ADVERTISER DISCLOSURE
Close
Best Personal Loans For Bad Credit (Guaranteed Approval Options)
Are you tired of being rejected by banks because of your past financial mistakes? We’re here to help you find online personal loans for bad credit that offer guaranteed approval to eligible borrowers.
BadCredify made the list of the best companies that provide unsecured or secured personal loans with fixed monthly payments and high approval rates to borrowers with any credit. Check them out, find a suitable loan offer, and get your money today!
Best Personal Loans For Bad Credit With Nearly Guaranteed Approval
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees up to 12%
- $15 late fee
- $15 NSF fee
- Quick access to loan funds
- No prepayment penalties
- Flexible monthly payments
- Soft credit check when prequalifying
- Flexible loan amounts
- Origination fees up to 12%
- High maximum annual percentage rate
- Co-signers aren’t allowed
- Hard credit checks for final approval
- Limited repayment loan terms
One business day (same-day funding available)
Poor credit borrowers who can’t qualify for traditional personal loans
Upstart is a financial platform that enables borrowers with low credit to get personal loans with flexible payback options. Its key advantage is same-day funding.
Upstart does not do hard credit checks when you prequalify. In addition, customers can apply in the morning and receive their personal loan by the end of the day.
- Quick funding (same-day deposit available)
- Available to borrowers with poor credit
- Soft credit checks when viewing your rate
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Live in states the company operates in
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- No fees for loan processing, late payments or prepayment
- Quick access to loan funds
- No prepayment penalties
- No origination and late fees
- Flexible monthly payments
- Reports on-time payments to credit bureaus
- Borrowers with any credit can qualify
- High interest rates
- Small loans amounts
- Hard credit checks are performed
- Not available in all states
One business day (same-day funding not available).
Poor credit borrowers who can’t qualify for traditional personal loans
Rise gives a credit boost to borrowers with low ratings by reporting payments to two major credit bureaus. Fast funding and lenient requirements are overshadowed by high rates.
Rise does not conduct traditional credit checks on its clients. Instead, it looks at applicants’ overall financial situation. Customers can also apply in the morning and obtain their personal loan before the end of the day.
- Quick funding
- No origination fees
- Soft credit checks performed
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 640)
- Provide an active email address and phone number
- Origination fees of up to 9%
- $15 late fee
- $15 NSF fee
- Low annual percentage rate
- No prepayment penalties
- Wide range of available loan amounts
- Same-day funding under some circumstances
- Accessible for fair credit borrowers
- High origination fee (up to 9%)
- Hard credit checks when you select your loan to move forward
- No cosigners are allowed for joint loans
- It is not available in all states
- Limited repayment options set at either 36 or 60 months
One business day (same-day funding available)
Fair credit borrowers who need to cover various personal needs
Rocket Loans is a financial platform that allows bad credit borrowers to get personal loans with flexible repayment terms. The potential same-day funding is its main advantage and there is only a soft credit check performed during the prequalification process.
Rocket Loans has low APRs and no hidden fees. Also, consumers may apply earlier in the morning to receive the personal loan by the end of the same day.
- Easy loan application process
- Fast funding
- Low interest rates
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card.
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Within one business day of approval via a direct deposit. Funding within several hours may be offered if you receive the funds on your debit card.
Borrowers with credit issues who want to avoid predatory lenders.
OneMain Financial is a reliable financial service that offers personal loans between $1,500 and $20,000 without minimum credit score requirements. With its joint applications, flexible repayment terms, and soft credit checks for pre-qualifying, it can suit borrowers with bad credit. Interest rates are usually high, though.
The company offers a wide range of secured, unsecured, and joint loan options with flexible repayment terms. Its personal loans are available to underbanked borrowers.
