If your credit score is poor, you might find it very difficult to obtain a loan with lower interest rates. Sometimes, it could be impossible to even get a loan at all. But there are still lenders out there offering bad credit loans with guaranteed approval.
These lenders offer loans from $100 to $50000, depending on the amount you need. But one thing you must know about bad credit loans is that they don’t have the best interest rates. Although the lenders’ interest rates mentioned below are not the best, they are much lower than what your traditional banks offer.
Below is just a quick overview of lenders that offer bad credit loans with guaranteed approval.
Avant.com
Lendingclub.com
cashadvance.com
personalloans.com
badcreditloans.com
cashusa.com
Why did we choose These lenders?
Apart from the fact that these lenders offer bad credit loans ➔ with guaranteed approval, they also offer small loans with quick funding. Although the credit requirements vary from lender to lender, you could qualify for almost all of them even if your FICO score is below 690. So let’s take a detailed look at each lender.
But before we start exploring each bad credit loan option, you should know the basic requirements.
Basic Requirements For Bad Credit Loans Guaranteed Approval
Although every one of these loan providers has its specific requirements, you should meet the basic ones. If you meet the essential criteria, you will almost certainly get approved for a loan no matter your bad credit history. These basic requirements are;
- You should be at least 18 years or older.
- Be a US citizen or a legal resident.
- Have a monthly income of at least $1200 (some lenders accept $1000 minimum monthly income).
- You have a checking or savings account.
- Be able to provide a phone number and valid email.
Avant.
Avant is an online loan service provider founded back in 2012. This service provider offers two main finance products, which are Personal loans, and credit cards. Avant partners with WebBank to help middle-income borrowers who need cash to purchase or finance the things they need.
You can borrow from $2000 to $35000 for personal loans. Through Avant, you can get the cash as soon as the next business day. Loans from Avant have an interest rate of 9.95% to 35.99% APR. The credit card offers from Avant have a limit of up to $1000. These credit cards are perfect for building or repairing your credit.
Unlike other lenders or service providers, Avant has excellent customer service. You can contact them Mondays to Fridays from 7:00 am to 10:00 pm. On their website, you can find the various hours available to answer any of your queries.
According to Avant, most of their customers who get loan approval have a minimum credit score of 600. So if your credit score is lower than 600, you might want to consider another lender. There is no need even to give it a try because you won’t be accepted.
Pros:
- You can get the cash you need as soon as the next business day.
- Flexible repayment option
- They do a Soft credit check without affecting your credit score.
- They have an outstanding customer experience with multiple contact channels available from Monday to Sunday.
- Avant has a mobile app where you can make payments or adjust your repayment dates. You also get to see your payment history.
- So long as you meet the minimum credit requirement of 600, you stand a high chance of getting the loan. Other conditions like income and debt-to-income ratio are also taken into considerations.
- There is no prepayment penalty if you decide to pay off your loan early.
Cons:
- Avant do not offer secured loan options. They do not accept co-signed or joint options.
- There might be an origination fee of up to 4.75%.
- Avant is not available in all states in the US, including Iowa, Colorado, and West Virginia.
- You can’t have multiple loans at the same time.
- You can’t use Avant loans for business purposes.
Lending Club.
LendingClub is a peer-to-peer lending website where ordinary people like you and I can borrow and lend money. The lending club application process is a simple 3 step process. You submit your application, choose a loan offer, and receive funds in your account without wasting time.
This America’s largest lending marketplace has over 3 million people borrow over $60 billion in personal loans. LendingClub does not have any physical location, enabling them to keep its costs and interest rates low.
LendingClub offers personal loans, business loans, auto refinancing, and patient solutions. You can borrow up to $40,000 at low fixed interest rates for personal loans. The business loan is between $5000 to $500,000. The outstanding financing solution is The Patient Solutions that help you take care of your medical expenses.
Same as Avant, LendingClub has a minimum credit score requirement of 600. So if you are below this score, you should consider other options. LendingClub has a 7.04 to 35.89 Annual Percentage Rate, and the loan term is from 3 to 5 years. Nonetheless, you cannot borrow anything less than $1000.
