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Best Bad Credit Loans: Top Lenders For No Credit Check With Guaranteed Approval in 2022

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If you have an emergency, need to repair your car, have to renovate your house, or have been invited to a wedding and just do not have the cash, do not stress. We have chosen the best platforms for bad credit loans with guaranteed approvals on the market which are tried and proven. So, your problem’s solution is just a few clicks away.

Unlike many sites out there that just try to sell products or services without doing the needed research, here, we deliver reliable information based on detailed research. Plus, we backed it up with the official websites of the brands. Why is it important to note that you can find the information on the website? Because while researching, we discovered that many sites had written their own features of some of the brands, or some articles contained outdated data. But, all of the information here is up to date.

In this article, you will read about brands that act as a middleman between you and lenders and connect you with a wide range of them with just one application. Since they have an algorithm that makes the selection, you will get proposals in no time. The best part is they do not charge you any fee for their services. So, keep on reading if you want to learn more about this and the best bad credit loans with guaranteed approvals.

Loans for Bad Credit with Guaranteed Approvals

  • MoneyMutual: Best Overall Bad Credit Loans with Guaranteed Approval 
  • CashUSA: Best for Instant Loan Approval 

 

#1. MoneyMutual: Best Overall Bad Credit Loan with Guaranteed Approval

From all of the brands we came across while researching, we can say MoneyMutual is overall the best option, and they have reached the highest number of customers. So far, they have over two million people who have trusted their services. 

They also have 3,445,350 reviews on ConsumerAffairs that are all verified. Plus, they have an impressive 4.8 of 5 rating at badcredit.org, which is the highest compared with other brands on our list. And last but not least, they have an A rating with the Better Business Bureau. 

MoneyMutual showed up as a result of the fact that the founders noticed that 40% of Americans just could not come up with $400 in case of an emergency. The brand was established in 2010, and MoneyMutual is a member of the Online Lenders Alliance (OLA), which means it ensures the best practices for online lenders in the short-term loan industry.

So, they are a good choice if you need quick funding in case of an unexpected expense or any other purpose. As we mentioned, this company behaves as a middleman, and it is only responsible for connecting borrowers with lenders. So far, they have 60 lenders willing to provide you with a loan, despite your bad credit score. 

Features

  • With MoneyMutual, you can borrow from $200 to $5,000.
  • You can choose to return the money with a range of 3 to 72 months.
  • The interest rates vary.

 

Now that we have established the basics, let us see other features this site provides:

When it comes to loan types, you can decide to go for payday, installment, or bad credit loans. You can read more about what each loan means in the “Frequently Asked Questions” section of this article.

Their website is relatively straightforward to navigate. It has an intuitive user interface, and you will not have any issue finding what you need. Besides the information about the loan in our article, if you still do not feel confident about what each loan means, they also provide you with information to educate you regarding loan types. 

If you have any additional questions, MoneyMutual offers live chat assistance on their website, so feel free to use that feature as well.

Criteria for Qualifying
  • Be at least 18 years old
  • Have at least $800 a month in verifiable income
  • Have a checking account
  • Be a U.S. resident
  • Have a valid social security number

Other requirements will be different from lender to lender. If you choose to follow through with a loan offer, you will need to provide more information. Just be careful of the terms and conditions, and read them carefully.

Pros

  • Up to $5,000 in as little as 24 hours
  • Quick and simple form with fast lender decisions
  • Privacy is 100% protected
  • No fees
  • Provides educational resources
  • OLA member

Cons

  • Unavailable in New York and Connecticut
  • Only available in the U.S.
  • Requires a regular source of income

Short Review

MoneyMutual has returned buyers, and people have been reaching out through referrals. Customers are mostly satisfied with the customer support and how fast and accurate they are. As one customer said, their repayment is quite flexible. So, even if you cannot repay them in time, you can reschedule another date that fits your preference.

