9 Online Guaranteed Installment Loans for Bad Credit

9 Online Guaranteed Installment Loans for Bad Credit
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Brittney Mayer
By: Brittney Mayer
Posted: December 5, 2017
BadCredit.org's popular "How-To" series is for those who seek to improve, rebuild or better understand their subprime credit rating.

For many new graduates, finding a job right out of college can feel like an impossible task. The professional jobs want you to have experience — and whatever job experience you may have from before and during college is typically not the right kind.

In many ways, having poor or limited credit is a lot like being a new graduate. Either you don’t have a well-established credit history — or you established it in the wrong way. After one, two, or even a series of rejections, it can leave you wondering, “Are any lenders guaranteed to accept me?”

While it’s not easy to find any hard-and-fast guarantees in the consumer credit world, what you can often find with relative abundance are lenders with flexible credit requirements that will take a chance on your poor or limited credit history.

Installment Loans | Short-Term Loans | Credit Cards

The Best Guaranteed “Installment” Loans for Bad Credit

Named for the method of repayment, installment loans are repaid through a series of regular, set installments — typically monthly payments. Personal installment loans are often a good way to finance purchases you need to repay over a period of months or years, as they can usually be obtained with lengths extending up to seven years.

Installment loans are often the best financing method for larger purchases, as well. In fact, our top-rated personal installment loan networks include lenders offering amounts up to $35,000 for qualified applicants.

   
★★★★★

4.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$1,000 to $10,000 5.99% - 35.99% 3 to 60 Months

See representative example

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While individual requirements vary by lender, most lenders will have a few basic requirements to qualify for an installment loan, including the necessity of an active checking account. You’ll also typically need to meet minimum income requirements, which will vary based on your credit score and the size of your loan.

Additionally, when comparing personal installment loans, be sure to examine each factor of the loan, rather than solely focusing on the size of your monthly payment. That’s because the total cost of your loan will be determined by all the factors, including the APR, monthly payment, and the length of your loan.

For instance, it can be tempting to choose the longest loan possible so that your monthly payment is at its lowest. However, the longer you take to repay your loan, the more interest payments you’ll need to make, and the more your loan will end up costing you overall.

The Best Guaranteed “Short-Term” Loans for Bad Credit

Where personal installment loans are designed to finance larger and longer-term purchases, short-term loans are just that: short-term financing. Typically extending between a week and six months, short-term loans, sometimes called cash advance loans, are repaid in a single lump sum that includes both the principal loan amount and any applicable interest or finance charges.

Short-term loans are generally offered in smaller amounts than other loan products, with our expert-reviewed options providing short-term loans up to $2,500. Our providers include online lending networks that connect hundreds of lenders from around the country, meaning you can obtain multiple quotes with a single application.

  • Short-term loan of $100 to $1,000
  • Bad credit is no problem
  • Large network of lenders
  • Loan decision as fast as a few minutes; funding as soon as next business day
  • Required: Income of $1000+/month and at least 90 days on job
  • Click here for official site, terms, and details.
             
★★★★

4.0

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% - 2,290% Varies

See representative example

  • Cash loans of $300 to $2,500
  • Receive cash in as little as 24 hours
  • Options for US, UK and Canadian applicants
  • Bad credit OK
  • Note: Payday loans are designed for short-term needs and may have high interest rates
  • Not available in: GA, PA, WA, WV
  • Click here for official site, terms, and details.
 
★★★

3.0

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$300 to $2,500 Varies Varies

See representative example

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While many short-term loan lenders offer flexible credit requirements — so flexible it’s practically guaranteed — that flexibility comes with a price. Namely, most short-term loans have particularly high interest rates. In fact, some short-term cash advance loans can have APRs in the hundreds of percentage points, with a 400% APR not unheard of (or even uncommon).

Another concern when it comes to short-term loans is ensuring you can repay the entire amount at the end of your loan, since you’ll be required to hand over the full loan amount plus all fees. If you can’t repay the full amount, you may be stuck paying substantial late fees on top of what you already owe.

In some cases, you may choose to extend your loan for another few weeks or months to avoid paying late fees, but it’ll cost you another round of finance charges to do so. If you know you will need a longer period of time to repay what you borrow, you may want to consider a personal installment loan instead of a short-term loan, as installment loans can be repaid in smaller monthly payments over six months or more.

The Best Guaranteed “Credit Card” Loans for Bad Credit

Although not often considered as a loan alternative, credit cards can be a handy form of financing for certain types of purchases. In particular, most occasions where you would consider a short-term loan, you can likely use a credit card instead. And, given that the average credit card charges an interest rate around 16%, using a credit card instead of a higher-APR short-term loan may actually be the more frugal choice.

The options for credit cards will include unsecured cards and secured cards. Due to the initial deposit requirement, secured credit cards are one of the few “guaranteed” forms of financing in the consumer credit world, as some may not even require a credit check at all. Start exploring your options with our list of top cards for bad credit.

  • Checking account required
  • We may approve those currently building their credit history
  • Application response in 30 seconds
  • Know the score! Quarterly FICO score on your monthly billing statements
  • All credit types welcome to apply
  • Your First PREMIER Bank credit card activity is reported to the Consumer Reporting Agencies each month. Making your payment on time and keeping your balances low relative to the credit limit will result in positive marks on your credit report
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
6 minutes See issuer website Yes 9.5/10
  • Holiday gifts they'll like, payments you'll love! Use your line of credit to shop over 550,000 items from great brands like Samsung, KitchenAid, and DeWalt
  • Take advantage of low monthly payments if you apply and are accepted for a Fingerhut Credit Account issued by WebBank, who determines eligibility and qualifications for the terms of credit
  • Fast, easy online application process and a quick decision
  • Not an access card
  • Click here for official site, terms, and details.
 
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
5 Minutes See issuer website Yes 9.0/10
  • Checking account required
  • Fast and easy application process; response provided in seconds
  • A genuine VISA card accepted by merchants nationwide across the USA and online
  • Manageable monthly payments
  • If approved, simply pay a processing fee to open your account and access your available credit
  • Reports monthly to all three major credit bureaus
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10

+See More Credit Cards for Bad Credit

One of the best things about using a credit card instead of a short-term loan is that you can potentially avoid paying interest entirely if you pay off your credit card before the end of your grace period. For most cards, the grace period is the time between when the charge is made, and when the bill for that charge is due. So long as you pay off your full balance before your billing date, you won’t be charged interest for that balance.

The thing to remember about credit cards is that they may come with a variety of fees that loans won’t include. For instance, most credit cards, particularly those for poor credit, will charge an annual fee, typically right when you open your account and then each year on your account anniversary.

Other common credit card fees include processing or program fees, which are generally one-time fees charged when you open your account. You may also be charged fees for using any extra card services, such as making a balance transfer or cash advance, but these can be avoided simply by not using these services.

Use Your Loan Wisely to Build Credit

While it can be difficult to find financing with poor or limited credit, options are out there, if you know where to look. And though few of those options are truly guaranteed, many lenders offer flexible requirements that are the next best thing.

Of course, the best way to guarantee your choice of financing in the future is to work hard to build your credit now. No matter which type of financing you choose, be it an installment loan, short-term loan, or credit card, you can use that financing to improve your credit — and, thus, improve your credit options.

In some ways, think of your new loan as that entry-level job right out of college. If you work hard and build the right kind of experience, you can expect to advance in your career. And if you use your new loan responsibly, making payments on-time and building your credit history in a positive way, you can expect your credit score to advance, too.