Guaranteed Approval Bad Credit Loans in 2021

Do you have a bad credit history but need a loan?

We’ve prepared a list of the best 9 institutions offering bad credit loans with guaranteed approval + a guide on how to choose the best one for you

But first, let’s start with a quick glance at the services and the evaluation methodology we used to compile the list

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1. PersonalLoans.com

If you have a credit score of at least 600, PersonalLoans.com’s algorithm will find you a lender that fits your capabilities and needs. Borrow up to $35,000 and relax knowing PersonalLoans.com will share your info further in case you don’t find a suitable lender.

  • Free to use website
  • Good loan terms
  • Multiple lenders
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If you have a credit score of at least 600, PersonalLoans.com’s algorithm will find you a lender that fits your capabilities and needs. Borrow up to $35,000 and relax knowing PersonalLoans.com will share your info further in case you don’t find a suitable lender.

Application Process

★★★★

Funding Time

★★★★★

Reputation

★★★★

2. BadCreditLoans.com

This easy-to-use platform is the perfect solution for emergencies. Get $10,000 the next business day, and all that with a credit score as low as 580. You can even take advantage of BadCreditLoans’ educational resources. Full Review

  • Quick funding time
  • Accepts people with bad credit
  • Educational resources
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This easy-to-use platform is the perfect solution for emergencies. Get $10,000 the next business day, and all that with a credit score as low as 580. You can even take advantage of BadCreditLoans’ educational resources. Full Review

Application Process

★★★★★

Funding Time

★★★★★

Reputation

★★★★

3. CashAdvance.com

With a quick application process, even those with a credit score of 550 can expect a loan of up to $999. The platform is free to use, and will even send your info to third parties if you’re not eligible for a loan from one of their lenders. Full Review

  • Accepts those with a credit score under 550
  • Big network of lenders
  • Free to use
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With a quick application process, even those with a credit score of 550 can expect a loan of up to $999. The platform is free to use, and will even send your info to third parties if you’re not eligible for a loan from one of their lenders. Full Review

Application Process

★★★★★

Funding Time

★★★★★

Reputation

★★★★

4. SoFi

Not only does SoFi offer loans of up to $100,000, but the highest possible APR is only 18.83% - way below the industry standard. If you’re approved, you’ll get unemployment protection and even special benefits such as free personalized financial planning. Full Review

  • No collateral needed
  • Unemployment protection
  • Autopay discount
VISIT SITE

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Not only does SoFi offer loans of up to $100,000, but the highest possible APR is only 18.83% - way below the industry standard. If you’re approved, you’ll get unemployment protection and even special benefits such as free personalized financial planning. Full Review

Application Process

★★★★★ 5/5

Funding Time

★★★★★ 5/5

Reputation

★★★★★ 5/5

5. Prosper

This peer-to-peer lending platform caters to individuals and small businesses alike. Apply fully online to borrow up to $35,000 and get same-day funding. All those with an income greater than $0 can apply for the loan and enjoy flexible repayment terms. Full Review

  • No prepayment penalties
  • Quick application turnaround time
  • Offers flexible repayments
VISIT SITE

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This peer-to-peer lending platform caters to individuals and small businesses alike. Apply fully online to borrow up to $35,000 and get same-day funding. All those with an income greater than $0 can apply for the loan and enjoy flexible repayment terms. Full Review

Application Process

★★★★★ 5/5

Funding Time

★★★★★ 5/5

Reputation

★★★★★ 5/5

6. PenFed Credit Union

Those affiliated with the US Military and part of the PenFed Credit Union can get a loan of up to $20,000. PenFed will help you through sudden financial hardships with modified payment schemes. There are no origination fees, and the loan will be yours the next business day. Full Review

  • Does not charge origination fees
  • No collateral needed
  • No prepayment penalties
VISIT SITE

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Those affiliated with the US Military and part of the PenFed Credit Union can get a loan of up to $20,000. PenFed will help you through sudden financial hardships with modified payment schemes. There are no origination fees, and the loan will be yours the next business day. Full Review