⇒ Visit the Official Website of MoneyMutual 

#2. BadCreditLoans: Best for No-Credit-Check Loans

The second brand that made our list of platforms for bad credit loans with guaranteed approvals is BadCreditLoans. This brand also acts as a bridge between lenders and borrowers, and it is a bit older than MoneyMutual, as it was established in 1999. 

It is owned and operated by Chief LLC, and it specializes in bad credit loans. So, no more worries if your score will determine if you get the loan or not, as they accept a FICO score of 500 or even lower. 

No more worries if you can afford things that you have always wanted. Now, there is a way, and with just a five minute application, you can have the money that you need.

Features

  • With BadCreditLoans, loans range from $500 to $10,000.
  • The interest rates can be between 5.99% – 35.99% APR.
  • The company puts no pressure to close the deal if you are not satisfied.
  • People with really bad credit scores will not be able to borrow more than $1,000.

In a case where no lender is available to lend you funds, this company keeps you covered. They offer personal loans, credit cards, business loans, student loans, auto loans, home loans, and mortgages. So, with them, you can go for unsecured loans, and if you want a lower interest rate, they have secured loans. Besides state lenders, this brand connects you with tribal lenders, too. 

After you submit the application, you will be taken to a dashboard, where you will be presented with multiple pre-approval offers from different lenders. This is not the actual interest rate, but you will get to see your actual pre-qualified rates. 

On the website, besides loans, you have access to expertly written articles that explain every part of the loan process. Or you can read about:

  • When is the best time to take out a loan
  • How to spend the funds responsibly
  • How to manage your budget in order to pay out your loans

 

Criteria for Qualifying
  • Must be 18 years of age or older
  • Must provide proof of a mailing address, telephone number, and email
  • Must provide proof of citizenship, such as a social security number or legal residency
  • Must have a consistent source of income
  • Must have an approved checking account

Pros

  • Alternatives provided if no lender is willing to work with you
  • No minimum credit score requirement
  • No minimum income requirement
  • No obligation to accept any loan offer
  • Available 24/7
  • No fees or obligations
  • Data encryption technology protects your information
  • You choose how to use the funds
  • Practices responsible lending
  • Money available the next business day
  • Accepts borrowers with bad credit

 

Cons

  • They require a little more detailed personal information than other companies in the market
  • Low Better Business Bureau rating
  • Offers smaller loan amounts up to $10,000

Short Review

On websites like Trustpilot, they have a 2.7 rating from 5, where 50% of the reviewers gave five stars to the brand’s services. The customers on Trustpilot are mostly satisfied with the customer support and are unsatisfied with the sensitive information they ask from you.

If we sum up the reviews we found on other websites, we can say customers are satisfied with the funding time, and they are also happy because they got a loan even with bad credit. 

⇒ Visit the Official Website of BadCreditLoans

#3. CashUSA: Best for Instant Loan Approval

The third brand with a good reputation in this industry is CashUSA, which is younger than BadCreditLoans and older than MoneyMutual. It was established in 2002 and has been dedicated to making the perfect match between customers and lenders.

It is pretty easy to contact CashUSA, as they offer their phone number, email, and mailing address if anything is unclear. If you are decisive about the loan, you can fill their simple online form, and you will get the money as soon as the next business day after a lender approves you. 

They work with an extensive number of lenders, including both state and tribal lenders. The amount you can get depends on your credit score, the type of loan, and the lender, among other things.

Features

  • You can borrow up to $10,000. 
  • The interest rates range from 5.99% – 35.99% APR.
  • You can pay the loan installments easily, given the time of up to 72 months.

 

CashUSA has the most diverse educational content divided into four categories — credit, finance, debt, and banking. You can read about how to improve your credit score, how to set financial priorities, how to make debt work for you, how to stay secure when using online banking, and so much more.

When filling in the application, if you are unsure what your credit score is, they have a “Not Sure” option. But, you will get better offers from lenders if you list your credit score in the application, which you can get if you ask for a financial report from some of the three credit bureaus.

