If you have a bad credit score, then you’re probably aware of how hard it can be to secure a personal loan, whether short or long-term.
And the worst part, sadly, is that pressing needs like financial emergencies and pending bills don’t care about your less-than-impressive credit score.
So what can you do if you have a poor credit history but can’t wait until your next paycheck?
Here’s a solution.
In such situations, a bad credit loan might be your best bet, although quite costly in terms of interest.
Bad credit personal loans are often unsecured and, even better, are reviewed and issued fast to help you offset pending bills.
But, although bad credit loans come to your rescue in times of financial need, they can easily sink you deeper into the pit of financial debt.
This is particularly true if you borrow from ill-reputed, money-hungry lenders.
We want to help you avoid those.
In this review, we’ll take a closer look at the best bad credit personal loan companies with more lenient or even friendly eligibility criteria.
By signing up with these companies, you’re almost certainly guaranteed to secure a bad credit loan.
Ready?
Let’s get you sorted and secure those loans right now.
Bad Credit Loans Guaranteed Approval:
- MoneyMutual - Best bad credit loan platform overall
- CashUSA - Ideal for fast loan approval
- BadCreditLoans - Best for low credit scores
- Funds Joy - Easiest loan application
- Zippyloan - Recommended for small loans
- PersonalLoans - Suitable for large bad credit loans
- 24/7DollarLoan - Ideal for quick feedback
- 24/7CreditNow - Easiest to use website
- LendingTree - Great for auto loans
- Upgrade - Best personal loans app
1. MoneyMutual - Best Online Loans for Bad Credit Overall
Pros
- Personal loans up to $5,000
- Easy to fill sign up form
- Same-day loan approval
- Bad credit history not an issue
- Simple eligibility criteria
- Site regularly scanned for safety risks
Cons
- Services not offered in New York and Connecticut
- Not a lender but a marketplace
Launched in 2010 with the aim of bailing out cash-strapped Americans in need of emergency funding, MoneyMutual claims to have helped millions secure cash, especially those with poor credit scores.
Although you can get personal loans up to $5,000, the platform is better suited for short-term loans, typicallywithin the$200- $500range.
What you'll need to get started is to fill out a simple online form that should take no more than 15 minutes.
And if you meet MoneyMutual's friendly eligibility criteria, this online loan marketplace will forward your details to its in-network lenders, who'll review your request and get back to you.
Through MoneyMutual, you can end up with well over 10 personal loan offers from credible direct lenders despite your bad credit history.
This is highly convenient when you are in a hurry.
But don't be in too much of a hurry just yet. Take your time and ensure that you review the loan terms before settling for a particular lender.
What You Can Expect From MoneyMutual
Bad Credit Lending
As an online loan marketplace that targets users with bad credit scores, you can count on MoneyMutual to be a reliable source of unsecured personal loans and short-term loans.
So, no, you don't need a glittering credit score to qualify.
But if you can satisfy the requirements listed below, you're almost guaranteed to secure a personal loan from one of its many in-network lenders.
- Earn above $800 a month (from employment or business)
- Be a U.S citizen or legal resident above 18 years
- Be the account holder of an active checking account
- Proof of employment or business ownership
Large Number of In-Network Lenders
Even on a platform like MoneyMutual, securing a loan can prove challenging, especially if you've not been honoring your past credit commitments.
The good news, however, is that MoneyMutual is in-network with a huge network of lenders, which increases your chances of securing a loan on the platform.
Also, the availability of many direct lenders means you get to handpick the one with the friendliest terms.
Ease of Use
We like that MoneyMutual keeps things simple. You know, just a few buttons on the homepage to make client navigation and loan application straightforward.
Whether you're a first-time applicant or a returning client, you can rest assured that the loan application process will be a breeze.
Customer Encounters With MoneyMutual
Based on most customer reviews, you can say that MoneyMutual clearly wants to be a haven for Americans with bad credit.
Although some clients complain the $800 minimum monthly income is a bit high, most appear content with the service, dubbing it one of the easiest platforms to secure emergency loans on.
So if you're looking for an unsecured personal loan that's easy to secure, you might want to try MoneyMutual. It's easy to use and doesn't have a laundry list of requirements.
