Guaranteed Approval Loans for Bad Credit
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When applying for a loan, people with bad credit can often run into problems. It’s difficult to find lenders who are willing to take a chance on people who don’t have a good credit history. Even if they do, borrowers often face high interest rates and smaller loan amounts.
Fortunately, some companies and lenders are committed to helping people with bad credit access the funds they need. Not only that, but some of these companies offer resources and other options to help people get on a better financial path. By using one of these lenders, you may even have the chance to raise your credit score to improve your chances of getting a larger loan with lower interest rates.
Related: Best Personal Loans for Bad Credit.
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Overview of the Best $500 guaranteed approval loans
Lender | Best For |
BadCreditLoans | Alternative options |
CashUSA.com | Transparency |
Credit Loan | Flexible income requirements |
FundsJoy | Loan options |
MoneyMutual | Short-term loans |
OppLoans | Direct involvement in loans |
Best bad credit loans
BadCreditLoans
BadCreditLoans is an organization that can connect borrowers with loan lenders to help them find a loan, even if the borrower has a bad credit score. The organization has a network of lenders willing to work with borrowers with credit scores as low as 500. In most cases, when you apply for a loan through BadCreditLoans, you’ll be matched with multiple lenders. Then it’s your choice who you work with.
To apply for a loan, you only need to fill out a brief online application. You’ll need to enter the amount you’re requesting, what you intend to use the loan for, and your credit score. If you don’t know your credit score, you can also select that you’re unsure. You’ll also need to provide your email address during the application process.
After you’ve submitted your application, BadCreditLoans will send you proposals via email. If no lenders can offer you a loan, BadCreditLoans may be able to help you find other ways to satisfy your financial obligations. This may include offers for debt repair, credit repair, or other products and services.
BadCreditLoans is completely free to use, and you are not obligated to accept any of the offers from the platform. When you receive a loan offer, you’ll still need to review it to ensure you understand the loan terms.
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CashUSA.com
CashUSA.com is a marketplace that can connect borrowers with online lenders. To use the service, you only need to fill out an application on the CashUSA.com website. After submitting your application, you’ll receive a list of lenders who can approve your loan. The lenders you receive will be based on your credit profile and other factors.
It’s free to fill out an application with CashUSA.com. But if you accept a loan offer, you need to review the loan terms to determine the fees and rates the lender will charge. Most lenders offer APRs ranging from 5.99% to 35.99%. The loan repayment terms can also vary widely, with some being as short as 90 days and others going up to 6 years.
One of the great things about this marketplace is that it makes its eligibility requirements very clear on its website. To be eligible for a loan, you must be at least 18 years old, be a U.S. citizen or permanent resident, and be employed for at least 90 days. You’ll also need to have a checking account in your name and be able to provide a valid email address and phone number. Lenders may have additional requirements, such as a specific minimum income amount.
CashUSA.com is a good option if you need quick money, even if you’ve exhausted all other options. Most loans can be deposited into your account in as little as 1 business day, giving you access to funds almost immediately. CashUSA.com’s customer service representatives can also help you with any questions.
Credit Loan
Credit Loan is a company that was founded in 1998 as a consumer-focused finance website to provide online resources to consumers. Today, it offers a simple way for consumers to take what they’ve learned and use it to apply for a loan through the website. It can connect borrowers with lenders through its two lending networks, one specifically dedicated to borrowers with bad credit.
You'll authorize a soft credit pull when you submit a loan request through Credit Loan. It won't impact your credit score since it’s only a soft credit pull. However, lenders will use this information to determine what loans and terms you are eligible for. You must have a continuous income source and a bank account in your name for any loan. You also need to be 18 years old or older and have no active bankruptcies.
After you submit your loan application, Credit Loan will distribute it to its lender partners. Then it’ll put together loan offers for you and send them to you via email. You can receive this email within a few minutes of applying. From there, you need to accept the loan offer. Funds can be in your bank account before the next business day.
One of the great things about Credit Loan is that there are no specific income requirements that you have to meet to qualify for the service. If you’re ineligible for a loan from the Credit Loan partners, you can continue to use Credit Loan to find other resources that can help you.
FundsJoy
FundsJoy offers easy access to its network of lenders to help you find funds fast. Like many of its competitors, it offers a simple online application process. After you submit your request, FundsJoy’s system will search for loans matching your needs.
From the start, FundsJoy clarifies that it does not automatically rule out borrowers with bad credit. You can apply for personal loans or payday loans through FundsJoy, no matter your credit history. That said, you need a bank account and a steady and reliable income source to qualify for a loan through Fundsjoy.
When you apply for a loan through FundsJoy, you can let the system know how much you need to borrow. Some options include $200 to $500 and $500 to $1,000. After you’re matched with a loan, you can adjust the options to make sure that the loan amount and repayment schedule work for you.
Using FundsJoy to access a loan means that you may be able to get your funds as soon as the day after you submit your application. The system makes it easy to find loans from multiple lenders, including payday lenders, giving you some choices when borrowing money fast.
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- 100% online experience.
MoneyMutual
MoneyMutual is a networking platform that can provide borrowers with access to lenders for guaranteed loan approval. There are over 60 lenders in the network, and MoneyMutual only works with short-term lenders. This makes the platform a great option if you’re looking for quick emergency loans such as a payday loan.
