Bad things happen, and that means bad credit happens. If you are hit with a serious illness that takes you out of work for an extended amount of time, if your house needs serious renovations, if someone totals your car, how are you going to survive the hit to your finances?
In 2018, the Federal Reserve surveyed about 12,000 households and the results are shocking. About 40% of Americans would not be able to come up with $400 for an unexpected bill. Many of us are living paycheck to paycheck, and any big event would mean taking out debt or selling our things. So if you have bad credit, we understand. About 34% of consumers have a credit score under 670. Chances are, you know people with low credit scores.
And what lenders do not seem to understand is that people with low credit scores need loans too. Our writing team knows how it feels to be in a pinch, and we are here to help. We are here to give you many credible and good options for the loan you want to take out, so you can feel safe making this big financial decision.
We can do you one better than giving you a list of money lendersâwe have provided a list of online marketplaces. You make an account with their system, and submit a short loan request. Sometimes in seconds, their algorithm pairs you up with money lenders that match your needs and you can browse for the best loan possible.
Best of all, these companies do not do a credit check to match you up with lenders. A hard credit inquiry would damage your credit for a while and make it even lower. Not to mention many banks turn down people with low credit scores. That means these companies make getting a loan with bad credit possible, and you can still cover your emergency.
Even better, if you pay off your loan in a timely fashion and according to the terms of your lender, you will be building up a payment history that will raise your credit score back up bit by bit.
Top 5 Best Bad Credit Loans with Guaranteed Approval:
Without further ado, here is our list. Keep scrolling to understand why we placed them where we did and much, much more.
1.MoneyMutual â Overall Best Bad Credit Loans, Quick Cash Guaranteed Approval
2.Bad Credit Loans â Top Online Payday Lenders Of Emergency Loans For Bad Credit
3.CashUSA.com â Preferred For Money Loans To get Instant Cash Advance
4.PersonalLoans.com â Trustworthy Bad or No Credit Check Personal Loans
5.CreditLoan.com â Reliable Short-term loans & Same-Day Loans
Here are the detailed reviews of our top picks:
#1. MoneyMutual â Overall Best Bad Credit Loans, Quick Cash Guaranteed Approval
MoneyMutual takes the first spot on our list because they have proven themselves one of the most credible marketplaces in this industry for you to find their loan. They have had over two million customers to find loans with, and those happy customers have given overwhelmingly positive reviews that means you can trust their lenders with your money.
They provide an easy, convenient way to link you up with their lenders. They have over 60 in their system, and they provide service across the US. You know that they hold their lenders to a higher standard, and that higher standard means better service for you.
MoneyMutual does not only set you up with one lender who matches what you need. Every lender that they think will be a good fit for you gets a notice, and they all extend offers to you. You go in, peruse the terms of each loan, and find out the one that matches you the best. Sometimes that will be the lowest interest rate, other times it will be how much time you are given to pay it off.
Every situation is different, and MoneyMutual has you covered.
Making a loan request with MoneyMutual is only a few easy steps. Their application process takes a few minutes at most. To use their marketplace you must be over 18 years old, hold an active bank account, and must be able to prove that you make at least $800 a month so you can properly pay back the loan that you are going to take out. After this short form, their algorithm will match you up with lenders who will provide for your needs.
MoneyMutual is perfect for the customer who is looking for a decently sized loan. You can loan up to $5000 with them, and you can have it fast. Their tagline is âAt The Speed of Lifeâ for a reason. It only takes a few hours for an emergency to swing into your lane and need a large sum of money. And it only takes one day for you to receive your loan in your bank account.
Your loan can be transferred in less than a day once you accept it. Thatâs right. Only 24 hours and your financial help is right there, waiting for you in your bank account.
- Up to $5,000 in student loans for bad credit history holders
- Does not charge for pairing you up with online lenders
- Loan Funds will be there within 24 hours
- Over 60 reliable, credible online lenders to choose from
- Loan Approval is very simple, donât worry about your credit history
- Need a monthly income of $800 to use their service
- Lower loan maximum than some competitors
#2. Bad Credit Loans â Top Online Payday Lenders Of Emergency Loans For Bad Credit
BadCreditLoans takes the second place on our list because they are top of the market when it comes to customers looking for some fast money. It does not matter why you are in the market looking for loans. It could be to consolidate debt, refinancing your credit card, getting repairs done on your car, a medical emergency, it doesnât matter. There are many reasons to take out a loan, and all of them are covered by BadCreditLoans.
