Bad Credit Loans With Guaranteed Approval in 2024

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.

Read the full review of BadCreditloans here

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.

Read the full review of PersonalLoans here

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.

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.

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.

Read the full review of Prosper here

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.