main image

Best Bad Credit Loans With Guaranteed Approval. Top 3 Providers

To lots of people, bad credit is the end of the world. Basically, you know that there is no way you can get financial help if you get in trouble. It could be anything, such as an expensive car repair or perhaps a medical emergency. Fail to keep your credit score up and no lender will want to discuss potential loans with you.

Well, the bad news is that most lenders will, indeed, ignore you. But then, there is some good news too. You can now find lenders who have specialized in bad credit loans with guaranteed approval too. Practically, they have higher fees because bad credit is a risk. They may not give you enough money to get a mortgage either, but at least they can give you a decent loan to get back on your feet.

Loans with bad credit represent a myth for some, but they are real. Restrictions are not too high and fees will not kill your budget. There are also plenty of lenders to choose from, so you should not be desperate – you do have options to shop around and analyze before making a final decision. All in all, here are some of your top choices for bad credit loans.

Top 3 Bad Credit Loans Providers


MoneyMutual is not an actual lender but one of your top choices when you are after personal loans for bad credit. Practically, it is an intermediary that eases your job and saves you lots of hassle and time. Instead of calling dozens of lenders to give your details, you can complete a simple form only.

Your form will then be sent to all the lenders specialized in loans for bad credit. The portal will send your details to lenders whose requirements you actually meet. Believe it or not, there are around 60 different lenders in this network, so you will get some quick and decent offers back.

General requirements imply being at least 18 years old and having an income. Most lenders will ask for about $800 a month in order to discuss with you. Once you get the first offers back, you are then discussing with lenders. MoneyMutual is only the intermediary – free to use though.

Each offer is discussed with the respective lender in particular. Obviously, you will get a maximum loan account based on your situation. Different lenders will give you more or less money, hence the necessity to do a bit of research before deciding.

On the same note, the maximum amount is not the only thing to consider when looking for loans for people with bad credit. Some lenders may provide good deals with excellent rates and little to no fees. Some others may give you more money, but the fees will be much higher.

Funding is relatively fast. It should take you around 10 minutes to complete the application. MoneyMutual will send it further and you can get offers during the same day. If you do agree to a deal, you might be asked for a few more details before getting the money – usually just a matter of hours.

Last, but not least, MoneyMutual has a section for those who deal with bad credit personal loans for the first time in their lives. The educational section has a bunch of guides on what to look for, how to choose a lender, how to increase your credit score and other helpful materials for your financial education.


  • Free to use
  • Funding is quite fast
  • Educational section on the website
  • Simple and efficient approval process
  • Impressive network of about 60 lenders


  • Some lenders or loans may not be available where you live


Just like MoneyMutual, BadCreditLoans follows the same profile. The company has specialized in building a bridge between people and very bad credit loans. Practically, the company is an intermediary between those with bad credit scores and particular lenders.

Being an intermediary does not make BadCreditLoans a bad choice though. In fact, unlike other middlemen in the banking industry, you will not be charged for anything. The service is free to use by anyone – you can either take a loan or simply look around for good deals.

Like any other marketplace, BadCreditLoans allows you to complete an application. The application will be sent to all lenders in the network, as long as you meet their requirements. The process is automatic and saves you hours or even days of calling lenders yourself to provide your details over and over again.

Complete the application early in the morning and chances are you will get your first offer before noon. Basically, lenders specialized in bad credit loans online normally deal with small amounts of money, so the verification is much easier and faster. Again, analyze more offers before making a final choice.

Once you decide on a particular offer – low fees and so on, the deal is between you and the lender. Basically, your bad credit loan has nothing to do with BadCreditLoans. You are discussing it directly with the lender – BadCreditLoans has only put you two in touch, nothing else.

Each lender will give you an offer based on specific terms and conditions. Basically, the interest rate could be as low as 5.99%, but it may easily exceed 35% too. It will be directly proportional to your credit score. Origination fees will also vary – usually between 1% and 8%, so compare more offers.

Finally, what makes BadCreditLoans stand out in the crowd is the comparison table available after you submit the application. Not only does the portal save you time with the applications, but it will also show lenders in a crystal clear manner, so you can compare them side by side. This way, making the right decision is a matter of time only.


  • Innovative comparison tool for lenders
  • 100% free to get quotes straight away
  • Saves plenty of time
  • Both secured and unsecured loan options
  • Flexible terms in many lenders


  • Some of the lenders in the network have high origination fees


CashUSA is another free intermediary establishing a connection between people and lenders specialized in loans for poor credit. You will have to complete an application, which barely takes 10 minutes. The application will then be sent over to lenders whose requirements you meet.

In terms of bad credit loans, you can get anywhere between $500 and $10,000. Obviously, the more you want, the more you will pay in interest. Plus, CashUSA is not responsible for the lenders’ terms and fees, which will vary widely – a bad credit score will inevitably lead to higher fees in the long run.

