Bad Credit Loans And The Arrival Of The Guaranteed Approval
Bad credit loans with guaranteed approval is a financial product encompassing short-term cash advances1 2 in the US 3 and in other countries4 5, dedicated to subprime prospective borrowers 6 with poor credit scores 7 below 580 8 in a 300 to 850 FICO range 9. While these bad credit loans are not really arranged with guaranteed approval, as the lender cannot legally be obliged to approve it due to the freedom to contract 10 11, it means, in business practice, that the lender will perform the underwriting of the eligibility of the applicant 12 based only in the ability to meet the repayment terms 13 14 at the maturity date of the obligation 16, with disregard of any credit score checks 15 or Teletrack scrutiny 16 hedging the inherent risk with higher interests 17.
Bad credit loans with guaranteed approval are short term cash advances for applicants with poor credit scores below 580 that are almost always approved when the eligibility requirements are met. The lender performs a simple underwriting of the ability of the prospective borrower to repay the loan at the due date according to the terms agreed in the promissory note.
For bad credit loans with or without guaranteed approval, the lender will not request any type of asset to be pledged as collateral. The loan can be granted almost instantly and the fnds can be transferred into the checking account of the borrower that same day, or next day.
These loans have a very high approval rate, that is people normally refers to them as “guaranteed approval” loans. While this is not technically true, the reality is that most of these loans are approved if the prospective borrowers fulfills the eligibility criteria that is to prove a place of residence and having a source of income.
Nevertheless, the lenders have to hedge this risk, this means that the lenders and financial institutions have to compensate for, and lessen the risk associated with prospective borrowers that cannot offer an asset as a collateral, and do not have a good credit score but they anyway search for bad credit loans requiring even a guaranteed approval.
A two-week payday loan’s annual percentage rate may reach more than 100% annual percent. The applicants contemplating such a loan should be confident in their ability to repay the financial instrument at its due date.
In secured poor credit loans, you can use any asset as a security to get a loan. Secured loans have a more flexible repayment period compared to unsecured poor credit loans. The repayment period can be anywhere between 5 to 25 years, depending on your borrowed amount.
No lender offers a 100% assurance of acceptance. On average, the majority of all negative credit loans are funded, and no creditor will ever accept 100% of loan applications. Borrowers must steer clear of lenders that make such assertions, since they are potentially dishonest.
Sometimes when you repay these loans, the credit score is improved, as it is an obligation being cancelled at its due date. However, sometimes there is no improvement of this credit score as the direct lenders do not perform credit checks so they do not communicate the credit bureaus the repayment, and do not have any relationship with these agencies.
What Is “Guaranteed Approval” In Bad Credit Loans?
When lenders refer to “guaranteed approval”, they actually refer to the situation that if the borrower has an income that is sufficient to repay the loan at the due date or pay the corresponding monthly installments it is really very feasible to obtain an approval, provided the remaining conditions of eligibility are met.
Stating that there is a “guaranteed approval”, would mean that the lender has to approve the loan no matter what and this is again the liberty of the persons to enter into a contractual agreement when they do not want to, and when the exercise the right of not doing it.
So bad credit loans with guaranteed approval are loans where there is a very high approval percentage of prospective borrowers as underwriting is limited to their current income and ability to pay the promissory note at the maturity day of the obligation.
The bad credit loans that we will study here and offer an almost guaranteed approval are payday loans, installment loans and auto title loans. The latter is a secured loan, as the borrower can pledge the car title as collateral to obtain a loan.
Payday loans are the most common type of bad credit loans, with disregards of the fact that they can offer a guaranteed approval or not. They range from $100 to $1000.
If you request more than $1000, you can opt for an installment loan. It is similar to a payday loan, but its payments can be split into several months affecting much less your budget.
Typical Case Of Bad Credit Loans Utilization
Let me show you a typical example that we see everyday:
This is a typical case: you have to pay expenses for about $800. Utility bills, change the water heater, and a small repair for your car. Well, you need this money as soon as possible. So you take an installment loan to pay in three months: this is a popular option for bad credit loans and has practically an almost guaranteed approval.
With that loan you pay all the utility bills, the small repair and change the water heater. Paying the bills on time helped to improve your credit score, and then you will repay the loan gradually during the course of those three months.
If this paymentturns difficult, you can request an extension paying only the accrued interests.
Which Types Of Bad Credit Loans With Guaranteed Approval Are Suitable For You?
Fortunately, for people with poor credit scores, there are a variety of loan options available to assist you in meeting your short-term financial obligations.
The bad credit loans with guaranteed approval available are:
- Cash advances and payday loans. Payments are due in two weeks to a month.
- Installment loans: They have lower APR than payday loans and can be returned in monthly installments.
- Car title loans: These loans are issued with a registered vehicle as collateral. The vehicle can be used by the borrower as normal.
They are similar in the sense that they are all bad credit loans with guaranteed approval when the conditions are met, but when we study them in detail they are quite different. Let´s go into more detail with each type of these loans.
Payday Loans And Cash Advances Online Are The Most Common Type Of Bad Credit Loans WIth Usually Guaranteed Approval
Payday loans are accessible online and are returned with a portion of your next salary or simply retrieved from the lender from your checking account at the due date.
They are often available for a two-week period up to one month. They can be renewed and extended, what is called a “rollover”. Payday loans often feature high interest rates due to their short duration and lack of good credit scores.
Even when you can rollover the payday loan during an additional month, it is not a good idea to do so because there are high interests and you could incur in delinquency if you do not pay the loan at its maturity date. All these bad credit loans with guaranteed approval should be considered carefully because they have high interests.
Furthermore, remember always that bad credit loans with usually guaranteed approval are simply short-term loans envisaged to cover a specific determined emergency or unexpected event, such as a vehicle breakdown, a medical condition, a basement that suddenly appeared flooded and the homeowners insurance does not cover it, and cases like that. They should not be utilized to pay entertainment or holidays because they have high interests.
In contrast with one of these bad credit loans with usually guaranteed approval studied here, a conventional loan from a traditional financial institution will require a credit check. It entails getting your credit report from one of the three major credit bureaus (Equifax, TransUnion, Experian) and then analyzing your credit score.
Let´s see some typical cases.
- Amounts to Pay: Up to $1,000 are requested by the borrower
- Due date: The due date is up to one month after the approval. They can be extended if agreed between parties.
- Interest: From $10 to $30 for every $100 borrowed; This is a high interest. The lender compensates the risk inherent from your bad credit with a higher interest. This approach is typical in all bad credit loans with usually guaranteed approval.
- Repayment: The money will be retrieved from your checking account at the maturity date.
- Rollover: Possible if you inform that you require an extension. Try not to extend it to several months because in this case, it is cheaper for you to go through an installment loan, as we will see below.
Installment loans are also a kind of short-term finance that are available from direct lenders.
This is my favorite type of financial instrument in the category of bad credit loans with practically guaranteed approval and they fall somewhere amidst personal loans and cash advances in terms of costs and convenience (lower interest than payday loans, and even allow to pay in several months).
In contrast to payday loans, you may borrow substantial sums of money and return them to the lender over a longer period of time and lower APR.
Installment loans are an acceptable option if you require more than $ 1000 and have a bad credit score.
For installment loans online we have do not credit check at all, and they enjoy an almost instant approval if the eligibility requirements are met, such as being able to pay the corresponding installments.
Furthermore, installment loans can be split in several months and have lower interest rates than payday loans. These loans are suitable if you request more than $1000.
So in installment loans, you do not have to repay everything in two weeks or in one month or at your payday. In installment loans you have to pay the installment every month, so the total loan amount is split in several months and does not stretch your budget so much.
Prospective borrowers possessing credit scores below 580 encounter distress to become eligible for conventional loans. Moreover, when a hard inquiry is performed to the credit bureaus, the credit score becomes once more affected.
Instead, with these loans, you can apply with very bad credit. The requirement is that you can evidence some proof of income, to show a steady source of income so that, despite the poor credit score, it becomes clear that there is an ability to pay the loan at its due date.
In payday loans, installment, and auto title loans, the lender does not perform a hard check that can hurt your credit score afterwards.
Let´s see an example of an installment loan. This is still part of the bad credit loans with guaranteed approval category of financial instruments. Therefore, you will still expect high interests.
- Amount: up to $5,000 or even up to $15,000 depending on several factors;
- Terms: Can be paid in several months, depending on the amounts borrowed and your preference.
- Interest: Much lower APR than a payday loan and distributed along several months.
- Repayment: In fixed monthly installments over several months.
Auto Title Loans
The auto title loans are secured loans that have as collateral asset, your car title. Only the title, because the car remains with you, the borrower, and can be utilized freely.
