Every one of us would find themselves stuck in a position similar to yours. To be ashamed of a bad credit is a thing from the past. Now, we don’t fret about these minor hurdles that may block our path to success for more than an hour. This is the exact time required for you to register your account at the web pages mentioned below.
We understand your struggle of keeping a sane mind and loaded bank account but down the road, we all splurge in these desperate times of keeping us healthy and secure. After the pandemic, almost all of the daily wage earners have found themselves in a financial crunch, but you do not need to worry as we have found the best bad credit loan websites where you can access quality bad credit loans with guaranteed approvals.
Top 6 Online Bad Credit Loans Lenders With Guaranteed Approvals
- MoneyMutual – Overall Best Bad Credit Loans With Guaranteed Bad Credit Approval
- BadCredit – Best Lending Club For Student Loans And Personal Loans
- RadCred – Trusted Loan Company For Emergency Loans With Best Mortgage Rates
- CashUSA – Most Trusted Loan Lenders For Online Payday Loans And Advance Cash
- PersonalLoans – Top Personal Loan Lenders For Low Credit Score
#1. MoneyMutual – Overall Best Bad Credit Loans With Guaranteed Bad Credit Approval
MoneyMutual was established in 2010. After the United States was hit by one of the most severe waves of unemployment. Many people found it hard to keep a belly full let alone pay their monthly payments or foreclosures. This crisis led to the establishment of MoneyMutual that opened its doors to the Americans in need of trusted hard cash for emergency expenses, unexpected hospital bills and unforeseen unfortunate accidents.
To access a loan at MoneyMutual, you are required to fill out a form and secure your chances of approval by providing correct personal information on the form. Then your loan request gets an easy pass to a potential lender who is ready to loan you the money.
Once a lender receives your information, they review and analyze it according to their set criteria. Every lender has its set of rules they follow to accept or reject a form. Your loan request may get rejected at this point. However, do not lose hope as multiple lenders review your loan request at a time.
If your loan request is accepted, the lender asks you to fill out another form on their website, review their terms and conditions, and if the terms are agreeable to you then you confirm the deal by signing the given contract. An e-signature ensures that you are clear to accept the loan. Once you’ve accepted the loan, the lender would contact you via phone, email or text message for some more information.
If the lender is satisfied with your attitude towards monthly repayment, understands your seriousness for the loan and believes in your story then they can transfer money into your account within 24 hours. However, the transfer of money may take a few days to a week according to the lender’s bank policies.
- Quick transfer of funds within 24 hours.
- Get as high as $5,000 in your account directly.
- Quick and easy loan request process.
- Simple form with fewer questions.
- Offers short-term loans for bad credit customers.
- Repay the loan in multiple pay periods.
- Trusted by more than 2,000,000 customers nationwide.
- Lenders are quick to respond to your request.
- Safe and secure marketplace for lenders.
- Free of charge for both lenders and borrowers.
- More than 15 requests within a few minutes of your request submission.
- Anyone with a checking account older than 18 years of age can apply for a loan.
- Only available in specific states.
- Proof of monthly income is an eligibility criterion.
MoneyMutual has been accredited as the number #1 site for quick loans for all bad credit scores by BadCredit.org. It is one of the most popular websites that offer bad credit installment loans. Almost every consumer that has once used MoneyMutual returns as a happy customer and praises the site for a better and quicker process every time. Their customers have claimed to receive funds within the very next business day when they needed advance money in case of emergencies. The website has dedicated a section for their customers to review their services. You can find honest reviews from both borrowers and lenders on the website.
#2. BadCredit – Best Lending Club For Student Loans And Personal Loans
BadCredit is a lending platform but not a lender itself. It hosts a widespread network of lenders that can be either State or Tribal lenders. Obviously, both the lenders have set their own principles and terms and conditions which are only disclosed when you choose to work with either of them.