Application Process

★★★★★ 5/5

Funding Time

★★★★★ 5/5

Reputation

★★★★★ 5/5

7. MoneyLion

With a credit score as low as 560 and no need for collateral, you can get a quick, small cash injection of up to $1,000. The entire application process happens online, with the decision arriving within 24 hours. Full Review

  • No prepayment penalties
  • Fast turnaround times
  • No collateral needed
VISIT SITE

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With a credit score as low as 560 and no need for collateral, you can get a quick, small cash injection of up to $1,000. The entire application process happens online, with the decision arriving within 24 hours. Full Review

Application Process

★★★★★ 5/5

Funding Time

★★★★★ 5/5

Reputation

★★★★★ 5/5

8. FaaastCash

This lending platform provides payday loans of up to $1,000. You can apply online, download an easy-to-use mobile app, and get a decision in only 3 minutes. If you’re approved, you could get a loan the next banking day. Full Review

  • Very fast approval
  • No credit score checks
  • No stringent requirements
VISIT SITE

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This lending platform provides payday loans of up to $1,000. You can apply online, download an easy-to-use mobile app, and get a decision in only 3 minutes. If you’re approved, you could get a loan the next banking day. Full Review

Application Process

★★★★★ 5/5

Funding Time

★★★★★ 5/5

Reputation

★★★★★ 5/5

9. BestEgg

BestEgg has it all: preapprovals with a soft credit check, no prepayment penalties or collateral needed, and the loan arrives in a single business day. Niche lenders available on the platform can lend you up to $35,000.

  • Easy application
  • No prepayment penalties
  • No collateral needed
VISIT SITE

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BestEgg has it all: preapprovals with a soft credit check, no prepayment penalties or collateral needed, and the loan arrives in a single business day. Niche lenders available on the platform can lend you up to $35,000.

Application Process

★★★★★ 5/5

Funding Time

★★★★★ 5/5

Reputation

★★★★★ 5/5

How We Created This List – Our Methodology

For these bad credit loans with instant approval comparison, we’ve considered the most important things that matter to borrowers.

✔ Application process – we’ve looked into the application process and the requirements such as credit scores, verification methods, employment, and other qualification measures.

✔ Fees – we’ve considered the fees associated with the loans such as prepayment fees, origination fees, late penalties, processing, and other similar charges.

✔ Interest charges – we’ve broken down each of the institution’s annual percentage rate (APR) rates from its lowest to the highest.

✔ Repayment terms – the length of the period for the loan has also been considered.

✔ Funding time – we’ve taken note of the time it takes for the funds to be acquired from the moment applications are approved.

Detailed Reviews

  • Multiple lenders
  • The website is free to use
  • Good loan terms
  • Educational resources
  • APR can be high
  • Not a direct lender

PersonalLoans.com is a platform where you can get in touch with potential lenders. It offers loans for a variety of situations, such as:

  • home improvement loans
  • payday loans
  • loans for bad credit
  • loans for medical expenses
  • business startup loans, etc.

To get started, you have to fill out a simple online form, and their algorithm will connect you with potential lenders. Bear in mind that after you find a lender, PersonalLoans.com has done its job and will not be involved in any agreements or transactions.

PersonalLoans’ network of lenders offers bad credit loans  online. The loans range from $1,000 to $35,000 depending on the purpose of the loan. Terms range from 90 days to 72 months, so you’ll find a reasonable repayment plan without a problem. APR can vary from 5.99% to 35.99%, depending on your credit score. Additionally, some lenders may charge an origination fee.

If you have a credit score of at least 580 and a steady income (online reviews state it should be around $2,000), most lenders will send you the funds during the next business day. If none of the lenders in the network want to offer you a loan, don’t worry. With your permission, PersonalLoans.com can share your contact details in order to find an alternative for you.

If it happens that you need a loan sooner rather than later, PersonalLoans’s algorithm will help you find a lender that fits your requirements and capabilities.