When you apply for a loan through MoneyMutual, you’ll go through the online application process and fill out the required forms. Then when you receive offers from lenders, you can review the loan terms before accepting them. This is important because MoneyMutual is not directly involved with any of the loans, so the terms are all decided by each lender.
In addition to connecting borrowers with short-term lenders, MoneyMutual provides resources to help borrowers with poor credit understand their options. Some of these resources can help you learn the difference between payday loans (cash advance loans) and bad credit installment loans. This is useful because MoneyMutual’s network of lenders may offer either or both types of loans.
If you enter a loan agreement with one of the lenders in MoneyMutual’s network, you can get your money in as little as 24 hours. The lenders typically deposit your loan funds directly into your bank account. From then on, any questions about the loan should be handled directly with the lender.
OppLoans
OppLoans is a financial technology platform connecting borrowers with bad credit to loans originated by Opportunity Financial LLC or one of the company’s lending partners. OppLoans is directly involved with the loans that the lending partners originate because it services all those loans.
OppLoans is dedicated to creating accessible lending products and providing education to help its customers build a good financial path. The company does not conduct traditional FICO credit checks as part of the loan application process. This is good news if you don’t want your credit score impacted by applying for a loan.
Though it doesn’t conduct traditional credit checks, OppLoans does report payment activity to the three major credit bureaus. If you take out a loan through OppLoans, making on-time payments can help you build a positive credit history and increase your credit score.
The eligibility criteria for an OppLoans loan are flexible enough to work for many situations. You must be 18 or older and have a bank account to qualify for a lending product. When it comes to income requirements, your regular source of income can come from employment or benefits such as Social Security and Disability. You can also add other income sources, such as alimony or child support payments, on your application.
OppLoans is available to borrowers in most states, but if you don’t live where OppLoans operates, you aren’t eligible for a loan through this platform. Some notable states OppLoans does not operate include New York, New Hampshire, and South Dakota. There are also some state-specific requirements and exemptions that OppLoans must abide by.
Summary of best guaranteed approval loans
Lender | Fees | APR |
BadCreditLoans | None | 5.99% to 35.99% |
CashUSA.com | None | 5.99% to 35.99% |
Credit Loan | None | N/A |
FundsJoy | None | N/A |
MoneyMutual | None | N/A |
OppLoans | None | 59% to 179% |
FAQs
Is it possible to get no credit check loans?
Loan companies often want to pull your credit report to check your credit rating before they offer you a loan. They do this so they can take your creditworthiness into consideration, but if you haven’t had the opportunity to build your credit, you might not have much to show. Fortunately, some companies have looser minimum credit score requirements than others, which can make loans more accessible. Payday lenders are less likely to take your credit score into consideration and it may also be easier to get secured loans with a bad credit score. Most lenders for fast cash loans only do a soft pull on your credit report, which does not impact your credit score.
What does it mean to have bad credit?
According to Experian, any score that’s below 670 can be considered a bad credit score. Bad credit scores can happen as a result of a few different things. Your payment history typically has the biggest impact on your credit score. So if you have a history of missing payments and making late payments, you can see that reflected in your score.
Other factors that impact your credit score include the total amount that you owe, the types of credit you have, the length of your credit history and new credit accounts. If you have high credit card balances and a significant amount of debt, this can result in a lower credit score. On the other hand, if you show that you can successfully manage and pay off several types of credit — such as mortgages, credit cards, student loans and auto loans — this can have a positive impact on your credit score.
What are the risks of bad credit loans?
If you have bad credit, it can reduce your options when it comes to taking out new loans and credit cards. Most lenders will use your credit score to help determine whether to approve or deny you for a loan. So if you have bad credit, it can reduce your chances of getting approved for a loan. Bad credit loans are designed specifically for people who have bad credit, so there are still some options out there. However, even with bad credit loans, you’ll likely face high interest rates which will increase your monthly payments.
Another thing to keep in mind when looking for a bad credit loan — or any loan — is that you need to make sure you are getting a loan from a reputable lender. Whether you’re using a marketplace to connect with lenders or using a direct lender, you’ll want to make sure that the lender is registered and in good financial standing.
Why you should use guaranteed approval loans for bad credit
Getting a guaranteed approval short-term loan may be your only option if you have bad credit and need fast cash. As long as you know the annual percentage rate (APR) and feel comfortable with the loan terms, these loans can be beneficial in a few ways. The obvious benefit is that you can access funds quickly to help you in your financial situation.
Another benefit is that you can use a bad credit loan to help you improve your credit score. Making repayments on your loan can help you build a positive credit history and, over time, can help you raise your credit score.
Related: Best Personal Loans for Fair Credit
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
Some loans require a drawn-out approval process and lots of paperwork. When you need money fast, sometimes there isn’t time to go through all that. Getting money when needed is even more difficult if you have bad credit. Fortunately, there are some platforms and lenders out there that can help borrowers with bad credit get the funds that they need.
Most lenders can’t 100% guarantee approval for a loan. Even so, the platforms that connect borrowers with lenders can guarantee a quick decision for every borrower. In some cases, even if you don’t qualify for any of the loans offered through that platform, you may be able to access alternative loan options.
With any loan, you must review and understand the loan terms before you sign a loan agreement. This is especially important with loans that you obtain through one of these platforms because each loan offer will have its terms that the lender sets. While you may face high interest rates with these loans, they can also help you improve your credit history long-term.
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Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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