Tribal lenders follow both federal and tribal laws. Although, they can turn out to be a rather expensive option if you do not belong to the same Native American tribe or if you do not understand the laws regulated by tribal lenders. On the other hand, state-licensed lenders only follow state laws of the state you’re living in and they can be a lot cheaper in terms of repayments and interest on loan.
At BadCredit , your loan can get approval even if you don’t have a near perfect credit score generally required for the approval of loans elsewhere. You are still eligible for loan approvals, at Bad Credit Loans as the creators understand the desperation of a situation hence they believe in giving fair chance to whoever may request a loan without judging their past credit history.
You can start requesting the loan by filling out the simple form available on their website. This will be able to get you a loan offer within minutes from their lenders. However, the conditions on which you can get a loan approved are;
- You should be employed or else have a legal source of income.
- You should have a checking account in your name with verifiable work and home phone number.
If a lender accepts your request, you are then redirected to their website where you can familiarize yourself with the terms and conditions of the contract.
The company urges you to only sign the contract if you have thoroughly read and decided to take up on the offer presented by the lender. Once you sign the e-contract by accepting the terms of repayment, funds are directly deposited to your account depending on the lender’s deposit process.
- No cost required to use their services.
- Vast variety of third-party lenders.
- Advanced encryption technology to protect your privacy.
- Fill the form in only three easy steps.
- Connects you with debt-relief and credit repair in times of no approvals.
- Offer repayment terms till up to 72 months.
- Request up to $10,000.
- Convenient online loan request process.
- 24/7 customer service via email.
- Single form for both state and tribal lenders.
- Articles on how to avoid scams.
- Interest rate is determined by the lenders.
- Transparent contracts with no hidden charges or false agreements.
- APR is higher than on bank loans.
- Not accredited by BBB.
You won’t be able to find any reviews on the website as it has no dedicated section for customer reviews. But we did manage to find some information and reviews on review sites. It can be confidently said that BadCredit Loans are not a scam. The customers have praised them for a quick and fruitful experience. Bad Credit Loans provide genuine services to their consumers. Almost every review was a praise directed towards the swiftness and efficiency of the company.
#3. RadCred –Trusted Loan Company For Emergency Loans With Best Mortgage Rates
RadCred is one of the best lending platforms available online. It has been one of the most trusted sources of fast cash loans for a few decades. We understand the need for money in struggling times. Everyone enjoys a good credit score but when things go out of hand, we shouldn’t sulk in the animosity of our choices. RadCred was established just for the likes of you.
The company laid its foundation to extend a helping hand to those who have found every door shut until then. It is one of the first financial companies that guided people to let go of their financial worries and get back the credit score they lost.
The application process at RadCred is rather simple. When you’ve entered correct information on your loan request for, it is then transferred to lenders from RadCred’s private and third-party network. The information provided is then verified through multiple methods by the lender.
Once they have examined your loan request, you are either accepted or rejected based on the information you supplied. Most cases that fail to get accepted had provided inaccurate information that didn’t match with the records. Please make sure you don’t ruin your chance at a quick loan by adding information not in use or expired since.
If your offer is accepted, you are then redirected to a loan agreement with terms and conditions decided solely by the lender. Before you agree to any conditions, calculate your APR and the repayment method through financial tools available on the website. Once both parties have agreed on a repayment plan, funds are transferred into your account within 24 hours.
- RadCred is a free online marketplace.
- Industry-standard encryption to protect your personal information.
- Online application takes only a few minutes to complete.
- Multiple third-party lenders.
- Multi-purpose loans to choose from.
- Trusted by millions of customers nationwide.
- Offer loans up to $40,000.
- Lowest APR offered among the competitors.
- Trusted cash transactions.
- Local lenders for quick loans.
- Support representatives to solve any queries.
- Lenders may reject applications during the verification process.
- Only for US citizens with a permanent address.