You can read the companyâs name and you know exactly who they are batting for. They have provided loans for some customers who recently filed for bankruptcy, which is a generous service to provide for some customers. For people in a financial spot that means they cannot even match with their lenders, BadCreditLoans even offers some educational resources that you can use to keep yourself at the top of your financial game and make the best decisions possible.
BadCreditLoans offers a lot of flexibility in the loan that you want to request. You can request anywhere from $500 to $10,000, making their service perfect for the bigger emergencies that you will have to deal with. They offer flexible repayment terms, which means you can make monthly payment for up to 36 months and return that money back. Their bad credit loan rates of interest go from 5.99% to 35.99% Annual Percentage Rate, which lets you know you are in good hands.
With a few easy steps, their platform can line you up with your moneylender. In your request form, you state how much the payday loan you want to take out is and why. Then you provide a proof of your citizenship, your name and address, and your bank information, and youâre good to go.
BadCreditLoans is in the business of giving second chances. Their options are extensive and forgiving, and if you cannot match with any of their online lenders, they even offer you remedial services so you can help yourself. They are a great company that deserves the number two spot.
- Up to $10,000 in loans
- Receive your money quickly, in as little as a day
- Offers additional resources to help get out of the bad credit hole
- A single form connects you with many lenders
- They focus on the customer, meaning there is no pressure to make a deal with their lenders unless you are satisfied
- Requires more information than most other applications
- Their BBB score is not very high
#3. CashUSA â Preferred For Money Loans To get Instant Cash Advance
You might have already heard of CashUSA in some shape or form, and thatâs not a surprise. They are one of the biggest companies in this industry and for a good reason: they focus on the customerâs side of things, making sure your loan process is convenient and easy. This focus on the customer has placed CashUSA at our third spot on this list.
CashUSA not nly provides a money marketplace service like the other companies on this list, but they also have an extensive education center which offers great information that makes finances easy to digest. Finance is a hard territory to navigate, using big legal jargon and stating laws and statutes. CashUSA is your guide, and makes it easy.
All in one place, you are able to get matched up with a money lender and the education you need to maintain your good credit score once you earn it again. This focus on what the customer needs and wants makes them a trustable source, knowing that they want you in a better financial spot rather than keep you with a low credit score and keep taking money from you with high interest loans.
Like many online loan marketplaces, CashUSA begins with a short form that asks you for your personal information and how much money you want to borrow. They offer up to $10,000 in loans, so if you are looking for a heavier loan, you have found the place.
Then you give them information that is a little more relevant to your financial situation, such as whether or not you rent your home, what sort of savings account you own, if you make at least $1,000 a month, and the contact information for your boss for the people who are less reliable on their payments. This might sound like a lot of information, but they need it to cover themselves and work with their lenders. Some people are not as financially responsible as others, and that is a liability for both the marketplace and the lenders.
Once your request is filled in, their algorithm matches you up with lenders who can do what you need, and you browse through the options you have. Maybe you will find the perfect loan that fits what you need and you sign the deal with them. You will have your money in a business day, and you can be free to use the money however you need.
- Up to $10,000 in loans
- Credible, with over one million monthly users
- Big flexibility with payments, offering up to 70 months to pay it back
- Has a big education center to help you work your way up to good credit, and maintain that good score you earned
- Requesting a loan is fast and free
- Requires a monthly income of at least $1,000
- Receiving the loan is a little slower than competitors
#4. PersonalLoans.com â Trustworthy Bad or No Credit Check Personal Loans
PersonalLoans takes the fourth spot on this list because they provide an excellent space to link you with lenders for fast loans and fast service. They are very different from the other money marketplaces on this list, because they provide a different service. If you have had a heavy emergency, need some money for your small business, or anything that requires bigger numbers, you have come to the right place. With PersonalLoans, you can request up to $35,000.
Not all lenders are going to want to offer such a big, risky loan, so PersonalLoans even goes a little further than many of their competitors. If you request a loan and no lender that works with them on a normal basis wants to accept those terms, they offer you the option to approach third-party lenders. They provide them with some information and let you close out the deal yourself, without PersonalLoans as a middle-man.
