Bad Credit Loans With Guaranteed Approval in 2022

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. 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

★★★★

2. 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

★★★★

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
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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
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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

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

BadCreditLoans.com
BadCreditLoans.com
BadCreditLoans.com

Best for Emergency Expenses

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  • 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. Badcreditloans.com is a often considered a popular choice for all applicants with bad credit score, even more due to their responsive customer service, which is available 24/7.

Loan Types

You may choose to apple for one of the following loan types:

  • Auto loans
  • Home loans
  • Student loans
  • Credit loans
  • Business loans
  • Mortgage loans

Eligibility

Similar to its competitors, BadCreditLoans has simple eligibility requirements; you must be a US citizen or a permanent resident, and be 18 years or older. In addition, you’ll be asked to prove that you have a valid bank account opened in your name, as well as a steady income source.

Loan Amount and Terms

The company offers personal loans with amount ranging from $500 to $10,000, which some borrowers find to be quite low. It’s important to know that this company is not a lender itself but a platform where borrowers and lenders can connect. Depending on the lender, as well as on the information you provide, the loan terms can be anywhere between 3 and 36 months.

Fees

Just like the loan term and loan amount, the fees also vary depending on the lender. According to what we found, APR ranges from 5.99% to 35.99%.

It is important to know that after you are matched with a lender, BadCreditLoans.com isn’t involved in the transaction apart from matching the two sides.

Funding Time

Applicant claim that as long as your credit score is above 500 and you have a regular source of income, you should receive funds as soon as the next business day with most lenders.

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

Read the full review of BadCreditloans here

PersonalLoans.com
PersonalLoans.com
PersonalLoans.com

Best for Medical Expenses

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  • 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, and to get started, all you have to do is fill out a simple online form, after which the algorithm will connect you with potential lenders.

Loan Types

PersonalLoans.com offers the following types of loans:

  • Home improvement loans
  • Payday loans
  • Loans for bad credit
  • Loans for medical expenses
  • Business startup loans, etc.

Eligibility

To apply for this loan, you have to be at least 18 years old, have a valid Social Security number and be a US citizen or permanent resident. In addition, the applicant must disclose their employment status and their source of income.

Loan Amount and Terms

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.

Fees

The fees and penalties that may be charged vary from lender to lender. In general, the APR can vary from 5.99% to 35.99%, depending on your credit score. Additionally, some lenders may charge an origination fee, which usually ranges from 1% to 5%.

Note that after you are matched with a lender, PersonalLoans.com isn’t involved in the transaction apart from matching the two sides.

Funding Time

If you have a credit score of at least 580 and a steady income (online reviews state it should be around $2,000 for personal installments and peer-to-peer loans, and $3,000 for bank personal loans), 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.

APR  5.99% – 35.99%
Loan Amounts $1,000 – $35,000
Repayment Terms 90 days to 72 months
Income Required $2,000-$3,000
Funding Time Next business day

Read the full review of PersonalLoans here

CashAdvance.com
CashAdvance.com
CashAdvance.com

Best for 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

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 low credit score.

Loan Types

This platform that connects applicants with potential lenders is designed to connect them with money providers that offers short-term loans, i.e. the type of loans people usually take out in case of emergencies. These loans are characterized by a low loan amount, as well as a short return period.

Eligibility

In order to apply for this loans, you’ll have to be at least 18, a citizen or a permanent resident of US, and be employed for at least 90 days before the date of applying. In addition to that, you also need to have a valid checking account, as well as a valid phone number and email address.

Loan Amount and Terms

Loan amounts that you can ask for vary between $200 and $10,000. You have to return some loans upon receiving your next paycheck. The return window ranges between 7 days and one year, which, as we said, is quite a short time-frame for returning a loan.

Fees

Interest rates vary with each lender, so carefully review their offers before accepting. APR can be very high, ranging from 15% to 1564%. You should know that if you are unable to pay on time, additional fees may apply. After you are matched with a lender, CashAdvance.com isn’t involved in the transaction apart from matching the two sides.