APR 5.99% – 35.99%
Loan Amounts $1,000 – $35,000
Repayment Terms 90 days to 72 months
Income Required Yes
Funding Time Next business day
  • Platform is easy-to-use
  • Quick funding time
  • A pool of lenders
  • Accepts people with bad credit
  • Educational resources
  • With some lenders, APR is as high as 35.99%
  • Amounts are up to $10,000
  • Not a direct lender

If you need money for emergencies like paying off piled-up bills, car repairs, or similar expenses, you are in the right place. With BadCreditLoans.com, you can find emergency bad credit loans with guaranteed approval ranging from $500 to $10,000. This service offers:

  • auto loans
  • home loans
  • student loans
  • credit loans
  • business loans
  • mortgage loans

It’s important to know that this company is not a lender itself but a platform where borrowers and lenders can connect. Once you submit an online form, which is easy to fill out, lenders will quickly review your loan request and verify the information you entered. Note that after you get connected with a certain top bad credit loans with guaranteed approval lender, the platform won’t be involved in any agreements and transactions. Its only purpose is to connect the two sides: lenders and borrowers.

According to what we found, APR ranges from 5.99% to 35.99%, and terms can be anywhere between 3 months and 6 years. Depending on the lender and the information you provide, the terms and APR will be different. But as long as your credit score is at least 580 and you make at least $2,000 a month, you should receive funds as soon as the next business day with most lenders.

You can find information on lots of topics on their website. So, whatever you need to know, it will likely be there. If not, the websites’ customer service agents are available 24/7 to take care of any questions or concerns regarding these bad credit loans with fast funding.

If you don’t require a huge amount of money, you should definitely give this website a try. It can connect you with lenders willing to give you a loan of up to $10,000.

APR 5.99% – 35.99%
Loan Amounts $500 – $10,000
Repayment Terms 3 months to 6 years
Income Required Yes
Funding Time Next business day
CashAdvance.com
CashAdvance.com

Those Who Don't Earn Much

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  • Accepts those with a credit score under 550
  • Educational resources
  • Free to use
  • Big network of lenders
  • Short loan terms
  • Extremely high APR
  • Not a direct lender

First of all, CashAdvance.com is not a direct lender but a web platform where borrowers and lenders can find each other. It’s completely free to use, and their application process is relatively quick. Aside from the fast bad credit loans with guaranteed approval, another convenient thing is that with one single application, you can at once reach multiple lenders.

If you’re not eligible for a loan (for example, you make less than $1,000 or have been working for less than 90 days), that isn’t the end. With your approval, CashAdvance can send your application to third parties that can offer you different lines of credit as a substitute for getting the funds you need. That’s what makes CashAdvance.com a good choice for personal loans for a credit score under 550.

Loan amounts that you can ask for vary between $100 and $999. You have to return some loans upon receiving your next paycheck.

People who seek top bad credit short-term loans with guaranteed approval usually need money right away. Luckily, many lenders will transfer the funds as soon as the next business day.

Interest rates vary with each lender, so carefully review their offers before accepting. APR can be very high, ranging from 782% to 1564%.

You should know that if you are unable to pay on time, additional fees may apply. It is important to know that after you are matched with a lender, CashAdvance.com isn’t involved in the transaction apart from matching the two sides.

This website is a good option if you are looking for smaller amounts that you can repay in a short time. The service’s benefit is that you can apply to multiple lenders with a single application, and it’s among the bad credit loans with very fast funding.

APR 782% – 1564%
Loan Amounts $100- $999
Repayment Terms 7 days to 12 months
Income Required Yes
Funding Time Next business day
SoFi
SoFi

Best Bad Credit Personal Loans With Guaranteed Approval and Unemployment Protection

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  • No collateral
  • No origination fees
  • SoFi membership perks
  • No prepayment penalties
  • Available for a wide variety of purposes
  • Unemployment protection
  • Takes several days to fund
  • Subject to hard verifications
  • Set income requirements

SoFi offers loans for a variety of purposes, from personal needs to debt consolidation. The loanable amount starts at $5,000 and can go as high as $100,000. Loans are subjected to a fixed APR of 5.99% for those with high to excellent credit scores. For those with lower credit ratings, the highest APR that can be applied is 18.85%. An autopay discount of .25% is also available.

