Having a bad credit score is probably one of the worst experiences yet. You will inevitably need a loan for something in your life, whether it’s for a car or to pay an expense you didn’t see coming.
Having bad credit scores makes the process of getting a loan quite unpleasant. And the worst part is that bad credit is usually not the borrower’s fault—usually, bad credit results from an emergency or other difficulties.
We have found many reputable lending marketplaces that people with bad credit can turn to if they need help. This article reviews the top online bad credit loans marketplaces where those with bad credit can enjoy guaranteed approval.
2022’s Top Online Loans Lending Brand Reviews
- MoneyMutual: Overall Best Bad Credit Personal Loan Lenders, Top Rated
- FundsJoy: Best Loan Lending Company For Low Credit Score
- Bad Credit Loans: Online Loans For Bad Credit based on Interest rates
- CashUSA: Easy Approval For Fast Cash Advances
- Personal Loans: Lowest Bad Credit Personal Loans Interest Rates
#1. MoneyMutual: Overall Best Bad Credit Personal Loan Lenders, Top Rated
MoneyMutual is a top-of-the-line platform with guaranteed approvals if you have bad credit. In addition, this lending network site connects borrowers with lenders providing short-term loans. They have a network of over 60 different lenders, and they can help you discover a bad credit personal loan provider willing to work with you on a payday loan or other loan type.
This marketplace is the ideal place to be if you require a bad credit loan. The team is always working hard to ensure that customers get their money in just 24 hours. In addition, MoneyMutual is there to help you cover a money emergency the second it comes up.
Before deciding whether to take the loan, review the terms and conditions. The straightforward nature of MoneyMutual lets you know they are not part of the loan itself- such as the terms and interest rates- but they are a go-between, a middleman if you will- helping people connect to lenders.
Quick and Easy to Apply: MoneyMutual’s services mean there’s no more going to a physical office to apply for a loan. Thanks to the world wide web, you can apply and get money from your living room. You can apply for funding so long as you have the Internet and a smart device/laptop/PC. They make it easy for those with bad credit to get the funds we need.
You can access every MoneyMutual lender by going to the site and filling out their online form. This procedure is far easier and less time-consuming than going to a dozen lender sites and applying there.
Since the forms are simple and ask for basic info, you won’t have to spend more than five minutes on them. Afterward, you can get a loan up to $5k.
Flexible Repayment Terms: MoneyMutual works with 60-plus lenders, all of them reputable and safe. They compete for your business, which helps you feel assured you’ll get that loan. They have a minimum and maximum loan amount. You can get a small amount, such as $100, or the largest amount, coming in at $5000. No matter your credit rating, your money should be available in just 24 hrs.
Plus, the payback procedures are pretty reasonable. If you are worried about missing a payment, call the lender ahead of time so they can work with you on it.
User-Friendly, Safe Site: Submitting personal info online can be a scary venture, and many people are wary of online lending sites. Thankfully, you don’t have to worry about MoneyMutual. They use industry-leading security technology to keep everything safe as you submit it. Plus, all info gets encrypted for your privacy.
Customers Love It: Customers are happy with their MoneyMutual experience. Plus, they enjoyed the friendly and prompt service from the reps working for MoneyMutual. Also, they liked the many payment options available.
It’s no secret why they’re number one on our roundup- 2 million happy clients can’t be wrong. They liked the quick payout of the loans, and they loved that they could get prequalified and see dozens of offers with no charge.
- Loans offered up to $5K
- Free, simple to use website
- Quick applications, few requirements
- Big lending network
- Money gets to you fast
- Educational blog posts/pages for consumers
- No loans provided to CT or NY customers
#2. FundsJoy: Best Loan Lending Company For Low Credit Score
Funds Joy is a corporation that is involved in the payday lending industry. They are also one of the most well-known providers of bad credit loans in the United States. FundsJoy is a platform that connects you with people who can supply you with finances ranging from $200 to $5,000 right now. Because FundsJoy works with a number of active lenders, this is achievable. Low loan sums of $300 to $500 are also available, and they are far more prevalent than bigger loan amounts. Payday loans, cash advances, and bad credit loans are all available through FundsJoy. Due to low qualification standards payday loans are easy to receive. Their interest rate, on the other hand, is usually quite high.
Easy Application: FundsJoy has an easy and quick application process which takes only 10 minutes to completely fill. They only require basic information in the initial step and later require information in accordance with the direct lender chosen.