These auto title loans are known as “secured loans” because an asset is pledged as collateral. The rest of the bad credit loans with practically guaranteed approval are regarded as “insecure” because there is no asset determined as collateral of the financial instrument so the lender has more difficulties to determine the trustworthiness of the borrower that can just offer an evidence of his ability to reapy the obligation at the due date.
A secured loan like this one, will compel the borrower the pledge of an asset that will serve as collateral of the obligation, in the case of a default in the payment of the obligation.
The direct lender will have the requirement that this collateral, the car in our case, has a value of at least 75% more than the amount requested by the prospective borrower when filling the form.
While auto title loans are not absolutely “guaranteed approval”, they are very fast and represent a preferred option if you have a car in good condition or if you are a driver in the gig economy such as a Doordash or Uber driver.
Just like in a house that you can have a mortgage, in a car you can have a car title loan wherein the car will be utilized as a collateral of the loan agreement. As the car itself, pledged to the title loan, is an asset that suffices to prove your ability to repay the loan, there are very high chances that you become approved even without a steady employment and very bad credit score.
So allow me the frivolity of the comparison, the auto title loan is the “mortgage” of your car. Sorry for this easy comparison.
The downside to car title loans is the high interest that lenders charge to these loans. Therefore, and the same as with payday loans, the auto title loans should only be utilized to cover emergencies or repairs that were unexpected.
So as a conclusion of this paragraph, there are three types of bad credit loans with almost guaranteed approval that are payday loans, installment loans and auto title loans, wherein the latter pledges your car to the loan. If you need less than $ 500 dollars, a payday loan will get you out of an emergency and is paid usually a month after the approval. If you need more than $ 500, than you could request an instalment loan and split the amounts to repay in several months so it will not hurt a lot your wallet.
Eligibility Requirements For Bad Credit Loans With Usually Guaranteed Approval
I have explained that there are not bad credit loans with guaranteed approval, because the lender cannot be forced to enter into any loan agreement. What the statement “guaranteed approval” identifies, is that the approval is very likely to happen when the eligibility requirements are met.
So let´s go in more detail about those requirements that when accomplished by the prospective borrower facilitate the approval of bad credit loans.
Minimum age: Be at least 18 years old.
American citizen or green-card holder. US citizen, green-card holder, or permanent resident. Prove it with an ID such as a driver license.
Some proof of residence to identify your address. If you are required to proof your residence, the deed of your house wherein you appear as grantee or buyer, the rental agreement where you appear as a tenant, utility bills with your name in it, bank statements that declare your address, or credit card monthly statements are sufficient. In bad credit loans coming with a usually called guaranteed approval and in traditional loans for borrowers with a good credit score, the proof of residence is a mandatory requirement.
Social Security Number. Mandatory requirement. While there are some lenders that work with ITIN mortgage loans as subprime financial products, there are no bad credit loans with a so-called guaranteed approval if you do not have a SSN identification.
ID and basic data from yourself. Provide your name and surname, a phone number (landline or mobile), an email address and your residence address. Have a valid identification, being enough with a driver license or a US passport.
Regular source of income just to show that you can pay the loan at the due date. This can be paychecks, alimony, partner income, unemployment benefits, social security income, pensions, child support, annuities, bank statements where you filtered your incoming payments, workers compensation, trust fund received periodically, installments of structured settlements and veterans assistance. Any evidence as a sole proprietor of current employment, that can demonstrate that you have a sort of regular source of income and that you can pay at least the interest of the loan at the due date.
Checking account or savings account. The direct lender will deposit the loan here in this account. Please check the data of your account because if you submit it wrong, you will have to complete the form again before the approval of the loan, and this will be probably ten minutes more.
Faxless. No fax is needed when working with us, because we work with direct lenders and not with brokers. Brokers need to forward information to the original lender through the fax and that is not our case because your lender will be a direct lender, not a broker.
Source Of Income Required For Freelancers, Contractors, And Sole Proprietors For Bad Credit Loans With The So-Called Guaranteed Approval
Your bank statements should be sufficient depending on their content. Filter your bank statements and retrieve only the incoming payment line items that depict earnings pay history.
You work for yourself if you are an independent contractor. You do not need a W-2 or a check stub to prove income.
Another option is to go to the IRS site and request an EIN. Set up a small business name as a sole proprietor and the IRS will forward you an employee identification number in the mail. This is the EIN.
It is free and you can take this EIN certificate to a bank and open a business account and use that bank. Now all of your income goes to your business bank account which will make proving your earnings easier.
Any evidence as a sole proprietor of current employment, that can demonstrate that you have a sort of regular source of income and that you can pay at least the interest of the loan at the due date.
Improving Your Creditworthiness For Bad Credit Loans With or Without Guaranteed Approval
Numerous lending institutions, such as banks and credit unions, provide various sorts of personal loans. The quickest way to increase your chances of obtaining a loan is to enhance the following factors:
- Split any debt into monthly installments to ensure you can pay them.
- Decrease the volume of debt.
- Limit pulls from financial institutions so your credit score is not affected.
- If you are taking loans, avoid those who perform stringent credit checks and Teletrack scrutinies.
- Take loans only to cover emergencies, urgent repairs and outstanding bills.
- Use only half of your authorized credit card quantities.
- Do not request cash advances on your credit cards, and not even these bad credit loans with the so-called guaranteed approval, unless it is really an emergency.
Hard And Soft Credit Checks In Bad Credit Loans With The So-Called Guaranteed Approval
Whatever credit score you have, you have a possibility of obtaining a loan. A strong credit score almost assures you will be approved for a loan by practically any lender. Bad credit loans with or without guaranteed approval are available with credit scores that are lower than 600.
Prospetive borrowers looking for loans without hard credit checks are at the right spot, as we do not do hard credit checks. This does not imply there will be bad credit loans with absolutely guaranteed approval, but you will have a greater chance of obtaining a negative credit loan with a soft credit check.
- Excellent (800 to 850)
- Very Good (740 to 799)
- Good (670 to 740).
- Fair (580-669)
- Bad (300-580).
So there are no hard checks on applicants. Thus, when searching for bad credit loans that have a so-called guaranteed approval loans, the first consideration should be your financial capacity to repay.
So your main interest is to demonstrate that you can obtain a sufficient income in regards to the amount you must pay at the due date of the loan or at the maturity date of each monthly installment if we refer to installment loans.
Inherent Risk In Bad Credit Loans
Payday loans for those with bad credit have a reputation for being highly risky. The reason for this is because these loans have higher interest rates (APRs) and costs than the majority of other loan kinds.
These financial instruments are not only dangerous for borrowers, but also for lending institutions. By providing online loans to applicants with a poor credit history, lending organizations expose themselves to risk.
The lenders, whether we speak about individual direct lenders or financial institutions have to hedge this risk, this means that the lenders have to compensate for and lessen the risk associated with prospective borrowers that cannot offer an asset as a collateral, and do not have a good credit core but they anyway search for bad credit loans requiring even a guaranteed approval.
A two-week payday loan’s annual percentage rate may reach 450 percent. Anyone contemplating such a financial loan should be confident in their ability to repay the financial instrument at its due date.
Loan Limits For Bad Credit Loans And The Possibility Of A Guaranteed Approval
If you require larger quantities, for example $ 1000 to $ 5000, the best option are installment loans. You should arrange those installment loans in a way that the payments are distributed in several months and they do not affect your budget too much.
For amounts that are lower than $1000, you could request a payday loan for one month or even in that case, request to split the payment in different monthly installments. Depends on how much you need to borrow.
Now, if you have a vehicle and remaining equity, you can also request an auto title loan. In some cases, you can request a car title loan even if you do not have remaining equity.
Applications from $100 to $15000
Bad credit loans with the so-called guaranteed approval, can be requested here in quantities that range from $100 to even $15000 depending on many factors.
These loans can go from a simple payday loan to be repaid in a month to installment loans and car title loans.
Here, you can apply for $100, $300, $500, $1000, $2500, and up to $15000 plus with installment loans and car title loans.
Due Date For Bad Credit Loans With The Generally Known As Guaranteed Approval Approach
The determination of the due date depends on many factors, such as the amount to be borrowed and the creditworthiness of the borrower, but as a general rule, we can define the due dates like this.
Payday loans: They can go from two weeks to one month. It is possible to extend the payday loans for more time paying only the accrued interests. Payday loans go from $100 to $1000.
Installment loans and auto title loans: The due date is usually in a couple of months and the range of funds that can be borrowed start in about $500. There are monthly installments that have to be paid. These loans can be rolled over through subsequent months when requested by the borrower and agreed by the lender or financial institution. Despite the rollover granted, the borrower must pay at least the accrued interests and avoid entering into delinquency.