Funding Time

After you apply for a short-term loan and are connected with a lender, once you accept their loan terms and specify the amount you need to borrow, you can expect to receive the funds as soon as the next day.

APR 15%-1564%
Loan Amounts $200-$10,000
Repayment Terms 7 days to 12 months
Income Required Not specified
Funding Time Next business day
SoFi
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
  • High minimum loan amount
  • Subject to hard verifications
  • Set income requirements

SoFi makes fair- and good-credit borrowers eligible for online personal loans with consumer-friendly features. 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.

Loan Types

Sofi offers loans for a variety of purposes, from personal needs to debt consolidation. The most popular among applicants are personal loans, which they take out for a variety of purposes, including:

  • Planning a Wedding
  • Moving Expenses
  • Consolidating Debt
  • Taking a Vacation
  • Making a Large Purchase

Eligibility

To be eligible for this loan, you must legally be an adult in your state. You’ll also have to be at least 90 days employed prior to your loan application, 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.

Loan Amount and Terms

The loanable amount starts at $5,000 and can go as high as $100,000, which is quite a large amount available for those with fair credit. The repayment period is also convenient for most applicants, since it can stretch from 2 to 7 years and is available to those with a minimum credit score of 680.

Fees

Loans are subjected to a fixed APR of 7.99% for those with high to excellent credit scores. For those with lower credit ratings, the highest APR that can be applied is 22.73%. An autopay discount of .25% is also available.

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. In addition, Sofi offers unemployment protection of up to 3 months.

Funding Time

Applying for a loan can be done fully online, and once approved, funds can be received as soon as the same day.

APR 7.99% to 22.73%
Loan Amounts $5,000—$100,000
Repayment Terms Up to 7 years (84 months)
Income Required $45,000 annual
Funding Time As soon as the same day
Prosper
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

Read the full review of Prosper here

PenFed Credit Union
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 was originally catered soecifically to those affiliated with the US Military and their family members who are part of the PenFed Credit Union. Today, anyone can apply to join. All that’s needed is for you to have $5 deposit in a savings account.

Loan Types

PenFed offers perosnal loans for those with a fair credit score for a variety of personal purposes which can range from housing needs to life events. As long as you meet the eligibility criteria, it doesn’t really matter what you’ll use this personal loan for.

Eligibility

To apply for this loan, it’s required that you’re a member of Pentagon Federal Credit Union, where you can join for free, although you need to have a PenFed savings account with at least $5 deposit opened in your name.

Other eligibility criteria includes being at least 18 years old, a US citizen or permanent resident, and have a valid Social Security number or Individual Taxpayer Identification Number.

No property mortgage is necessary to apply as the loans are unsecured.

Loan Amount and Terms

Borrowers can secure a loan for as little as $500 and much as $50,000, which is quite a good range considering you’re taking out a loan categorized as personal. Depending on the loan amount, the loan return window ranges from 12 to 60 months, which, again, is considered a fair loan term.

Fees

PenFed’s lowest annual percentage rate (APR) is 5.99% and can be availed by borrowers with an excellent credit standing. The highest rate goes to 17.99%. These fast bad credit loans with guaranteed approval do not have any origination fees and other hidden charges, although it does charge $20-$25 late fee.

PenFed also offers assistance to borrowers during sudden financial hardships, which means that in such instances, PenFed borrowers may avail of modified payment schemes such as deferments, delays, or restructuring, without being charged additional fees.

Funding Time

Applicants can check if they are pre-approved online, but they 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.

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

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:

✔ Compare the 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 Loan

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.

2022’s Bad Credit Loan Companies With Guaranteed Approval at a Glance

  • BadCreditLoans.com – Best for emergency expenses
  • PersonalLoans.com – Best for medical 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

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.