Having a bad credit history may take a toll on you both financially and emotionally. People know it is hard to borrow money from banks and credit unions when you have some debt or bill payment delays. Sometimes traditional and online direct lenders offer secured personal loans for bad credit borrowers. However, not all applicants own some valuable property to provide bad credit direct lenders with collateral. If you can relate, don’t worry. You can still find some options to consider even with a poor credit score.
Various bad credit loan companies offer unsecured personal loans with guaranteed approval for borrowers with both doos and poor credit scores. These loan services allow you to access money fast and usually have just a few easy-to-meet eligibility criteria. If you wonder what emergency loans with instant approval and no credit check to choose from with a bad credit score, check out the list below right now.
Here are some editor’s picks for the best bad credit loans with guaranteed approval. When selecting the companies, we paid attention to the lender’s authority, the range of services and terms they offer, the speed of the money funding, the ease of requirements they set, and their security.
- ASAP Finance – a reputable matching service with reasonable rates for both bad credit payday loans and installment loans;
- QuickCashLoans – a lending company that works with direct lenders only and specializes in quick loans for poor credit;
- Magnolia Loans – a trusted connecting service that offers short-term loans with no credit check at competitive interest rates.
ASAP Finance is not a direct lender but a matching service that offers bad credit personal loans and small payday loans with no credit check from direct lenders. The lenders they work with also offer installment cash advances that are unsecured loans with convenient payment plans. Applying with ASAP Finance, you can borrow from $100 to $5,000. Depending on the type of loan you choose, you can repay it either in one large sum by your next paycheck or in equal monthly payments within the loan terms.
You can get an unsecured personal loan with any credit score. The lenders they work with don’t run hard credit checks and have simple requirements. The acceptance rate for a bad credit loan request is high, so you can say they offer almost guaranteed approval. ASAP Finance is also known for its fast money transfers within a business day. Sometimes you can access cash by the end of the same day.
- At least 18 years old;
- Permanent resident or legal citizen of the US;
- Steady monthly income;
- Have an active bank account, email, and US mobile phone number.
- The maximum loan amount is up to $5,000;
- No hard credit inquiries;
- Instant loan approval;
- No third-party fees;
- Bad credit, OK;
- Easy online application;
- Fast funding within a business day or by the end of the same day.
- Interest rates may be high;
- They are not responsible for money transfers and loan approval processes.
QuickCashLoans is a loan broker that specializes in short-term loans from $100 to $1,000. This service offers loans for bad credit with a soft credit check only. Thus, you may be sure applying with it doesn’t affect your credit score. The online lenders they work with don’t offer secured loans, so you don’t need to provide them with any pledge to borrow money.
You can apply for a bad credit loan online just by filling out a simple form. If approved, the money will be funded to your checking account as soon as the next business day. Repayment terms for most payday loans are set by your next payday. On the due date, the lender will withdraw money from your account automatically.
- No applicants under 18 years old;
- Permanent us residents or citizens only;
- Provide the lender with your valid personal, contact, and account details;
- Verify your income with pay stubs or bank statements.
- No minimum credit score requirements;
- Doesn’t hurt your credit rating;
- No collateral is required;
- Loan decision within 15 minutes;
- Convenient application process;
- Quick funds by the end of the next working day.
- Expensive borrowing options;
- The maximum loan amount usually doesn’t exceed $1,000.
Magnolia Loans is a connecting company launched to help people across the US by offering online loans for borrowers with any credit ratings. Magnolia works with direct lenders only and doesn’t set any additional fees on their services, so working with them is 100% free. You can get from $100 to $5,000, depending on the loan option you choose.
All you need to apply is to visit their website. You will find an online application form there, which takes you about 5 minutes to complete. Once a lender that meets your needs makes a soft credit check, it sends you a loan offer by email. As it positions itself as an emergency loan company, it offers fast money deposits by the end of the next working day. Commonly, borrowers can access cash in their bank accounts within 24 hours.
- You must be over the age of 18;
- Have a valid ID and Social Security Number;
- Prove your income is enough to repay the loan;
- Provide the lender with access to your active bank account.
- Consider borrowers with low credit scores;
- 100% free service;
- Online application process;
- Flexible loan terms;
- Quick loan decision;
- Money deposit within a business day.
- High interest rates may be offered;
- Lenders may perform hard credit checks in some states.
A bad credit loan with guaranteed approval is a kind of borrowing that basically has a high approval rate for borrowers with bad credit scores. Such a loan may have either a limited repayment period (a payday loan) or a repayment term of up to 24 months (an installment loan). Bad credit loans are known for their accessibility. They’re commonly easy to get with any credit and below-average income.