>>Get a fast and secure loan with MoneyMutual>>
2. CashUSA- Fast Approval for Loans with Bad Credit
Pros
- In-network with a variety of trusted direct lenders
- $10,000 loan limit
- Easy to sign up and apply for a loan
- Resource rich (educational)
- Same-day loan approval
Cons
- $1000 minimum monthly salary is relatively high
- High loan requests might elicit credit checks
If your financial emergency can’t wait 24 hours or more and every other option has hit the wall, then CashUSA might just be your uncapped hero.
Like MoneyMutual, CashUSA works as a marketplace linking credit seekers to willing lenders.
And you’ll be impressed by the number of lenders (even tribal lenders) that CashUSA partners with. Most of these lenders understand that CashUSA clients seek unsecured bad credit loans, so they’re lenient in their terms.
The best part, however, is the speed at which CashUSA approves your application and forwards it to lenders for approval. The prompt processes mean you can have your cash deposited in a matter of hours after approval.
What You Can Expect from CashUSA
Friendly Eligibility Criteria
CashUSA is designed for people seeking short-term loans for bad credit. So if you’re living from paycheck to paycheck like most people in the country, you might fancy applying at the personal loan marketplace.
To qualify for a bad credit personal loan with CashUSA, you must satisfy the following criteria.
- Be a citizen or legal resident above 18 years
- Be employed for over 3 months
- Earn $1000 every month
- Own a valid checking account
- Have a functional phone number and valid email address
Useful Resources
Are you having cold feet about that short-term loan? Or perhaps you just want to learn some personal finance tips?
Whatever the reason, CashUSA has a dedicated page dubbed ‘Education Center’ designed to inform clients about different loan products.
You can learn much about debt and how to improve your finances by going through CashUSA’s Education Center.
Customer Encounters With CashUSA
Most CashUSA customers agree that the platform is ideal for fast loan approval. While some claim to have had their loans deposited slightly after 24 hours, most got their loans approved and paid within a business day.
You should consider trying out CashUSA if you’re looking for a quick fix to your financial emergency. It’s also an ideal platform to learn more about personal finances and how to improve your credit score.
>>Get a loan within 24 hours on CashUSA>>
3. BadCreditLoans - Long-Term Personal Loans for Bad Credit
Pros
- $10,000 loan limit
- Extended lender network
- Designed for people with bad credit scores
- Big on scam education
- Offers long-term loans (up to 6 years)
Cons
- Credit checks needed for larger loans
- Large loan approval is fairly difficult
If you've been knocking at the doors of traditional financial institutions without success, maybe it's time to try platforms that understand that people with bad credit scores need loans, too.
BadCreditLoans, as the name suggests, is one of the best marketplaces for people seeking loans for bad credit. On the platform, everyone stands a chance, provided you meet the relatively straightforward eligibility criteria.
While you can shoot your shot and apply for a $10,000 loan, it'd be better to keep things simple and target smaller, short-term loans for bad credit instead.
What You Can Expect From BadCreditLoans
Simple Eligibility Requirements
BadCreditLoans.com has some of the simplest eligibility criteria around since, after all, its target market consists of clients with poor credit scores.
As long as you're above 18 years and can provide proof of citizenship or legal residency, you're 40% guaranteed to secure a loan.
Other requirements that'll get you past the 90% mark include proof of regular income, whether from employment, social security benefits, or self-employment.
Now to get to the 98% mark, you'll need to have a checking account and provide functional phone numbers and email addresses.
Useful Scam Resources
It's nice that BadCreditLoans.com is also big on scam education, as it's very easy for first-timers to get duped into shady deals masquerading as friendly bad credit loans.
Whether it's your first time applying for a personal loan online or you're a regular, it's advisable to go through some of the scams listed (and explained) on the BadCreditLoans official website.
Ease of Use
Another major selling point of BadCreditLoans is its ease of use. The home page is simplistic with minimal buttons, making loan application a breeze even for first-timers.
You'll start by choosing your preferred loan amount before filling out details like zip code, SSN, and date of birth.