Flexible Repayment Terms: Online personal loans come in a number of shapes and sizes. In the meantime, the majority of these lending sites only offer one sort of loan. Peer-to-peer, installment, and bank loans are the three loan options available. The amount you can borrow and the minimum credit score required to get accepted change for each category.
It’s a one-stop shop for all your borrowing needs with such a wide selection. Interest rates vary between 5.99 percent to 35.99 percent. However, the terms and conditions can change without prior notice.
- Instant money transfer within 1 day
- Direct lenders are flexible with terms
- Loan amount ranging up till $5000
- FundsJoy is not a direct lender
#3. Bad Credit Loans: Online Loans For Bad Credit based on Interest rates
As you can tell by the brand name, Bad Credit Loans pulls no punches. They know some people have bad credit but still need a loan. So, the brand strives to secure your loan fast and places no restrictions on what you use the loan to pay off.
But, before you get approved for a loan, the company offers you educational materials to help you borrow smart. This info gets you the required knowledge to safely and smartly use the money you’ve borrowed, so you’re not in debt with nothing to show for it. The site also teaches the pros and cons of borrowing.
Whether you need the money to prevent the electricity from being shut off, fix the car, or repair a window, Bad Credit Loans can help. You can also utilize debt consolidation loans along with their quick-approval of bad credit personal loans.
Quick and Easy to Apply: Not only are the loans disbursed quickly, but pre-approval for these loans is free. The application you fill out comes at no charge and takes just five minutes to fill out.
Clientele with credit scores of 500 and lower get accepted for loans, with these candidates getting matched up with high-risk lenders. In addition, they can help refer you to other third-party lenders if you don’t match any providers in their network.
Customers may use the site to look for credit card loans, student loans, auto loans, and more. Those seeking business loans will rejoice in hearing that Bad Credit Loans offers small business capital.
Flexible Repayment Terms: If you need a large cash loan, Bad Credit Loans can assist. Depending on what you need, the platform could help you get a loan of $10K. Even though this is a large amount, they offer fair repayment terms.
You can take anywhere from 3 to 72 months to pay it all back, entirely appropriate when compared to traditional lenders.
The lenders who work with Bad Credit Loans offer standard rates to the industry, ranging from 5.99% to 35.99%. In addition, the lender will determine the interest rate based on your credit score.
By applying for a loan with Bad Credit Loans, you’ll have an ally in your corner. A lender will never pressure you to select an option. Instead, your application will be open until you choose an offer. And if you don’t qualify, they’ll show you other loan platforms you can utilize.
User-Friendly, Safe Site: The website uses high-grade encryption to keep user data safe- this way, you can focus on borrowing the money you need without constantly worrying your private data is getting stolen. The marketplace is available 24 hours a day, 365 days a year. So, if you need a loan, feel free to apply, even if it’s a weekend or holiday.
Customers Love It: In our research, we discovered many positive reviews for Bad Credit Loans on sites such as Trustpilot. Customers felt overjoyed at the quick approval and flexible repayment options, as well as the friendly and prompt customer service personnel.
- You can get approved in just 1 business day
- Safe and user-friendly site
- You can get up to $10,000
- 3 to 72-month terms for repayment are available
- No fees for using the service
- Great if you have bad credit
- You must be employed, self-employed, receiving SSI/Disability payments, or some other form of income.
#4. CashUSA: Easy Approval For Fast Cash Advances
CashUSA is a loan marketplace that helps lenders reach borrowers via the web. The loan amounts are on the small side, and they’re great if you don’t have a lot of cash but need some quick money right now.
Plus, the company has a wide variety of loans, all based on the many needs of the borrowers, and all of them offer approval in just a single business day. The company works closely with many lenders willing to provide service to customers with poor credit scores that aren’t the best.
Also, CashUSA gives you a ton of time to think about each offer before taking the loan. So, you don’t need to worry about getting stuck in a loan with terms and conditions you can’t handle when you’re in a pinch.
Quick and Easy to Apply: You won’t need to wait in line to fill out a paper application only to get denied. Instead, you simply work with CashUSA by creating an account and submitting a pre qualifying application. You will have access to all info regarding the terms of your loan also.
You shall get connected to lenders that will send offers based on the application. If you like the offers, read them carefully, and accept the one that makes sense for you. Remember, you only have to enter info after you’ve accepted the loan offer.
