Loans For Bad Credit With Guaranteed Approval: Top Loan Companies For Bad Credit Personal Loans In 2022

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Being in a difficult financial situation can be very frustrating and depressing. Not being able to cover all of your expenses can be challenging, so a way to do that would be to borrow a loan. But what if you have a bad credit score? You may find it very difficult and almost impossible to obtain a loan with a bad credit score since banks often require a score of 660 and above.

But don’t be disappointed because there exist companies offering bad credit loans with guaranteed approvals, which you can obtain online from certified lenders. You will encounter hundreds of lenders that offer you bad credit loans, and many of them have incredibly high-interest rates. This might make your financial situation even worse.

With the bad credit loan platforms reviewed in this article, we ensure that you would get the highest quality service with the best interest rates for your bad credit score. These platforms are certified, reliable, and offer suitable amounts for people with bad credit scores, so keep reading and choose the one that best suits your needs.

Best Online Lenders Offering Bad Credit Loans in 2022

1. MoneyMutual – Overall Best Platform For Bad Credit Loans On The Market

2. Bad Credit Loans – Well Known Loan Company for Bad Credit Installment Loans

3. RadCred – Most Popular Loan Lenders for Credit Loans With Bad Credit Score

4. CashUSA – Reputed Lending Platforms With Best Interest Rates Online

#1. MoneyMutual – Overall Best Platform For Bad Credit Loans On The Market

MoneyMutual is an online platform that connects users to many lenders and loan options. They offer several different types of loans, and in just a few steps, you can access over 60 lenders that offer excellent loan conditions.

The platform acts as a mediary, connecting borrowers to lenders through its easy-to-use and intuitive website. You have to fill out the MoneyMutuals form, which is then sent to lenders for review. So instead of going to every lender individually and filling out every form, again and again, the lenders simply come to you with their offers.

And additionally, MoneyMutual also offers bad credit loans, which made it get on our list almost immediately. Below we will take a look at some of their features.

Features

Bad credit loans

MoneyMutual offers bad credit loans with lower eligibility requirements and much higher interest rates. These types of loans are suitable for all who have bad credit, and many lenders in the MoneyMutual network also look for other factors besides your credit score. That way, they better determine if the loan is worth lending out or not.

Some of the factors that these lenders might look to are the height of your income for every month. They can offer you smaller loan amounts that can help you get out of a momentary financial crisis or fix something urgently.

MoneyMutual has become a popular platform for giving people access to bad credit loans. This is because no credit check loans have become very popular lately and because MoneyMutual offers many trustworthy lenders.

Cash advances

Cash advances are an option that MoneyMutual offers, and with a cash advance, you can pay any unexpected financial expense. This may include paying an overdue bill, repairing your car, or paying rent.

Cash advances can be a very risky type of loan since you would need to put something as a guarantee that you will pay it back. The lender may also impose high-interest fees because of the type of credit, so expect interest rates to be very high.

Installment loans

The installment loans option that MoneyMutual offers are ideal for people who want to pay for a loan with lower interest rates. These are loans paid over a more extended period in a certain amount of installments. Some lenders predefine the due date, while others let you choose which date you want to make the payment.

However, you should always have the money when the installment is due. If you don’t, additional interest fees and penalties may be imposed, elevating the final amount to be repaid.

Payday loans

Payday loans are similar to cash advance loans. As the name suggests, these loans allow you to cover some minor expenses you might have until you get your next paycheck.

These types of loans are a better solution for situations when you might have a bill that comes due. Often a due bill will impose a penalty with a higher amount than the interest rate of a payday loan. That is why many people often use them to resolve financial problems of this sort.

This is all fine if you have the money to pay the payday loan back; however, if that is not the case, expenses that follow these types of loans are incredibly high, so bear that in mind.

Pros

• Fast and easy to get the funds you need

• Connects you with more than 60 lenders

• A lot of educational material

• An intuitive website and easy application process

• You can also apply if you have a bad credit loan

• No fees for using MoneyMutual

Cons

• MoneyMutual does not offer you any protection if loan issues arise

• Not all loan options may be available in your state

⇒ Visit the Official Website of MoneyMutual

#2. Bad Credit Loans – Well Known Loan Company for Bad Credit Installment Loans

Bad Credit Loans was established in 1998 to target and help people with bad credit history specifically. They provide mediary services between borrowers and lenders, connecting them through their sign-up form.