Customer Encounters with BadCreditLoans
There’s no need to worry about getting your loan approved if you meet BadCreditLoans' eligibility criteria, as most clients appear satisfied with the overall approval rate.
However, to boost your approval chances, we recommend sticking to the lower loan amounts.
You should consider BadCreditLoans if your unimpressive credit score has been preventing you from accessing loans. Application is easy, while approval is relatively fast- usually within a business day.
>>Low credit score? Ask BadCreditLoans for a loan>>
4. Funds Joy - Online Loans for Bad Credit with Easiest Application
Pros
- Fast and easy application process
- In-network with several lenders
- Easy to secure bad credit loans
- Both short and long-term loans are available
Cons
- $800 minimum monthly salary required
- Not the most responsive customer support team
- Website downtime common
Funds Joy is another reliable online loan platform for US citizens locked out from mainstream borrowing due to poor credit scores.
It's great that Funds Joy keeps things simple and straightforward, allowing for fast registration and application. The ease of signup is especially useful if you're in pursuit of a short-term loan to offset an urgent bill.
Although Funds Joy estimates that signup will take an average of10 minutes, it can take slightly longer as there are over four steps to complete.
The good news, however, is that the chances of approval are usually high with Funds Joy as it mostly partners with lenders willing to give out loans for bad credit.
What You Can Expect From Funds Joy
Wide Range of Loan Products
The good thing with Funds Joy is its flexibility in terms of loan products, as you can easily access short and long-term loans.
As expected, smaller loans will be easier to access compared to the larger ones that usually require credit checks.
Large Lender Network
It's also impressive that Funds Joy is in-network with several reputed lenders. A large number of lenders increases your chances of securing a loan, no matter how bad your credit score might be.
Additionally, you can compare loan offers from the lenders and settle for the one with the best terms.
Customer Encounters with Funds Joy
Most clients appear impressed with the ease of applying for loans on Funds Joy. The registration and loan application processes are described as easy, which ensures you don't have to wait too long to receive feedback from interested lenders.
If you're on the hunt for a bad credit personal loan company with hassle-free registration, then you might want to give Funds Joy a shot. The application process is straightforward and won't take you more than 20 minutes, especially if you have the supporting documents at hand.
>>Need money fast? Try Funds Joy today>>
5. Zippyloan - Top Small Loans for People With Bad Credit
Pros
- Bad credit loans available from $100- $15,000
- Attractive website
- Suitable for building credit
- Ideal for short-term and installment loans
Cons
- Not the highest loan approval rate
- Not enough educational resources
While a large number of online personal loan lenders offer loans from $300 going upwards, Zippyloan allows you to reduce risk and borrow as little as $100.
As such, we’d recommend Zippyloan if your financial emergency doesn’t require large amounts of funds. Not only does this reduce your payable interest rate, but it also increases the chances of successful repayments.
Additionally, most lenders partnering with Zippyloan report on-time loan repayments to credit bureaus, which can help you improve your credit score over time.
In this manner, you can use Zippyloan as a tool to repair your otherwise limiting credit score.
What You Can Expect From Zippyloan
Wide Range of Credit Types
Zippyloan boasts a vast network of lenders that offer different loan packages. Therefore, you can rest assured that you can find a loan product on the online loan marketplace whether you have bad or excellent credit.
Small Loan Application
You’ll not always need huge loans to finance your pending bills. Zippyloan stands out as one of the best marketplaces for small loans, typically within the $100- $300 range.
But you can also apply for larger loans of up to $15,000, which, as you might be aware, will attract larger interests and heftier penalties in case you default on your payment.
Yet, if your plan is to repay your debts on time, you can go for big loans with enough peace of mind.
Customer Encounters With Zippyloan
As is evident from most online reviews, Zippyloan is an ideal platform for small loans as they’re approved fast in a matter of hours. The application process is relatively easy, meaning you can complete sign-up and receive feedback from potential lenders in as little as one hour.
Consider giving Zippyloan a shot if you’re interested in small loans to offset pending day-to-day bills or a not-so-big financial emergency.
