Bad Credit Loans With Guaranteed Approval. 3 Best Online Services



For almost everyone, financial situations come with good and bad moments. One of the unwanted situations that may come out of a financial situation is bad credit. Bad credit hinders the access of a loan especially, by traditional banks and other lending institutions. Life has its own challenges and such a scenario may be rather difficult when you urgently need money.  

Today, whether you have bad credit or no credit, you do not need to despair. You can access bad credit loans from many available lenders. Such lenders offer borrowers money and their offers are not mainly dependent on an individual’s credit score or rating. They look at a borrower’s ability to pay by analyzing; their expense management, average income, expenditure, and other details.  

With everything having experienced a technological advancement, there are several sites that can help borrowers obtain bad credit loans online and we discuss reputable ones for bad credit loans. 

Top 3 Bad Credit Loans Sites 

MoneyMutual 

MoneyMutual is one of the most popular sites for connecting borrowers with lenders. It is reputable and has grown in popularity since its establishment in 2010. This is because it does not only rely on a borrower’s credit score to offer a loan. MoneyMutual acts as an intermediary and is not an actual loan lender. It is a free service that enables borrowers with bad credit to connect with reliable and genuine lenders to be offered loans for bad credit.  

MoneyMutual simply provides a platform for lenders and borrowers to lend and borrow money. It is not involved in the actual process of borrowing and lending. Having been in operation for more than a decade, MoneyMutual has served millions of different borrowers in the US and helped them satisfy their financial needs.  

To use, potential borrowers are required to fill an online form which is available on the MoneyMutual official website. The form requires one to fill in their personal details. Upon completion, you are redirected to a lender’s website to peruse their terms and conditions. The lenders review a customer’s information and based on the requirements, provide a loan.  

This platform allows for loan provisions of up to $5,000 and you must have a monthly income of not less than $800. If you are satisfied with the terms, conditions, and regulations, money is transferred to your bank account within a day. Customers that have used MoneyMutual have reported the site is easy to use and that connection with lenders has been made very convenient. It has also been praised for its fast service.  

Pros 

  • It is a simple and reliable platform for those with bad credit to access loans.  
  • The company is highly reputable and has been in operation for a long time.  
  • Money can be received within 24 hrs.  
  • There are more than sixty lenders. 

Cons 

  • It is not available for use by non-US residents.  
  • Having no proven or regular income disqualifies you. 
  • MoneyMutual is not liable for any issues that may come up after connecting you with a lender. 

BadCreditLoans 

BadCreditLoans is another site that helps those crippled by bad credit to obtain loans online. The free service acts as a platform to connect borrowers with lenders without the approval being determined by one’s credit score or rating. BadCreditLoans however, does not have control over the lender’s terms and conditions. It will offer you the information you require to access a bad credit loan from the available list of lenders to help you decide on which lender appeals to you.  

The site’s advanced encryption technology assures borrowers that their private information is kept safe. Using the site requires the borrower to complete a form online for an engagement with the available lenders. The form requires details such as; citizenship proof, reason for borrowing, bank details, and much more.  

Completing the form allows BadCreditLoans to connect you to a lender. If you are not satisfied with a certain lender, you don’t need to sign any agreement. Upon agreement, you electronically sign the contract for the funds to be transferred. Funds can be availed on the following business day and depending on the method of transfer, delays may or may not be experienced. 

BadCreditLoans offers borrowers fact-based data and information for them to make an informed decision. When borrowing loans for poor credit, you can apply for funds between $500-$10,000 with flexible repayments of even up to 3 years. The interest rates are dependent on each lender but they lie between 5.99%- 35.99% APR. 

Pros 

  • It is a free service that is easy to use. 
  • The credit requirements are very flexible.  
  • The platform has a number of lenders with whom borrowers can connect and make comparisons.  
  • Lender information can be relied upon. 

Cons 

  • Those with relatively poor credit ratings are given lesser loan amounts.  
  • The Better Business Bureau has not positively rated the site. 

