Bad Credit Loans with Guaranteed Approval

Your credit score is arguably one of the most important numbers in our life. Lenders use it as a measure of our credit worthiness. It carries a lot of weight in their decision to say yes to providing you with a loan. Goes without saying that having bad a credit score can really cause some issues. However, it is a misconception that a low credit score won’t allow you to get access to loans or other forms of credit.

While lenders will definitely be wary of lending to you since you’d be perceived as riskier, the fact is that in many cases they will still approve you. This does come with a catch: higher rates of interest and more conditions. But the point is that if you find yourself seeking bad credit loans with guaranteed approval, there are a lot of different options available to you. The companies that offer bad credit loans with guaranteed approval are not traditional lenders and oftentimes specialize in non-traditional lending opportunities. Below we go through seven of these lenders with a brief summary of each to help you in your search:

1. CashUSA
2. OneMain Financial
3. Money Mutual
4. Bad Credit Loans
5. Credit Loan
6. Avant
7. CashAdvance

What is a Bad Credit Loan Exactly?

Based on data from FICO and Experian, a score below 580 would be considered “poor”. We previously discussed the credit bureaus at length and touched on the credit scoring system. But what exactly is considered a “good” or “bad” credit score? In the chart above we show what Equifax, one of the three credit bureaus, and FICO, a data analytics company consider to be the distribution of credit scores in the U.S. Starting with FICO, they consider a score of 670 or higher as “good” and a score below 580 to be “poor”. Based on FICO’s estimation two third’s of the U.S. population has a credit score that is good. For Experian, they consider a score of 670 or higher to be “good” and a score below 580 to be “poor”. Based on Experian’s estimation, 67% of the U.S. population has a credit score that is good. 

7 Lenders Providing Bad Credit Loans With Guaranteed Approval

1. CashUSA

CashUSA is more of an aggregator than a traditional lending company. The website takes your information and shares them with a network of small and specialty lenders. In the majority of cases, you will receive an offer for a loan, even when you have bad credit. Even in the rare instances when a loan offer isn’t forthcoming, you usually receive advice and offers of debt relief.

Generally speaking, the company collects the following details in a short form:

• Name
• Email address
• Requested loan amount
• Military status
• Phone number
• Address
• Income and employment details

The service is free to use and can result in multiple offers for bad credit loans. The rates of interest vary from 5.99% to 35.99%, depending on your credit score. You can assume that the lower your score the higher your rate of interest will be in the offer. CashUSA also provides educational resources to help improve your financial literacy.

Bottom Line on CashUSA

This lender is definitely worth checking out if you’re seeking a loan and have bad credit. However, they do have some requirements that could disqualify potential borrowers. Most notably, applicants to CashUSA must make at least $1,000 per month to qualify for any of the company’s loans. Unfortunately this means that for those you are unemployed, this is not an option available to you.

2. OneMain Financial

OneMain Financial offers bad credit loans with guaranteed approval of amounts between $1,500 and $20,000. However, they differ from most bad credit lenders in that they offer both unsecured and secured loans. With a secured loan, you place an item of value up as security against the loan. If you fail to make your repayments, the lender may claim that item to make up for you defaulting on the loan. Mortgages are the most common example of this loan type, with the property used as security on the loan. But with OneMain Financial, you have the option of using your assets to secure funds.

The company’s loans have loan term between 24 and 60 months, with rates of interest between 18% and 35.99%, depending on your credit situation. Minimum loan amounts vary between states, though they tend to fall between $2,000 and $3,000. Funds are typically released to your account the next business day after loan approval.

Bottom Line on OneMain Financial

The obvious drawback of using this company is the potential need to place an asset up as security. Some borrowers might not have assets with meaningful value. In addition, if you do put up an asset for security and then fail to make your repayments, you can lose the asset. On top of this, OneMain Financial charges origination fees that fluctuate depending on where you live. In some states, the company charges flat fees of between $25 and $400. In others, its origination fees may be a percentage of the loan principal, with that percentage varying between 1% and 10%. So OneMain is definitely on the expensive end of the spectrum as far as options for bad credit loans with guaranteed approval. It is however likely to still be a better option than pay-day loans or using credit cards.

3. Money Mutual

Money Mutual offers speedy access to lenders from across the United States and has provided its services to more than 2 million customers. Similar to CashUSA, Money Mutual serves as a go-between for lenders and borrowers. As a potential borrower, you enter details via a form, including your personal information and how much you wish to borrow. Money Mutual then matches you with more than 80 lenders in its network, providing rapid approval on your loan request in the process. You can borrow between $200 and $5,000. The platform is ideal for seeking bad credit loans with guaranteed approval because it conducts minimal credit checks. The application process only takes a few minutes and you may receive your money within 24 hours of filing a successful application.