The due dates and other terms of the loan agreement depend on that state you live in as each state can have its own regulations regarding how loans operate.
Here you can request any of the bad credit loans without guaranteed approval, online and in the comfort of your house.
Could I Obtain The Funds The Same Day I Apply?
For bad credit loans with the so-called guaranteed approval, if you have applied and approved before 11 AM, it is very possible that you receive the funds in your checking account that same day.
The best moment to apply for bad credit loans with or without guaranteed approval is the morning of a business day before 11AM.
The reason is that the lender orders a bulk transfer in the afternoon to all the borrowers whose loans were approved earlier. Therefore, you could be included in this batch transfer.
If you have been approved after noon, generally speaking, then you will be included for a next day ACH transfer batch. The funds will arrive to your checking account during the next business day.
Step By Step Process For Bad Credit Loans With Or Without Guaranteed Approval
1) The First Step In Bad Credit Loans With The So-called Guaranteed Approval Is To Fill A Form With Some Details
The application for bad credit loans with so-called guaranteed approval, installment loans, or a car title loans does not affect your credit score. Direct lenders do not perform a credit score check or a Teletrack scrutiny at all.
The first thing that you have to do is to specify how much money do you need. Simultaneously, enter information about yourself, including the mobile number of your home or workplace, as well as your email address.
You check the form and ensure that there are no typos and submit it.
Ensure that in the form, and allow me to insist with this, all the information is correctly entered and spelled without errors. Typos entered in the forms for bad credit loans with so-called guaranteed approval will have as a consequence, a longer processing time since it cannot be approved automatically and instead will demand the intervention of a customer service representative to ask you to correct the errors. Thus, it is very important that you perform a strict check in the application form before pressing the Submit or Send button.
No one can guarantee that a loan will be approved for you, so because of legal reasons nobody can ensure you a “guaranteed approval” of our bad credit loans with so-called guaranteed approval.
Nevertheless, you can receive an immediate decision upon completing our easy online application, which only requires the submission of basic information. So fill the form without errors for a faster processing.
Direct lenders will request solely simple documents from you, therefore it is almost sure that you have them with you already: an ID, an utility bill or any document that proves where you live. Therefore, all the required documents are already with you at home.
It is not a problem if you do not have an agreement in paper with the tenant and no utility bills on your name, or you just have a prepaid card without your address. Simply take your bank statement online, filter the item list and retrieve only the results where there are incoming payments of the last months. In this way, you prove a source of income
Therefore, for sole proprietors, independent contractors, and workers in the gig economy it is also easy. As you do not receive paychecks or paystubs, simply utilize the 1099 form, or bank statements of the last incoming payments.
Furthermore, with us, you can evidence your source of income for bad credit loans with so-called guaranteed approval with an alimony, the income of your spouse, unemployment benefits, social security income, pensions, child support, annuities, bank statements where you filtered your incoming payments, workers compensation, trust fund received periodically, installments of structured settlements and veterans assistance.
Any evidence as a sole proprietor of current activities, that can demonstrate that you have a sort of regular source of income and that you can pay at least the accrued interests of the loan at the due date.
2) Receive Approval
So, statistically, most of the applicants are approved and receive a proposal called “offer” for the loan agreement.
Legally, nobody can guarantee an approval, despite the popular name of bad credit loans with guaranteed approval. Nevertheless, the immense majority are approved unless there is a typo in the form that raises an error or that the documents that prove the source of income are not uploaded.
3) Accept Or Reject The Offer
Accept an offer with a click.
Previously, analyze the due date, the terms and conditions of the loan. After the conditions are read and you understand how much you will receive in your checking account, and how much you will pay at the due date of the obligation, then sign and accept the loan.
This part is the same for all of the financial instruments like these bad credit loans with so-called guaranteed approval.
4) Receive The Loan Amount In The Bank Account
Once the terms are agreed, the lender will proceed to transfer the amount to the checking or savings account that you have provided when you submitted the application to the loan.
The reason for that schedule in the transfer to your account is that normally lenders perform a cutoff at noon, and all the loans approved that morning, are included in a batch transfer order, or also called bulk transfer order. That bulk transfer order is broadcasted by the lender, through the financial institution of the lender, to the checking accounts of all the recipients of bad credit loans with “guaranteed approval” whose approvals were completed in the morning.
This batch transfer order, a bulk payment, is a remittance broadcasted to multiple payees, who are here the borrowers of loans issued that morning from the bank account of the lender to the bank account of the borrowers. The lenders prefer to work in this way. They release a bulk transfer request to all the loan contracts approved during that morning. This is done inside the website of their bank that has an application for bulk transfers. Lenders can then manage their accounting easier, because each of these daily bulk transfers counts as a single debit item in their general ledger.
5) Repay Or Rollover The Loan
This is the final step.
The online loan (car title loan, installment loan or payday loan) is then repaid on the maturity date (the final payment date), at which time the principal (the actual loan amount borrowed) and all the remaining accrued interests are due to be paid.
The due date depends on each agreement, because you may prefer the loan divided in several installments or paying it in one month, or at your payday. Therefore, the due date will depend on the preference of each borrower.
For a car title loan, it will be the date agreed, for installment loans, there is an installment due every month until the loan is paid.
For bad credit loans with so-called guaranteed approval, the due date is normally agreed in two weeks, or in one month. But also there are borrowers that prefer to split the loan in several months, and that is fine too.
Ensure that your checking account is already provided with sufficient funds at the due date, because when the maturity date of the promissory note arrives, the lender will extract the payment from your account and therefore, the debt will be paid.
If the lender cannot retrieve the payment from your checking account because of lack of funds, the loan becomes delinquent and the lender will rollover the debt to the next month, so you have to pay next month with interest.
If you consider that you cannot pay at the due date or that you may require to extend the loan, the lender can convert the cash advance loan or payday loan into an installment loan. This applies, in general, to all of these short-term loans and not only to the bad credit loans with so-called guaranteed approval.
With an installment loan the amounts owed are split in three, six, or even twelve months, so it hurts less to the budget.
However, as this extension is likewise subject to interest, you should avoid rolling over and extending too much the loan. As I said before, if you think that you will require to extend the payday loan, better go for an installment loan, as it has lower interest.
Nevertheless, it is always better to take cash advances and bad credit loans with so-called guaranteed approval only to cover urgent repairs, emergencies, and outstanding bills and not abuse of this financial instrument. Do not take bad credit loans with so-called guaranteed approval for paying entertainment or holidays because they come with high interests.
Pros And Cons Of Bad Credit Loans With The So-Called Guaranteed Approval
Bad credit loans with so-called guaranteed approval come with pros and cons. If you take them to get out of an emergency and pay outstanding bills that otherwise cannot be covered at its due date, then they are useful.
Nevertheless, as they come with high interests, it is preferable to pay them at its due date without a request for rollover or you can also split them into several installment payments at a monthly basis that would affect much less your budget.
So, regarding bad credit loans with so-called guaranteed approval, let´s see in detail the advantages and disadvantages thereof:
There is no credit check done and no employment verification. Suitable for unemployment situations too.
The form you are filling with us is not affecting your credit score as there is no “hard check” performed. It is an application form without credit score evaluation and without Teletrack scrutiny.
Neither the Teletrack database nor the information from credit bureau agencies is being utilized, generally speaking, by payday direct lenders as a means of checking the credit history of the prospective borrower.
Most applicants of bad credit loans with so-called guaranteed approval will receive short-term loans regardless of their credit history, which makes short-term loans an attractive option for borrowers with poor credit scores. Generally speaking, as it has to be analyzed case by case, the borrower does not have to worry about the bad credit score being an obstruction toward the solution of the short-term financial difficulties.
Your bad credit score and history will not be an issue. As long as you show proof of a regular income, your past doings cannot necessarily affect your loan application’s outcome.
Any Source Of Income Enables Eligibility For Bad Credit Loans With Or Without Guaranteed Approval
Regular source of income, that can be paychecks, alimony, partner income, unemployment benefits, social security income, pensions, child support, annuities, bank statements where you filtered your incoming payments, workers compensation, trust fund received periodically, installments of structured settlements and veteran’s assistance.
Any evidence as a sole proprietor, independent contractor, or current employment, that can demonstrate that you have a sort of regular source of income, even subject to fluctuations as with workers in the gig economy, and that you can pay at least the accrued interests of the loan at the due date.
Settle outstanding bills while maintaining your credit score
Instead of having the delinquency of an outstanding obligation and allow that circumstance to negatively affect your credit score, you will be able to pay that bill thanks to the loan obtained and maintain this aforementioned score. Apart from affecting your credit score, the penalty of a bill not paid on the due date can be usually higher than the interest of these bad credit loans with so-called guaranteed approval.