CashUSA 

CashUSA loans bad credit borrowers money to fund urgent requirements. It doesn’t matter if you want to make a huge purchase, pay a debt that you owe, need money for a vacation, or any other financial aid. They will meet your requirements adequately. The site offers greater loan amounts compared to other bad credit loan services.  

Just like the other sites listed here, you have to complete an online form on their official website to proceed with your application. Upon completion, you are provided with an option that allows you to review different lender offers. You can review offers about debt relief, credit repairing, and a lot more. If you are provided with an offer, you are required to give additional information to the lender. This helps them in making a decision on whether to loan you the money requested or not.  

The lenders available on this site are capable of offering loans of up to $10,000. Clicking the ‘Submit” button sends your request to available lenders. Those that are interested present you with an offer. An e-consent must be provided after application for the transfer of the money, usually, within a day. You can refuse an offer that does not appeal to you. 

The site’s education center is informative and offers a lot of input about finance-related matters such as credit score, how to calculate debt, plans for paying back student loans, setting budgets, choosing a financial advisor, and so much more. 

Pros 

  • Loans offered are of higher amounts compared to those offered by similar bad credit services.  
  • Loans are offered for both long term and short-term basis.  
  • The site offers an informative education center for applicants. 
  • A very fast and free service. 
  • Repayment installments available for even up to 70 months. 
  • A very secure and safe system. 

Cons 

  • Additional information is usually requested as deemed necessary by the lenders. They may request a lot of personal details. 

Understanding Bad Credit Loans 

Very bad credit loans are granted to people whose credit reports are less spotless or those who have very little or no credit history. Such people have credit scores that are regarded as poor or bad. These loans will typically have greater interest rates and will also have higher restrictions than those given for other typical loans. These aspects help lenders to reduce the risk of a borrower not being able to pay back. These loans can be useful when managed responsibly. 

As per FICO, a credit score of 800 or more is excellent, 740-799 is considered very good, 670-739 is good, 580-669 is a fair score, and 300-580 is poor. 

How To Get Loans With Bad Credit 

You will need to work out whether you can comfortably repay your loan in the period given.  

Compare the loans offered by different companies to see which companies best fit your needs and financial ability. As you embark on taking loans for people with bad credit, apply for the ones that you are more likely to get. This is because each application records a hard search on every credit report and this affects one’s score.  

Check whether you are eligible to apply. This helps you understand the chances of your guaranteed loan approval. To see your eligibility, you can check your rating from credit bureaus.  

A bad credit signifies that your credit history is negatively viewed by lenders. With bad credit, you will mostly experience difficulty when borrowing or when accessing certain money-related services. Different companies use different criteria to assess credit history and therefore, some may view you better or perceive you more positively as compared to others. 

A low score is an implication of having negative influencing factors on your credit report. These will usually include; 

  • A history of late payments. 
  • Payment defaults. 
  • An evidence of being bankrupt. 
  • County Court Judgements. 
  • A lot of hard searches- usually recorded when you apply to borrow. 

A bad credit can also come about because your credit history is not very significant. With such, lenders cannot establish a judgement. This is mostly evident if; 

  • You are a young adult and have not had the time to build a credit report. 
  • You have never taken credit or you have never opened a bank account. 
  • You move to a different country; credit history cannot be transferred across borders. 

How to Get Better Rates and Higher Credit Limits 

Consider applying for a loan that has a higher risk 

Having a history of bad credit does not mean that you cannot access guaranteed loans. For those that are not willing to pay high-interest rates and in need of large amounts, finding such a loan is still possible, even with bad credit. The trade off is that you will be required to accept higher risks such as; 

Guarantor Loans– With guarantor loans, someone else promises to repay your loan when you are unable to. Guarantors are usually people that are close to you, such as family members or close friends. If you can find a guarantor who bears a good or excellent credit score, then they can help you attain a loan of a higher limit with even better rates.  