Bottom Line on Money Mutual

This lender is definitely worth checking out. The main drawback is that there are some qualification requirements and it isn’t available nationwide. To access a Money Mutual lender, you need to provide proof of a stable income and be a United States resident. The company doesn’t operate in some states, such as New York, and it doesn’t act as a mediator if you end up in a dispute with your lender. Once you’ve accessed a loan, you deal with the lender rather than Money Mutual.

4. Bad Credit Loans

As the name suggests, Bad Credit Loans offers bad credit loans guaranteed approval. The service is completely free, with the company’s application process connecting you to its network of lenders. Borrowers can ask for between $500 and $10,000. The entire process, including application, approval, and loan review, is conducted online. Your money will usually enter your account on the next business day after approval. Interest rates vary between 5.99% to 35.99%, with loan terms ranging from three to 60 months. The website even points out that it can connect those with bad credit to lenders who welcome borrowers with all credit scores.

Bottom Line on Bad Credit Loans

However, you may face limitations as a bad credit borrower with this company. In addition to the standard income requirements, it’s likely that those with particularly bad credit may only be able to access loans of $1,000 or lower. While not ideal, this still provides you with access to funding. In addition, you may be able to use these smaller loans to build your credit rating and gain access to larger loans. It’s also worth noting that this company has an F rating from the Better Business Bureau (BBB) due to its failure to respond to a pair of complaints made against it via the BBB.

5. Credit Loan

Credit Loan offers several types of loans, including auto loans and of course bad credit personal loans. The company stands out because of its fast application process and the favorable interest rates it offers to those who borrow small amounts. The website is also verified by TRUSTe, meaning you can feel safe providing the company with your personal and financial data. Loans accessed via this company typically take 24 hours to get deposited into your account following a successful application. Much like several other lenders on this list, Credit Loan works by collecting your details and submitting them to a network of potential lenders.

Bottom Line on Credit Loan

However, those with bad credit will find that they’re limited to borrowing $5,000 or less. You may also face higher interest rates if you get close to the $5,000 limit. Still, many of the lenders partnered with Credit Loans can help you to improve your credit score by reporting your repayments to the main credit bureaus.

6. Avant

If you have bad credit due to past financial issues but now find yourself in a more comfortable financial position, Avant may be a good choice for you. This lender offers loans ranging from $2,000 to $35,000, with interest rates varying between 9.95% and 35.99%, depending on your credit score. Loan terms vary between 24 and 60 months and your funds are made available the next working day after a successful application. Avant is available to borrowers seeking bad credit loans guaranteed approval and will consider borrowers whose FICO credit scores are as low as 580.

Bottom Line on Avant

However, these bad credit loans come with some conditions. You must be able to prove that you have at least $500 of available cash flow per month. Avant also requires a a debt-to-income ratio of 70% or lower. This ratio includes your mortgage or rent payments. Finally, you must be able to prove you have an income of at least $1,200 per month. The company also doesn’t charge fees for prepayment, meaning you can repay the full loan principal at any point. Overall, Avant is worth checking out and has a lot of options available for loans. However it does have more strict qualification standards and so it might not be an option for many people.

7. CashAdvance

CashAdvance is perhaps the best choice for those who need to borrow small amounts of money, CashAdvance offers options for borrowers seeking bad credit loans guaranteed approval with loan amounts of up to $1,000. The company takes your personal details to share with its network of small lenders, with terms varying depending on which lender makes an offer and your current credit score. You get a decision within minutes of making an application and receive funds by the next working day.

Bottom Line on CashAdvance

However, CashAdvance’s major drawback lies in the rate of interest rates it charges. While the other lenders on this list stay within limits that on the top end are 35-40%, CashAdvance’s loans can have interest rates of between 200% and 2,290%!

Final Words: Bad Credit Loans Guaranteed Approval

Having a low credit score can be frustrating and limiting, but that isn’t the end of the story. There are several options available to borrowers who find themselves with bad credit. These loan options are often unsecured, have fast application times, and release money into your account within 24 hours. The trade-off is that you face higher interest rates and more stringent terms than you would with a traditional loan. You may also find that you can only borrow a small amount of money until your credit score improves. Still, each of these lenders offers loans you can access with bad credit and, just as importantly, loans that you can use to improve your credit score which opens doors to more credit at better terms in the future.