Spend the money in what you want, without restrictions
In most of the traditional loans, you have to spend the money in a certain way, for example, to pay the mortgage of anan eligible HUD property in an FHA loan, to consolidate or settle a certain debt or outstanding bill.
With these bad credit loans with so-called guaranteed approval, you have complete freedom to use it in what you want. However, I will recommend to you that this cash advance represented by the loan is utilized only to cover emergencies, or outstanding bills, or any obligation that is approaching its due date and if unpaid will hurt your credit score. Do not use these loans for entertainment or holidays expenses.
Any Credit Score Could Be Eligible With Bad Credit Loans With What Is Called Guaranteed Approval
For traditional loans, you require at least a normal credit score to become approved.
However, in bad credit loans with so-called guaranteed approval, and cash advances, what matters for the direct lender, is your ability to repay the debt at the due date, that could be two weeks, one month, or once a month in the case of installment loans.
Applying to a payday loan, cash advance, or installment loan will not affect your credit score, but will not improve it either.
Access To Cash The Next Business Day Or Probably The Same Day During The Evening
Bad credit loans with so-called guaranteed approval are almost always approved in a few minutes and then the money is deposited in your checking or savings account the next day.
But you can also receive the funds during the same day in some cases. If you have completed the form and managed to submit it early in the morning, then the bulk transfer order released may include your financial institution. Due to that batch or bulk order, you will receive the funds already in the evening.
Compared to other types of loans, bad credit loans with so-called guaranteed approval may be easier and faster to apply for, since the transactions can be handled from any Internet-enabled device within minutes.
Loan approvals can almost always be granted instantly unless further verification is needed, and in this case you will be requested to clarify some information or a customer service representative will call you.
Fast Turnout And Highest Approval Rates
When a credit check is circumvented, a loan is approved the same day that the application is submitted. Moreover, the borrower generally receives the funds in their bank account the next business day or the same day in the evening.
Faxless, A Great Advantage Of Our Bad Credit Loans With So-Called Guaranteed Approval
There is no paperwork of any sort involved in the process. The application, as well as its repayment, is a fully online process, right up to the final payment. Lenders guarantee a decision on a loan within seconds or a few minutes.
Direct Lenders, Not Brokers
There are only direct lenders, no brokers involved, and your application is processed instantly, and your loan is deposited directly into your bank account without the need for any paperwork.
The other advantage of applying for our bad credit loans with so-called guaranteed approval is that you will be able to save up time as well, since you will not have to wait for the lender to check your credit report, to check your Teletrack history, and then decide whether to approve your loan thereafter.
In other words, there are no middlemen or brokers involved in the lending decision, meaning you can get the loan approved much faster, almost immediately.
Secure Encrypted Data
The information contained in the online form in this website is submitted always encrypted (256 bit SSL encryption).
The direct lenders also utilize the same level of encryption.
Your data is not shared with other parties other than the direct lenders that will resolve about the approval of the loan requested.
You have to be informed how much you will receive in your checking account and clearly, how much will be retrieved from that account at the due date of the obligation.
This is for all types of loans, of course, cash advances, bad credit loans with so-called guaranteed approval, car title loans, and installment loans.
The appearance of hidden fees is the reason why we have limited our recommendations on tribal loans without teletrack: hidden fees in some very short-term loans where state laws are circumvented against the borrower.
You must know exactly how much you will receive tomorrow in your checking account and exactly how much you will reimburse at payday, or at the due date of the payday, installment or car title loan.
Only one application form
So, it is only one application form divided in two parts. Here you must fill it with data that you already have with you.
As this is direct lending, the process is simple and some requirements for your eligibility can be waived in order to gain the opportunity to do business with you.
Repayments And Rollovers Are Possible
You can set up automatic repayments that will be directly deducted from your next paycheck or at the due date of the bad credit loans with so-called guaranteed approval or at the maturity date of each installment, depending on the content of the promissory note of the financial instrument. Whenever possible, you should seek out lenders who do not charge prepayment fees or non-sufficient funding fees.
Furthermore, you can only pay the interest of the loan and rollover the main amounts for next month. Nevertheless, as the interests for bad credit loans with so-called guaranteed approval are high, it is preferable to avoid this practice of rolling over an existing payday unless there is an emergency or outstanding bills that can hurt your credit score if they remain unpaid.
With installment loans, as the APR is much lower, it is a different story. However, in any case, avoid entering in a cycle of debt.
No more stress
Well, this is not a financial advantage, but you will feel much better to know that your outstanding bills will be settled completely, and your credit score will remain as before. It will not improve either.
Higher interest rates
Any direct lender advertising bad credit loans with so-called guaranteed approval and no credit score check is certainly taking a risk by lending to individuals with poor credit, and that is why the monthly installments are so expensive. The same applies with these loans.
Ascertain that you can afford the monthly payments; otherwise, you risk running into financial issues.
If the loan cannot be returned within the loan’s terms, there will be a rollover over the remaining sum into a new loan, giving the borrower additional leeway to pay back the debt.
However, as this extension is likewise subject to interest, so avoid rolling over and extending too much the loan. If you think that you will require to extend the payday loan, better go for an installment loan, as it has a lower interest and the amounts can be extended.
Limits In Some States To The Quantities Borrowed
In some states there are limits to the quantities that can be borrowed in these bad credit loans with so-called guaranteed approval. Therefore, the prospective borrower has to move to an installment loan which is an option with less interest and less APR, or a car title loan.
Only Maintains Your Credit Score And Does Not Improve It
This is because direct lenders do not do any credit score check when you request the short-term loan. And because they did not check at that moment, the lender would normally not report when you pay either.
The major three credit bureaus do not conduct hard credit checks on instant payday loans because the direct lenders will not request them at all. Consequently, your FICO® or credit scores will not be impacted. Furthermore, your direct lender does not report your loan payments to the credit bureaus.
All these benefits will make the funding available to you the next business day in your bank account as soon as the business day ends. The process of getting your financial help without waiting weeks for approval and without any hassles is accomplished in one day.
Factors To Evaluate Before Signing Bad Credit Loans With The Phrase Guaranteed Approval
We have studied here several types of bad credit loans with the consideration of “guaranteed approval”: payday loans, installment loans, and auto title loans.
There are several factors to consider in all of them before signing.
- Interest Rates
The interests are very high because the lender wants to compensate the risk of not checking credit scores and not checking the Teletrack database.
Therefore, all bad credit loans whether with a promised guaranteed approval or not have higher interests. My recommendation is to take loans only to cover emergencies, unexpected repairs, medicines and utility bills.
Likewise, as the interests are high, ensure to pay the debt at the due date or request a rollover for next month paying at least the accrued interests. Do not extend these bad credit loans more than necessary.
Credit Score And Eligibility For Bad Credit Loans
It is completely possible to become eligible for bad credit loans, even those with the so called guaranteed approval. The reason is that credit score checks and Teletrack listings are usually not utilized by direct lenders for the underwriting of prospective borrowers.
The only aspect regarding the solvency of the borrower that is of interest for the lender, is the ability to repay the loan at the due date of the payday loan, or at the maturity date of each monthly installment for installment loans.
If you have a source of income of any type, even one that is subject to fluctuations, you can apply for one of these bad credit loans and receive the funds in your checking account, maximum, in one business day, or sometimes during the same day of the approval of the loan.
Simply add basic details such as your SSN, name and address. Declare your source of income and then, if these eligibility requirements are met, you would normally be approved, even when these bad credit loans cannot ensure guaranteed approval.
Obtaining Bad Credit Loans With Or Without Guaranteed Approval Even In The Case Of Unemployment
It is possible to become approved for bad credit loans, whether it is with guaranteed approval or not, if you are unemployed because the main eligibility requirement is the ability to repay the loan at the due date or to pay the agreed amount at each monthly installment.
With us, there is neither a Telecheck scrutiny nor a credit check to study your creditworthiness, the goal of the lender in these cases is only to ensure that you have the ability to repay the loan at the due date of the obligation.
Therefore, they will request to you that you evidence your creditworthiness by the exhibit of the proof of a source of income.
If you cannot prove your source of income typically with paystubs or tax statements as independent worker, there is a plethora of other ways to demonstrate an income and become eligible for all type of bad credit loans with the erroneously called guaranteed approval, as this list below depicts.
- Alimony received: The spousal or alimony received is a valid source of income. It is the legal right to receive financial support after divorce or marital separation.
- Paystubs from your employer: This is the most common way to proof your income but by far not the only one.
- Partner income: If your partner or spouse can prove an income in any of the ways described herein, it can be obtained through this way, cosigned by the spouse or partner, or directly taken in his or her name. Easy procedure.