The best feature they have that makes them different from the others is the auto-payment option. So you do not have to bother with paying, just set up the auto payment, and when the time comes for repayment, the lender will deduct funds from your account.

Criteria for Qualifying
  • Be at least 18 years old
  • Be a U.S. citizen or permanent resident
  • Have a monthly income of at least $1,000 after taxes
  • Own a checking account under your name
  • Have a valid email address and phone number

Pros

  • Free to use service
  • Loans approved within one business day
  • Over one million satisfied customers
  • Repayment term up to 72 months
  • Wide network of lenders
  • Educational resources available
  • Industry-standard encryption
  • Very transparent on loan requirements
  • Well-known platform in the U.S.

Cons

  • Maximum loan amount of only $10,000
  • Not a direct lender
  • Detailed private information required

Short Review

The company specializes in smaller loan amounts. In the reviews, the customers are mostly satisfied with the fast transfer of funds that is smooth and hassle-free. The overall customer reviews are favorable and praise the general experience. Also, the educational sources are quite popular among the customers.

All in all, users report minimal complaints and satisfactory customer service. They have a rating of 4.7 out of 5 at badcredit.org, which is some of the best ratings out there for a company in this industry.

⇒ Visit the Official Website of CashUSA

#4. Personal Loans: Most Vigilant & Best for Personal Loans

The youngest so far, launched only in 2015, Personal Loans has a mission of connecting consumers with a personal loan through their network of lenders in the most convenient way. Compared to the other companies on our list, they offer the highest loan amount of $35,000.

Their loan process is user-friendly, and if you have any problems, their customer support will be happy to help you with every step and answer all of the questions you will have. Customers say they were very helpful, and they walked them through the whole process.

Personal Loans will not ask for your bank account information in order to connect you with a lender, which is a great plus, as many online lending portals will ask you to provide that information in the first step of the process. 

Features

  • Loans are available from $1,000 to $35,000.
  • APR ranges from 5.99% to 35.99%.
  • Funds are available in 24 hours or less.
  • Repayment terms are from 3 to 72 months.

Personal Loans offers three types of loans — peer-to-peer lending, personal installment, and bank-based personal loans. As an OLA member, Personal Loans commits itself to respecting all federal laws and regulations and having fair and honest consumer practices. It means that all of the customers are protected from fraud and other illegal online threats. 

Some of the things the OLA enforces are adequate cancellation time and policies and managing third-party affiliates with integrity. Whether it is daytime or nighttime, Personal Loans always has someone from the “third-party” members ready to process your application and connect you with lenders in no time.

In a situation where you cannot find a lender, their third-party marketing partners will connect you with debt relief, credit repair, and other finance-related products. Personal Loans gives you information on how to be protected from scams and has many free guides that detail various loan types. These loan guides include the following loan types:

  • Bad credit personal loans
  • Fast cash
  • Debt consolidation
  • Emergency
  • Home improvement
  • Online loans
  • Tax loans
  • Payday loans

These guides give information about the loan types and the best way to seek out that particular loan. So, before deciding to take a loan, educate yourself in this matter.

Criteria for Qualifying
  • Must be 18 years or older
  • Must be a U.S. citizen or permanent resident
  • Must have an active bank account
  • Must have a 580+ credit score for installment loans or a personal bank loan and a 600+ credit score for peer-to-peer loans
  • Must have a minimum monthly income of $2,000 for peer-to-peer and personal loans or $3,000 for a bank personal loan

Furthermore, to be eligible, an individual must not have any accounts more than 60 days late, and they also should not have an active or recent bankruptcy case. They must not have a pattern of late payments, have any debt that cannot be covered by current income, and have any recently charged-off accounts.