RadCred has an excellent support system with representatives eager to answer all your queries regarding the loan of choice. The lending platform has been known to help people gain funds quickly in times of emergencies. Overall, it’s a new company with limited work experience. However, they do guarantee approvals for bad credits so they’re worth a try.
#4 . CashUSA – Most Trusted Loan Lenders For Online Payday Loans And Advance Cash
CashUSA is best known for being the oldest running lending platform in the cyber universe. Borrowers are provided with multiple options for the requirement of their loan. Once you have decided which loan to go for, your loan request is forwarded to the lenders. Then the lenders receive your information and review it according to their according set rules.
At the website, you can request a loan for up to $10,000 even if you have bad credit. However, the responsibility of a stronger claim relies on you. You should be able to present a strong case in front of the lender for them to believe in you. A great news for people looking for multiple choices of lenders, CashUSA hosts both State-licensed and Tribal lenders.
While reviewing your loan request, the lender gives utmost importance to your credit score. If you wish to have a stronger claim against your loans then you need to have a manageable bad credit score. The lender analyzes your previous credit before deciding whether it’s worth investing in your loan or not.
On the website, you are required to submit a form much similar to other websites to initiate the process of a loan request. This form contains your personal information, amount you wish to borrow and your credit report. Once you’ve submitted the form, your loan request will be displayed to dozens of trusted lenders online.
If you are lucky enough to get accepted, the lender will ask you to fill another form on their individual website which states the rules of repayment and security of loan. You have the option to withdraw any offers proposed by the lender and proceed to look for others if you are not 100% satisfied by the terms and condition of the lender.
On the other hand, if you do accept the offer. The website requests you to please read the complete contract to avoid any scams or hidden agreements. After you accept the contract by providing e-consent, any failure to comply with the demands will result in a legal action taken against you. Your e-consent matters. As soon as you e-sign the contract, the funds will be directly deposited to your account which you can withdraw any time.
- Only takes a few minutes to fill out the loan form.
- Industry standard encryption to secure your privacy.
- Loan duration to extend 72 months.
- Money is deposited in your account within one business day.
- Extensions on repayments to avoid damaging your bad credit further.
- Detailed information on terms and conditions by the lender.
- Detailed education section on maintaining good credit score
- The highest level of security to maintain customer privacy.
- 24/7 customer service via e-mail and social media.
- Offers other services such as debt-relief and credit monitoring.
- Easy and convenient online process.
- Free of charge service.
- Requires proof of monthly salary up to $1000.
- Extra information required for first-time transactions.
#5 .PersonalLoans – Top Personal Loan Lenders For Low Credit Score
People with bad credit are only left with one option; to get loans on a high interest rate and pay serious penalty fees. In those hard times, you carelessly fall for scams. This world is not your friend and you shouldn’t think that either. People would try to use your vulnerability against you. In such times, we all look for a trusted platform which could deliver what they say. PersonalLoans helps you get a loan for whatever reason you may have, no questions asked.
Whether you have tuition or a much needed vacation to pay for. The lenders at PersonalLoans.com will help you settle whatever financial matter has you scratching your head. Also, you will not have to pay a penny to get yourself a registered account. As the website is completely free and does not charge their customers any fee for their services.
You are given two options to choose from the widespread network of lenders. The online loan form is designed to link your loan requests with potential lenders and third-party lenders that may offer you a loan.
You start your loan request process by filling out a simple form on the website. The form requires your correct personal information, previous credit score, source of monthly income, amount you require, your credit type and reason for your request for loan.
Once your request is viewed by the lenders, they will offer you to fill out a form on their individual website. This application would require you to agree with the terms and conditions, repayment plans and the time it would require you to return the money with interest.
The lender would directly transfer funds into your account once you’ve agreed on a mutual repayment plan. This process can take from several hours to almost a week depending upon your loan provider and their bank policies.
- Let’s co-sign to save almost a hundred bucks on interest and penalty fees.
- Repayment can be withdrawn from account every month.