>>Take a tailor-made small loan on Zippyloan now>>
6. PersonalLoans - Best Personal Loans for Bad Credit
Pros
- Ideal for large loans up to $35,000
- Same-day funds deposit
- Wide range of loan products
- Extensive loan guides
Cons
- Large loans require credit checks
- Not easy to secure large loans with bad credits
- Support team could be more responsive
If you’re in search of a lender to bail you out of a major financial crisis, then PersonalLoans might just be what you need.
This online loan marketplace partners with a large network of renowned lenders offering competitive rates.
While it’s hard to get a $20,000 loan without security or, even worse, with a bad credit score, you can try your luck with slightly smaller amounts.
A bad credit loan request of $2,000 is more likely to be approved on PersonalLoans.com than on most other online marketplaces.
You can also learn a lot about finances by clicking on the Loan Guides section. This section covers debt consolidation, home improvement, fast cash, bad credit, tax loans, and online loans.
We’d recommend dedicating some time to the loan guides section to learn more about the do’s and don’ts of short and long-term loans, especially if it’s your first time going for bad credit personal loans online.
>>Get up to $35,000 in a guaranteed loan on PersonalLoans>>
7. 24/7DollarLoan - Quick Feedback Online Loans for Bad Credit
Pros
- Fast responses from lenders
- Easy signup for loan agreement
- Decision in minutes
- Easy to get a bad credit loan
Cons
- Not big on client education
- Relatively small loan limit ($1000)
At times, it can take annoyingly long to get responses from lenders. 24/7DollarLoan is aware of that and promises to provide you with feedback in a few hours, if not minutes, after applying.
Although 24/7DollarLoan isn't as popular as other online loan marketplaces on our list, it still holds its own when it comes to approval rates.
Most lenders usually approve small bad credit loans once they're submitted by 24/7DollarLoan, which means you're likely to get funded despite your low credit score.
For 24/7DollarLoan to forward your details to its in-network lenders, however, you must fulfill the following requirements.
- Have a valid savings or checking bank account
- Be above 18 years
- Earn at least $800 a month
- Be a US citizen or legal resident
Unfortunately, 24/7DollarLoan isn't big on client education, meaning you'll have to try out other platforms if you're looking to learn more about debt management and personal finances.
But we like that although basic, the website is neat and fairly easy to use. You don't have to worry about site navigation, even if you're a first-time user.
>>Get a loan with fast-responding lenders on 24/7DollarLoan>>
8. 24/7CreditNow - Easiest Loans for Bad Credit Online Website
Pros
- High loan limit (up to $35,000)
- Simplistic, easy-to-use website
- Instant decisions
- Industry-standard security
- Fast application
Cons
- Not the most responsive support team
- Not enough educational resources
24/7CreditNow is an online marketplace designed to help people with either good or bad credit scores access various personal loan products.
You can access several loan products, from payday loans to investment loans and even student loans, depending on your unique needs.
It’s also impressive that big loans from 24/7CreditNow come with flexible repayment periods.
The problem, however, is that some lenders attach unrealistic interest rates, which can easily worsen your financial health if you don’t use the funds wisely and make timely repayments.
What we like the most about 24/7CreditNow is its simplistic, easy-to-use website. You don’t need to be a returning user to get the hang of how things work on the platform, as the home page doesn’t have too many buttons.
Since several lenders on the platform may be charging high fees, it’s best to compare loan offers to ensure you choose the lender with the best terms.
Thus, 24/7CreditNow wants to help you do your homework without too much hassle.
>>Get a loan with flexible repayment options on 24/7CreditNow>>
9. LendingTree - Best Auto Loan Service
Pros
- Deals with a variety of financial products
- Loan approval easy for good credit
- Useful financial help resources
- Lenders offer low personal loan rates
- In-network with several reputed lenders
Cons
- Hard to secure bad credit loans
- Website is a bit hard to navigate
If you're looking for a lot more than just a bad credit personal loan, then perhaps LendingTree might float your boat.
This online loan marketplace holds the crown for offering the most versatile services that can give you a major financial boost.
Some of the loan products on offer at LendingTree include personal loans, business loans, auto loans, student loan refinance, student loans, and debt consolidation.