Pros

  • Loans provided within 24 hours
  • Flexible repayment terms up to 72 months
  • No obligation to accept a loan
  • Timely repayment can improve your credit score
  • Simple and quick online form
  • Loans up to $35,000 available
  • Secured with SSL encryption technology

Cons

  • Not a direct lender
  • High-interest rates

Short Review

When it comes to Personal Loans and how it stands on the market, we found this company ranked 24th among online lending marketplaces. The customers appreciate the reliability of this brand and are quite satisfied with the interest rates.

Moreover, they have quite an excellent score on Trustpilot of 4.6/ 5, and the people that reviewed the brand gave 89% of 5-star reviews.

⇒ Visit the Official Website of Personal Loans

#5. Credit Loan: Most Trustworthy

The last brand that made our list is Credit Loan. Do not let the layout we made confuse you, as all of the brands we chose have something that makes them different from the others and puts them as best in that concrete area. When it comes to Credit Loan and what their trademark is, we can confidently say it is the security.

TRUSTe verifies the company, so we can say they have the best privacy policies and practices. It is also certified by McAfee SECURE, which ensures you are safe and secure while going through its official website.

Shortly after you submit your loan request, you will receive an email with the results. This will inform you whether you pre-qualify and may contain multiple loan offers for you to choose from.

Furthermore, since 1998, Credit Loan has been on a mission to educate people with its wide range of personal finance topics, from interest rate calculators, mortgage information, and good habits to teach to your kids to the 26 best job websites, how to change bad spending habits, and what causes bad credit scores, among other things.

If you just want to read just for fun, learn about the economics of Halloween, who are the wealthiest criminals, or the cost of fixing climate change, Credit Loan has it all.

Features

  • Funds from $250 to $40,000 are available.
  • The time span for returning the loan is from 3 to 72 months.
  • The interest rate can vary depending on the loan and the lender.

 

With them, you can choose some of the following types of loans: auto, bad credit loans, personal loans, and student loans.

If you have a FICO score of 579 or lower, there are lenders that specialize in these loans and will consider offering a loan between $250 and $5,000. If, on the other hand, you have a credit score above 650, then you can qualify for $40,000 in installment loan products.

As we mentioned above, if you have any questions about your credit score, what components determine it, or how companies use it, this page is an excellent resource for understanding credit and other related topics. 

Also, they have fun topics that can fill your time and help you learn something. Additionally, there are various ways that information is presented, from small chunks of text to charts and videos.

Criteria for Qualifying
  • You cannot apply if you are a resident of New York or Connecticut
  • You must be 18 or older
  • You must have an active bank account
  • You cannot have an active bankruptcy case
  • You must have a consistent income

 

Pros

  • Services are free of charge
  • Loans available within one business day
  • Prioritizes the safety of customer’s personal information
  • Certified with TRUSTe and McAfee SECURE
  • Simple and quick process
  • A vast network of lenders is accessible
  • The process is done entirely online
  • Affordable interest rates
  • Most suitable conditions for smaller loans
  • Your personal information is highly secured
  • A proven record of previous services

Cons

  • Does not serve New York or Connecticut customers

 

Short Review

Regarding their rating, we found that they have a 3.3 out of 5 on Trustpilot and a 55% 5-star rating from 1,004 reviews. Then, they have a 4.6 rating on badcredit.org and 3.9 out of 5 rating with USALoanReviews, from which 260 are 5-star reviews. Plus, they have A+ rating with the Better Business Bureau and have no complaints on file.

Customers are satisfied with the application process and appreciate the simplicity. The experience is hassle-free, and you would save a lot of time, which you would otherwise use waiting in lines at the bank and filling in documents for a loan that will probably be rejected because of your low credit score.

⇒ Visit the Official Website of Credit Loan

Guide for Beginners on Bad Credit Loans with Guaranteed Approvals 

While starting off with bad credit loans with guaranteed approvals, you need to watch out for scams. Here are some of the best ways to spot personal loan scams:

A Credit History Check Is a Must

Truly reputable lenders make it clear that they will need to look at your credit, as fraudulent lenders are not interested in your creditworthiness. They tend to seek borrowers who are likely to fall behind on payments, and their loans come with excessively high late fees and penalties.