- Bank statements: Go online to your bank account and filter all the incoming payments that the account received. Preferably some months and not just a few days. Segregate only the line items that showcase incoming payments. This will show that you have a steady source of income and therefore, you have the ability to repay the loan. A lender does not care if you have paid taxes for these incoming payments or not, just that you receive an income.
- Unemployment benefits: Unemployment insurance enable you to momentarily acquire a fraction of your previous allowances as a cash monetary welfare while you are searching for a new employment relationship. Each federal state possesses a distinctive criteria to ascertain who is entitled for unemployment but any incoming benefit proves a steady income thereof, for sure.
- Workers compensation: These incoming payments demonstrate easily a source of income because these funds are a stipend provided by your employer during the period you would ordinarily have retrieved a steady paycheck.
- Social security benefits and retirement allowances: Four basic categories of Social Security benefits are paid based upon the record of your earnings: retirement, disability, dependents, and survivors benefits. These benefits all fall under the Old Age, Survivors And Disability Insurance Program (OASDI), which is the official name of Social Security.
- Pensions: If you draw a pension as a regular payment, this is a direct source of income. It is remunerated by the state to subjects over the legal retirement age and to some widows and disabled people.
- Child support incoming payments: Here, you are the obligee of a child support order being the custodial parent, a guardian or caregiver and in this way you can prove the source of income.
- Annuities: Through annuitization, you purchase payments that are converted into periodic payments that can last for life. These incoming payments from annuities, are a source of income for direct lenders.
- Veterans assistance and support funds: Any income being received for any VA assistance program is a perfect way to demonstrate your income.
- Inheritance and trust fund monies: Usually in the form of cash endowments being received in the bank. You can evidence a source of income with the bank statements for the incoming endowments or with the document that settles the estate distribution.
- Structured settlements: Here you have agreed as a plaintiff, the resolution of a personal injury tort claim by receiving the quantities of the settlement in the form of periodic incoming payments on an agreed schedule, rather than as a large lump sum.
- Severance Pay: Workers may be eligible to obtain this benefit after termination, when they are obliged to exit the employment relationship unwillfully. This sum of money received is a source of income for lenders as well.
- Tax Returns And Transcripts: Tax returns refer to the amount you receive from the government because you have paid taxes exceeding your estimated tax liability. If anybody is capable of establishing that you have received funds, it is the Internal Revenue Service. Tax returns may offer detailed information about your payments for any particular year, even at a glance of this document. Even if you have poor credit, tax returns may include information that helps determine whether you are approved or denied.
- Form 1099 or W-2: The form 1099 is issued to a freelance or independent contractor, to state their income to the IRS. Independent contractors pay their taxes since they are self-employed. On the other hand, a Form W-2 is provided to an employee to declare their earnings and payroll taxes withheld. Therefore, there is a tax difference between 1099 and W-2 forms. Any of them that you can have will suffice to prove the source of income for any of the bad credit loans with guaranteed approval that we have discussed in this article, such as installment loans, payday loans, and auto title loans.
For sole proprietors, freelancers and independent contractors, it is enough with paystubs or bank statements to prove the source of income. These bank statements can show an irregular flow of income in the case of independent contractors and sole proprietors, as there are normal fluctuations in business, and this is understandable. This happens frequently with Doordash, Uber drivers, and in general, workers of the gig economy.
List of Best Bad Credit Loans with Guaranteed Approval
As described earlier, in this context of bad credit loans with guaranteed approval, just take in consideration that legally there cannot be a guaranteed approval, as a lender, or any other contractual party, cannot be obliged to enter into a contract or to sign a financial instrument as a loan agreement.
With that said, there are lenders that have a very high rate of approval when the eligibility criteria is met, namely to evidence a source of income and proof of residence.
In this section, we will review our top selections for bad credit loan providers. Then, we will outline each of these loan providers’ features, pros, cons, and customer experience to give you a fair idea of what you can expect from them.
We made sure that only those companies who genuinely aim to facilitate consumers are present on this list. If you are looking for smaller loans, then Credit Loan is the best option to go for. If you want a loan higher than $10,000, you will get the best offers at Personal Loan. CashUSA, on the other hand, not only provides you with loans but also educates you financially. But as overall best bad credit loan platforms go for MoneyMutual.
- MoneyMutual – Best Overall Loan With Guaranteed Acceptance & Editor’s Pick
- CashUSA – Best For Instant Loan Approval Along With Cash Advance
- BadCreditLoans – Best For No Credit Check Loans
- Personal Loans – Best For Installment Loans WIth Higher Amounts
- Credit Loan – Most Trustworthy
- CashAdvance – Approval Is Very Fast
Selection Criteria For The Lenders Of Bad Credit Loans Guaranteed Approval
Here are the basic factors we’ve considered to make the list:
The first important consideration to make is the reputation of the company. Ensure that you are well aware of the reviews of the current and previous clients of the company. Customer reviews always provide you with a better idea of the product or service you are about to sign up for.
Additionally, you can research for yourself to adequately know the features and bonuses offered by the company. To start with, you can look up if the company has had any lawsuit filed against it. Also, it would be great if you could check their Better Business Bureau (BBB) rating for compliance with consumer complaints.
APR (Annual Percentage Rate)
The annual percentage rate or the interest rate of the loan amount you apply for needs to be informed about beforehand by the lender. Consider listing out all the potential lenders on your list and compare the different annual percentage rates.
Some may provide a fixed rate of interest, while others charge a fluctuating rate of interest. Therefore, ensure that you are clear about it before signing up for a loan from a lender.
Funding Time and Approval
Since instant loans are meant for same-day approval, ensure that the lender transfers the borrowed amount to your bank account directly and within a short span of time.
Same-day loans ideally mean the transfer of borrowed amounts within one business day, and the lenders should approve the loans instantly.
Terms and Conditions
Once a lender approves your loan, they send you the loan agreement with their terms and conditions. Ensure that you go through all their terms and conditions thoroughly.
If you don’t understand any of the points, you can contact their customer support to guide you through it. However, make sure that you sign the agreement with all the terms and conditions only after understanding them properly.
Lenient Eligibility Criteria For The Borrower
Typically, same-day loans require you to fulfill certain eligibility criteria so that you meet all the requirements to apply for your loan. This eligibility criterion may differ from lender to lender. Run a check for these and ensure to apply for the ones which have eligibility criteria that are suitable to you.
Ideally, lenders ask for your ID proof, monthly income details, documentation of contact and address proof, etc. But others may also ask you for details about your financial records, such as your credit score and outstanding expenses.
Therefore, while inspecting the best instant loan platform for yourself, ensure to choose the one with the least requirements that fulfill your expectations and creates no fuss over eligibility.
While filling out an application form for an online portal dealing with finances, you need to share information about yourself. They may require details such as your ID proof, contact details, and address. These are the basic information you should provide without fail.
Such information is sensitive and, thus, needs to be secured. Therefore, ensure that your chosen platform has a solid privacy and security base and does not leak any private or confidential information.
Actually, I do not want to see any fee or commission at all either. If I see a hidden fee, as in some tribal loans here reviewed in our website, it is removed from all the lists.
I ask two questions to their customer service, to understand how they respond.
In the end, we were left with a list of some notable names in the industry. All of the companies added to this list have some unique features to offer. From education centers to loan limits of up to $35,000, each stands out in its own way.
#1. MoneyMutual: Best Overall Loan With Guaranteed Acceptance & Editor’s Pick
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- Not available in NY or CT
- Click here for official site, terms, and details.
|Loan Amount||Interest Rate||Loan Term||Loan Example|
|Up to $5,000||Varies||Varies||$200 loan for 14 days = $230 paid back (391.07% effective APR)|
MoneyMutual made it to the top of today’s list because of the ease it provides to both lenders and borrowers. Since 2010, MoneyMutual has been working as a bridge between lenders and borrowers. The fact that there are 50+ lenders on the site makes bad credit loans with guaranteed approval possible.
It takes only a few minutes for MoneyMutual to prequalify you for a personal loan. You are eligible if you earn a monthly income of $800 or more, are at least 18 years old, and have an active bank account in your name. The MoneyMutual network of direct lenders is heavily experienced in finding ways to approve a loan application from bad-credit borrowers.
Moreover, MoneyMutual offers plenty of features that make the process seamless. The best part is that MoneyMutual does not exploit the market. Due to the abundance of lenders, they do not charge extra because of your poor credit score.
The presence of over 2 million online customers clearly indicates that MoneyMutual is providing value to society
MoneyMutual is easily one of the most popular and highly reputed loan providers in the country. It is growing in popularity because it does not always carry out a thorough credit check on consumers.
This is a free service through which bad credit borrowers can connect with genuine lenders and obtain loans, regardless of their credit ratings.