Guarantors also need to understand that they can possibly and potentially lose their assets if they cannot keep up with the payments. Guarantors must be adults with a regular source of income and, depending on a lender, may need to own a property. A guarantor cannot be someone you have a joint account with. 

Secured Loans- Secured loans mean that you will use one of your assets for example, a car or home, as collateral when obtaining your loan. These can be potentially lost if you are not able to repay or fall behind in repaying. Having collateral reduces the risk for lenders and therefore, they can grant you better rates or even higher limits that you otherwise would not have been given. 

Options for Bad Credit Loans 

If you cannot be granted bad credit personal loans you can opt for; 

Unsecured loans 

With unsecured personal loans, you do not need to put forward your property or even a highly valuable asset so as to secure a loan. Lenders offering secure loans will usually base their approval on how likely you are able to repay the loan. If you cannot repay, the lender organizes for a County Court Judgement against you as opposed to repossessing assets, like it is for secured loans. 

Lenders may also take other better options to unsecured loans such as payment holidays. You can choose months that you will not make the payments. You may also get cashback once your loan is settled. These loans offer more flexibility and therefore, repayment can be suited to your needs. 

Peer to Peer loans 

These loans offer those with bad credit a chance to borrow from a group or individuals. In this scenario, those who want to gain returns on money are paired with those that need borrowing. A rate that is agreed upon by both parties applies. Such loans will come with an age restriction, mostly 21 years, but this can also be different depending on a lender’s terms. A regular income is required. 

How to Manage Loan Repayments 

Having a bad credit means that you may face high-interest rates or lower loan limits. However, loans with bad credit can be a chance to improve your credit history as you can prove to lenders that you can be a reliable borrower. Through the period of time of your loan repayment schedule, you can begin to boost your score for an opportunity to obtain even better credit deals for days to come. If you have a loan; 

  • Have a monthly budget and make sure to follow it to the letter. This means that you will not miss any repayment. Having a schedule allows you to keep track of the debts and the days for payments.  
  • If you establish that you may not be able to make a payment, you can speak to your lender in advance. This will allow both parties to discuss the options available and come to an agreement. 
  • Try not to increase your debts as you repay your loan. This may destroy your credit score and add more pressure on your capability to make repayments. 

Considerations for Taking a Bad Credit Loan 

There is no loan that does not come with a risk, both for the lender and the borrower. Borrowers need to think carefully before taking loans with bad credit. As said, those with bad credit are viewed as more of financial risks and more likely to default. Borrowers can be offered guaranteed loans for bad credit with guaranteed approval but there are essential considerations to be made; 

Whether the loan is affordable– You need to remember that the lower your credit score, the more likely that the terms offered will be expensive and also the less amount you can be loaned. Ensure that the loan you take can fit your monthly budget and beware that being given high-interest rates eventually means a more expensive loan. 

Defaults are costly– Defaulting can lead to expensive consequences. It may lead to the involvement of collection agencies, forced plans for repayments, and at times, legal action. You therefore need to keep at the top of your repayments to keep trouble at bay. 

Limit yourself to what you are capable of borrowing– Having bad credit signifies a greater financial risk for the lender. With this, you are less likely to be granted a lot of money in one go. You need to manage and keep your expectations in check about how much money you are indeed capable of borrowing. This should especially be relative to the high-interest rates. 

Analyzed factors– Beware that lenders will consider factors like your income, your home equity (for those that want to use this as security), and other outstanding loans that you are still in the process of paying off. These are factors that determine your credit score and they need to be well managed. 

Focus on improving your credit score- Usually, a credit score can be altered. This is because it is mostly determined by your financial behavior. Ultimately, you can influence it. Therefore, try to improve bad credit by; timely payments, wisely using your debts, and appropriately using your credit. 

Advantages of bad credit loans 

The main benefit of bad credit loans is the ability to access funds regardless of your credit score. 