Some reputable lenders may not check your credit score, but they will consider more than just your credit score. They will ask for your income, employment information, and education before offering you a loan.

Check if the Company Is Registered in Your State

The Federal Trade Commission (FTC) asks lenders to register in the states where they conduct business. If a lender does not have a list of any registered states on their website, you could be dealing with a loan scam.

Checking registration is a crucial step to ensure the reliability of a brand. If they are not registered, they do not have the authority to lend you money.

Avoid Giving a Prepaid Credit Card

Some scammers require prepaid debit cards or gift cards, claiming they need them for insurance. But, that should be an alert of a scam. Legitimate lenders may charge a fee for your application, but those charges are deducted from your loan.

Never use methods like a gift card, prepaid debit card, or cryptocurrency when dealing with a lender. You should accept just wire transfer or direct deposit.

Check Out the Physical Address of the Lender

Do not do business with a company that does not provide you with a physical address, and when you get the address, always verify it is legitimate. Run it through Google Maps just in case. Some businesses will list addresses that are vacant lots, which is why it is a crucial step of the selection process to have a company with a physical address.

Avoid if a Lender Is Pressuring You

Do not rush the decision of taking a loan, even if the lender pressures you to do so. One of the scam alerts is when a lender gives you an immediate deadline to sign on for a loan. Avoid those offers with immediate deadlines, as you should have days and possibly weeks to accept a loan offer.

FAQs

Q1. What is a bad credit loan?

Bad credit loans are designed for people with bad credit scores and little to no credit history. These loans usually have higher interest rates; however, you can find a loan with a decent rate as low as 6%. 

Lenders consider other qualifications when deciding to lend you money if you have a bad credit score, such as how you pay your bills, your debt-to-income ratio, your income (which can be from different sources), and similar.

Q2. How do these kinds of brands determine your interest rate?

  • FICO score
  • Monthly income
  • Your history with debt
  • Employment and homeownership status
  • How much you want to borrow and for how long

 

Q3. What kinds of sources can the income come from in order for you to qualify for a loan?

The income can be from several sources as:

  • Disability benefits
  • Social Security
  • Unemployment benefits
  • A structured settlement
  • An annuity
  • Rental property income
  • Student aid
  • Investment returns

 

Q4. What is a payday loan?

A payday loan is a type of short-term borrowing that needs to be returned on your next paycheck, be that two weeks or one month.

Payday loans are incredibly risky, as they have very high-interest rates. You can easily get stuck in a cycle of debt, and they are a type that is generally not offered by banks or credit unions. But, payday loans are much easier to get than a personal loan. 

Additionally, payday lenders do not usually report to the credit bureaus. However, the contractors may file the payday loan once it is repaid, positively affecting your credit score.

Q5. Are personal and installment loans the same thing?

Installment loans need to be repaid in a scheduled and fixed number of repayments or installments. Installment loans can be secured and unsecured.

On the other hand, personal loans are unsecured personal loans because there is typically no collateral required to secure the loan. Personal loans are a form of installment loan. Then, borrowers pay back that amount plus the interest rate as monthly installments. 

When you take out a personal loan, the cash is directly sent to your checking account. But if you are using a loan for debt consolidation, some lenders offer the option to send the funds directly to creditors and skip your bank account altogether.

Q6. What is a credit card loan?

A credit card loan is money you borrow against your credit card limit, which you then need to repay in regular installments with a certain interest rate. In this way, you can use your card to buy something you actually cannot afford and then return the money over time. So, you can buy now, and pay later. 

Q7. What is a business loan?

Business loans are loans borrowed by the owner’s company that must be invested in the business. In exchange for the money, lenders will need to repay the loan with a certain interest rate.

A small business loan will give you access to money that you can use for different purposes, including improvements, renovations, technology and staffing, real estate purchases, and more. The business loans can be secured loans or unsecured loans.