MoneyMutual is not involved in the lending or borrowing process — it simply provides a platform for these two parties to lend and borrow money. Think of it as Amazon or eBay, but for loans instead of products.
This company has been in the business for over a decade now and has helped over two million people across the U.S. satisfy their financial needs.
The process with MoneyMutual
The platform allows you to connect with various online lenders within a short period. To get started, all you need to do is fill up a simple form on their website that takes hardly a few minutes. Once you are done, you are connected with several lenders that offer assistance that suits you.
After all the requirements are fulfilled, you can decide to choose a suitable loan for your needs. Once you have finalized your decision, you can expect the amount to get transferred to your bank account within 24 hours.
One of the most reliable platforms, MoneyMutual, has a network of over two million people making transactions on their platform. All these users have shared their testimonies, with most of them being positive.
The following are the main features of MoneyMutual:
- The platform through which potential borrowers can get in touch with potential lenders
- Minimal credit checks are carried out
- Once the funds are approved, customers must fill out a form online
- Allows for loans up to $5,000 for short-term funding
- Lenders review customer’s information and decide whether they want to find their requirements
- Relatively simple for those with bad credit ratings to obtain loans
- The company is highly reputed and experienced
- Completing the online form only takes a few minutes
- You can receive the money within 24 hours
- MoneyMutual charges no fee for connecting you to the lender
- Presence of a considerable number of lenders
- Plenty of 5-star reviews
- Get funds transferred into your account within 24 hours of approval
- Advanced security features to make sure that your credentials are secure
- Loads of paperwork are not required
- Get a loan with an income as low as 800$ per month
- Not available in a few states such as New York
- A proven regular source of income is mandatory to be eligible
- You have to be living in the USA to get loans from MoneyMutual
- Interest rates, terms of usage may vary from lender to lender
Most customers who have used this service claim it is very easy to use, and connecting with lenders online is made convenient. In addition, customers claim they were able to receive funds through this service much faster than they could by using other similar services.
Here are some qualities of MoneyMutual that make the company stand out:
- Borrowers Matched with Lenders
Whenever you require instant loans and have nowhere else to seek, MoneyMutual won’t turn its back on you. It would serve you with a suitable solution for your financial situation. MoneyMutual does not elongate payday loans.
Instead, it provides you with the best offers. You can choose for yourself from the long list of money lenders on their platform.
- Free Service
MoneyMutual connects you with your ideal lender free of cost. The lender you choose will receive the interest in the return of the loans they offer you. All you need to do is select your ideal lender from the long list of lenders under MoneyMutual.
- Easy-to-Use Website
The user interface of MoneyMutual is straightforward. Even if it is your first time dealing with such platforms, you will find that it’s no rocket science. The site guides you through the entire process smoothly and easily.
- Simple Application Form
Almost all money lending websites require you to fill out an application form at the initial stage. MoneyMutual is no different in this regard. However, they offer a simple and secure form for you to fill out, taking no more than five minutes.
Once you fill out the application form, you are connected with a network of suitable lenders to meet your financial requirements.
Transparency is important to build long-lasting trust, especially when it is about your finances. MoneyMutual offers extensive details on their website, pretty much about everything you can avail yourself of on their platform.
From educational resources and reviews to FAQs are all available on their official website. Additionally, they have a dedicated section for all its customers to register their doubts and concerns.
No Service Charges: It was shocking for us to learn that MoneyMutual does not charge any service fees. Today, when even taxi service providers and almost everyone else charges for their services, MoneyMutual connects you with lenders for free. This feature makes MoneyMutual the most practical option among all.
Quick Transfers: There is nothing worse than waiting for funds to transfer into your account after loan approval. MoneyMutual eradicates this unnecessary waiting time entirely. This not only delivers the funds at the time of need but also elevates the overall user experience.
A Plethora of Options: Even if your credit score is bad, there are chances that you will receive plenty of offers from lenders. That is because around 60 lenders are sitting there making offers. Hence, you will get a bad credit loan with guaranteed approval.
Simple Process: The website is easy to navigate for both tech geeks and old-school people. The process is pretty simple too. You simply have to provide proof of your income and other necessary details to apply for a loan.
Later on, they connect you with the lender, who then deals with you personally, even outside the platform. If you agree to the lender’s terms and conditions, they can transfer money into your account within 24 hours. What else can you wish for?
Maximum Security: You won’t have to worry about your credentials while working with MoneyMutual, as their website is highly secured with advanced security features.
⇒Visit the Official Website of MoneyMutual for More Information
#2. Bad Credit Loans: Best For Installment Plans
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- Click here for official site, terms, and details.
|Loan Amount||Interest Rate||Loan Term||Loan Example|
|$500 to $10,000||5.99% – 35.99%||3 to 60 Months||$2,000 loan at 19.9% APR = $183.63/month for 12 months ($2,203.56 total)|
Bad Credit Loans is known to help those who are grappling with bad credit ratings to obtain loans online. This free service allows lenders to connect with borrowers and approve loans to them without taking into account their credit ratings.
Bad Credit Loans won’t turn you down just because your credit is less than perfect. To prequalify for installment loans, you must be a U.S. citizen, at least 18 years old, and have a regular income, a checking account, and a valid email address. The company will match you with the network lender most likely to approve your loan request and fund your money by the next business day.
We say this because it is not uncommon for customers to receive funds from lenders on this site without the demand for a credit check.
This company does not exercise any control over the lenders listed on the site. But, it does offer you any relevant information you may require, helping you decide whether you would like to trust a certain lending partner.
From this company, you can get loans ranging from $500 to $10,000. Therefore, you can rely on them in times of despair.
From vacations to emergency medical bills, you can apply and get a loan for almost everything immediately.
The following are the main features of Bad Credit Loans:
- A platform that helps connect borrowers to lenders and offers both parties adequate information on the other
- The site has advanced encryption technology that keeps your private information safe
- Using this service is completely free
- Borrowers only need to complete an online form for lenders to decide whether they would like to engage with them
- Free service
- Very easy for borrowers to find lenders
- Credit requirements of lenders on the site are very flexible
- You can borrow amounts of anything between $500 and $10,000
- Allows you to assess and compare interest rates from different lenders
- A reasonable loan term ranging from 3-72 months
- Customers with poor credit ratings receive lower loan amounts.
- They require to evidence a US citizenship.
- Bad Credit Loans is not accredited to BBB
Customers seem happy with how simple it is to get a loan approved using this site, since it allows for minimal credit checks. Besides, the fact it only takes a few minutes for people to fill out the form on the site only contributes towards how convenient most people find this service.
When you look up their website, you will find their “How It Works” page that would guide you through the entire process of reaping the benefits offered by the lender.
You start with filling a simple form that asks for all the relevant information required to find you the ideal potential lenders for your needs. Several lenders line up according to your requirements and offer their services to you, and you can choose among them.
However, it would be best to learn every detail of the lender before you choose to sign a contract with them. Also, if you cannot pursue a loan from a lender, Bad Credit Loan offers you other offers to improve your credit scores, debt relief, and many other services.
Flexible Repayment Options: This is probably the most significant advantage of borrowing a loan from BadCreditLoans. You won’t have to worry about repaying immediately after getting the loan because you can pay it in up to 36 months.
The thing to note here is that the interest rate will also increase with an increase in the duration. So, get a bad credit loan with guaranteed approval from BadCreditLoans if you want to bring ease to your life.
Simple Procedure: Mostly, when you go out there to take a loan, you have to face loads of paperwork. This is not the case when it comes to BadCreditLoans. A form is provided on the website of this company.
Simple questions like name, date of birth, proof of citizenship, a reason for borrowing the money, and the amount of money required are asked in that form.
After submitting all the information in the form, the company will connect you with the lenders. Once you agree with the lender of your choice, they will immediately transfer funds to your account.
- Dependable Loan
Bad Credit Loans is here to serve you when you require a higher loan amount. The platform enables you with loans from $500 to $10,000. Moreover, the site also offers you additional financial aspects such as home equity or auto loans.
- Instant Loans
Bad Credit Loans offers you instant loans within a few minutes. After that, you receive a proper mail to confirm the information you filled up on their site. However, the time taken to transfer the amount to your bank account differs from person to person.
But you can expect the transfer to happen within three business days. Moreover, if you have a good credit score and are highly eligible for a loan, you may receive your loan amount within 24 hours.
- Easy to Apply
Once you have all the required documents in hand, you can fill out their application form. If you are unsure about the documents required for the application, you can search for the required details on their official website.
With a click on “Get Started”, you will have submitted all the important information, such as the last four digits of your social security number, the zip code, and your birth year. Once done with all of this, the site connects you with various potential lenders.