In addition to applying for the above-mentioned types of loans, you can also use LendingTree for services like mortgage rates comparison and also to check (and monitor) your credit score.
LendingTree has an intuitive app that allows you to monitor your credit score on the go while also receiving personalized savings recommendations.
You can also count on LendingTree to notify you about financial products that can help lower your monthly expenditure and improve your overall savings.
Be warned, though, that LendingTree can be a bit hard to understand, especially if you're relatively new to online financial services.
The good news is that it has one of the best support teams in the industry, so don't hesitate to reach out to a customer care agent via call in case of any issue.
>>Take out all types of personal loans with LendingTree>>
10. Upgrade - Best Bad Credit Loans Online App
Pros
- Superior app versions
- Personal loans up to $50,000
- Low fixed rates
- Zero prepayment fees
Cons
- Hard to access large loans with bad credit
- Website can be a bit overwhelming for newcomers
Upgrade is more than just a loan provider. You can use the platform to access a variety of financial services, all with the support of a quality app.
The app (available for Android and iOS) is highly intuitive, which creates a superior experience and allows you to monitor your financial health on the go.
You can get loans up to $50,000 at low fixed rates, and the best part is that there are no prepayment fees. Also, the monthly payments are affordable, which is unlike what you can expect when seeking loans from payday loan agencies.
Some of the loan products you can access from Upgrade include home improvement, major purchases, debt consolidation, and credit card refinancing.
Upgrade is ideal if you’re searching for a financial institution that offers a wide range of financial products. However, we’d not recommend it for bad credit loans as even low amounts can be hard to access.
>>Get guaranteed loans at fixed low rates on Upgrade>>
Personal Loans for Bad Credit - Factors To Consider
Eligibility Criteria
Among the most important things to consider when applying for a loan if you have a bad credit score is the lender's eligibility criteria.
Fortunately, most online loan lending platforms for people with bad credit keep requirements simple, considering they're targeting people looking for short-term emergency loans.
Remember to check on a platform's minimum credit score requirement when applying for a loan.
Most online lenders will require you to earn a consistent salary, usually above $800 a month. You'll also need to provide proof of citizenship and employment or self-employment.
>>Get a fast and secure loan with MoneyMutual>>
Loan Limits for Guaranteed Loans for Bad Credit
Online personal loan lenders usually have different limits. While some are ideal for large loans, others are better suited for smaller loans.
Therefore, you should consider the loan limits when choosing an online lender.
Be warned, though, that you won't qualify for large loans with a poor credit score, and if you do, you'll probably have to contend with enormous interest rates.
Educational Resources
A quality bad credit personal loans provider should have sufficient educational resources to guide potential clients on the ins and outs of online loans.
If it's your first time applying for a bad credit loan online, it's best to sign up on platforms that provide guides and useful educational resources. Going through these resources can help you improve your overall financial health and avoid bad debt.
Ease of Use
The last thing you want is to spend hours trying to figure out how a particular service works, especially when looking to secure emergency funding.
Due to this, we strongly recommend signing up with bad credit loan companies with simplistic, neatly arranged websites.
Ideally, you should be able to register and request a personal loan in no more than 30 minutes, which might be impossible if you sign up with overly complicated platforms.
Reputation
As obvious as it may sound, you should always apply for bad credit loans from well-reputed, highly experienced agencies.
Many malicious institutions attempt to pry on unsuspecting clients with bad credit scores. While some lenders might charge unrealistic interest rates, others might be looking to scam you altogether.
As such, it is advisable to take some time to go through online reviews and examine an agency's website to ensure you're dealing with licensed and credible companies.
>>Get a fast and secure loan with MoneyMutual>>
Alternatives to loans for Bad Credit:
Auto Title Loans
Auto title loans, as the name suggests, are loans that are issued against your car's title. The good thing with auto title loans is they don't require a good credit score as your car will act as the collateral.
Unfortunately, car loans usually take longer to process than payday loans but can work really well if you have a bad credit score and need a significant chunk of money.
You can expect to receive funding anywhere between 25%-50% of your car's total value, but you must be on-time with repayments, lest your car becomes repossessed.
