10 Bad Credit Loans with Guaranteed Approval

10 Bad Credit Loans with Guaranteed Approval
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Eric Bank
By: Eric Bank
Updated: August 7, 2019
Our popular “How-To” series is for those who seek to improve their subprime credit rating. Our articles follow strict editorial guidelines.

While it’s true there are few guarantees in life, the loans for consumers with bad credit we review here come mighty close to “guaranteed” approval. By that, we mean most of these lenders have very flexible credit requirements that those with a blemished or scant credit history can reasonably satisfy.

Beyond providing money when needed, these bad credit loans also offer consumers a path toward credit repair. That’s because most of these lenders report your payments to one or more of the national credit bureaus. If you unfailingly make your payments on time and always pay the amount due, you can look forward to improving your credit score over time.

Personal Loans | Personal Credit

Personal Loans for Bad Credit with Guaranteed Approval

Our experts have identified the five best personal loans that almost anyone can obtain. This is because the lenders take steps to limit their risks in the form of limited loan amounts or credit lines, secured accounts, high interest rates, and myriad fees. In return, these lenders offer loans to folks who otherwise may not qualify for credit.

While requirements vary, they are all reputable providers that offer loans addressing the needs of those with poor credit. Here are the best personal loans for consumers with bad credit:

MoneyMutual works with a network of lenders who compete for your business. It offers access to personal and short-term loans, usually from $250 to $2,500, and the funds are available in as little as 24 hours. The different loan offers may have a variety of payment terms from which to choose. MoneyMutual is not available in Connecticut and New York.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

CashUSA.com can connect you to a lender willing to lend up to $10,000 that you can access as quickly as the next business day. To qualify, you must be at least 18 years old, be a U.S. citizen or permanent resident, earn a specified amount of income per month, and have a checking account, phone number, and email address. Loan terms and fees vary by lender, but CashUSA.com is a free service.

BadCreditLoans.com finds easy-to-acquire loans ranging in amounts from $500 to $5,000. However, those with poor credit typically receive loan offers no greater than $1,000, The website points out that it can connect you to lenders who require no collateral and welcome all credit scores. You must satisfy age, residence, and income requirements, and have a checking account, email address, and phone number.

PersonalLoans.com can find offers for larger personal loans of up to $35,000. Your offer amount, if any, will depend on your credit history, income, and applicable state law. PersonalLoans.com’s lender network offers peer-to-peer loans, personal installment loans, and personal bank loans. Many of the loan providers offer repayment terms from 90 days to 72 months and APRs up to 35.99%.

  • Short-term loan of $100 to $1,000
  • Bad credit is welcomed
  • 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.
             
★★★★

3.9

Overall Rating

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

See representative example

CashAdvance.com works with a network of short-term lenders to get you cash quickly. U.S. citizens 18 years and older can apply if they meet the income and employment requirements, and can provide a phone number, email address, and checking account number. Lenders will deposit your loan proceeds in your bank account and may automatically collect your payments from there.

Credit Cards for Bad Credit with Guaranteed Approval

You can use a credit card instead of a personal loan to finance big-ticket purchases. Or, you can obtain a credit card cash advance that may charge less (i.e., with APRs averaging around 16%) than a personal loan. A secured card offers virtually guaranteed approval and a credit line up to the cash amount you deposit.

  • 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 program 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

The Total Visa Card® serves consumers who have faced financial struggles. It reports your monthly activity to all three of the major credit bureaus, which may help you improve your credit score. You must have a checking account to apply, and you can choose from among several card designs for free. The card charges an annual fee, a program fee to open the account, and a monthly servicing fee the issuer waives during the first year.

  • Get the security and convenience of a full-feature, unsecured Visa® Credit Card – accepted at millions of merchant and ATM locations nationwide and online
  • Reporting monthly to all three major credit reporting agencies
  • Perfect credit not required for approval; we may approve you when others won’t
  • Easy and secure online application
  • If approved, pay a Program Fee and you can access the $300 credit limit (subject to available credit)
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
10 Minutes See Terms Yes 8.0/10

You may receive approval for a First Access Solid Black Visa® Credit Card without having perfect credit, but you must have a checking account. You have a free choice among the available card designs when you open the account. The card charges a one-time program fee as well as an annual fee that decreases after the first year, and a monthly servicing fee that you don’t pay during the first year. The issuer also waives the cash advance fee for the first year. The card is not available in Wisconsin or New York.