- Obtain a loan of up to $35,000.
- Allows you to make comparisons between lender proposals.
- Allows you to put a loan request for multiple reasons.
- Simple online loan request process
- No hidden charges or upfront costs.
- Service is free to use for both lenders and borrowers.
- Funds can be transferred within 24 hours.
- Most competitive APR in the lending market.
- Offer other services such as credit score monitoring and debt-relief.
- Protects your information with advanced data encryption technology.
- Previous bad loan repayment history may result in rejections.
- Not available nationwide.
The customers at PersonalLoans have generally been satisfied and appreciative with the services provided to them. They feel content when navigating through the multiple options to choose between lenders. PersonalLoans.com provides detailed information regarding the lender which most customers have found to be useful while confirming a deal. In case of missed or late repayments, lenders have shown courtesy and extended the day of repayment for customer convenience. If you choose to work with PersonalLoans.com, you will surely be pleased with their services.
#6. Funds Joy – Best Interest Rates On Installment Loans
Funds Joy is a fairly new company that doesn’t say much about its whereabouts other than that it is established in Oakland, California. When applying for a loan, we concern ourselves with questions and doubts. These uncertainties in our life lead to anxiety. But why should we suffer from our mood changes because we have a bad credit score.
Having a bad credit score is not the end of the world and you shouldn’t fret over it for too long. To help you bypass the long queues at the loan office and avoid unnecessary questions from the bank which usually result in a “hard pull” further debilitating our mental and physical energy, Funds Joy has set up an online marketplace for potential lenders and borrowers.
To skip the process entirely, Funds Joy will help you recover your bad credit with minimal requirements by finding you trustworthy sources of money. At Funds Joy, you will get that chance to move forward with an avoidable burden. The website allows you to register for free and connect with a lender that suits you best.
The process of loan request has been made rather simple and convenient. The application form contains only relevant questions regarding your personal, banking and financial situation at the current moment. It only takes a few minutes to complete the entire registration process and to send your loan request into the system.
Funds Joy will give you multiple offers once your request has been viewed by the lenders. These offers depend upon your credit score and monthly income. Before selecting any offer, go through the terms and conditions, interest rate, lender’s fee and total lending cost.
If you are completely satisfied with the terms then accept the offer by e-signing the contract. Your required funds will be available in your account the next day.
- Free website for both lenders and borrowers.
- Takes only a few minutes to submit a loan request.
- Advanced security measures to avoid any leak of personal information.
- Get a loan of up to $5,000.
- No hidden charges or fees for customers.
- Allows you to review lender’s rates and charges before connecting to the lender.
- Access your account from anywhere.
- No external paperwork required for loans.
- End-to-End encryption secures your dealings.
- Funds are transferred to your account within one day.
- Available in every state of the United States.
- Applicants with a previous bad credit score may not get approved.
- Only citizens with $1,000 of monthly income are eligible.
Funds Joy may be a fairly new company; however, it has gained quite a reputation in the marketplace. Although the website has no dedicated section for Funds Joy reviews, it can be fair to say that you will have a smooth and efficient experience with the lenders at Funds Joy. Don’t be shy while applying for loans at Funds Joy, they have been known to provide easy and quick loans to people in need.
Factors to Look for While Getting a Bad Credit Loan
If you have found yourself in a clutch and are unable to get yourself out of the stressful mind, boggling situation of bad credit then look no further as we have written down all the factors you require that will result in an efficient and quick experience with any lender without the risk of getting scammed or jeopardizing your critical personal information.
Lenders will always prioritize lenders with a good credit score. Credit scores range from 300 to 850. Anything below the mark of 630 is considered bad credit by the financial bureaus. Before you apply for a loan, you should check whether you fall in the eligibility criteria or not. It would be careless to apply for a loan that you do not qualify for. To check your eligibility criteria, check out the online credit calculator to estimate the exact score you are required to achieve.