Because it is not a direct lender, the Bad Credit Loans platform works with legitimate and reputable lenders that provide bad credit loan options. Some of the loans they offer are traditional personal loans, peer-to-peer loans, and personal installment loans. The funds may derive from companies or even individuals depending on the lender.

Bad Credit Loans also connect their clients with tribal lenders, which usually have higher interest rates since they do not conform to any maximum APRs laws.

The platform also has a mobile phone app, through which you can also apply for a loan very conveniently and quickly. It is one of the few services that offer this kind of option, which says a lot about its dedication to pleasing customers.

Features

Free service

Bad Credit Loans services are entirely free of charge. This is a feature that many similar platforms do not have. The whole process of signing in is free, and also the submission of the application to a lender does not include any taxes or additional payments.

All of the charges you may succumb to will come directly from the lender and their fees and conditions for every individual loan.

Loan calculator

The Bad Credit Loans’ loan calculator is excellent in helping you determine the amount of money you can afford to be lent.

For example, the loan’s interest rate will be calculated using your current credit score and your ability to repay the loan on time.

Using the calculator, you can tweak precisely how much money you can afford to borrow, and if you increase the amount of time to pay the loan, the monthly installment will decrease.

Great customer service

Bad Credit Loans has a customer service team with quick response times and many efficiencies when tending to clients’ needs. You can contact their support team either via email or phone.

The customer support team at Bad Credit Loans will give you all the detailed information you ask them for. This may include dilemmas about some of the loans, questions about the signing process, etc.

Trustworthy lenders

Bad Credit Loans cooperates only with experienced and trustworthy lenders. All of the lenders are open and transparent about what they offer, besides the fact that the platform does not influence them.

This platform is great because it uses high criteria to select the lenders with which to do business. That way, it offers both clients and lenders an honest and transparent approach to each other.

Bad credit loans algorithm

The platform also uses its algorithm to match your application to specific lenders. They developed this connection method because every borrower and lender is different.

For example, some lenders only offer specific loan options, while others offer all options, but with several other drawbacks. Other lenders may also require an excellent credit score to provide you with a loan.

Bad Credit Loans filters all of these things compared to your specific application and only sends it to lenders that meet that criteria.

Pros

• Easy to use

• Informative website

• Excellent customer service

• Several loan options

• Many available lenders

• Supports bad credit loans

• You can request up to $10.000

Cons

• Not a direct lender

• If you have a credit score is 500 or lower, you can only borrow up to $1.000

⇒ Visit the Official Website of Bad Credit Loans

#3. RadCred – Most Popular Loan Lenders for Credit Loans With Bad Credit Score

The RadCred platform is specially designed and divided into two sections to help people with good and bad credit. It is one of the few, if not the only, platform with a team of professionals primarily dedicated to providing financial services to people with bad credit scores.

The platform has been operating since 1998 and has helped more than 750.000 consumers resolve their financial difficulties. It does this to date by connecting its clients with certified and experienced lenders from all over the U.S.

RadCred has several requirements for you to be able to apply for a loan. Namely, you have to be at least 18 years old, have an active bank account, and have a regular income. You can also include several other options that may increase the chances of obtaining a loan, such as disability benefits, unemployment benefits, rental property income, investment returns, etc.

It has received many positive reviews from clients all over the U.S. who were very satisfied with its service. All in all, this is an excellent platform for bad RadCreds and one that you should definitely give a shot.

Features

Specialized section for bad RadCreds

There are two dedicated sections for loans within this platform. One team is dedicated to people who have a good credit score and pay their loans on time regularly. The other team works mainly with people who have bad credit scores and provides them with the best possible options to get a loan.

The great thing about this approach is that it will improve the chances of getting bad credit by forwarding your application only to lenders that might approve such a loan. Some lenders may be more financially powerful and offer terms for both good and bad credit customers.

The main difference between a good and a bad RadCred is the amount you can borrow and the interest rates. The good RadCred amounts can reach a number of up to $40.000 while the bad credit amounts are topped off at $5.000.

