Life is many times filled with unexpected situations and occasions. They can be positive and give you confidence that everything is possible, but they can also be disappointing and quite frustrating. No matter the case, life goes on, and we must learn to face our problems and resolve them confidently.
One of life’s tough moments can occur because of a difficult financial situation that needs immediate attention. Whether it’s a quick repair or an overdue bill, short-term loans are a great way to resolve such a problem, which is why we want to share with you the best lending platforms that offer bad credit loans with guaranteed approvals.
Best Bad Credit Loans Guaranteed Approval
- MoneyMutual – Overall Best Provider For Bad Credit Loans On The Market
- Bad Credit Loans – Get Loans For People With Bad Credit; Most Popular
- RadCred – Direct Lenders For Fast Cash Advance Loans & Reimbursement
- CashUSA – Recommended Platform For Urgent Loans For Bad Credit
- Personal Loans – Reputed Lender For Personal Loans With Bad Credit
#1. MoneyMutual – Overall Best Provider For Bad Credit Loans On The Market
MoneyMutual is our best-rated platform connecting people with bad credit with certified and trustworthy lenders. It cooperates with a network of over 60 lending companies, providing intermediary services between them and the borrowers.
The MoneyMutual service was founded in 2010 to make the entire process of lending quick short-term funds easy and accessible to clients.
The team behind it understood that many people were having trouble obtaining bad credit loans that could be approved with certainty. That is why for the past 12 years, they have become one of the best services for fast and easy lender-borrower connection.
According to Theislandnow, MoneyMutuals’ best feature is that it collaborates with lenders that provide quick funds without checking your credit score. Instead, the platform and the lenders run a complete and extensive analysis of other factors you must fulfill to get a bad credit loan online.
Some criteria for obtaining a bad credit loan from MoneyMutual’s lenders are the stability and regularity of your income, employment status, overall financial situation, etc. So it’s not all about how bad your credit score might be, which is why this platform is at the top of our list.
MoneyMutual offers transparency and reliability in every sense of the way.
Their website is very simple and easy to navigate because all they want is for their customers to solve their financial problems without wasting time on endless scrolling. The educational content they provide about various loan types will get you started, especially if you are new and inexperienced on the subject of loans.
- Offers finances of up to $5.000
- Fast money transfers with little wait time
- Connects you with professional and experienced lenders from all over the U.S.
- Safe and secure application process with no jeopardy to your personal information
- Secured by a 2048-bit encryption
- Trusted by over 2 million satisfied customers
- Many positive reviews and opinions
- The platform is a member of OLA (Online Lenders Alliance)
- A lot of educational content is available on their website concerning loans
- Only U.S. citizens are eligible to apply
- The platform is not available for residents of New York and Connecticut
- The platform is no longer liable after you sign the lending agreement
What customers think of the platform
Thousands of customers from all over the United States use MoneyMutuals services regularly. According to many, the platform offers a stable and secure experience and has connected them to a greater number of lenders with many different offers.
Connecting to lenders is free, which the customers appreciate. All the lenders that MoneyMutual cooperates with are professional companies with years of experience and capital.
Fast funds transfers by lenders have also been greatly appreciated by many customers who urgently need quick funds.
Taking all the opinions from customers that we mentioned, we could only conclude that the platform is nothing less than trustworthy, offering its clients a stable and safe mediation between them and the lenders.
#2. Bad Credit Loans – Get Loans For People With Bad Credit; Most Popular
Established in 1998, Bad Credit Loans has been helping people quickly and successfully connect to lenders without visiting them individually. The platform is not a direct lender but a middleman between borrowers and lenders.
Bad Credit Loans offers more than just access to reputable lenders. It also takes a great part in charity events and donations, providing funds for socially endangered categories of people.
Their educational section will also give you an insight into financial matters concerning loans and how to repay them effectively.
Right from the start, when you access the Bad Credit Loans website, you will be surprised by the simplicity of its design. It only takes a few steps for you to apply, and the platform will send your application to lenders across the U.S.
Bad Credit Loans cooperates with high-risk lenders, providing clients with bad credit scores below 500 to qualify for loans. Even if clients do not match up to any lender in its network, they will send them advertisements from other third-party lenders. This platform hits the mark by providing bad credit loans with guaranteed approvals to even the worst credit score candidates.
On top of that, the Bad Credit Loans lender network offers many personal, home, business, student, auto, and mortgage loans. They provide flexible repayment terms ranging from 3 to 72 months, depending on the amount and other important factors.