The excitement begins once you send the application. Once out, it will reach dozens of lenders. You will get offers back in a few hours only. Avoid settling for the first one, as better offers may come later on. Give yourself a few days to go through all of them, analyze fees and associated expenses first.

CashUSA works in all states, so your location is irrelevant. While a hard credit check will not be performed by the lenders in the network, soft checks will be made to get a few hints about your financial situation. Fees and available loan options will be set based on your finances.

As you browse through loans bad credit and various offers, you should know that CashUSA has tried to bring in lenders with extra features only – such as automatic payments. This is a serious plus because you are less likely to skip a payment, even if you forget about it.

Once you make your decision, the agreement will be between you and the chosen lender only. CashUSA steps out of the scenario. The platform is only an intermediary – it does not offer cash loans. You will deal with the lender exclusively, from the actual loan to all the repayments.

Finally, just like other similar portals, apart from opening the door to loans for bad credit online, CashUSA also has an educational section on its website. Go through all the articles to educate yourself on finances, find out how to keep your score up and how to choose the right lender.


  • Impressive network of potential lenders
  • Loan requests are processed almost instantly
  • Educational section for newbies
  • 10 minutes to complete an application
  • Automatic payments from most lenders


  • Loans up to $10,000 only

Understanding What Bad Credit Means

A guaranteed loan approval is mostly a concept. Sure, some lenders are specialized in bad credit loans only, but they will still perform a soft check on you to learn a bit more about your financial situation – they want to know who they deal with before giving you any money.

Most people in the USA who have had a credit card or have borrowed money will have a file with some of the biggest credit bureaus in the country. Each company has its own way to analyze the score and give a rating. On the same note, different lenders rely on different companies to get some details about people.

The information in a credit file is used to compute a credit score. This score is basically a guide to the user’s creditworthiness. Most companies and lenders in the USA rely on the so-called FICO score to determine your eligibility for a loan.

The score depends on a few different things. The payment history is the most significant one and makes up about 35% of it. It includes data about your payments, such as previous loans, credit cards and bills. It will tell potential lenders if you pay bills on time. Even a few days on a late bill will reduce the credit score.

Moving on, the total amount of money you owe represents 30% of the credit score – another heavy consideration. The more money you owe, the lower your score will be. Besides, this factor includes everything – credit card balance, mortgage, car loan, bills in collections, court expenses and so on.

One thing is more important here. Practically, your credit utilization ratio makes the difference. It consists of how much money you have available to take and how much you owe. If your credit utilization ratio exceeds 25%, you will be considered a risky individual, so your credit score will drop a little.

The length of your credit history makes up 15% of the total credit score. It refers to how long you have had credit for. When did you get credit first? If you had just gotten your first credit card a few weeks ago, your score will not be impressive. But if you have it for two decades, it is a serious plus.

About 10% of your credit score is a mix of credit types. Ideally, the less credit types you have, the better your score will be. For instance, it is one thing to have a mortgage only and another thing to have a car, a few credit cards and some appliances. One loan is better than 10 loans.

Last, but not least, another 10% of your credit score consists of new credit. It does not necessarily refer to the credit you have taken recently. Instead, it also refers to the credit you have applied for. For instance, a bunch of rejected credit card applications will not do you good on the credit score.

Now, what does bad credit mean? Before hunting guaranteed loans for bad credit, you better make sure you understand what bad credit actually means. FICO scores go from 300 to 850. As a general rule of thumb, people with a score of 579 or lower are said to have bad credit – they represent a risk.

People with a score in this range are expected to give up on their loan agreements in their future. They have obviously failed to pay something on time before, so they represent a risk for potential lenders – hence the higher fees and expenses.

If your credit score is between 580 and 669, you are considered to be fair. You are quite responsible and you can easily apply for guaranteed loans with no credit checks – in fact, you might as well be eligible for a loan from your own bank.

Last, but not least, borrowers getting close to the 850 marks make the ideal customers for banks and lenders. They are responsible and have shown care for their finances overtime, so they are not too risky – they get the best deals and fees on various types of loans.

Types Of Bad Credit Loans

Bad credit personal loans tend to go in the same category – people with a poor credit score. However, they are slightly diversified based on who you seek help from. Different institutions come with different options. Here are the most popular ones.

Personal loans

These personal loans are suitable to those whose credit scores are not ideal. They come with some strict limitations regarding the amount of money you can borrow. Some lenders may easily go up to $10,000 though.

Apart from the actual limitations in the amount, you should also expect higher interest rates and fees. At the end of the day, your poor credit score underlines a risk for the lender. In the long run, these loans can be expensive, but they can also get you out of trouble – plan your finances carefully.

Secured loans

Secured loans for people with bad credit are just as popular these days and for some clear reasons. You basically secure the loan against an asset. The bank knows that even if you actually default on the loan, it can take something back in order to recover the debt.

The collateral reduces the risk for the bank. The borrower will have to put up a valuable possession though. Based on the size of the loan, some people use their cars as collateral. Some others go even further and put the home up.