- Privacy and Security Policy
Bad Credit Loans believes that their clients’ privacy and security concerns are theirs to worry about. Hence, they offer a comprehensive encryption technology that secures the privacy of the data you provide. They also have a set of protocols, secured processes, and computer safeguards to ensure that all privacy laws are adhered to.
No Pressure: BadCreditLoans never take the side of the lenders. If you don’t like the lender’s offer, you can decline it immediately without any fear. You won’t lose a dime, and it won’t affect your profile either.
The purpose of the company is to serve both lenders and borrowers. You can start over and look for a new offer as many times as you want.
For People with Bad Credit: The sole purpose of this company is to facilitate those who are not entertained anywhere else. Your previous credit score is not considered while offering you any kind of loan by the lenders. You might have to pay a slightly higher interest rate, but you will get the loan ultimately.
⇒Visit the Official Website of Bad Credit Loans for More Information
#3. CashUSA: Best For Instant Loan Approval And Financial Education Platform
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- Click here for official site, terms, and details.
|Loan Amount||Interest Rate||Loan Term||Loan Example|
|$500 to $10,000||5.99% – 35.99%||3 to 72 Months||$5,000 at 18.9% APR = $179.35/month for 36 months ($6,456.68 total)|
The direct lenders on the CashUSA.com network regularly approve personal loans to bad-credit consumers seeking a wide range of loan amounts and repayment term options. The company prequalifies applicants living in the United States who are 18 or older, earn at least $1,000/month after taxes and can provide a valid phone number, email address, and bank account number.
Prequalified applicants are immediately transferred to an online lender that will quickly render a decision and fund successful applicants as soon as the next business day. These services are free – the lending companies earn revenues when a network lender closes a loan. You are never under obligation to apply for a loan or to accept a loan offer.
CashUSA is a company that not only offers bad credit loans with guaranteed approval but also provides financial education. This company is a reputable lending platform that has been serving the United States for years.
There is a unique education center that is accessible via their website. In this center, you will find beneficial information on various financial topics. These topics include the calculation of debt, with which you will be able to manage your debts more wisely. It will also help you determine ways to pay back the debt.
In addition to this, the other topic is paying off student loans. Without an appropriate plan, student loans will haunt you for a good time in your life. Hence, planning is essential if you want to pay back student loans. CashUSA will help you devise ways to repay your student loans without disturbing the budget.
Moreover, they will help you understand your credit score. To repair your bad credit score, you have to understand its concept to the fullest. You can find a lot of helpful information in this regard from CashUSA’s education center.
They also help with the selection of a financial advisor. One needs a considerable amount of knowledge and experience to advise someone. This becomes more important when it comes to financial advice. With the information present in the education center, you can have all the secrets to choosing the right financial advisor.
Hence, CashUSA is an excellent platform to borrow loans and to learn as well. Just like MoneyMutual, CashUSA also has plenty of lenders on board. So, you can receive multiple offers depending on the amount of loan you want and your credit score.
CashUSA is known to offer borrowers many options regarding funding for their immediate requirements. For instance, it does not matter whether you want to pay a debt back or purchase something new, CashUSA can work on meeting any requirement adequately.
In addition, this site offers you loans that are sometimes double the amount of other bad loan guaranteed approval services.
Once you complete the online form on the site, you will get the option to review the offers made to you by different lenders. So, do not worry if no lender makes you an offer on the site.
You will still have the option to review offers on credit repair, debt relief, and more. If, however, you do receive an offer, you will need to provide additional information to the lender, which could help them decide whether or not they want to lend to you.
The following are the main features of CashUSA:
- Uses a large network of lenders and partners that decide eligibility for a loan
- Consumers need to fill in an online form and provide extra information if necessary to receive a loan
- Company uses adequate security to ensure your information is protected
- Customers can receive loans of up to $10,000
- Funds are transferred directly to customers’ bank accounts upon guaranteed approval
- Access to a financial education platform.
- Funds can be accessed quickly and easily
- Loan amounts are higher than those of similar services
- Customer information is secure
- Available for both long and short-term loans
- Additional information is required from borrowers at times
You can expect their response typically within a single business day. However, it is not a 24/7 service. Nevertheless, you can also contact them over their social media handles on Google+, Facebook, and Twitter.
Process Steps To Apply
To get the process started, you need to provide your personal details, including your home address, email, etc.
After you’ve fulfilled all the requirements, you can preview your application for the loan. It ensures that you are well-informed about the platform you are signing up for and the source of your borrowed amount. Similarly, the repayments processes are easy as well.
In ideal cases, the lender withdraws the loan amount from your bank account once the loan expires. However, if don’t have enough funds by then, it would be ideal to request an extension from your lender. Most lenders tend to offer you an extension. This way, you save your credit score too.
Loans of up to $10,000: There are entities in the market that offer poor credit loans with guaranteed approval, although the amount is usually low. This is not the case when it comes to CashUSA. You can get loans of up to $10,000, which is enough to cover an entire vacation or pay for your wedding.
Quick Process: Sometimes, we need funds to cover immediate expenses and emergencies. Unlike other lending companies where you have to wait months to get a loan, the process is much faster at CashUSA.
Educates Users: CashUSA is known for financially educating its users along with providing financial aid. The aim is to make every user economically stable. This is very rare in the lending business.
Vast Interest Rate Range: In CashUSA, you get an interest rate as low as 5.99%APR to as high as 35.99%APR. The interest rate offered to you by CashUSA depends upon the amount of loan you want and your credit score. Every lender offers a different interest rate, so you will also have options to choose from.
⇒Visit the Official Website of CashUSA for More Information
#4. Personal Loans – Best For Installment Plans And Higher Amounts Required
- Loans from $500 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- Click here for official site, terms, and details.
|Loan Amount||Interest Rate||Loan Term||Loan Example|
|$500 to $35,000||5.99% – 35.99%||3 to 72 Months||$4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total)|
PersonalLoans.com stands out as a matching service for personal loans in amounts much larger than those available from its competitors. You can arrange a loan repayment term long enough to make the monthly payments of even large installment loans affordable. Prequalified applicants will be 18+ and U.S. citizens or residents with dependable monthly income, a Social Security number, and an active bank account
Personal Loans is one of the few lending services out there today that offers you the choice of dealing with two separate networks of lenders.
One of these networks consists of lenders that specifically cater to those with bad credit ratings. Neither of these networks requires you to pay any hidden fees or extra costs.
you only have to provide basic information before accepting any invitation.
It takes only minutes on this platform to connect with borrowers, as that is how much time it takes to fill in the online form. This form does not require too many details, and you will find you can complete it in no time.
Your application will then be forwarded to the relevant lenders, who have the option of choosing to approve or disapprove of your application.
The following are the main features of Personal Loans:
- Offers more flexible funding options than nearly any other site in the business
- Loans are available at competitive rates
- The site is easy to navigate and use
- Offers loans of high and medium-sized amounts alike
- Consumers can obtain funding of up to $35,000
- Both consumers with good credit ratings and those with bad credit ratings can use this website
- Funding obtained can be used for a variety of purposes
- Has various lending partners in dozens of states across the country
- Allows you to compare loan offers from various vendors
- You can repay the loan in up to 72 months
- A variety of repayment options are available to improve credit reports
- No pressure from the company to accept offers
- Funds are available in a day or less
- Easy Procedure
- Not available in a few U.S. states
- Requests that the checking account has to be activated at least two months ago.
- It performs telechecks in higher loans.
Customers are satisfied with the flexible loan options this service offers them and the ease with which they can find all of the relevant information they require on the official website.
In addition, you will be able to obtain loan rates and other details regarding offers on the site and can use this to make an informed decision on which lender you should go with. Customers have found this to be supremely useful.
Steps To Apply
you need to fill up their application form, which is easy and quick to do. After you fill all the information details on the form, your information is processed to find you the most suitable lender for your loan requirements.
The lenders available on the platform and the third-party partners evaluate the information and offer their loan packages within 24 hours. PersonalLoans.com offers all of this and the approval of your loan free of cost. However, you should have a valid credit account and a social security number.
The application process of the website is straightforward. It seeks your personal information like your ID proof, age, address proof, and other details. Additionally, it also asks for your banking and credit details. After all, is processed, you are connected with your potential lenders.
Three Types of Loans
Personal Loans offer three types of loans: peer-to-peer, personal bank loans, and personal installment loans. The first type connects you to your investor directly.
The second type allows you to claim your borrowed amount from the bank in the same way as the previous one. And the last one is no different except you need to have a sound financial history.
Loans Up to $35,000:
$35,000 is enough to change or save a life. Not all the companies out there offer this amount of money to people with bad credit. This is a distinction that Personal Loans.com holds. If you want to have an amount bigger than $10,000, this is the company you need.