The loan term can stretch from 2 to 7 years and is available to those with a minimum credit score of 680. If you are looking for bad credit loans with guaranteed approval and no credit check then SoFi is not for you as applicants are subjected to both a soft and hard credit check and must have a gross income of $50,000. Aside from this, they also require a monthly disposable income threshold of $2,500 after all bills have been settled. SoFi does not charge origination and late payment fees, nor does it require any collateral. If borrowers would like to pay in full ahead of time or shorten the payment period, SoFi will not charge any prepayment fees. If you find yourself looking for guaranteed approval online loans for bad credit, know that this can be done fully online, and once approved, funds can be received typically within 3 business days.

As for further convenience, SoFi has a mobile app that lets you check your balances, as well as apply and pay for loans. In case the borrower suddenly loses a job for reasons not being their fault, SoFi’s unemployment protection offers a forbearance of up to 3 months.

Upon approval, borrowers automatically become part of the SoFi Membership pool and as such are entitled to special benefits such as access to exclusive events and free personalized financial planning services.

APR 5.99% to 18.83%
Loan Amounts $5,000—$100,000
Repayment Terms Up to 60 months
Income Required Yes
Funding Time 3 to 7 days
Prosper
Prosper

Best Turnaround Time for Poor Credit Loans With Guaranteed Approval

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  • No prepayment penalties
  • Quick application turnaround time
  • Available for a wide variety of purposes
  • Not available for post-secondary educational purposes
  • Penalty for late payments
  • Charges for origination fees

Prosper is a peer-to-peer lending platform that connects borrowers to lenders. The company grants guaranteed loans for bad credit for a variety of personal purposes, including for homes, cars, medical, leisure, or debt consolidation. The company also caters to small businesses. The only exempted purpose is for post-secondary education or college loans such as tuition fees, books, boarding, and other university or vocational education-related expenses.

Borrowers can easily apply for a loan online. If all requirements are met, application and approval are a matter of minutes. Unless there are verification or requirements issues, approved applications can be funded the next business day. Prosper accepts applicants with a credit score of as low as 640 as long as there are no bankruptcies filed in the last 12 months in credit reports. Loans are unsecured so borrowers don’t have to mortgage any property; however, missed payments will result in bad credit standing.

Prosper offers loans of as little as $2,000 and as high as $40,000 with terms from 36 to 60 months. Interest rates are fixed and range from 7.95% to 35.99%, depending on the loan and the borrower’s credit score. Prosper also charges an origination fee of 2.41% to 5%. All payments are settled by autopay, with a penalty of $15 for late payments exceeding 15 days.

Although Prosper charges penalties for lapses, they also give borrowers more flexibility in repayments and bad credit loans with instant approval. Borrowers can pay off their guaranteed instant loans for bad credit in advance either by completely settling the entire amount, or adding top-ups to monthly payments. Prosper charges no penalties for these, allowing borrowers to save on interest charges and settle loans ahead of time.

APR 7.95% to 35.99%
Loan Amounts $2,000—$40,000
Repayment Terms 36—60 months
Income Required Yes
Funding Time The next day funding available
PenFed Credit Union
PenFed Credit Union

Best Bad Credit Unsecured Loans With Guaranteed Approval for Military

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  • Does not charge origination fees
  • Assistance for financial hardships
  • Available for a wide variety of purposes
  • No prepayment penalties
  • The borrower must be a PenFed Credit Union member
  • Subject to hard credit check
  • Max limit is only $20,000
  • Only 60 months maximum term

PenFed Credit Union is a financial institution that caters especially to those affiliated with the US Military and their family members who are part of the PenFed Credit Union. According to PenFed reviews, non-military affiliated personnel may also qualify to apply under certain circumstances. Borrowers can secure a loan for as little as $500 and much as $20,000 for a variety of personal purposes which can range from housing needs to life events.

PenFed’s lowest annual percentage rate (APR) is 6.49% and can be availed by borrowers with excellent credit standing. The highest rate goes to 17.99%. While there is no exact cut-off score to qualify for a loan, applicants must at least be somewhere around the mid-600s to be considered. No property mortgage is necessary to apply as the loans are unsecured.