  • Credit lines available from $200 to $5,000. Super Low Fixed 9.99% interest rate on purchases - with no penalty rate.
  • No minimum credit score requirements. We invite all credit types to apply. No processing or application fees.
  • Helps strengthen your credit with responsible card use. Reports to three national bureaus.
  • Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
  • Click here for official site, terms, and details
★★★★

4.0

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 minutes 9.99% Yes 9.0/10

The Green Dot Primor® Visa® Gold Secured Credit Card virtually guarantees approval because you deposit cash into a Green Dot Bank savings account to secure your credit limit. Therefore, it has no minimum credit score requirements and charges a low fixed-interest rate on purchases. The issuer reports your monthly payments to all three of the nationwide credit bureaus, which may help you improve your credit score over time. There is an annual fee, but no processing or monthly servicing fees.

  • Receive your card more quickly with new expedited processing option
  • No credit history or minimum credit score required for approval
  • Quick and complete online application
  • Full-feature Platinum Mastercard® secured credit card
  • Good for car rental, hotels; Anywhere credit cards are accepted!
  • Monthly reporting to all 3 major credit bureaus to establish credit history
  • Click for for official site, terms, and details.
★★★

3.0

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 minutes 10.74% (V) Yes 7.5/10

The First Progress Platinum Prestige Mastercard® Secured Credit Card requires you to make a deposit into a non-interest-bearing account at Synovus Bank, the issuer. The card offers a low variable APR on purchases. Your initial credit limit equals your security deposit minus the annual fee. With the bank’s permission, you can increase the deposit over time to boost your credit limit up to the maximum allowable amount. The card is not available in Arkansas, Iowa, New York, or Wisconsin.

  • Receive your card more quickly with new expedited processing option
  • No credit history or minimum credit score required for approval
  • Quick and complete online application
  • Full-feature Platinum Mastercard® secured credit card
  • Nationwide program though not yet available in NY, IA, AR, or WI
  • Click here for official site, terms, and details.
★★★

3.0

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes 20.74% (V) Yes 7.5/10

The First Progress Platinum Elite Mastercard® Secured Credit Card offers a lower annual fee than that of the First Progress Platinum Prestige Mastercard® Secured Credit Card, but it charges a higher APR for purchases. Your deposit into a Synovus Bank savings account secures your credit limit, which you may increase over time if the bank permits. The card requires no credit history nor minimum credit score. Residents of Arkansas, Iowa, New York, and Wisconsin are ineligible for the card.

Are there Guaranteed Loans for Bad Credit?

We think the right term is “virtually guaranteed” when referring to the lenders and credit card issuers in this article. That is to say, the vast majority of applicants will receive approvals from these creditors, but inevitably, a few will be denied.

The typical reasons for application rejection center around recent derogatory events, such as a bankruptcy, tax liens, foreclosure, or other debt collection.

However, even these unfortunate occurrences need not bar you from obtaining a cash advance from a secured credit card. These cards do not check your credit history, but rather rely on your cash deposit to secure your credit limit.

Admittedly, taking a cash advance from a secured card is a little like borrowing from yourself. Nevertheless, the card is a source of emergency cash when you need it, and the cash is revolving. That is, you can repeatedly take a cash advance, repay it, and take another one.

That’s not to say that secured cards will accept 100% of applicants. Several reasons for possible rejection include:

  • You are underage (18 in most states, 19 in Alabama and Nebraska).
  • You aren’t a U.S. citizen or permanent resident.
  • You reside in a U.S. state where the card is not available.
  • You lack a Social Security number.
  • You recently applied to the issuer’s offer for a credit card.
  • The information on the application is inaccurate, misleading or unverifiable.
  • Your security deposit check bounces or never arrives.
  • You don’t meet the issuer’s standards for opening an account.

Personal loan providers may have additional requirements, including having a checking account, a minimum monthly income, a telephone number, and a valid email address.

The issuers of unsecured credit cards take precautions that make them willing to work with bad credit applicants. These include modest loan amounts, high upfront and recurring fees, and a high APR on purchases and cash advances. We reviewed two issuers of unsecured cards in this article: Total Visa Card® and First Access Solid Black Visa® Credit Card.

Which Loan Company is Best for Bad Credit?

It is hard to pick the best loan company, mainly because none of the five reviewed here actually provides loans. Rather, they work with a network of lenders, (sometimes including peer-to-peer lenders and banks), to connect you with a loan provider.