Additional perks for users are; 

  • You can be offered flexible repayments especially, where you have a say in making a decision about the period of the loan term and how much you can affordably pay monthly. 
  • The loans offered for bad credit are usually processed faster. Most of these applications can be done online and getting a response takes a short while. Some platforms will grant you the loan within a day. 
  • There are several charges that may be waived but these are dependent on a lender. They may include repayment charges. 
  • If you are taking an unsecured loan, you will not need a guarantor. 
  • Some lenders can be lenient based on your record. For example, you may be offered a lower interest rate than what you pay for your credit card debt. 
  • There are many available lenders to choose from and therefore, you can make comparisons about the terms and favorable interest rates. 
  • Some of the bad credit loan lenders may grant you long repayment periods. 
  • Bad credit loans can be your opportunity to improve your credit score. 

Frequently Asked Questions 

How long does it take for a bad credit loan to be approved? 

The time taken for the funds to be transferred to your account will usually depend on the lender. 

How much money can I borrow when applying for a bad credit loan? 

The amount that can be borrowed will mainly depend on your financial situation, the lender you are borrowing from, and your credit history. You need to borrow the money you need at the specific time of borrowing. This will help you pay lesser interests and fees. It will also keep you from extra debt and ultimately, boost your credit score for possible future loan applications. 

What will I pay for my bad credit loan? 

The total cost that builds up from a bad credit loan is dependent on several factors; the amount borrowed, the terms of repayment such as length and interest charges, and the annual percentage rate (APR). An APR is the amount you incur having borrowed money for a year. It is usually determined by the amount of money you borrow, the interest per month, and the time taken to pay. Bad credit loans with guaranteed approval will usually give higher APR rates. Make sure to pay back on time to stay away from late fees and other penalties that may come out of defaults. 

Is the application for a bad credit loan safe?  

The moment you decide to obtain such a loan, you need to be able to trust your lender. Critically analyze their reviews, ratings, and payment requirements. Some lenders will charge origination fees and some other costs. You will want to see such charges and get an explanation. Make inquiries for what you do not understand. 

Frauds will not be open about such aspects and will be quick to ask for search monies upfront. A lender who needs you to make an advance payment for processing is probably not trustworthy or from a reputable firm. You need to be very cautious so as not to be tricked. 

What are some of the red flags to look out for when applying for a bad credit loan? 

The warning signs listed here can assist you to identify untrustworthy money lenders; 

The lender you are borrowing from not being concerned with your credit history– Even bad credit loan lenders will be concerned about your credit history but to a minimal extent. A credit history is used to verify and make a confirmation for your application before you can be offered a loan. It is also an indicator that a lender does not just grant loans with discrimination and that they critically analyze your file and application. If a lender does not inquire about your credit history, it is best to avoid them. 

A loan that is offered via phone– It is important to note that loan agreements need to be in writing, with clearly disclosed terms, and accompanied with signatures. If you come across a lender who is offering you a loan via the phone in a hurry to settle the deal, think twice. 

A lender who uses the same name as a different reputable firm– Organizations that are not ethically in operation may trick you by citing a name similar to that of another recognized organization. Therefore, if you are in doubt about such lenders, determine the physical address (not PO Box) and this should be additional to the directory phone number. 

A lender who is not registered in your state of residence– For a loan broker or lender to operate a legitimate business, they need to have been registered in the state where they operate. If not, opt for a different lender. You can always check for business registration by contacting the state department of financial regulation. 

Lenders that request you to transfer money to a particular person– You need to know that a lender who is legitimate does not request for money to be directly wired to an individual. 

Last word 

Life occurrences may lead you to adjust your finances and this does not always end with positive results. Difficult financial situations may hurt your credit score. This is not mean that your options are over. You can still apply for personal loans for bad credit from different lenders.  They will offer you loans by not entirely focusing on your credit history or score.  

The sites highlighted in this article will connect bad credit borrowers with capable lenders who offer loans for bad credit online. It is however important to know that even though you can access such loans, having bad credit has its own demerits. Therefore, those with bad credit should try to improve it. 


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