To be eligible, you need to have a steady and regular monthly income, be over 18 and have a permanent job. Even though these seem like strict criteria, we think they are justified considering the larger amounts you can borrow with a bad credit score.
- The amount of money you can borrow ranges from $500-$10.000
- 100% free service, without any hidden charges
- An extensive network of reliable lenders
- Private and secure platform
- 24/7 customer service and support
- Simple and easy application process
- A great number of bad credit loan options
- Approvals are quick and mostly happen within the first 24 hours of applying
- A great option for bad credit score clients
- The platform requires information that might be unnecessary for this purpose
- It may not be available in some states of the U.S.
What customers think of the platform
According to Trustpilot, the platform has mixed reviews from clients, with more than half being satisfyingly positive. People in immediate need of funds could safely rely on Bad Credit Loans’ services and have not failed them.
From our research, we have also concluded that there truly are mixed reviews by clients, but most of them were positive.
So why would there be any negative reviews, you might ask? Well, from what we were able to find out, some users were not quite satisfied with the strict criteria policy that the platform sets for them to be eligible for a bad credit loan.
Other than that, there were no negative comments about the platform’s customer service, effectiveness, and swiftness in delivering results and funds.
#3. RadCred – Direct Lenders For Fast Cash Advance Loans & Reimbursement
RadCred is a newer bad credit loans platform with only about a decade of experience in the field. But since its establishment in 2011, it has been climbing the ranks and reaching the top with haste. Not without quality, as the services it provides have ranked it as one of the best money lending platforms in the U.S.
So what makes this platform special? Well, it is a service that will give you access to one of the best and most respected lending companies. And with a large number of lenders to choose from, approving your bad credit loan application should be quick and effective.
Even though the platform can connect you with lenders that offer up to $35.000, that money can mostly be borrowed by people with excellent credit scores. Don’t be discouraged because individuals with bad credit scores also have high chances of getting approved for significant sums.
RadCred features a network of lenders with tolerable repayment terms. They allow their borrower clients more flexibility in how they repay their loans and how much time they would need to do so. So whenever their client cannot make the payment in time, they can simply ask for an extension from the lender, and they will set a new deadline.
RadCred also offers the option to make automated or manual payments, depending on your preference.
The process is the same as any bank or financial institution concerning automated payments. Simply leave the amount that must be repaid by the given date on your bank account, and it will automatically be transferred to the lender that provided the loan. This will save you a lot of worry about whether you paid the installment on time.
With RadCred, all the information you provide is kept safe and secure. If the platform needs to use your information for advertisement purposes, they will first ask for your permission.
- Loan amounts can range up to $35.000
- Easy to apply and get approved for bad credit
- 2048-bit RSA encrypted service
- Member of the Online Lender Alliance (OLA)
- Trusted by thousands of people across the U.S.
- A more extensive but simple and intuitive website
- Loans are mostly approved the same day
- Very tolerable reimbursement periods
- A network of reliable and reputable lenders with strong financial backgrounds
- Clients with higher credit scores come first and can borrow more money
- Higher APRs for higher loan amounts and longer lending periods
What customers think of the platform
Customers love how rapidly RadCred connected them to lenders in their network and provided them with a financial solution in their time of need. The platform came through for people that needed money for quick home repairs or overdue bill payments.
Customer services that the RadCred team provides have also been satisfactory for many clients, saying they have provided them with the right information to make an informative decision. Besides that, many users have benefited from the educational content on the platform’s website, which explains many loan categories, including bad credit loans.
#4. CashUSA – Recommended Platform For Urgent Loans For Bad Credit
Why should you trust CashUSA? Because they are among the best and most trusted lending platforms in the U.S., with thousands of satisfied and loyal customers. CashUSA provides borrowers with a fast, secure, and opportune connection to lenders in their network, serving everyone, even those with bad credit scores.
The platform requires several criteria to be fulfilled for you to be eligible for a bad credit loan:
- You have to be at least 18 years of age
- Earn at least $1.000 monthly
- Have United States citizenship
- A valid bank account in your name
- A valid e-mail address
This is the basic information that CashUSA requires to formulate the loan application, which does not mean that the lenders will not ask for additional details after submitting.
CashUSA features a comprehensive network of lenders that can provide clients with all types of loans, but they specialize in bad credit personal loans with short-term repayments. Almost all lenders approve the loan application the same day you submit it.
Even though the platform asks for some excessive personal information in the application, lenders do not require all of it. They simply need basic information about you and your income so they can construct loan offers accordingly.