But, can you pay yourself with this loan? Yes, according to the SBA, operating expenses, besides equipment and raw materials, are included as well. You can also include your salary or use the money to repay your loans. But, you must be cautious about the money you pay yourself.

Q8. What is a student loan?

A student loan is another type of loan that students use to pay mainly for post-secondary education and associated fees, such as tuition, books and supplies, and similar. This loan also needs to be rapid with an interest rate, which will vary by the lender. 

Be careful, though, as you must repay the loan in most cases even if you do not complete your degree.

Q9. What are auto loans?

Auto loans are unlike most others we have mentioned and are secured loans that use the car you are buying as collateral. You need to pay monthly payments, meaning you pay back the principal borrowed plus the interest rate on top of that.

Q10. What are home loans?

Similar to an auto loan, a home loan is a secured loan that requires the borrower to keep collateral. However, the collateral in this case of the home loan is the home itself. If a person fails to repay the loan in time, the lender has the right to acquire the property.

Q11. What is a mortgage?

The word mortgage is derived from the Law French term used in Britain in the Middle Ages as “death pledge.” Moreover, this term comes from mort (dead) and gage (pledge). According to the etymology dictionary, this term is used as the deal dies when the debt is paid or when payment fails.

A mortgage is a paper agreement between you and the lender when the lender has the right to acquire your home if the debt is not paid off. In simple words, a mortgage is a way to use one’s real property as a guarantee for the loan to get cash.

Q12. What is the difference between home loans and mortgages?

In simple terms, a home loan is when you take money to construct or buy a new home, and the loan applicant does not own the property. A mortgage loan, known as a loan against property, is a loan secured by a property that the applicant already owns.

Q13. If you apply for a credit loan with these companies, is it going to hurt your credit score?

Credit checks can have a bad influence on your credit score. What is good, though, is that the mentioned brands do not include a credit check as a part of their application process. You will just need to provide some basic financial information. Keep in mind that the lender you end up contacting may have a credit check step in their selection process, though.

Q14. Why is it bad to have a credit check?

Suppose you apply for various types of loans (for example, a personal loan, credit card, mortgage, or auto loan) within a short period of time. In that case, multiple hard inquiries over a short time period can lead to a lower credit score and potentially higher interest rates.

Q15. How can you increase your bad credit score?

  • Pay your bills on time
  • Avoid hard credit checks 
  • Examine your credit report for errors
  • Clear your debts as soon as possible
  • Practice careful spending
  • If you just cannot improve your credit score, consider a co-signer 

 

Q16. Can you reschedule a payment with the mentioned brands?

If you cannot repay the loan installment on time, please contact the lender beforehand. They may reschedule the payment because the lender may report the missed payment to the leading credit agencies, which will impact your credit score.

Final Thoughts

When choosing a loan, do not rush your decision. We recommend you to go for some of the listed options, as they are a marketplace of lenders. Consequently, they will save you a lot of time writing different applications one by one and sending them to different lenders.

Before going for the loan, we advise you to think strategically and plan everything in advance. As we mentioned, you can get stuck in the payday cycle easily. So, read the educational resources from CashUSA, and you will be more than prepared. The other brands also offer some educational materials, so if you want to dig deeper, check them out too.

Do not settle for the first lender that will contact you. Instead, wait and compare different loans with different terms and conditions. MoneyMutual and Credit Loan have a good BBB rating. Plus, if you are really into safety, Credit Loan is TRUSTe verified and certified by McAfee SECURE. MoneyMutual and Personal Loans are OLA members, so you can be sure you will be connected with brands that work in a way according to the best practices in the industry.

Or, if you want to work with tribal lenders, go for BadCreditLoans or CashUSA. And do not forget that if BadCreditLoans cannot find a lender that wants to work with you, it will show you ads of other lending companies. Then, the choice is yours. Overall, remember to borrow responsibly.

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