To check your eligible credit score, you can also check out the websites listed above. Every lending website has a FICO score that each lender would compare yours with before approving your loan request.
Another important factor is your monthly income. You need to have a job to be eligible for any loans. Unless you are being provided by someone else, you need to submit your monthly salary report to determine whether your income can compensate for the loan you are asking for. If your monthly salary is lower than the amount required to repay the loan, your chances of approval are dull.
However, if you have a bad credit score but a stable income that would not hinder the repayment plan then the lender would have no problem with approving your loan. Lenders usually ask for additional information regarding your financial status and your monthly income before finalizing their offer. These are necessary steps any lending platform would practice to ensure they will get their money back.
Banks and credit unions have a different system while estimating the Annual Percentage Rate you are supposed to pay the interest on. Whereas, online lending platforms host a network of lenders that determine the interest upon your credit score. If you have a good credit score, you would pay less interest on your loan. However, in this scenario, you might be asked to pay a higher interest depending upon the severity of your bad credit.
Online lending platforms that issue you loans on the basis of your bad credit will charge higher interest rates than the companies that consider your credit score. Before applying for a loan, you should be clear on the grounds you are being charged more. These interest rates may seem higher than normal but they are not far from the common rates.
It is best to compare different interest rates when looking for online lenders. This would ensure that you make the right decision before agreeing upon a contract. Most of the lenders have their interest rates up on their profile. A better option is to look for lenders with fixed interest rates as it would not fluctuate during the constant ups and downs APR’s may suffer from.
Terms and Conditions of the Loan
Once your loan has been approved, the lender sends you a list of terms and conditions regarding the loan and the repayment of the said loan. It is very important to read the entire contract without missing the details that could make or break your loan proposal. There might be instances where you would like the lender’s offer but would feel hesitant in agreeing because of the stricter terms and conditions of repayment.
It is best to go with a lender that does not have very strict rules regarding repayment. Especially if you ever miss a repayment date, you should be able to swerve your way out of it swiftly without the need to pay penalty fees. Therefore, please make sure you read all the required terms and conditions before e-signing a contract.
Additional Charges and Penalties
Lenders may charge an additional fee called administrative fees to initiate your process of loan. This amount is not a part of your loan and you are to pay it separately. People with a history of bad credit may already be aware of the penalties imposed upon late repayments, bounced checks, inadequate funds and failure to repay the loan. These charges are additional to what you are already borrowing.
The additional fees vary from lender to lender according to the state and tribal laws. Some lenders would not charge additional fees or penalties on repayments and some would charge $30 on each late payment.
How To Acquire A Loan With A Bad Credit?
You may be constrained to look for other options due to financial difficulties. Under such circumstances, we ask you to look at the online lending platforms we have mentioned above. You may feel alienated initially, but fret not. As we have broken down points you need to know before you obtain a loan from potential lenders.
Choose a Reputable Lender
The websites mentioned above would require you to submit a form consisting of your personal, financial and banking information. Then the lender reviews this information and decides whether to give you a loan or not. In some cases, the lender would ask you some extra information regarding your monthly source of income and your previous credit history.
Review Terms and Conditions
Once you have satisfied the lender, they will draw a contract stating the terms and conditions regarding the loan you are borrowing. If you agree to those conditions, the lender asks for your e-consent to finalize the deal. Finally, the contract is mutually agreed upon and funds are transferred to your account within one to three business days.
Budget your Expenses
This is one of the easiest ways to save money if you live paycheck to paycheck. If you make a list of items that require your urgent attention then separate a small amount of money from your salary each month, you would be able to save quite a bit for a rainy day.
Cutting down on your expenses and budgeting your lifestyle has never hurt anyone. People may not pay heed to budgeting as you only live once but not everyone wishes to spend their life’s earnings on replaceable items. Instead of buying things against your credit, you should save whenever you can. This habit would one day come in-hand when you need extra money for an emergency.