CashUSA provides higher personal loans even to clients with bad credit scores. Most, if not all, are unsecured, which means they do not require any collateral from their clients. They also provide reasonable reimbursement periods of up to 70 months, depending on the client’s eligibility.
CashUSA also features an automated paying system, retrieving money automatically from your bank account on the given due date. That is the modern, hassle-free way of resolving your debt on time every month.
They additionally feature an educational blog explaining financial terms and solutions to people who are new to loans and want to learn more about them.
- A platform that does not waste your time
- It uses industry-grade security and encryption protocols
- Four easy steps to receive funds
- The service is free of charge
- Lenders offer installment options of up to 70 months
- Very positive and assuring customer reviews
- A large system of lenders to fit the needs of any client
- Their lending network also includes tribal lenders
- An educational section on the official website helps inform clients about loans
- Only U.S. citizens are eligible to apply
- They require personal information that might be redundant for a loan
What customers think of the platform
Many customers that use CashUSA’s services have become loyal to them and use their services repeatedly. According to them, the platform provides stability and reliability in obtaining quick loans. Even people with very low credit scores have been approved for a loan with one of CashUSA’s collaborative lenders.
Clients also felt like this platform was their greatest ally in their time of need because of the short-term small personal loan amounts. With this type of loan, they could resolve any expenses that appeared out of nowhere and gave them a lot of inconveniences.
#5. Personal Loans – Reputed Lender For Personal Loans With Bad Credit
Personal Loans is the final borrower-lender connecting platform we wish to promote and review. It is a connecting platform because like the others we reviewed above, it provides middleman services between potential borrowers and lenders across the U.S.
By offering a short online request for a loan, Personal Loans allows you to apply for a loan from anywhere, your office, home, or even your smartphone. After submitting, the application is almost instantly sent to potential lenders in your state and even nationwide.
The platform provides an easy-to-use service that grants access to bad credit personal loans in only a few steps. All the lenders in its network are trustworthy, respectable companies with different criteria that can aid and cover the financial needs of practically any individual.
The Personal Loans platform probably offers the highest loan amounts of up to $35.000 to borrowers. People with bad credit may not be eligible for such high fund amounts, but they should be able to ask for sums up to $10.000 without any problems. It all depends on their score, income, and other important factors such as permanent work, age, etc.
With such high loan amounts for people with bad credit scores, fast application processing and approval is another big feature of this service. It filters your loan application according to your provided information and sends it to lenders with high odds for bad credit loans with guaranteed approvals.
The platform sets its limits in terms of lenders with which it cooperates. The main limit is that lenders must not set APRs higher than 35.99% for potential borrowers. And that is the highest APR possible, which would probably be set for borrowers that request large loan amounts at extended periods.
- You can request loan amounts from $1.000-$35.000
- Easy and quick funding for people with bad credit scores
- A service free of charge with no hidden fees
- OLA member
- Funds are sent directly to your account immediately after approval
- Many loan types are available to satisfy any occasion
- Acceptable APR rates for bad credit score borrowers
- Highly secure and encrypted platform with industry-grade encryption
- Very well designed and pleasant website to navigate
- Not a direct lender
- The minimum amount to borrow is $1.000
What customers think of the platform
Something that both customers and we also liked was the website design and appeal. Scrolling through the Personal Loans website is a pleasant experience, and many new users were able to find their way around easily.
We’ve especially heard this from older people, who are not used to all this modern technology and may have difficulty navigating complex sites. They were simply thrilled to run into Personal Loans’ service.
Borrowing experience is also great, and the information that customers provided on the topic said the platform is all about professionalism and dedication to swiftness and effectiveness. Users were rarely let down regarding bad client service or being denied a loan with a bad credit score.
Things To Consider Before Taking Online Loans For Bad Credit
If one of these platforms has already become appealing and you want to send a loan application, don’t just yet. Instead, let us give you some advice on several factors that will make things even clearer regarding money lending.
- Consider your credit score and whether you are eligible
If you want to apply for a bad credit loan, it will make sense to check your credit score first to ensure you are eligible for one. Even if you find the platform with the best loan amounts and terms, it would still be a waste of time if your credit score is terrible.
You can find your credit score by reading your monthly statement since many well-known, and reputable credit card companies include it. Another way to find your credit score is to request it directly from FICO (Fair, Isaac and Company) for a small compensation.
You should consider the relationship between your monthly income and debt or the so-called debt-to-income ratio. Making sure your monthly expenses do not exceed your monthly income is critical before applying for a bad credit loan.