While secured loans will obviously give you better fees and finances, it is worth noting that you need to plan this loan in a very careful manner. Failing to repay the loan can get your collateral repossessed, meaning even more trouble for you.

Guarantor loans

Guarantor loans are specifically created for people with a bad credit score. There are not too many options around, so you will need to find a guarantor. The guarantor is someone with a higher credit score – the higher, the better.

This person basically agrees to repay the loan if you fail to do it. Obviously, there are not too many people who would help you in such a manner. The guarantor is usually a family member or a close friend. Again, there is a risk involved, so these loans also have higher interest rates.

How to choose a lender for bad credit loans

Finding bad credit loans is not impossible. With so many specialized lenders and some great intermediaries to save you time for free, chances are you can find a bad credit loan lender within a day or two only. But how do you know you have the best deal for your financial needs?

As a general rule of thumb, never settle for the first offer you get. Some lenders will get back at you with offers within a few hours only. Take your time and analyze more offers from different lenders, as well as all the fees associated with them. Now, what else should you pay attention to?


Generally speaking, if you use one of the above-mentioned websites to find bad credit loans, they will submit your application to lenders whose requirements you actually meet. Moreover, some of these websites actually display the most common requirements on their pages, so you know what to expect.

Should you go for a particular lender (whether you call the lender or you find the lender through a portal), you still have to double-check the eligibility requirements. Such requirements may include the minimum credit score, the income or perhaps the ratio between your debt and income.

Expenses and fees

Expenses and fees are never to be overlooked either. It makes no difference how you find a lender. If you choose to find one yourself, make sure you go through all the terms and conditions and find out what you would have to pay in the long run.

When using a portal or an intermediary to find loans for people with bad credit, you will most likely get more offers. Take your time to compare them. Some portals will even display lenders one next to another, so you can make a better comparison.

These fees vary widely from one lender to another. Apart from the interest rate, you also have to consider fees like prepayment expenses or perhaps origination fees. Ideally, you should not pay anything upfront – if you are asked for money upfront, simply move on to another lender.

Repayment term

Go through the entire agreement before deciding on something because unexpected surprises arise when least expected. Choosing the wrong type of loan could force you into even more debt in the future, so pay attention.

When it comes to the term, you will get a loan from anywhere between a few months and a few years – sometimes, even more than a decade. Normally, it depends on what you can afford to pay back on a monthly basis, as well as what you need to borrow.

A short repayment period means you will pay less interest rate fees. On the same note, you will get out of debt much faster. But then, it implies spending more on a monthly basis, which may not always be affordable.

Type of lender

When it comes to bad credit loans, you will find a bunch of specialized lenders. They basically deal with people with bad credit scores, so they will have certain fees and expenses. However, you can find loans from credit unions, online lenders and banks as well. Chances are a low score will be rejected though.

Frequently Asked Questions

Dealing with a bad credit score can literally close many doors in your nose. Some lenders will not even give you the option to express your point of you – apply online and you will face an instant rejection. It might be quite confusing for some people, but it is definitely not impossible.

Who can apply for bad credit loans?

The bad credit score will give you lots of limitations. Some of them cannot be outweighed, while others can be ignored when asking for a loan. Your credit history and age are often taken into consideration. The bad credit will, however, affect your options.

No matter how low your credit score is, the good news is you can still get a bad credit loan. Practically, anyone can apply for it. There are lenders out there that have specialized in people with bad scores, yet most of them have relatively high rates and fees.

What are the benefits of taking a bad credit loan?

You should go for very bad credit loans when you actually need the money. Such loans should be considered for actual emergencies – such as a health-related issue or a car problem. It is totally not worth it if you want it for a pair of shoes.

The good news about bad credit loans is the fact you usually get your funds in no time – usually, within 24 hours. Then, make your payments on time and they will actually improve your credit score, making it easier for you in the future.

On another positive note, monthly repayments are normally fixed. There is not too much flexibility, but this could go in your advantage. When you know what you have to pay month by month, chances are you will budget your money in a more responsible manner – no unexpected surprises there.

What are the drawbacks of very bad credit loans?

While inflexibility is not always an issue, it could be for some people. You cannot adjust the duration of the loan or the monthly payment once you agree to a deal. Fail to pay on time and your credit score will go even lower.

A secured bad credit loan can be just as problematic. If you fail to pay on time, you risk losing your car, home or other collateral. Last, but not least, since you represent a risk for most lenders, your fees and interest rates will be higher.

Final conclusion

As a short final conclusion, bad credit loans are there for a reason. If your credit is fine, simply go to a bank and you will get better rates and fees, as well as some flexibility. But when your score is too bad, your options are limited to lenders specialized in such loans.

Again, such loans represent a good choice if you face an emergency. If whatever you need can wait, it pays off saving the money instead and working on your credit score. In the long run, a good credit score will be more beneficial.

The news and editorial staff of Sound Publishing, Inc. had no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. does not accept liability for any loss or damages caused by the use of any products, nor do we endorse any products posted in our Marketplace.