved even if you have poor credit.
  • Funds available next day

Cons:

  • Repayment method set by the lender
  • Failure to repay the loan can lead to legal action

ZippyLoan.com

Overview

  • Qualifications: valid government-issued ID, proof of residence, proof of income, and others depending on your situation.
  • APR range: between18%-35.99%
  • Loan amount: up to $1,500 - $20,000
  • Loan type: Personal loans
  • Fees: from $25 to $400 or 1%-10% of the loan amount

ZippyLoan offers personal loans from $15,000 to $20,000 to borrowers with poor credit since there are no minimum credit requirements on its website. They offer features like a soft initial credit inquiry, joint applications, and others

A soft initial credit inquiry allows you to see if you are pre-qualified for a loan with ZippyLoan online. This inquiry will in no way negatively impact your credit score. A joint application is for borrowers who want to add a cosigner to the loan.

You'll need to fill out some basic information online about yourself and your financial situation. You’ll then receive a quick decision online that lets you know if you should proceed with an official loan application.

If approved, you'll need to connect with a loan specialist by phone, online or in-person to complete your loan application. Once you’re offered a loan and you're happy with the terms and conditions, you can sign the loan agreement. You may even receive a check the same day you apply. Direct deposits may take one to two business days.

Pros:

  • Soft credit inquiry
  • Joint applications
  • Same day funds

Cons:

  • High starting interest rate
  • High origination fee

Now10k.com

Overview

  • Qualifications: valid identification, regular income, and a bank account.
  • Estimated APR percentage and loan terms: Varies by lenders
  • Loan amount: $100-$10,000
  • Loan Type: Personal loans

Unlike traditional lenders that only consider your credit score, lenders at Now 10K look at other factors to accommodate borrowers with all types of credit. Don't let past credit issues stop you from getting a loan since everyone goes through tough periods where finances seem to be stretched to the limit.

Now 10K helps accelerate the lending process so you can receive the funding you need in as little as one business day. All you need to do is to fill out the fast, easy and secure online form and within a few minutes of your information being submitted, you will receive a decision.

If you are connected with the lender, you will be directed to their website automatically and if they cannot find you a lender to meet your needs, they'll direct you to additional credit products that may be able to improve your financial situation.

Pros:

  • Can get approval even with bad credit
  • Fast process
  • Receive funding in as little as one business day

Cons:

  • The loan amount depends on your credit score and income.
  • Rates and terms established by the lender.

lendafy.app

  • Qualifications: valid identification, regular income, and a bank account.
  • Estimated APR percentage and loan terms: Varies by lenders
  • Loan amount: $100-$10,000
  • Loan Type: Personal loans

Overview

On the hunt for a competitive personal loan? If yes, look no further than lendafy.app with lenders that cater to those with bad credit. Lendafy accelerates the lending process and allows you to tap into their network of lenders with a simple online form that is free to use.

Just by answering a few simple questions about yourself and selecting the amount of money you would like to borrow up to $10,000, you may receive an offer from one of their loan lenders. If you are not chosen, they may offer to submit your information to other networks that can provide you with a smaller loan of up to $1,500.

Pros:

  • No application fee
  • Apply from phone or laptop
  • May offer additional help if not approved

Cons:

  • No long term loans
  • Short term loans aren't available in some states

Upstart.com

  • Qualifications: full=time, regular part-time job or source of regular income with an annual minimum of $12,000.
  • Minimum credit score: 600
  • Estimated APR percentage: 6.76-35.99%
  • Loan amount: $1,000-$50,000
  • Loan term lengths: 36 or 60 months

Upstart is an AI-based platform that considers a wide range of non-conventional variables like college education, job history, residence, etc when evaluating borrower's applications. They may even accept applicants who don't have enough credit history to even have a score.

Upstart claims that it has been able to approve 27% more borrowers and helped over 848,000 customers. They offer a flexible range of loan options and can be used for credit cards, other debt consolidation, and special events. You can expect next-day funding if approved.

Pros:

  • Will accept those with insufficient credit history
  • Uses AI to help in the approval process
  • Offers prequalification with soft credit check

Cons:

  • No co-signer option
  • High late fees

Frequently Asked Questions:

How do I check my credit score?

If you've ever borrowed money from a financial institution before, then you'll have a credit score assigned based on your repayment history. You should be able to check your credit score online via the credit report created by the relevant authorities which would most likely be the credit bureau.

How do I know if my credit score is good or bad?

There is a scale of judging your credit score set by Fico. Your credit score can range anywhere from 300 to 850 and a score below 670 is considered to be bad credit. A credit score between 580 to 669 is good enough while a credit score of 669 up to 850 is considered to be excellent.

How can I improve my credit score?

One of the quickest and simplest ways you can improve your bad credit score is to make your loan payments or repayments on time. Avoid late payment interest and penalties on personal loans because these can affect your credit score. Doing these may see your Fico credit score go up eventually.

What are bad credit personal loans?

Bad credit loans are loans granted to those with bad credit scores. In this instance, your credit score isn't the only factor that lenders consider when evaluating loan applications.

Can I get a guaranteed approval loan no matter what my credit score is?

Guaranteed approval for your bad credit loan will depend on certain factors and sometimes you may not be approved for a personal loan. Some of the companies mentioned in our list may offer additional help if you aren't approved for a personal loan. They may put you on to those that can help repair your credit score or lenders who offer smaller loan amounts.

Be careful with bad credit loans guaranteed approval lenders who do not do credit checks or want additional information as these can be huge red flags if you're applying for a bad credit loan.

Is it costly to get a bad credit loan?

Bad credit loans that do not require credit checks can be more expensive for borrowers than personal loans obtained with good credit ratings. This is because lenders take on a higher degree of risk when they lend to borrowers with poor credit. Lenders will then demand high-interest rates since they can never be sure if they will receive prepayments on repayments on the personal loans they provide to those with poor credit ratings.

What interest rate can I expect if I have bad credit?

Every lender establishes its criteria for personal loans approval and pricing. This makes it difficult to say for sure exactly what APR you'll be offered for a personal loan when you have bad credit. However, interest rates can range from 5.5% to 36% and if you have bad credit, you can expect higher rates.

Conclusion

If you are suffering from bad credit and in need of a personal loan, all hope isn't lost. Check out these sites mentioned on our list and see if you qualify. Bad credit loans are designed to get you money as soon as possible but they may come with high interest rates and a high origination fee. Most of these sites are free to use so browse around until you find a lender with the terms and conditions that match your financial needs.

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