Alternative Bad Credit Loan Options
If you fail to secure the bag at an online lending marketplace then you don’t need to sulk in it. There are multiple other options that you could discover while looking around. Some of the options that you could look into are;
This loan can be obtained from an online lending marketplace. Any lending platform would have a network of local and third-party lenders. These lenders would generally approve of personal loans for people with bad credit. However, they do charge a higher interest rate than your bank or credit union.
Personal loans neither require collateral nor pay heed to your bad credit score. These loans are short-term and can be paid in easy monthly installments.
Credit cash advance
Some banks give you the option to liquidate your credit. This works in a similar manner to your credit card expense. You pay with your credit card for things you require then you pay it back. Similarly, your bank would allow you to withdraw cash in exchange of your credit then pay it back once you have the desired funds.
Ask help from your surrounding
You can ask your employer to give you a few months of advance salary in exchange for a guarantee that you will not seek work elsewhere while you are paying for your loan. You can also ask your close family members if they have some extra cash lying around that you could borrow for a small time period in hopes of returning it once you have enough cash on you.
Treat this type of loan as any other loan with clear terms and conditions. Remember, you could sever your ties with your family members if you fail to comply with your words. They might not take legal action against you but you would definitely lose a family member that once trusted in you.
Frequently Asked Questions About Bad Credit Loan Lenders
We guessed that you would have quite a bit of questions making rounds in your head right now. Rightfully so. We understand that the entire process of making loan requests may seem a bit chaotic. However, we are here to answer every question you may have.
#1. How to check your credit score?
If you have ever used a credit card and made purchases on it. You are bound to have a credit report. This report comprises the money you owed to the financial institute and the money you have paid back. If you have successfully repaid every amount you ever owed in terms of credit card or loan payments then you might have a perfect score. However, if you failed to pay any of the repayments, it would negatively affect your credit history.
You could ask for a copy of your credit report from any of the three main credit bureaus free of cost. The credit bureau would compile all the information they have received from various financial institutes you have contacts with and generate a credit score for you.
#2. How can I improve my bad credit score?
You can easily avoid negative points on your bad credit report. All you have to do is make timely payments to your lenders or your credit card company, avoid getting into situations where your credit report might have the negative impression of a hard inquiry and ask for a yearly free copy of your credit report from any reputable credit bureau.
If you already have a bad score which is usually anything between 300 to 570. You can remove it by properly budgeting your expenses so you don’t make any haste payments when not necessary.
#3. How to get personal loans without getting my credit score checked?
You can get personal loans from people you may know or from other places which would require you to pay a higher interest rate along with your collateral if you fail to repay them. You could get a personal loan at a pawn shop in exchange for something equally valuable, you can ask for an auto loan if you wish to buy a car by attaching your vehicle’s title to your lender and you may also ask your employer for money.
However, all of these options would end up badly if you are unable to make timely payments. You can lose your valuables, your vehicle and your job if you are unable to compensate your lender.
#4. Can unemployed citizens apply for a credit score?
You don’t necessarily require a steady income to apply for a bad credit loan. But you have to show any source of income which could make the monthly repayments of your borrowed loan. If a lender agrees to pay your desired loan after judging the sufficient information you provided them, then they may approve of the short-term loan you applied for. A lender considers various sources of income as long as they are repaid fully every month.
Final Verdict About The Best Bad Credit Loan Lenders
To conclude, it is quite easy to obtain a bad credit loan if you are aware of all the do’s and don’ts. The process of acquiring a bad credit loan is quite straightforward and has been explained multiple times in this article. We have you prepared for any unfortunate incidents that could occur in future.
We recommend that you go through all the six websites separately after reviewing our brand’s reviews, features, pros and cons. Once you get an idea of how things work, you’ll be able to better understand the terms and conditions of the loan you are looking to borrow.
We hope that this guide was a useful one for you and that you are able to find the best bad credit loan with guaranteed approval for yourself. Good luck!