Positive customer reviews

Many of the customer reviews we came across were positive, even though we encountered several negative ones. The latter were mainly from customers who got rejected by lenders or customers who claimed they had been served higher interest rates than expected.

This is not likely, since every lender explicitly states their fees and interest rates before signing the loan agreement. It is up to the borrower whether or not to accept these terms, and they can’t be changed after signing, so you must pay careful attention and review them thoroughly.

Other than that, RadCreds has an impeccable rating from customers, who state that their services are very satisfactory. The platform cooperates with experienced and respectable lenders that offer a large variety of loans for many customers.

Safe platform

The RadCred platform is certified for safety and takes the security of its client’s personal information very seriously. It has received the McAfee LiveSafe certifications, which testify to the implementation of high levels of encryption to the platform’s database.

These certificates point out that this is a highly secure platform, and all personal information you submit to them must go through a high level of encryption. That way, all the data is protected from hackers and cyber attacks.

Pros

• A dedicated network of lenders

• Many positive customer reviews

• Specialized section for bad RadCreds

• Safe platform to use

• A free-fee platform

• More than 750.000 satisfied customers

• Loans vary from $250 to $5.000

Cons

• Not a direct lender

• Low lending amounts

⇒ Visit the Official Website of RadCred

#4. CashUSA – Reputed Lending Platforms With Best Interest Rates Online

CashUSA is another platform that offers bad credit loans with guaranteed approvals. It offers loan amounts of a minimum of $500 to $10.000. All loan amounts may depend on your specific location, credit score, or the lender and their criteria.

It is a free service that is very suitable for clients who have bad credit or no credit score. If you are one of them, you can quickly navigate and apply for a bad credit loan through their easy-to-use website.

Even though CashUSA is not, in fact, a lender, it was formed in 2015 to bring together many lenders and their potential borrowers.  Conversely, bad credit payday loan lenders are only interested if you can repay the loan.

This platform also includes the option to borrow a tribal loan. This is an unusual type of loan because tribal organizations fund it. And because those organizations do not fall under any state APR maximums, their interest rates might be significantly higher.

To be eligible to apply for a loan at CashUSA, you must be at least 18 years old, a permanent resident of the U.S., and have a monthly income of around $1.000. Some other technical information may also include a valid email address, phone number, and an active bank account for wiring the funds.

Features

Rates and fees

CashUSA services are entirely free to use by clients. Everything from the signup process to customer support is entirely free.

Instead of charging its clients, CashUSA gets a percentage from the lenders for letting them be part of their service. As a downside to this, every lender is independent in setting the terms for each loan. CashUSA has no influence over the lenders’ rates or fees for any loan.

But while this platform cannot provide you with specific details about the loan you intend to borrow, it will make sure to connect you to the best lenders that can give it. It only cooperates with lenders who have many years of experience and transparency.

Lending policy

We can undoubtedly say that CashUSA has the most strict rules for any lender who wishes to be a part of their services.

The FDCPA, or the fair debt collection practices act, is what any lender must strictly abide by if they wish to be a part of the CashUSA community. According to this act, lenders must not:

• Deceive their clients in order to collect a debt

• Use abusive or vulgar language when contacting a client

• Try to reach a client too early or too late during the day

• Contact a client directly if an attorney already represents that client

• Contact the client in an unusual place

Another act that CashUSA demands its lenders to abide by is the TILA or the truth in lending act. By this act, all lenders must provide every piece of information about the loan in writing to their clients.

Privacy

CashUSA can collect information about you except for signatures, medical information, health insurance information, or passport number.

Any information that CashUSA collects can be publicly shared, for example for marketing purposes. It is good to let the platforms’ team know that you do not want your information shared publicly.

Almost all of the negative reviews of CashUSA were because of this problem; that is why we advise you to contact CashUSA immediately after signing up and tell them not to share your personal information for any reason.

Pros

• Transparent loan offers

• Straightforward and user-friendly website

• Variety of lenders

• Fast and convenient funding

• Clients with bad credit are also allowed to apply

• Free service

Cons

• Not a direct lender

• Not available in all states

⇒ Visit the Official Website of CashUSA

How We Made This List of Loans for People with Bad Credit?