The loan will get processed in just a few minutes after filling all the necessary fields. The money will hit your account in just 24 hours in most cases.
Flexible Repayment Terms: CashUSA connects you to various lenders using its online lending network. But depending on the loan chosen and your credit score, you may get charged with higher interest rates.
The repayment terms are one of the best we’ve seen. Depending on how much got borrowed, you could pay it back with interest in 6 years.
If you haven’t read your credit score recently or don’t know it offhand, you could select the “not sure” choice. But if you include it, you become eligible for a higher loan amount. Remember, you can get your score once per year free by going to one of the three major credit bureaus.
AutoPay is the best option for repaying your loan, as it helps you avoid missing a payment. CashUSA offers this, making your life easier.
User-Friendly, Safe Site: You will be entering lots of sensitive info when you use CashUSA, but that’s nothing to worry over. The site uses encryption software to keep your data safe, and customer reviews show that this keeps all private info away from bad actors.
Customers Love It: CashUSA is always there to help customers with questions and concerns, and you’ll always be able to speak with somebody during regular business hours. Plus, you can always send an email to them 24 hours a day. Customers also praised the varied loan terms and the secure website.
- 1 million users a month use this platform
- Instant approval
- You can get loans up to $10K
- Flexible repayment terms
- Interest rates range from 5.99% to 35.99%
- They require highly detailed personal info
#5. Personal Loans: Lowest Bad Credit Personal Loans Interest Rates
Personal Loans provides its customers with a more traditional approach to lending, getting customers the quick funding they need even when their credit score isn’t great. This online marketplace helps you get the money you need even when options are limited. So, if you need your car fixed or money to fix an unforeseen problem, this is your place to score a loan.
This company lets you demonstrate your ability to repay a borrowed sum of cash and build up your credit while getting the money you need. Personal Loans has peer-to-peer loans and emergency loans, along with installment loans.
The services offered are secure and fast; once an application is submitted, it takes just minutes to review it. You’ll get an answer right away. From there, you can begin to negotiate with the lenders, set the terms and choose the most relevant offer.
You’ll present at every step of the borrowing process, so you don’t need to accept any offer that doesn’t appeal to you or meet your needs.
Quick and Easy to Apply: When you’re dealing with a problem like a broken-down auto or an overdue utility bill, time is of the essence. Thanks to this, Personal Loans has created a simple, fast application you fill out just once before gaining access to all lenders in their network. This application is free, but the loan terms vary based on chosen loan type.
You have to be 18 years old, possess a valid SSN, and be a permanent US resident/citizen to pre-qualify. Personal Loans also ask for your income sources. You will have to prove you are employed full-time, self-employed, receiving benefits like Social Security or Disability, or another income source such as an annuity.
You will also have to provide your valid checking account information- this way, the lending partner can deposit your money after you are approved.
Flexible Repayment Terms: Personal Loans have a wide variety of loan types available meanwhile, most of these lending platforms offer just a single type of loan. You can select from three loan types- peer-to-peer, installment, or bank loans. Every type differs in terms of the borrow money and the required credit score to be approved.
Their loans range from $1K to $35K. With such a range, it’s a one-stop shop for all your borrowing needs. The interest rates range from 5.99% to 35.99%.
User-Friendly, Safe Site: The good news is that Personal Loans is an OLA member, so it operates with integrity when dealing with borrowers and lenders. Their customer service team is at your service to provide you with all the help you need and connect you to lenders that can help- day or night. They’ve even got several great resources to protect you from fraud, plus a wide range of free guides that discuss various loans.
Customers Love It: Personal Loans is the place to be if you need to upgrade your home, consolidate your debt, or get money to pay for an unforeseen expense. You can get a loan for $1000 up to $35K. The company is a great help for their clientele, deciding which loan best suits their needs.
- Large dollar amounts available
- Flexible repayment options
- SSL-secured website
- Quick funding
- Easy signup process
- Many lenders to choose from
- Interest rates capped at 35.99%
How We Made This List Of Loan Companies
Many lenders list their eligibility requirements on their websites. For instance, you may see minimum citizenship requirements, minimum credit rating, income, and age. We chose companies that have the most basic of basic qualifications to make the process simpler for borrowers.
Reasonable Interest Rates
Lenders use many different criteria in figuring a borrower’s APR. We chose a company that cap at 35.99% APR. Hopefully, you will not get a rate this high, but if you do not qualify to get a lower rate, we made sure there was a cap- that way, you weren’t paying sky-high interest rates.
