Are you tired of expensive online loans and want to find low-interest personal loans with guaranteed approval decisions that could fit your financial needs?
BadCredify will provide the best companies that provide unsecured or secured personal loans, bad credit loans, and personal installment loans with fixed monthly payments. Check our shortlist and discover guaranteed loans with flexible repayment terms today!
Best Personal Loans for Bad Credit With Nearly Guaranteed Approval
BadCredify evaluates lenders based on more than 70 rating criteria, including interest rates, repayment terms, eligibility requirements, fees, consumer experience, affordability, and more. Find out more about our full methodology.
What are Bad Credit Personal Loans with Guaranteed Approval?
Bad credit personal loans with guaranteed approval are financial products that allow you to borrow money with a low credit score. In this case, a “guaranteed loan approval” may seem misleading.
No lender may guarantee approval because they must review your loan application and at least see your credit score situation. They may perform a soft credit check that doesn’t affect your credit score. However, a hard credit check is also possible, but it’s not a basic rule, especially for an unsecured loan.
How Do Guaranteed Loans Work?
Getting personal loans with reasonable interest rates will help you cover your expenses even with a poor credit score. Guaranteed loans work quickly if you follow the basic steps, which include:
- Application. Provide the personal and financial information. Double-check the contact and employment details. Also, you can choose the sum among the available loan amounts.
- Loan Approval. After you submit the loan request form, wait for the lender’s answer.
- Loan Agreement Signing. If approved, you receive a loan offer. You may sign the loan agreement if you agree on the repayment terms and interest rate.
- Funding. When the formalities are done, you’ll receive your personal loan in your bank account within one business day.
- Repayment. On the due date of every month, you must repay your unsecured loan amount. The most convenient way to do it is to set the automatic payments.
How to Compare Bad Credit Loans with Guaranteed Approval?
To compare bad credit loans with guaranteed loan approval, you must consider the following factors:
Unlike some payday lenders, personal loan providers could charge application fees, but it’s not a common rule. So, you must ask for additional costs before applying for an unsecured loan.
Getting a certain unsecured loan amount will make you pay attention to the interest rates. Choose an interest rate that will fit your borrowing possibilities and wouldn’t make you pay a double sum on interest while repaying the loan.
While comparing unsecured personal loans, you ensure you get the most convenient loan terms. Usually, lenders offer flexible payment schedules. You can choose from 3 to 60 months, depending on the loans.
Ask the lender if you can set the automatic payments or if the service can withdraw the loan amount from your savings account on the due date of every month.
How Can I Get a Guaranteed Approval Personal Loans?
We suggest you compare the above-mentioned lenders and see which service suits your financial needs better. Then, apply on their website and wait for further indications. Usually, lenders contact you by email or phone to help you go through the application process.
Requirements for Getting a Personal Loan with Poor Credit
But before applying for a personal loan with a poor credit score, you must meet the following eligibility criteria:
- Be at least 18 years old and a US citizen (or permanent resident);
- Have a steady income (at least $1,000 per month) and an active checking account;
- Prove your physical address (bring utility bills);
- Provide email address and phone number.
Risks of Guaranteed Loans
The most significant risk of guaranteed loans is their costs. Usually, they have three-digit APRs, but it’s not challenging to find a low-interest loan if you compare loan products correctly. It happens because of credit score requirements that vary by lender. The lower your credit score, the higher the interest rate.
Another risk is the debt cycle. For example, if you shop around for payday loans and apply for one, you must know it’s a short-term loan. You must repay it within seven, 14, or 30 days. The lender may offer you a rollover option if you can’t do it. It’s also called a loan renewal, which can bring in a debt cycle.
What Type of a Loan Can I Get Without a Credit Check?
Many people with a low credit score turn to payday loans since they don’t usually review your credit score. But payday loans are costly. The risk is that you may enter into a debt trap in which the costs accumulate to the point that you will never be able to get out of debt. They are pricey due to high APRs and late penalties.
Title loans may be exploitative as well. In a title loan, you give the title to your vehicle to a lender. The title acts as security, and the lender is not required to evaluate your credit to provide the loan. Title loans, like payday loans, may be highly costly, and you risk losing your automobile if you default on your payments.
Pawn shop customers know another borrowing option that does not involve a credit check. You bring anything you own in, and the pawnbroker gives you a small loan, generally for a small proportion of the item’s value. You can redeem your pawn ticket by repaying the debt, leaving your assets, and pocketing the broker’s money.
Are There Guaranteed Approval Loans for Poor Credit?
Sure thing! Just shop around for lenders that work with bad credit borrowers. You can also get pre-approved and receive many loan offers to compare their terms and conditions. Ensure you pre-apply for lenders that don’t check your credit score because many applications could affect your credit score in the long term.
Where Can I Get a Guaranteed Loan?
As we’ve provided you with the best companies that offer personal loans, you may get a guaranteed loan by applying on their websites. Also, you could research and find more services ready to provide you with unsecured personal loans with reasonable interest rates. We suggest you avoid pesky payday loans and secured loans with credit checks.
Alternatives to Guaranteed Loans
Don’t want to deal with guaranteed loans? Check these alternative options and choose the one that better fits your financial issues:
Payday Alternative Loans
A payday alternative loan works similarly to a regular payday loan, but it has a lower interest rate and more flexible repayment terms. The minimum repayment terms start at three months and may reach 12 months.
Credit Card Cash Advances
You can also get a credit card cash advance without a credit check, in which you borrow money from your available credit limit. Before using your card, read and understand the conditions of your credit account.
If you need to make a significant debt consolidation, a family loan may help you better. Speak with your family members and ask them for financial help. There are no interest charges and no late payments. You can also sign a loan agreement that will help you repay the debt on time.
The “Buy Now, Pay Later” option works like an installment loan, is covered in fixed monthly payments (called installments), and is often interest-free.
To help its readers, BadCredify conducted a large amount of research and reviewed more than hundreds of financial institutions that provide the best personal loans. We’ve made a short list of the main features that would help potential borrowers compare the interest rates, requirements for credit scores, and other factors. Here is how we chose the companies mentioned above:
- Origination fee. We’ve wanted to ensure you won’t be surprised about the additional charges while applying for personal loans. That’s why BadCredify didn’t include services that carry high origination fees.
- Available loan amounts. Life is unpredictable, and every borrower may have different financial necessities. That’s why we’ve tried to find companies that provide various personal loan amounts.
- Repayment terms. As personal loans work like installment loans (including bad credit options), BadCredify aimed to find the companies with the most flexible repayment schedules for personal loans.
- Credit score requirements. A poor credit report is a widespread problem among Americans. We’ve decided to present lenders that work with all credit scores and reports, even with high-interest rates.
Frequently Asked Questions
Usually, bad credit lenders don’t have minimum credit score requirements. Your credit score may be lower than 680 to get an unsecured loan. However, you must know that interest rates may be higher than those for a good credit loan.
If your lender will report your monthly payments of your loan to the major credit bureaus, then your credit score may be improved during the repayment term.
If you default on your loan, the lender might charge higher interest rates, rely on collection agencies, or sue you in court. To avoid these issues, ensure you have enough financial resources in your bank account to repay the loan amount on time.