Obviously PersonalLoans are providing a big service, so that means they have higher expectations of their potential customers. Customers who are filing a loan request cannot have been recently bankrupt, their accounts should not be more than 60 days late, and they ensure that there are no debts against you that cannot be paid for. You also need to provide them with your social security number and prove you have a valid credit account.
Despite needing all this information to cover themselves for larger loans, PersonalLoans still does not conduct credit checks. Thatâs why you clicked on this article, and thatâs what we are searching for right now.
This is a perfect business model for a customer who has good financial habits, but has recently been in a financial crisis. Life happens to everyone. A bad credit score can come from all types of emergencies, and it is much more important on how you deal with the issue rather than saying in it. With PersonalLoans, being loaned so much money and still having a good payment history will do your credit score wonders.
- Up to $35,000 in home equity loans
- Flexible repayment terms, up to 72 months
- Some lenient lenders are known to be easy with deadlines
- Your money is available within 24 hours
- Requires more information from customers than competitors
- Giving the customer a lot of freedom is also a lot of responsibility
#5. CreditLoan.com â Reliable Short-term loans & Same-Day Loans
CreditLoan takes the last spot on our list because of their commitment to the customer. If youâre looking in the business for instant payday loans without a credit check, thatâs because you donât have any other choice. Some of these competitors can be shady and looking to make money off you instead of servicing you. Not CreditLoan. They value their connection with their customers above all else, going through many steps to secure your information. They are TRUSTe verified, and have been in this business since 1998.
On the other end of the spectrum than PersonalLoans, CreditLoan is focussed more on small payday loans. By keeping a focus on debt consolidation loans that are much smaller and therefore much less risky, they can take on lenders who have lower interest rates.
CreditLoan conducts their business quickly and conveniently, and your money can be in your bank account, ready to go, in less than a business day. Their loan range is $250 to $5,000, and can help people who are trying to raise their credit scores by taking out a loan.
Having a diverse payment history that is good and reliable is a solid way to get back on the horse and start raising your credit score back to where it needs to be. By taking out personal loans that you pay back responsibly, you are telling the federal credit bureaus that keep track of your credit score that you are trustable with money and that other people can trust you to make good financial decisions. Taking out a loan and building a rapport with CreditLoan will help you do just that, and get back to where you need to be financially.
Their marketplace is similar to other ones in that you began with an easy application process to request your loan. They require less information than other companies because they are most likely working with smaller loan amount. They match you up with their lenders, and you can browse from their lower interest rate options and enjoy the new terms of these personal loans.
- Up to $5,000 in personal loans
- TRUSTe verified and McAfee SECURE certified
- Their business is secure and information is safe
- Loan Funds are available within a day
- Low Personal Loan interest rates
- Loans less than many competitors
How We Made This List
Our writing team made this list considering many factors that we know to be important in this industry. We always keep the customer as our top priority. Their speed and quality of work is the most important part of bad credit loansâtheir whole point is that you need that money quickly for the emergency you have found yourself in, and you need it without a credit check. You do not necessarily have the time to mull over and decide over dozens of options.
We understand. Thatâs why we made those factors the top of our priorities. We have looked through many companies in the industry to find out who delivers the best personal loans the fastest, and without a credit check.
Once these marketplaces have matched you up with a lender and you choose which one, their hands are off. Everything is now between you and your lender, no need to keep three people in that agreement.
The key is making sure you trust your money lender. Are they credible? With low standards will come predatory lenders who try to scam you into a high interest loan that you will not be able to pay off and dig you deeper in the bad credit hole. You need your loan soon, but you also need to trust your lender.
That is why we made this list. Our writing team picked out only the credible, trustworthy loan marketplaces that you know only provides contact with money lenders who are worth your time. These companies enforce a set of standards that their lenders have to hold themselves up to when they use their service. That way your money is safe, and you know you can trust where it is coming from.
These are the best options on the market that weâve found, and we hope that you use them. However, we know that this list isnât the end-all and be-all of the bad credit loans industry, and you might not be able to use these options. You might need a higher loan, you might need it faster, or you have just found another company you would rather stick with.
Our writing team is not going to hang you out to dry. We have written this buying guide to help you make your final decision on what company youâre going to work with to obtain your loan. This is an important decision, and it is even more important that you trust who you are working with. Paying off your loan on time will help raise your credit scoreâand not paying it off will take it down further. We are going to help you make the best decision you can.