We have chosen lending companies with repayment terms from months to years. So, you can enjoy a wider variety of options when you take out that loan. A lengthier loan term means you don’t have to pay as much each month, but you have more interest to pay. A shorter loan term means you can climb out of debt faster and make larger payments.
Good customer service matters. You deserve somebody knowledgeable, friendly, and prompt when in a financial crisis. If you have questions about these loan marketplaces, rest assured you can contact their customer service reps for answers.
We even emailed them a few questions, simply posing as potential customers. We were pleased to report that they got back to us quickly and were very polite in their response. You’ll love these marketplaces not only for the loan options but for the customer service as well.
You’re already dealing with financial hardship- there’s no need to stack more costs on top of your already expensive problem. The loan marketplaces you’ll learn about are free of charge and will not cost you extra to see what you qualify to get.
There are no payments necessary to fill out the application, get pre-approved, or see who is willing to help you with a loan. You will still pay fees associated with the loan, such as an origination fee, so make sure you understand them before you sign.
Loan Dollar Amounts
Loan companies will determine the length of your loan and your loan’s dollar amount based on your credit history and credit score. But, many regular lenders, such as credit unions, banks, and more- will not give a loan out of more than a few hundred dollars to bad-credit applicants.
However, the brands we’ve chosen are pretty generous when it comes to bad-credit applicants, and they are willing to work with you to get the dollar amounts you require.
When you’re in a hurry to get your money, you don’t have time for long intake forms and reams of paper applications. But, if you have poor credit, you’re probably going to need to apply to many lenders and fill out page after page of application forms.
And, if they do a hard pull on your credit, your credit score will end up lowered every time. So, we chose brands that feature simple application processes, which take you just a few minutes to fill out.
Getting the funds fast was another thing we checked out when making this list about bad credit loans with guaranteed approval. Every loan provider you see on this list will have your money with you in just a few business days- and in some cases, 24 hours or that very same day.
Factors to Consider
Terms & Conditions of the Loan
The critical part about getting a loan is to read that fine print on the lending website before deciding to take it. Some lenders can get customers good loans at great interest rates, but they have stringent payback requirements.
How you spend the loan is also regulated by each lender. These constraints are worth understanding, especially if you feel you’ll have trouble paying back the loan on time.
Why Do You Need the Loan?
When hunting for a loan, the critical part is knowing why you’re getting it. This way, you’ll know which dollar amount is best for your situation.
Secured loans for bad credit are the way to go if you’re buying a car. Meanwhile, unsecured loans are ideal if you’re looking to repair your car or use it for collateral.
Afterward, your next step is to find out how quickly you can get your cash; companies offering quick funding are the best because you can use the money to solve the problem and start paying back the loan quickly.
Penalties and Fees
It depends on the lender, but you may get charged retirement, origination, and late fees. Some lenders do not charge origination fees. Meanwhile, others charge a percentage of the loan.
Lenders will provide you with a range of repayment choices- you can have payments auto-debited, you can pay online, or you can send checks/money orders in the mail. Some lenders even let you change your payment date, so it occurs on a day that’s convenient for you.
Read Your Credit Report/Get Your Score
Before you apply for your loan, make sure you look carefully at your credit score and credit report. The three bureaus allow you to get a free copy of your credit report every 12 months.
You can determine your credit score and learn where the blemishes are. Then, if you discover old debts or errors, you can fix them before applying for that loan.
Do Your Due Diligence
If you’ve got bad credit, you may think that you’ll never get reasonable interest rates. However, a little research could help you get a better rate. Your credit platform or bank may be able to provide a better rate. On the other hand, you may wish to seek a credit union. You can find low rates from online lenders. Some personal loan lenders have interest rates as low as 5.67%.
Create A Payback Plan
Checking the interest rates of these loans is an essential part of getting the loan repaid. After all, you have to repay the loan on time, every time, so be sure to plan for repayments on that loan. If you feel you won’t pay them back on time for one of your monthly installments, you have to plan for additional charges like late fees.
Interest Rate Comparison
Before making a final decision, make sure to spend a little time comparing various interest rates and seeing what various lending platforms can offer. You may get a pre-approval for your loan, which gets you an idea of the interest rates you’ll be paying.