It is the loan providers who decide whom to accept, how much to lend, and how much to charge. The loan companies we reviewed in this article all share certain features, such as not charging for their service and having similar application requirements.

MoneyMutual LogoHaving said that, our experts have evaluated personal loan companies and have given the top score (4.8 out of 5) to MoneyMutual.

Among the reasons why this lender edged out the competition are:

  1. It has successfully connected more than 2 million customers with short-term loan providers.
  2. The website boasts of quick decisions and quick funding, in as little as 24 hours.
  3. You can receive a short-term loan of up to $2,500.
  4. It is a member of the Online Lenders Alliance and the Community Financial Education Foundation.
  5. The website implements security from Norton and McAfee.

In many ways, cash advances from unsecured cards offer stiff competition to online personal loans. If you can obtain an unsecured card, you can get a cash advance without any additional paperwork or approvals.

Less helpful are cash advances from secured cards, as they limit credit to an amount equal to your deposit. However, if you can establish a relatively high credit limit on your secured card, you will save a substantial amount on fees and interest.

The unsecured cards in this review feature certain charges, such as upfront program fees and monthly service charges, that you don’t find on secured cards. The purchase APRs on some secured cards are significantly lower than those charged by their unsecured cousins.

Cash advances can also be more flexible than personal loans. You can vary the amount you pay back to the credit card issuer each month if it is no less than the required minimum. Because credit cards are revolving accounts, you can repeatedly borrow and repay your cash advances without having to apply for another loan.

How Can I Get Approved for a Loan with Bad Credit?

The lending websites we feature in the article all specialize in finding loans for folks with bad credit. These lenders have carefully engineered their loan products to provide themselves with enough protection to permit the underwriting of risky loans.

Depending on whom you connect with, you can expect any loan offer to be for a modest amount and a high APR.

Example Cost of Short-Term Loan Cost

When lending to consumers with bad credit, the loan providers often look to the applicants’ income. Typically, the lenders want to see at least $800 to $1,000 per month in income after taxes. That can come from a job or from other sources, such as Social Security or disability insurance.

A good strategy for landing a loan is to start with a secured credit card. Even if it’s a modest initial deposit (most cards require a minimum deposit of $200), you can use the card to help improve your credit score. The secured-card providers in this article all report your monthly payments to the three credit bureaus: TransUnion, Equifax, and Experian.

You can help your credit score by paying on time, paying more than the minimum balance, not exceeding your credit limit, and paying off the entire balance as quickly as you can. As you establish your responsible use of the account, you can request a higher credit limit and deposit more cash into the security account.

After six months to a year, you may be eligible to trade up to an unsecured credit card. Eventually, your good credit habits may enable the providers of personal loans to make you an offer. Even if you don’t actually need the loan at the time it’s offered, it’s a good idea to take the loan and then repay it in full over the following few months. This will make it easier to obtain a personal loan for a larger amount when you really need it.

How Can I Get a Loan without a Credit Check?

Many folks with bad credit resort to payday loans, since these don’t check your credit score. Payday loans are risky and expensive. The risk is that you’ll fall into a debt trap in which the fees mount so high that you’ll never get out of debt, and expensive because of high APRs and late fees.

Payday Loan Legality By State

Title loans can also be predatory. In a title loan, you assign your vehicle’s title to a lender. The title serves as collateral, and the lender doesn’t have to check your credit to approve the loan. However, like payday loans, title loans can be awfully expensive and you risk losing your car if you default on your payments.

Frequenters of pawn shops are familiar with another loan source that doesn’t require a credit check. You bring in something you own, and the pawnbroker will give you a modest loan, usually for only a small percentage of the item’s worth. You can redeem your pawn ticket by repaying the loan or simply forget about retrieving your possession and keeping the broker’s payment.

You can also get a cash advance without a credit check from a credit card, where you borrow the money from your available credit limit. You can withdraw the funds from an ATM and will likely be charged a cash-advance fee for the convenience.

Read the Fine Print Before Agreeing to Any Loan Terms

If you have bad credit and require emergency cash, you may be willing to pay a high interest rate and nosebleed fees to obtain your money. Rather than succumbing to predatory lenders like the providers of payday and title loans, consider the lending websites and credit cards we review in this article.

They are all reputable companies that may help solve your cash crunch without taking you to the cleaners. And, by repaying your loan or cash advance responsibly, you just may be able to increase your credit score. In all circumstances, understand all the terms of your loan and how much it’s going to cost you.

Remember, lenders cannot legally hide fees, so check carefully before proceeding.