Make sure you need this personal loan. Check if there are any other options available to you before you take this loan out, because money lenders make business off lending people their money. They take it seriously. Being late on monthly payments will have consequences. If there are any other options, like asking your parents or more patient friends for a little bit of money might have more gentle consequences. Perhaps you will be stepping on their toes and stressing out your friendships.
You can weigh that against how much you need the money and taking it out as a personal loan instead. If you make late payments, that will cost you money and credit score. If you cannot pay it back quickly or the terms of the personal loan do not allow it, the personal loan will build up interest and the small loan amount of money you have received from your lender will grow into a bigger loan amount of debt and you are at a net loss.
Remember that you have more than just the cash in your bank account. If you have assets that you think you can part with, you might want to use them. Think about the gaming consoles you might own, the expensive jewelry, the electronics you might not use anymore, the camera you used when you were a hobbyist. If you sell the appliances and tools you do not need any more, you might be able to scrounge up enough money to avoid taking out a personal loan.
Some employers will allow you to take out cash in advance against your salary. This is not an option for everyone, but it might be worth asking if it means not racking up interest on the money that you need. For the people who are in good standing with their boss and work for a salary instead of hourly, consider this as an option.
It is important to know what a credit score is and understand how they work before you make decisions based on what they are. In the United States, there are three federal bureaus that a majority of businesses use. There are smaller bureaus but these three are of national significance:
Equifax, Experian, and TransUnion.
You have a different credit score with each of these bureaus. That might sound weird, but itâs because many businesses only supply information with one of two of the bureaus that they have a business relationship with. If you have made late monthly payments with a lender that only sends their information to Equifax, the other two do not have that information. Or, if they do, they do not have proof that it is true.
Keeping this in mind, you can actually dispute claims on your credit report with each company and ask them to verify the bad items on the report. If you have a bad payment history, but who you didnât pay only reported to one bureau, the other two bureaus only have 30 days to verify that information. Chances are they cannot prove it, and you would be able to strike that through. If you need to raise your credit score, look into credit repair.
But thereâs also the old fashioned way to raise it, which you are doing by taking out this potential personal loan. With a good payment history. That proves to companies that you are trustworthy with money, and anybody who lends money to you like a credit card company knows that you will pay it back because you have a track record of doing so.
That might be how you found yourself in bad credit. Maybe a big credit card bill that you could only pay the minimum on started gathering interest and the loan amount was too big to pay back. Maybe you filed for bankruptcy. It doesnât matter how it got lowâwhat matters most is the decision to build it back up. And youâre doing that by taking out a personal loan and paying it back reliably, proving you are trustable with money.
Having a good payment history with money lenders that report to the big three federal bureaus will raise your credit score and reopen a lot of doors to you again. It is not a bad idea to take out a personal loan as long as you are responsible.
If you think you are ready and financially responsible with your money, then this is the buying guide for you. We are going to help you help yourself, combing through this industry for an option you feel safe using. Maybe you are finding a money lender directly instead of using an online marketplace.
Our guide is going to focus more on what bad credit personal loans you should take out, which is not necessarily the companies you use. All the companies we have included on our list are online marketplaces that match you with money lenders instead of the money lenders themselves. They are not the ones giving you the terms of the personal loan.
In the end, what matters most are the terms of the loan with the money lender you are taking the personal loan out with. That means you can actually use all of these companiesâ services. Many of these marketplaces are free. You set up a personal loan request and the marketplaces use their algorithm to match you up with a money lender who will be lending with you.
From there, you will get the terms of the personal loan. So this means that you can use these online marketplaces to go window shopping for personal loans, checking out all of your different options with different money lenders, all for free.
We have given you this list of marketplaces to find money lenders because we know they are credible and being their customer means being safe and satisfied with their money. For people who want to do their own research, that means you can still sign up and make accounts with these companies. Once you put out a personal loan request, you will get matched up with lenders.
Different companies work with different lenders. And different lenders have different terms and conditions for their personal loans. We recommend signing up with a few different marketplaces and browsing through your options with each one of them.
Go through all the different lenders these marketplaces offer you and look through the terms of each one to find the ones that fit your needs the most. This will typically be the personal loans who are offering more specific personal loans that limit how you spend your money because the interest will be lower. Your end goal is to find a loan you can afford.