- Direct payment to creditors for debt consolidation
- Loan cancellation within 7 days
- Fast funding
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama and some other states)
- Give a working email address
- Provide valid bank account details
- Confirm a sufficient monthly income to cover your loan payments
- Origination fees: 1.85% to 9.99%
- Late payment fees: $10
- Non-sufficient funds fees: $10 per payment returned
- No prepayment penalties
- Multiple rate discounts
- Next-day funding
- The due date may be changed
- Direct payments for debt consolidation
- APRs may be high
- Origination fees are charged
- Late fees may be applied
As soon as one business day after clearing verification
Fair-credit borrowers who need the money quickly
Upgrade is an online financial service that offers up to $50,000 loans to borrowers with good to fair credit. It provides several interest rate reductions and allows you to add a co-applicant or collateral to your application. Choose it if you need money quickly and are not concerned about relatively high interest rates.
Upgrade offers convenient maximum and minimum loan amounts along with flexible repayment terms. It also accepts fair credit borrowers and provides several interest rate discounts.
- Rate discounts for auto pay, direct payment, and reward checking
- Allows to add a co-applicant
- Mobile app for managing your loan
What Are Bad Credit Personal Loans With Guaranteed Approval?
Bad credit personal loans with guaranteed approval are financial products with a high acceptance rate for low credit borrowers. In fact, they don’t promise “guaranteed loan approval” since lenders must review your application details and credit profile before making a final decision. They may perform a soft credit check that doesn’t affect your credit score and only evaluates your current financial situation. However, a hard credit check is a more common type of inquiry.
How Do Guaranteed Loans Work?
Guaranteed loans can be obtained quickly if you follow the basic steps, which include:
- Application. Provide the required personal and financial information on a lender’s website or at a store and submit a form.
- Loan Approval. A lender will verify your information via a hard or a soft credit check and give you an answer. It may take from several minutes to a few hours.
- Loan Agreement Signing. If approved, you receive a loan offer. Read and sign the loan agreement if you accept the repayment terms and interest rate.
- Funding. When the formalities are done, you’ll receive your personal loan in your bank account within 1-3 business days.
- Repayment. On the due date, you need to make your loan payment according to your repayment schedule. The most convenient way to do it is to set the automatic payments.
How To Compare Bad Credit Loans With Guaranteed Approval?
To compare bad credit loans with guaranteed loan approval, you must consider the following factors:
Extra Fees
Personal loan providers could charge additional fees for processing your loan request, late payments, non-sufficient funds, or early loan repayment. Ask your lender about additional costs before applying for a loan.
Interest Rates
Pay attention to the interest rates. Choose the lowest possible APR to pay less on top of your principal amount during the loan life.
Loan Terms
While comparing personal loans, ensure a lender offers convenient loan terms. Search for options with flexible payment schedules and make sure your monthly loan payments are within your means. Also, pay attention to the total loan cost since a longer repayment period always increases it.
Repayment Methods
Ask the lender if you can set the automatic payments or if the service can withdraw the loan amount from your savings account on the due date of every month.
How Can I Get A Guaranteed Approval Personal Loans?
We suggest you compare offers from several lenders and see which service suits your financial needs better. Then, apply on their website or at a store and wait for a response. Usually, lenders contact you by email or phone to notify you about the decision. If approved, you will typically get the funds in your bank account via a direct deposit.
Requirements For Getting A Personal Loan With Poor Credit
While the requirements may vary by lender, here are some common eligibility criteria you will have to meet:
Risks Of Guaranteed Loans
The most significant risk of guaranteed loans is their costs. Usually, they have higher APRs compared to regular personal loans due to the risks they carry for lenders. The lower your credit score, the higher the interest rate.
Another risk is potential financial and credit consequences. Some guaranteed loans come with short repayment terms and high monthly payments, making them difficult to manage. This way, you may face late fees and credit score damages. Additionally, there are predatory lenders that want to drive you in a debt cycle by using unfair lending practices. Therefore, you need to approach guaranteed loans cautiously.
What Type Of A Loan Can I Get Without A Credit Check?
There are several loan types you can access without undergoing a traditional credit check:
- Online personal loans. While traditional lenders always perform hard credit checks, online loan providers often run only soft inquiries that don’t affect a borrower’s credit score. Just make sure to choose the right lender since many of them perform soft credit checks only when you prequalify.