PersonalLoans.com connects you with lenders that offer a higher amount of loans. Typically, lenders offer borrowed amounts up to $10,000-$15,000. But this website allows you loans up to $35,000.
Additionally, the minimum borrowed amount that lenders offer on this platform is $1,000. Therefore, this website is ideal for you for instant loans of higher amounts.
Quick Transfers: A loan received late is a loan wasted. We borrow loans when we are in dire need of financial aid. If we don’t receive the loan at the time of need, there’s no purpose in getting a loan.
Personal Loans completely acknowledge these factors; hence, everything is done as quickly as possible. In most cases, people receive funds in their accounts within 24 hours of approval.
Presence of Third-Party Members: Personal Loans go a step further to facilitate you. If you are not satisfied with the offers from lenders on board, you are connected with third-party members to receive offers. This ensures maximum satisfaction and that you do not return empty-handed.
Demands Only Basic Information: Personal Loans as a company provides bad credit loans with guaranteed approval and respect for your privacy. For this purpose, you only have to provide basic information to apply for a loan. You provide detailed information only after you have accepted the invitation of any lender.
PersonalLoans.com is serious about the privacy and security concerns of its clients. They conform to all the privacy and security laws and encrypt your data from any breach by unauthorized access.
The website ensures full security of data and maintains all secured filed and computer safeguards with efficiency.
Higher Scrutiny Than Competitors For Loans Over $ 1000
Customers must have a clean history without any records of bankruptcy and should have an account activated for more than 60 days. No debt records in the recent past should be available. The lender shall also scrutinize if the client has any consistent patterns of late payments.
Customers must have no recent bankruptcy to qualify for loans, and their accounts should not be more than 60 days late. There should also be no recent debts that the current income of the individual cannot pay. They will also check to see if there are serial patterns of late payments and no newly charged-off accounts.
⇒Visit the Official Website of Personal Loans for More Information
#5. Credit Loan
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- Click here for official site, terms, and details.
|Loan Amount||Interest Rate||Loan Term||Loan Example|
|$250 to $5,000||Varies||Varies||$4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total)|
This service is greatly preferred by those with bad credit ratings who want short-term loans to satisfy their financing requirements. This company has over two decades of experience in the loan market and has managed to stay on top despite facing fierce competition over the years.
Perhaps your car needs some repairs you can’t afford out of pocket. Whatever the reason for your loan request, CreditLoan can quickly prequalify you and set you up with a direct lender from its online network. When time is important, be eassured that CreditLoan can get you quick results despite your low credit score.
If you want a loan up to $5,000 with an affordable interest rate, then Credit Loan is the best option for you. The company created a reputation as a safe place for people with bad credit scores.
This company has catered to over 750K people in the past 22 years. The numbers themselves are enough to speak of the credibility and authenticity of the company. Like other names on this list, Credit Loans also work as connectors between you and the lenders.
One of the most impressive features of this service is that it offers both small and large loan amounts to the consumer — making it more flexible than most similar companies in the business.
Both borrowers and lenders seem happy with how well they can connect using this service and how much it has evolved with the changing requirements of both.
The following are the main features of Credit Loan:
- Borrowers can obtain loans as small as $250
- Lenders can deposit money directly into your account upon approval
- The fee charged is quite nominal
- Decades of experience in dealing with customers with bad credit ratings
- Loans of up to $5,000 can be obtained by borrowers on this site
- Service is perfect for both small and large loan amounts
- Getting a guaranteed approval for your loan is not difficult
- Funds are deposited quickly
- Service funds are automatically deducted from borrowers
- Decades of experience in the industry
- The website holds McAfee Secure certification
- A proven record of previous services
- Very affordable interest rates
- Not so famous in the short-term market even if it has many years of experience.
- Loans are limited to the amount of $5000
Customers are happy with how easy the application process is on this website and how quickly borrowers can receive funds using this site. It is both reliable and secure, which is why consumers can trust the company without hesitation.
One quick look across the brand’s official website will allow you to see the many great reviews consumers have left for this service.
Besides, customers are pleased they can receive loans without collateral using Credit Loan.
Here are the reasons for Credit Loans’ popularity:
Proven Track Record: Unlike newly emerged credit companies that often turn out to be scams, Credit Loan has served people for decades. Over 750k people have dealt with their critical financial situations with this company’s aid.
Affordable Interest Rates: Looking for a bad credit loan with guaranteed approval and affordable interest rates? Well, Credit Loan is the company you are looking for. Everything that is paid in the name of interest is not interesting at all to pay. If you think like this, then apply for a loan from Credit Loan because you won’t find such rates anywhere else.
We do not feel safe providing our personal information online due to the rapid increase in the rate of cybercrime. Whereas, when it comes to Credit Loans, you can submit your personal information without hesitation.
TRUSTe verified the company because of their efforts to secure your information. The company also holds a McAfee Secure certification. Hence, you can rely on the website without giving it a second thought.
Best for Smaller Loans: At Credit Loan, applying for smaller loans is super easy, and you also get funds transferred quite quickly. If you need funds under $5,000, then Credit Loan has excellent offers for you.
Fast & Free: Services provided by Credit Loan are not only fast, but they are free too. Sounds too good to be true? Credit Loan only works as a mediator and steps aside after connecting you with the lenders. They won’t charge a dime for their services.
⇒Visit the Official Website of Credit Loan for More Information
#6 Cash Advance
- Short-term loan of $100 to $1,000
- Large network of lenders
- Loan decision as fast as a few minutes
- Funding as soon as the next business day, if approved
- Click here for official site, terms, and details.
|Loan Amount||Interest Rate||Loan Term||Loan Example|
|$100 to $1,000||200% – 2,290%||Varies||$200 loan for 14 days = $230 paid back (391.07% effective APR)|
CashAdvance can offer a 1 hour payday loan option by connecting you with payday lenders that offer short-term loans to bridge the gap to your next paycheck.
These loans often require repayment in full — with interest — within two to four weeks. Hour payday loans often have very high interest rates since they do not typically require a credit check and come with a high risk for the lender. This should be a last resort if you need an emergency loan and do not qualify with the lenders listed above.
Auto Loans As Bad Credit Loans Guaranteed Approval
The “no credit check” online loans can be either secured or unsecured, meaning they can involve an asset put up as collateral or not.
The secured loans are auto title loans that have as collateral your car title. Only the title, because the car remains with the borrower and can be utilized freely.
A secured loan will require you to pledge an item of value as collateral should you stop making payments on the loan. The lender will typically require your collateral to have a value of 75% to 100% more than the amount of your loan. So, for example, you may need to risk an item with a resale value of $1,000 to receive a $500 loan.
While auto title loans are not absolutely “guaranteed approval” or 1 hour like these loans, they are very fast and represent a preferred option if you have a car in good condition or if you are a driver in the gig economy such as a Doordash driver or dasher.
If you are in the gig economy, you are not an unemployed, so instead of a 1 hour unemployment payday loans, simply apply as a sole proprietor. We consider you a freelance borrower that can easily apply for a personal loan.
Like a home equity line of credit, a car title loan gives you access to emergency cash while using your car as collateral. These loans have the benefit of minimal approval criteria; as long as you have a vehicle to set as an asset, the chances are high you will get approved for a loan without a job and with bad credit. The downside is the high APR and additional fees lenders charge for financing the cash loans. If you do not pay back on time, your car will no longer be considered your property.
Auto Credit Express
- Network of dealer partners has closed $1 billion in bad credit auto loans
- Specializes in bad credit, no credit, bankruptcy and repossession
- In business since 1999
- Easy, 30-second pre-qualification form
- Bad credit applicants must have $1500/month income to qualify
- Click here for application, terms, and details.
|Interest Rate||In Business Since||Application Length||Reputation Score|
|3.99% – 29.99%||1999||3 minutes||9.5/10|
Auto Credit Express (ACE) can prequalify you for a loan from a member of its car dealer network that specializes in helping borrowers with bad credit. You start the prequalification process by completing a short loan request dialog and then working with a local dealer to glide through the remaining steps. Most lenders on the ACE network self-fund their loans, so they can approve loans that conventional lenders may turn down.
My Auto Loan
- Loans for new, used, and refinancing
- Queries a national network of lenders
- Bad credit OK
- Get up to 4 offers in minutes
- Receive online loan certificate or check within 24 hours
- Click here for application, terms, and details.
|Interest Rate||In Business Since||Application Length||Reputation Score|
MyAutoLoan can help match you with up to four loan offers within minutes of submitting your loan request form. You can check your interest rate before you apply with no credit check. You can then plug in your estimated rate into its payment calculator to see how much car loan you can afford — all before submitting your loan request.