Most direct lenders offer loans that don’t affect an applicant’s credit history. It allows people who are on their way to rebuilding financial strength to get assistance without a rollback. Eligibility criteria for such loans are typically very simple. Nevertheless, all bad credit loans are more expensive compared to traditional options. An average APR may be from 16% to 100% on installment loans or even up to 400% on payday loans.
Basically, online lenders strive to transfer the funds quickly. In most cases, you will receive cash within one business day. The exact time depends on the time and day you apply as well as how fast your loan verification process will be complete.
Although both payday and installment loans are considered easy to get, you can still be rejected for them. It may happen because of your income range, debt-to-income ratio, or any other reason. Thus, a lender can’t promise it will approve your loan request before it checks your personal data through some alternative means.
You can use a payday loan to cover any financial emergencies or unexpected expenses. There are no restrictions on a loan purpose when it comes to emergency loans. Some people use a payday loan to pay for some daily basics, while others use them to cover urgent needs. Here are the most common reasons for getting a payday loan:
- Medical expenses;
- Car repairs;
- Utility bills;
- Credit card payments;
- Debt relief or debt consolidation;
- Small cash shortages or daily expenses.
Unlike bank and credit union loans, bad credit loans guaranteed approval are available with any credit ratings. In most cases, online lenders pay attention to a borrower’s income, not credit score. Thus, if you have a bad credit score, you can still apply and get the assistance you need until you meet all the eligibility requirements a certain lender has set.
The exact loan conditions may vary from lender to lender. Some additional factors, such as your credit score, income, debt-to-income ratio, and state, can also affect your loan terms. Of course, a lender usually can’t say exactly what will be your loan conditions until it checks your personal details. However, there are some questions you should ask a lender before applying for bad credit loans:
- Can I apply for a loan online?
- How fast can I receive money?
- What will be my estimated interest rate?
- What repayment periods do you offer?
- Do you consider borrowers with bad credit scores?
- What will be the approximate amount of my monthly payment?
Make sure the loan you want to obtain suits your budget to make the lending experience pleasant and stress-free.
The loan application process is usually quite simple. All you need is to:
- Fill out a loan application form. It is usually an online process that takes about 5 minutes to complete.
- Get a loan decision. The lender that has an offer for you will briefly check your credit history background and send you a loan decision.
- Sign a loan agreement. Once approved, you need to review and sign your loan contract electronically or in the store.
- Get cash. Access the money in your bank account as soon as the next working day.
- Turn back the loan. Top up your checking account and repay the loan cost on the due date.
The best loans for bad credit history are those with flexible terms, reasonable rates, and suitable loan amounts. However, everything depends on your current needs. You should compare various offers before making the right financial decision. Pay attention to the lender’s reputation, interest rates, additional fees, loan terms, and the amount of your monthly payment.
If a bad credit loan till payday is not your option, consider some other ways of getting extra cash.
As any traditional financial institution always makes hard credit checks through main credit bureaus, consider a personal loan if your credit score is over 670 and you have some time to gather all the required documents and wait for a loan decision. Personal loans generally offer loan amounts of up to $15,000 at rates from 5/99% to 35.99% and with a repayment period of 24 to 60 months.
Auto title loans offer lower interest rates and higher loan amounts compared to payday loans. However, they require collateral, typically a car. Thus, you should understand there is a high risk of losing your vehicle if you won’t pay off a secured loan or miss a couple of payments.
Cash advances from pawn shops allow you to get the sum you need regardless of your credit score in exchange for some of your property, for example, a laptop or some kitchen appliances. Consider this type of borrowing if you don’t want to provide a lender with access to your account. Before getting a pawn shop loan, take note that the lender may sell your property if you don’t repay the money on time.
A credit card allows you access the money within your credit limits at any moment in life. Sometimes it may be lifesaving and very convenient to use. You don’t have to wait for a money transfer or even fill out a form. However, credit cards often come with high interest if you don’t pay off your balance within an interest-free period. A credit card may also lead to unnecessary spending.
You can find many bad credit loan providers that offer short-term loans. It may be a bank, a credit union, an online lender, a connecting service, or even a pawn shop. You can consider bad credit loans from the companies above or find a lender near you that meets your current needs.
A bad credit personal loan with guaranteed approval typically means you will get a guaranteed loan decision. Unfortunately, lenders can’t guarantee you will be approved before they check and analyze your personal details.
In most cases, you can access the funds in your bank account as soon as the next business day. Some lenders may also offer same-day funding if you apply and get approved in the early morning on a business day.
Most personal loans guaranteed instant approval don’t require any collateral. However, some lenders may offer secured options for borrowers with bad credit. You should ask a particular lender about the terms and conditions it offers.