You might be able to afford different things. If you have recently come into some money or found a higher paying job than the one before and you are trying to work your credit score back to where it was with a personal loan, these are some good options.
Not everyone is going to be in that position. Some people might need money for their small business and their credit is not in the best shape, and you need to solve a problem immediately. That is also understandable. Somebody in this position is going to want to shop around for the lowest interest rate, and lock in what they can.
Here is an easy, four step guide on how you should determine which company you choose:
- Review your credit score and your options
- Budget your money and make a plan
- Determine if you can pay off this personal loan
- Decide if this company is credible enough to work with
The clear, easy step is to know exactly what your credit score is so you know what options you are working with. If youâre reading this buying guide and looking for help with bad credit loans especially made for people with bad credit, you probably have a low credit score. The world does not always have us in its favor, and big bills happen. Having a bad credit score is not something to be ashamed of, but it is something to plan around.
How low your credit score is will determine the types of bad credit loans you are going to get. Someone who is barely under a score of 600 will still have options with bigger banks and other money lenders, they will just be a bit tighter on interest and monthly payments. However, they are still an option. Doing your debt consolidation loans with a bigger bank instead of smaller lenders is typically safer.
The second step is budgeting your money and making a plan on how to pay it back. You need this loan. That means you need to pay back the loan on time. We cannot speak to how much you make and what your rent is, but we can tell you to budget your money and map out how much you use so you know how much is available to pay your loan.
Once you know your budget, you know what you can afford to pay every month. This is the step where you go to each marketplace, submit your loan requests, and shop around. Check the terms of each loan. Look at the interest rates, the monthly payments. Can you afford this? Is this a doable option? If not, keep looking. If you do think itâs doable, move onto the last step.
Decide if this company and lender are credible enough to work with. If you have chosen a company on this list, you can trust the lenders they provide your information to. Thatâs why we made this list. If youâre doing your own research, look into the marketplace, their accolades, what kind of criteria they have for their lenders, and other information.
This is a big financial decision. It will change your credit in the upcoming months. Itâs important that you are taking this step with a company you trust.
FAQs â Bad Credit Loans Online
Q1. How do I find out my credit score?
Under United States law, you have a legal right to obtain a free copy of your credit report from all three bureaus. You can obtain this from www.annualcreditreport.com and know exactly what youâre working with.
Also, there is a big chance that whoever you do banking with offers a similar service of estimating your credit. It doesnât make a hard check so you donât take a ding to the credit score. For example, Chase and U.S. Credit Union/ Bank both offer these services, and their customers would be able to keep updated on their score throughout the year.
You are aiming for a credit score above 670. 300-579 is considered poor, 580-669 is considered fair, 670-739 is good, 740-799 is very good, and 800-850 is exceptional.
Q2. Should I raise my bad credit score?
Yes, without a doubt, you should aim to have a high credit score. Having a bad credit score can hold you back in many ways. Many banks refuse to work with people with poor credit scores, making it difficult to request personal loans, auto loans, debt consolidation loans, student loans, and credit cards. You might be forced into getting a loan with a predatory lender, which will only send you further into debt.
Q3. Are personal loan for bad credit safe?
Yes. Every loan should tell you exactly what the expectations of your repayment terms are before you make the deal. Itâs very simple to read the terms of your contract before you make it and determine whether or not you can afford the loan. Many times, the answer will be no. The interest will simply be too high for how much time you spend making monthly payments. But they still lay out exactly what the terms are. As long as you can read the fine print, you will know what the loan means, and they will be safe as long as your contract says.
Q4. What loan marketplace should I pick?
You donât have to pick. Most loan marketplaces actually allow you to make a loan request completely free. At no cost except the few minutes it takes to fill out applications, you can create a free account with each marketplace, send out your loan request, and see the terms of each lender. We recommend that if you are looking for a smaller loan that you concentrate your research in companies that specialize in smaller personal loans for bad credit score. These typically have lower interest rates on your bad credit loans and will be more affordable. Itâs important to understand that interest rates are most often tied with how risky the loan is, so if you want to keep interest low, make your loan request the least risky as possible. Specify if itâs an auto loan, keep the loan amount as low as possible, have enough money to pay it off.
Shop through all the marketplaces you need to. Itâs free. You can find your perfect lender from all the choices.