Pros:
- They offer joint or co-signed loans.
- You can use the loans for debt consolidation.
- Their prequalification process increases your chances of getting approved.
- LendingClub is flexible with repayment options.
- You can apply for loans online without leaving your house or current location.
- If you apply for a personal loan, you could get the funds in your account within 24 hours.
- There are no additional charges if you decide to make an upfront payment or pay off your loan early.
Cons:
- The minimum credit score is 600. If your score is less than 600, you won’t get a loan offer from LendingClub.
- LendingClub charges a funding fee of 1% up to 5%. So you might want to consider getting an additional amount to cover this fee.
- The loan term is only 3 to 5 years. So if you are unable to pay off your debt within five years, please consider another lender.
Cash Advance.
Cash Advance has been around since 1997, which makes them very reliable and trustworthy. This lending service provider has a simple 3 step process. Cash Advance is not a direct lender. This provider links you with reputable lenders who decide how much you qualify for based on your credit score.
You can borrow from $100 up to $1000 through the Cash Advance lending network. The application is free, and you will receive tailored offers that best resonate with your requirement. The interest rate on most of the loans from CashAdvance Lenders varies from lender to lender. So make sure you review the terms and conditions of the offers you receive before accepting the loan.
Since the maximum loan amount is $1000, you can quickly get approved no matter your credit score. Thus, making CashAdvance one of the best options for bad credit loans with guaranteed approval. But you have to meet the other requirements like a steady monthly income of not less than $1200.
Pros:
- Unlike other lending networks, there is no minimum required credit score. You could get a loan approval no matter your credit history. But you should note that terrible credit leads to higher interest rates.
- There is no service fee involved when using CashAdvance. You only pay the origination fee once you have accepted the lender’s offer and sign the agreement.
- You get multiple loans offers when you submit your request. So you can easily compare and go for the one with the best rate.
- The loan decision is fast, and you could get the funds in your account as early as the next business day.
Cons:
- It would be best to have employment with a monthly income of at least $1200 to increase your chances of getting approved.
- If you have a more significant project that costs more than $1000, you should look elsewhere. The maximum amount you can borrow is $1000.
- CashAdvance is not available in all US states. They have available loans only in about 32 states.
- Depending on the loan term, you could end up paying a high-interest rate of about 782% APR or more.
PersonalLoans.
PersonalLoans is a Lending service provider where you can get personal loan offers from a wide range of lenders. Suppose you need a personal loan for home improvement, payday, debt consolidation, bad credit loans, or line of credit. In that case, this lending network is for you.
Using this lending marketplace, you could effortlessly get bad credit loans with guaranteed approval. Of course, you have to meet other requirements, just the basics for getting a loan. You can borrow from $1000 to $35,000 with a payment term ranging from three months to seventy-two months.
PersonalLoans.com has an APR of 5.99% minimum and a maximum of 35.99%. Unlike most lending networks, this personal loan service provider does not charge any cost or fees to apply for a loan. You will receive tailored offers from direct lenders in PersonalLoans.com’s network based on the information you provide during the application process.
Although there is no application fee for using PersonalLoans.com, some offers from Lenders might carry an origination fee. Review the loan offers thoroughly and choose the ones with the lowest origination fee. Never pay an origination fee that is above 4% unless you don’t have any other choice.
Pros:
- One of the biggest pros of PersonalLoans.com is that you do not need to be employed to get a loan. As long as you have an income of some sort, you stand a good chance of getting a loan.
- You get offers within minutes of completing the online application form. Once you accept a loan offer, the money can be in your account as soon as the next business day.
- With multiple loan offers, you can choose the right one suitable for your needs and condition.
- You can borrow up to $35,000, which is a fair amount to handle most emergencies or project financing.
Cons:
- You can’t borrow anything less than $1000. So if you only need a couple of bucks, PersonalLoans.com is not for you.