Loan terms are available for 6 to 60 months. Applicants will also have to submit a full application subject to a hard credit check. Once approved, funds may be received as early as the next day.

These fast loans with guaranteed approval do not have any origination fees and other hidden charges. In case borrowers have enough money to pay extra or in full ahead of time, PenFed does not have any prepayment penalties making paying off debt possibly quicker. PenFed also offers assistance to borrowers during sudden financial hardships. In case of disaster, disability, job loss, or even divorce, PenFed borrowers may avail of modified payment schemes such as deferments, delays, restructuring, or other modifications to the loan agreement.

APR 6.49% to 17.99%
Loan Amounts $500—$20,000
Repayment Terms 6 to 60 months
Income Required Not disclosed
Funding Time Next business day
MoneyLion
MoneyLion

Best for Low Credit Score Borrowers

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  • No collateral
  • No prepayment penalties
  • Available for those with low credit scores
  • Takes several days to fund
  • Penalty for late payments
  • Charges origination fees

MoneyLion is a financial technology company engaged in providing personal loans for different purposes, such as home renovations, debt consolidation, car repairs, emergency expenses, etc. It has got on our bad credit loans with guaranteed approval list because it offers convenient loans to the borrowers.

APR starts at 5.99% for borrowers at the higher end of credit ratings. The highest interest rate offered by MoneyLion is 29.99%. MoneyLion is great for those who do not have a good credit rating as the minimum credit score to be eligible for a loan is as low as 560. Applicants must also be employed and have a minimum income threshold of $24,000 per year. MoneyLion does not require any collateral for high risk personal loans with guaranteed approval.

The maximum amount you can borrow is $3,000 and a minimum is $1,000 with a period ranging from 1 to 36 months. MoneyLion charges an origination fee of up to 6%, depending on the application and documents submitted. A $25 late payment fee is also charged if borrowers are not able to make payments 15 days after the due date. Should borrowers wish to settle the full amount earlier, or increase the monthly payments to reduce the paying period, MoneyLion does not charge prepayment fees.

Applying can be done online, with results having a turnaround time of 24 hours. In case an applicant gets approved and decides to push through with the loan, funding typically takes about 3 business days.

APR 5.99% to 29.99%
Loan Amounts $1,000 – $3,000
Repayment Terms Up to 36 months
Income Required Yes
Funding Time 3 days
FaaastCash
FaaastCash

Best Payday Loans for Bad Credit With Guaranteed Approval

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  • Very fast approval
  • No credit score checks
  • 24/7 customer service hotline
  • No stringent requirements
  • Very short term duration
  • Low loanable amount

FaaastCash’s payday loans are the fastest solution to immediate financial needs. The company offers quick and small loans from $100 to $1,000. The term duration is from 2 weeks to 1 month, typically landing on the borrower’s payday.

FaaastCash connects borrowers to lenders who match the borrower’s criteria according to information submitted upon application. FaaastCash is not a lender, but rather, a platform for both borrowers and lenders. Aside from connecting the two parties, FaaastCash has no further involvement. Any agreement and transactions between the borrower and the lender are solely between the two parties only,

APR can go from 200% to as high as 1,386%, depending on the actual lender. FaaastCash does not check credit scores, making these highly favorable for those looking for poor credit loans with guaranteed approval. The only financial requirements for eligibility are having at least 6 months of employment with a minimum of $800 monthly salary. FaaastCash also has a 24/7 customer service hotline that caters to queries for new applications.

Applications are all done online of which screening and approvals take roughly around just 3 minutes. Once approved, funds can be sent directly via bank transfer within 1 business day. For even faster and more convenient transactions, borrowers can use FaaastCash’s mobile app to get matched to its pool of lenders. The fast turnaround time makes these a good option if you’re looking for emergency bad credit loans.