It’s important to understand that this doesn’t impact your credit score. Money lending marketplaces will let you get interest rate quotes from many lenders, making it easy to select a lender and choose a rate that works for you.
FAQs About Bad Credit Loans & No credit Check Loans
I am unemployed. Can I still get a loan with guaranteed approval?
One of the many advantages of getting a bad credit loan is that you can still be eligible, even if you are unemployed. You may not necessarily have to show steadfast employment for your credit request to get approved. You may still be eligible if you get disability or Social Security payments monthly or unemployment benefits.
So, even if your credit is poor, you should still check out the lending marketplaces above. They may be able to approve your short-term funding request if they have evidence, you can pay it back. In addition, a lender will check all your income sources, not just a job.
How do you check your credit rating?
If you’ve ever taken out a loan using a bank or credit union, you may have received a credit report based upon your history of payback. It may take up to five months to generate the credit score. This numerical rating is called a FICO score, and it goes from 300 to 850. 300 is the lowest, and 850 is the maximum score.
Your credit score won’t show if you’ve never taken money from an accredited financial institution. The credit bureau assembles the required data to form your credit rating. Their report lets you verify your credit score online.
If you fail to repay your loan on time and your account balance is low, this will impact your credit rating. Meanwhile, making payments on time and keeping your balance up will help you increase your credit score as time goes on. In addition, you will pay lower interest rates if you have a strong credit score compared to a poor one.
Should I pre-qualify before getting my bad credit loan?
No one applies for a loan because it’s enjoyable. More than likely, you are doing it because you need that cash. So, it’s wise to figure out what you are eligible for before you do the hard pull on your credit report.
You offer the lender access to your credit report and score via their application when applying for the loan. They make sure the funds go to the correct person. This action requires a hard pull on your credit report, resulting in lowering your score by just a few points.
Prequalifying is a soft pull on your financial health without lowering your score. You are not guaranteed a loan, but you can see who’s willing to help. This process involves entering basic financial info and basic information such as your name and age.
How can I fix bad credit?
Fixing bad credit is not easy, but you can do it. You can climb out of a poor credit score- it just takes a bit of hard work and diligence on your part. Here’s a quick rundown of what it takes to fix bad credit.
For starters, get your credit report. This credit report comes at no cost to you once a year and lets you know what needs to get fixed. Check out Experian, TransUnion, or Equifax to get your report. Plus, the Annual Credit Report Request Service can help.
Once you have your report, check it over for errors. Some examples are fraudulent activity, data management errors, or accounts lenders closed on you. However, there are many more, so get that copy and start looking.
Next, dispute any errors you find. Then, report those errors to the credit bureau that issued your report. Of course, you will have to include documentation, proof of your identity, and more info- but this can help you raise that score. You can do all of this online, making it much easier overall.
Next is challenging but worthwhile- paying those past due accounts. We know money doesn’t grow on trees, so it’s hard to come up with the money for such bills. However, the longer the payment is overdue, the worse for your credit.
You may also try increasing your credit limit. Increasing it may improve your score. However, do not use the limit to buy frivolous or unnecessary items. Having a lower credit utilization ratio is ideal for your credit rating.
Next, focus on your high-interest, new accounts first. You should pay off an account with a high-interest rate- for instance, a credit card with 14% APR before you pay off a balance that has, say, 6% APR. You may also pay off small balances first.
For example, if you have a credit card with a $300 balance on it, it may seem tempting to put that on the back burner in favor of a larger loan. But paying off the smaller balance gets that out of the way and prevents interest from compounding on it. However, you should still make the minimum payments on your other accounts to keep those in good standing as well.
Lastly, pay off those balances on time. Paying off debt is very important when it comes to repairing credit. Making payments on time shows creditors and lenders that you are responsible. So, whether you pay your credit card or your utility bill, make sure you’re paying on time. Set up auto-payments for your monthly installments so you are always on time.
Conclusion: Which Loan Company Is The Best For Bad Credit Loan?
That’s all you need to know! This article concludes our report on the best bad credit loans with guaranteed approvals. We hope you learned a thing or two about places you can go if you need a loan.
Remember, if you ever feel as though you cannot pay the loan back on time, give them a call to see what options are available. Missing a payment means your credit may go down, so do all you can to avoid it.
If you want the best choice, go with MoneyMutual. They are an industry leader and provide the best choice in bad credit lending. Regardless of which company you go with, every business here is known for being professional, having excellent customer service, and providing plenty of positive feedback.