>>Get a fast and secure loan with MoneyMutual>>
Pawn Shop Loans
If your low credit score has prevented you from accessing payday loans, then you can try out pawn shop loans as an alternative to bad credit loan providers.
To get a loan, you'll need to present valuable items to a pawnbroker, who'll then appraise the item to determine its value.
If the product is deemed worthy enough, the pawnbroker will give you a cash offer, which you can either accept or reject.
The problem with pawn shop loans, however, is that you won't get the full value of your item. And if you don't honor your repayments, the pawnbroker can sell your item at a profit to recover the loan amount.
Credit Union Loans
Another alternative to the described bad credit lenders are credit unions. Credit union loans are known for their flexible repayment dates and low-interest rates.
To qualify for a credit union loan, though, you must first be a member for a specified period.
Another disadvantage of credit union loans is they're usually not dispensed immediately, meaning you might have to wait for several days to receive the funds.
A credit union loan can come to your rescue if you need flexible loans with friendly repayment terms.
Best Installment Loans for Bad Credit: FAQs
How Do I Check My Credit Score?
You can check your credit score by reaching out to your bank, credit card company, or even loan agency, as they tend to provide credit scores to clients on statements or even on user dashboards.
Alternatively, you can also purchase your credit score directly from any of the three major credit bureaus or a credit scoring site.
Can Unemployed Individuals Get Bad Credit Loans?
Unemployed individuals can get bad credit loans if they’re business owners earning above a certain amount. Most bad credit loan companies usually set a minimum monthly income that all loan seekers must meet for their applications to be considered.
Is It Easy to Get Small Loans with Bad Credit?
It’s easy to get a personal loan with bad credit if you apply on platforms like <b>MoneyMutual</b>, <b>CashUSA</b>, and BadCreditLoans.
Although it is relatively hard to secure large loans with bad credit, you can apply for short-term loans by registering with agencies that lend to people with less than stellar credit scores.
>>Get a fast and secure loan with MoneyMutual>>
Where Can I Get a Loan With Bad Credit?
You can get a personal loan with bad credit by applying to online loan companies or online lending networks with friendly eligibility criteria.
For instance, <b>MoneyMutual</b> and <b>BadCreditLoans</b> are known to have high approval rates for bad credit, which is a major plus if you’re in search of emergency funding.
Can I Get A Bad Credit Personal Loan With Guaranteed Approval?
You can get a bad credit personal loan with guaranteed approval by first registering on platforms that offer such services.
To qualify for bad credit personal online loans, however, you must provide proof of regular income and be a US citizen with an active bank account.
Requirements tend to vary from agency to agency, but you must be a regular income earner at the very least if you are to secure access to guaranteed approval loans.
What If I Cannot Pay Back the Loan On Time?
If you cannot pay back a bad credit personal loan on time, you’re likely to get penalized through fines. While some direct lenders might attach serious penalties, others might be a bit lenient and attach soft penalties.
As such, you should always go through lenders’ terms and conditions before settling for a particular lender.
Bad Credit Personal Loans Guaranteed Approval - Wrap-Up
Although relatively hard, securing a bad credit loan isn’t impossible. The trick is to sign up with loan marketplaces or agencies with high bad credit personal loan approval rates.
When it comes to approval rates, not too many payday online loans can compare to <b>MoneyMutual</b>, which has loaned millions of Americans with bad credit since its formation.
>>Get a fast and secure loan with MoneyMutual>>
<b>CashUSA</b> is also a nice option if you have a financial emergency that can’t wait for more than one business day. You can also try <b>BadCreditLoans</b> if you have bad credit, as the platform has simple eligibility criteria that’ll keep you firmly in the running for a loan.
Whatever online loan company you choose to use, it’s important to go through loan offers before settling for a particular lender.
Some lenders attach high-interest rates to short-term loans, which, instead of helping you out, can put you in a worse financial situation than before.
It’s also crucial to apply for bad credit loans only when you need them, as these high-interest loans can easily sink you deeper into the pit of debt.
DISCLAIMER: Make sure to use these services responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely the authors. Does not constitute advice.