- The most money you can get on this marketplace is $35,000. If you want to refinance your home or massive debt consolidation, PersonalLoans.com is not a good match.
- The origination fee could go up to 5% from lenders, which could lead to repayment difficulties.
BadCreditLoans.
BadCreditLoans is an online aggregator lending platform that operates under Chief LLC. If you need a more simple and fast funding service, this aggregator is best for you. They have surprisingly organized and transparent information on their website.
With this aggregator, you can borrow from $500 to $10,000. Same as PersonalLoans, BadCreditLoans has a repayment term of between 90 days to 72 months. The APR range is between 5.99% and 35.99%, which widely varies from offers to offers. Please make sure to always review the loan’s terms and conditions before accepting.
As the name suggests, they offer bad credit loans guaranteed approval if you meet the basic requirements. But you should be aware that you will receive offers with higher interest rates if your credit is terrible. So it’s best to have a fair credit at least to benefit from less expensive interest rates.
Pros:
- There is no application fee with BadCreditLoans. You can get loan offers completely free after submitting the easy online application form.
- Since there are multiple loan offers, you have the option to choose the best one suitable for you.
- The entire loan process is relatively fast, making it an ideal choice if you urgently need cash.
- Once again, you can quickly get a loan on this platform, no matter your credit score.
Cons:
- Although I mentioned BadCreditLoans’ transparency, information about the fees is not mentioned on their website.
- The most you can borrow from the lenders on this network is $10,000. So if you have a costlier project, you should consider other options.
- The most extended repayment term is only 72 months which might not be enough, especially if you have other considerable monthly expenses.
CashUSA Loans:
CashUSA offers a minimum loan amount of $500 right up to $10,000 maximum. The loan amounts depend on your credit history, the lender, your income, and the state. CashUSA has loan offers for different use cases like; debt consolidation, a vacation, or a home renovation project.
Since CashUSA having relationships with several lenders, the interest rates can vary from 5.99% to 35.99%. In addition, the loan terms last from 3 months to 72 months, so you are pretty flexible in finding the monthly payment that suits you.
CashUSA has no minimum credit score requirements. The lenders in their network accept borrowers of all kinds, with a unique specialization in non-performing loans. So, regardless of your creditworthiness, you have a chance to find a lender who is willing to work with you.
All loans through CashUSA are installment loans, so you can be confident that you have a set repayment date.
Pros:
- They have an extensive network of lenders in all 50 states. So there is a high probability you will quickly get the best offer that suits you.
- The application process is straightforward. You only need to fill out a simple form and receive offers within minutes.
- There is no application fee to use their network of reputable lenders. So you can receive and compare offers without having to pay a dime.
- CashUSA uses a soft credit pull that will not affect your credit during the application process.
Cons:
- The maximum loan amount is $10,000, which might be small if you need to fund a more expensive project.
- You could receive loan offers later, even without reapplying for another loan. If you don’t want to receive such offers, you can always opt out.
You should pay attention to the next section because it will save you from online fraud. Let’s look at how to avoid shady bad credit loans that promise guaranteed approval.
How To Spot Bad Credit Loan Scams
- If the loan agreement is conducted by phone, run as fast as you can from such lenders. It is probably a scam.
- The lender you want to borrow money from should have a registered presence in your state.
- Lenders who promise you they don’t check your credit history are scammers.
- Scammers will ask for upfront payment before funding your account with the loan you requested. Don’t fall for such traps because once you pay any upfront fee, your money is gone. Reliable and genuine lenders might charge you an origination fee, which they will deduct from your borrowing amount. The origination fee is usually between 1% to 5%. Genuine lenders will deduct this fee from the amount you’re borrowing.
- Lenders who ask you to transfer money to a particular person are all fraudsters. Don’t bulge.
Bottom-Line:
As you know by now, getting a loan with bad credit is often disadvantageous to you. The APR is always going to be higher and expensive. Try as much as you can to build your credit score to get favorable interest rates and terms for any loan.
Nevertheless, if you must get a loan, the six bad credit loans guaranteed approval offers in this article are your best option.