If your credit score is too low, lenders may also consider you eligible but may require certain additional information to ensure that eligibility. In that case, you can ensure your position by considering a lender that allows you to include a co-signer in the deal. That way, your chances of obtaining a higher amount of bad credit loan will be much greater.
- Examine the APRs (annual percentage rates) of each lender
The annual percentage rate, or APR for short, is the interest rate every lender sets annually. Depending on how financially strong a lending company is, its APR may vary, from low and affordable, to quite high and unreasonable.
APR can most easily be explained as the lender’s interest rate, set according to the monthly payments devised from the number of installments. Technically, the bigger the loan amount and the longer it takes for you to repay it, the APR will also be higher.
The most common range of APRs with all bad credit loan lenders is from 5.99% to 35.99%.
Again, each lender has different criteria when offering bad credit loans, so it would be wise to examine several offers before jumping in and signing the one that first comes your way.
- Inquire about any additional charges by the lender
As with any financial institution that deals in money lending, lenders that cooperate with platforms like the ones above will incur additional charges for the loan they provide.
Some of the most common charges lenders apply processing fees, which include a small compensation for the time they spend analyzing your application and approving the loan. They will ideally range between 1% and 6% of the total amount lent.
Other fees may also include commencement charges, charges for delayed payments, charges for payments made in advance, etc. You can easily avoid these additional charges if you pick the right lender.
Something to be especially aware of are the charges for delayed payments. With many lenders, they can be very high and risky, especially if you do not have the required funds on time. Assess and inquire about each lender to know how much delayed payment charges cost.
- Always have an alternative
No matter how confident you may feel that you will repay the borrowed money frequently, you should always consider having a backup plan in case something goes wrong.
Lenders require a constant source of income and a regular job, but what if you lose your job after you’ve already borrowed the money?
These situations must be thought of in advance and planned for accordingly. You should always have some assets to sell to avoid repayment problems and crises.
What to be Aware of While Applying for a Bad Credit Loan
- Devise a plan
Before borrowing any money, you should make a plan. A detailed one is preferable, listing your expenses and what you will use the loaned finances for. Having an idea and planning will give you a headstart over any surprises that might come along the way.
It is a good idea to pay off any overdue and critical bills first, and if there is any money left, it would be best to save it for future use. Except, of course, if you do not have any other pressing financial matters.
You must also calculate the amount of money you can pay back each month while applying for the loan. Given that this is the best time to summarize expenses and interest rates, you should understand how much is enough and won’t hurt the rest of your monthly budget.
Long-term loans cost much more in the long run, even though the monthly repayment amounts are lower. The accumulated APR over the longer period will force you to pay a lot more money in interest fees, so make sure to consider that.
- Compare several lenders
Let’s say you finally chose a lending platform and devised a plan to manage the loan’s finances. It’s time to apply and wait for an answer.
Depending on your application and financial situation, lenders may start sending you offers immediately or after a short period. Whatever the case, wait until every possible lender sends its offer. Don’t rush into accepting the first loan offer that comes your way.
Instead, try to compare the offers that you receive from the lenders. After all the information we provided, you will understand what to look for and how to evaluate a great offer with the best terms possible.
- Consider adding a co-signer to the bad credit loan agreement
If your credit score is so bad that it would be difficult for you to obtain a loan, you should consider choosing a lender that offers the possibility of adding a co-signer to the agreement. You should do this in cases where you urgently need quick funds to resolve a financial situation, and not for pleasure spending sprees.
Adding a co-signer to a bad credit loan agreement will double the chances of receiving a loan because of the income guarantee the co-signer will provide. However, adding a co-signer to the deal also means that you must be prepared to repay your debt responsibly and on time.
If someone trusts you to be your co-signer, that means they think you are a responsible individual, ready to resolve any problems, considering that everything that is out of your control may soon go well. Besides, you would not want to ruin your relationship with them by not repaying your installments on time and involving them in financial problems.
- Make sure you’re signing an agreement with a reputable lender and not a scammer
Negotiating a bad credit loan with a fraud lender will only worsen things. Whenever you enter into an agreement signing, you must ensure that the lender is the real deal, reputable and honest. Avoid dealing with shady lending firms; you can recognize them by several signs.
First, they will surely ask you for advance payments for reasons such as covering any loan expenses. Reputable lenders will never ask you for money before approving the loan and transferring the funds.
Secondly, they might hide relevant information about them or will not be interested in your bad credit score or other relevant information. They only aim to make money from you in advance and nothing else.
These things are suspicious from the start, and you should stay away from them immediately.
FAQs On Loans With Bad Credit
Q1. Can I apply for a bad credit loan if I am unemployed?