- Payday loans. These are short-term borrowing options of up to $1,000. Payday loans need to be repaid in one lump sum after receiving your next paycheck, usually within 2 to 4 weeks. This makes them difficult to handle. Plus, they also come with high fees and interest rates that often exceed 400%. Therefore, payday loans should only be used for financial emergencies.
- Title loans. Title loans are products secured by your vehicle. You can typically borrow between 25% and 50% of the car’s price while its title will be used as collateral. The repayment needs to be made within up to 30 days, but you can still drive your car while repaying the loan. Title loan APRs can reach 300%, making them quite expensive. If you default, a lender will repossess your car.
- Pawn shop loans. With this loan type, you bring your valuable asset to a pawnbroker in exchange for a small proportion of the item’s value. You can get your belongings back only after repaying the debt, which should typically be made within 30 to 60 days.
Are There Guaranteed Approval Loans For Poor Credit?
Although some loan providers advertise guaranteed loans, they can’t promise you will be approved until they review your application details and financial and credit profiles. In fact, guaranteed approval loans are just options with a high approval rate and relaxed eligibility criteria. Still, there are several requirements you need to meet to qualify, so no approval can be guaranteed.
Where Can I Get A Guaranteed Loan?
Guaranteed loans are usually offered by alternative lenders. You can choose one from our list of top providers or do your research on the Internet to find reliable loan providers in your area. Alternatively, you can apply through BadCredify and get multiple loan offers from trusted loan providers in a few clicks. Just review the terms and conditions and choose the option that suits you best.
Alternatives To Guaranteed Loans
While guaranteed loans may be lifesaving, they also come with risks and drawbacks. If you’re looking for a safer way to borrow money, check these alternative options and choose the one that better fits your financial issues:
Payday Alternative Loans
A payday alternative loan works similarly to a regular payday loan, but it has a lower interest rate capped at 28% and more flexible repayment terms ranging from 2 to 12 months. This makes them easier to handle.
Credit Card Cash Advances
You can also get a credit card cash advance without a credit check, which involves borrowing money from your available credit limit. Just note that interest rates on a cash advance are usually higher compared to regular purchases and will be applied immediately.
Family Loans
If you need just a small amount for your urgent needs, a family loan may help you better. Speak with your family members and ask them for financial help. There are no interest charges and no late fees. You can also sign a loan agreement to outline all the loan terms and provide an extra repayment guarantee.
BNPL Strategy
The “Buy Now, Pay Later” option works like an installment loan that you can get at the checkout when making a purchase in a retail store. Such a loan is covered in fixed monthly payments (called installments) over several weeks or months, with the first payment made upfront. BNPL options are often interest-free.
Methodology
BadCredify reviewed more than 40 financial institutions that provide bad credit personal loans. We’ve made a list of the best companies by assessing the following factors:
- Loan cost. We’ve wanted to ensure you won’t be surprised about interest rates and fees while applying for personal loans. That’s why BadCredify only chooses companies with transparent terms and reasonable APRs.
- Available loan amounts. Our experts tried to find companies that provide a wide range of personal loan amounts for each and every situation.
- Repayment terms. BadCredify aimed to find the companies with the most flexible repayment schedules for personal loans.
- Credit score requirements. Lenders from our list accept borrowers with any credit.
Frequently Asked Questionss
What credit score do I need for a bad credit loan?
Usually, bad credit lenders don’t have minimum credit score requirements. However, some lenders may only accept borrowers with ratings of above 600. Additionally, interest rates may be higher than those for a good credit loan.
How can a bad credit loan improve my credit?
If your lender will report your monthly payments to the major credit bureaus, your credit score may be improved by making on-time monthly payments. Additionally, a personal loan may positively affect your credit mix.
What happens if I default on an unsecured personal loan?
If you default on your loan, the lender might charge extra fees, send your account to collection agencies, or sue you in court. Additionally, it will hurt your credit score. To avoid these issues, ensure you can comfortably repay the loan amount on time. If any problems arise, contact your lender immediately and ask for your options.
Personal Loan Options
-
BY AMOUNT
-
BY CREDIT SCORE
-
BY PURPOSE
-
FOR BAD CREDIT