APR 200% to 1,386%
Loan Amounts $100 to $1,000
Repayment Terms 1 week to 1 month
Income Required Yes
Funding Time Next banking day
BestEgg
BestEgg

Best Low Credit Loans With Guaranteed Approval

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  • No collateral
  • Easy application
  • No prepayment penalties
  • Borrowers can choose from several lenders
  • Penalty for returned payments
  • Penalty for late payments
  • Charges origination fees

Best Egg is an online digital lender that takes qualified loan applications and matches them with a pool of prospective lenders. Borrowers meanwhile can choose from several niche lenders.

Loan amounts range from $2,000 to $50,000. In cases when borrowers can demonstrate excellent credit history and high credit scores, the maximum loanable amount can be as high as $100,000. Rates are fixed, with the lowest pegged at 5.99% and the highest at 29.99%. Best Egg does not require any collateral as security for loans. Loan terms are from 36 to 60 months, of which borrowers may pay in advance without being charged with prepayment fees.

Best Egg accepts applicants with a credit score of 640 and above. The minimum length of credit history is 3 years, and borrowers must have an annual income threshold of at least $100,000. Best Egg charges borrowers with other fees including an origination fee that ranges from .99% to 5.99%. A $15 late payment fee is also charged if payments are made after 3 days after the due date. If you’re not using autopay, there’s also a $7 processing fee. Another $15 is charged for unfunded accounts or other cases where payments are returned.

Application is quick as Best Egg allows preapproval with soft credit checks for verifications which can be completed within minutes. After approval, funds can be transferred within 1 – 3 business days.

APR 5.99% to 29.99%
Loan Amounts $2,000 to $50,000
Repayment Terms 36 to 60 months
Income Required Yes
Funding Time 1 -3 business day

Bad Credit Loans With Guaranteed Approval – Buyer’s Guide

Now that you know that there are loan options even if you have bad credit, it is twice as important to be smart when choosing one. Here’s what you need to pay attention to:

How to Choose a Bad Credit Loan Lender

With so many bad credit loan lenders out there, choosing the right one can be a real ordeal. If you’re looking for the right lender, make sure to consider these important factors:

✔ Check out fees

Depending on the lender, there are also other fees charged aside from various types of interests. These include origination, processing, prepayment, closing fees, etc. Knowing what exactly the vendor/platform charges, will help you avoid unpleasant surprises such as having to eventually file for bankruptcy.

✔ Look out for scams

Some indicators of fishy bad credit loans include having no credit check requirements for prequalification, no registered physical address, unverifiable owners, no state registration, asking for cash upfront, etc.

✔ Repayment options

Check if the financial institutions charge prepayment fees or not. There’s a huge advantage to having no prepayment fees as you can pay off your loans ahead of time at no cost. Paying ahead of time should allow you to save on interest for the unused period.

✔ Fixed or variable interest rate

Fixed interest rates are based on a predetermined value that does not change throughout the loan period. On the other hand, variable interest rates depend on certain economic factors so this may change from time to time.

✔ Penalties

Some companies are very particular about deadlines, and missing payments may result in extra fees. Make sure you know all about these charges and avoid them as much as you can. Usual penalties include late payment, prepayment, return fees, etc.

Types of Guaranteed Approval Bad Credit Loans

The average credit score can vary by state, but if you find yours is well below that average, here are the types of poor credit loans with guaranteed approval you can still apply for:

Personal Loans for Bad Credit with Guaranteed Approval

These personal credit loans for poor credit with guaranteed approval are cash loans that can be taken for personal needs. Those include car repairs, home renovations, emergency expenses, and other similar purposes. These loans are for people who need quick cash for both planned and unplanned expenses.

Credit Cards for Bad Credit with Guaranteed Approval

Some credit card companies issue credit cards to individuals with poor credit scores. These credit cards come in handy for those who need to make regular purchases but do not have immediate access to cash.

Bad Credit Installment Loans with Guaranteed Approval

Also called “personal installment loans”, these are fairly easy to acquire. Personal installment loans are a good option for borrowers who need cash fast and want to fulfill their obligations through regular payments.

Mortgage Loans for Bad Credit with Guaranteed Approval

Mortgage loans need collateral in exchange for financing. Borrowers typically mortgage property they already own, or the financed property to financial institutions to acquire a loan. This is a great option especially for those who need huge amounts for purposes such as buying a house.