Eligibility for a bad credit loan does not always have to depend on you having a regular job. A steady and constant income is a decisive factor, but not unemployment.
You can also be eligible for a bad credit loan if you receive regular income from disability, unemployment benefits, social security-related income, etc. Lenders will perform a detailed check on all possible income sources, not just your job.
Q2. How do I improve my bad credit score?
Getting a bad credit score is easy, but getting rid of it is hard and takes a long time. It’s the same when you break something, as breaking it is easy, but repairing it takes work and time. But don’t let these words make you despair since you can fix anything with the proper dedication and diligence.
Below we will list several key points that you need to address if you want your credit score to improve over time:
- Pay your overdue installments first
- Try to avoid late payments
- Pay every installment regularly and on time
- Clean any credit cards with small debts to avoid interest rates from piling up
- High-interest loans should be your priority for repayment
- Avoid getting new loans constantly and try to settle down for a while
- Monitor your credit score report regularly
Q3. What is the range between good and bad credit scores?
Even though every lender sets its limit for bad credit scores, scores below 580 are generally considered bad. FICO (Fair, Isaac and Company) divides the credit score into several categories, each with its range of numbers:
- Below 580 – bad credit score
- 580 to 669 – fair credit score
- 670 to 739 – good credit score
- 740 to 840 – exceptional credit score
Q4. What paperwork do I need to be eligible for applying for a bad credit loan?
First and foremost, almost all lenders and lending platforms require that you are at least 18 years old and be a citizen of the United States.
Secondly, lenders are interested in how regular your monthly income is and where it comes from. In some cases, they might ask you for your employer’s name and the deal of employment you have signed with them.
You must also provide a valid and active bank account, where they will transfer the funds if the loan is approved. Some lenders may even ask you for proof of regular income, which can be provided by the bank where you have an active account.
Q5. Why is my credit score essential?
A credit score is important because it represents your financial personality. Your financial personality is a compendium of characteristics like responsible spending, covering urgent financial needs first, paying off debt on time constantly, etc.
Lenders take credit scores into account very seriously because of the reasons we mentioned above, since, in general, a good credit score represents a responsible and creditworthy borrower, while a bad credit score might represent the opposite.
But this is not always the case, and having a bad score may sometimes be imposed on you because of factors that are out of your control and not tied to your personality.
Q6. I’ve seen lenders offer secured loans. What are those?
Secured loans are mostly loans that lenders offer to borrowers in exchange for something of a collateral nature. This way, the borrower offers a guarantee that may be a house or a car, in exchange for a significantly larger amount they can borrow. If the borrower does not repay the loan on time, they will lose the asset placed as collateral.
Unsecured loans are the opposite of secured ones. Lenders require no guarantees when approving unsecured loans, and the most common type of unsecured loans are short-term loans like personal, student, or school loans.
Because there is no asset to guarantee the loan will be repaid, interest rates are much higher with these loans in the sections above.
Q7. How much money can I expect to borrow if I have a bad credit score?
The amount of money that you can expect a lender to borrow will depend greatly on your credit score, how high your regular income is, and whether or not you are employed and creditworthy at all.
Remember that lenders only lend the highest possible amounts to clients with good or excellent credit scores.
So if you have a bad credit score, you should not expect to borrow a large sum of money, except in rare cases if you include a co-signer or some asset as a guarantee. Increasing your credit score will also increase the amount of money you can borrow from lenders.
Q8. Will my credit score get better if I use loans frequently?
Thinking that frequent money borrowing practice will improve your credit score is wrong. That’s because your debt increases with each new loan, and refinancing an old one negatively affects your credit score. It simply gives the impression that you are in financial trouble and need money frequently to resolve financial problems.
Instead, a good way to boost your credit score is to do the opposite – pause asking for more loans and loan refinancing, and repay all your debts over time. After a year or two, your credit score will surely increase if you repay every installment on time.
Conclusion: Credit Building Loans For People With Bad Credit
Money lending platforms have been popular, but their popularity went through the roof with the start of the Covid-19 pandemic. Because of the health crisis and the financial one that followed, many people turned to short-term bad credit loans to fix their unexpected financial problems.
Because of the rise in popularity, the need was imposed for us to dig a little deeper and find out which one of these lending platforms is the best. And it turned out we had to include five because they all deserved a place in our article.
So if you are in financial trouble and looking for quick, convenient, and reliable money lenders with minimal risk, then our chosen money lending platforms are an excellent choice. They are designed to help clients with bad credit scores that would have trouble getting a loan from a bank or other financial institution.
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