How Do Bad Credit Loans With Guaranteed Approval Work?

Some lenders call guaranteed personal loans payday loans or short-term loans. They are designed for people with bad credit or low income. You can usually borrow from $100 to $1,000, and you are expected to return the funds upon the next paycheck

What’s important to know is that with payday loans for bad credit and instant approval APR is higher than in other types of personal loans. Namely, it can be around 500% or even more. That’s not all, as certain fees can be high as well

Lenders will perform a soft or hard credit check to determine your creditworthiness, which may affect your credit score a bit in case of a hard check. To get approved for this type of loan you’re required to have had a steady income in the past 3-6 months and that you have a bad or poor credit score.

Alternatives to Loans With Guaranteed Approval 

In case that you aren’t sure what to do, here are some alternatives for online loans with guaranteed approval that might be good for you.

  • Credit Card Debt Consolidation – This is a good option if you have debt and you’re looking to reduce the costs of interest rates and lower your monthly payments. By going for this option you’ll pay back the funds you’ve taken. What’s also beneficial is that if you pay on time, your score will be better.
  • Co-Signer – You can improve your odds of qualifying for personal loans with guaranteed instant approval, or any other loan, by adding a co-signer to the application. This presents the risk for a family member or a friend who you chose to be a co-signer, because in a situation when you miss a payment, that person will be equally responsible. 
  • Debt Relief Loans – This type of loan is designed to pay off the existing debt. Instead, you get a new loan from debt relief companies characterized by different repayment terms and better interest rates. 
  • Fixing Credit Score – If you’re not in a pressing need of a loan, you can take some time and do something to increase your credit score, so that in the future you can apply for more than a guaranteed bad credit loan. To increase your chances, be sure to pay bills on time, make payments on your current accounts, and if you have some dough stashed away you can pay off some debt. What’s also important to mention is that applying for new loans or credit cards will lower your credit score a little bit.

2021’s Bad Credit Loan Companies With Guaranteed Approval – At a Glance

  • PersonalLoans.com – Best for medical expenses
  • BadCreditLoans.com – Best for emergency expenses
  • CashAdvance.com – Best for those who don’t earn much
  • SoFi — Best bad credit personal loans with guaranteed approval and unemployment protection
  • Prosper — Best turnaround time for poor credit loans with guaranteed approval
  • PenFed Credit Union — Best bad credit unsecured loans with guaranteed approval for military
  • MoneyLion — Best for low credit score borrowers
  • FaaastCash — Best payday loans for bad credit with guaranteed approval
  • Best Egg — Best low credit loans with guaranteed approval

Conclusion

Having access to cash is always important, but if you’re not lucky to have an ideal credit history, many banks and credit unions may not look favorably upon you. That’s why it’s important to know about bad credit lenders as well as the ins and outs of their loan deals so that you can choose the institution that would best suit your needs. And if this doesn’t help, a credit repair company such as Credit Saint may be your final resort.

FAQ

What is the lowest credit score to get a loan with guaranteed approval?

Some institutions give guaranteed loans for bad credit. Applicants with credit scores of 640 and below may still take out personal loans but with very high interest rates.

How to get a guaranteed loan with bad credit?

Look for a financial institution that specializes in giving these types of loans. Aside from FICO scores, the loan officer also will also do background checks such as employment, tax documents, and personal identification so a clean record on those can compensate for low credit scores and increase personal loan eligibility.

What is the easiest loan to be approved for?

Payday loans are easily accessible guaranteed instant loans for bad credit, meaning anyone with a credit score under 550 can apply. In fact, most payday lenders do not even look at credit ratings at all.

Do I need to mortgage property to get a loan?

Loans can be unsecured or secured. In the first case, institutions will lend without asking for collateral as security.

Where can I get a guaranteed loan with bad credit?

We are sure that there are many places where people can get a guaranteed loan for poor credit, but we reviewed the best ones, so check our list to find some options.

Will I go to jail for not paying my loan?

Borrowers using bad credit loans with guaranteed approval cannot go to jail for being delinquent. However, this will definitely hurt their FICO score which will make access to future loans very difficult.