While searching for the best platforms to put on our list, there were many criteria we had to pay attention to, but several of them were the most important:

• Different loan types

All of the mentioned platforms have many lenders that work with them, lenders that offer a lot of loan types. These loan types have different interest rates, funding times, repayment lengths, etc.

These platforms also offer higher chances of bad credit loan approval, with minimal financial and credit score penalties.

• Customer experience and satisfaction

We took this factor very seriously when making our list, as customer experience and satisfaction are any company’s primary goals. And these services dedicate a lot of their time and expertise to satisfy their customers.

The platforms offer a straightforward application process, educational content for customers, and excellent customer service. They all abide by federal law regulations and implement many rules of honesty and transparency in their everyday functioning.

• Credit score

The credit score is the last important factor we considered since it is crucial for obtaining a bad credit loan from a lender.

These platforms work with lenders with very low fico score ranges of 500 to 700 credit score. 500 is the minimum credit score that you would need to be able to get a loan, and many lenders avoid working with people below that score.

Things to Consider Before Opting for Online Loans for Bad Credit

Before choosing a platform to help you with your credit situation it is vital to consider some factors which might make the process easier and you’ll be more confident regarding your financial condition.

If by now you are convinced by the above-cited platforms that offer bad credit loans with guaranteed approvals, then here are some more tips for you to follow and know what to look for before applying:

• The reputation of the lender

This is very important because there are all sorts of money lenders out there, and many of them might be scammers. Ensure that the lender you intend to deal with has been a registered company with many years of experience and has both an official website and a physical address.

Many scammer lenders would also request you to pay a fee before approving the loan, so make sure to stay clear from them. Certified and approved lenders do not require fees and are transparent and honest in their work.

• Pay your debt on time

As we have already seen, bad credit loans have very high-interest rates. They are mainly designed to be paid off in short-term intervals, and the longer that interval is, the higher the interest gets.

Apart from high interests, the penalties for not paying these debts on time are much higher. That is why we recommend that you always calculate your finances and have enough money to pay the debt when the date is due.

Even if some lenders give you an extension to the due date, that extension does not come cheap. It also has high penalties, which sometimes may even double the amount you are supposed to pay.

• Make sure to evaluate your credit score

Your credit score is usually evaluated by the lender when they receive your application for the loan. That is a standard procedure; however, it doesn’t hurt that you evaluate your credit score yourselves.

You can do that by checking your online credit report. And just to make sure, go through that report manually because they may often have errors in the calculation. We tell you this as advice because your score may be higher than what it says in the report, automatically increasing your chances of getting a lower interest loan.

• Pay attention to the interest rates

This is very important because you would not want to sign off on credit with an enormous interest rate and regret it later. Check precisely the interest rate and even compare several lenders’ interest rates.

You can apply and get a pre-approved loan calculation with all the necessary information, including the interest rate. This way, you will know exactly how much to pay back without any negative impact on your credit score.

FAQs On Installment Loans for Bad Credit

Q1. How much money can be borrowed with bad credit?

This depends on the lender. Each lender establishes the loan limit according to the client’s income and creditworthiness. Usually, the largest limits are only available to those with very good credit scores, so expect to receive almost the minimum loan amount if you have a bad credit score.

Q2. How can I improve my credit score?

If you are thinking about applying for a bad credit loan, you should take some time to improve your credit score. Some of the things you can do are to pay off all your debts, reduce the number of applications for new credit over a short period and reduce your overall credit usage.

Q3. Is there a difference between an APR and an interest rate?

The interest rate is the fee for the lender or the cost of them lending you the amount of money you require. On the other hand, the APR is the whole sum of all the expenses for the loan, including the interest rate.

Q4. Is there a cooling-off period? 

A cooling-off period is a time after signage of the agreement in which you can choose to cancel it. This is dependent on the lender, and if a cooling period is available, it will be included in the credit agreement.

Some lenders usually offer a cool-off period of around 14 days, during which time, if you decide to cancel the arrangement, you must return the funds in full.

Q5. Can I get a bad credit loan if I am unemployed?

Yes, and one of the benefits of bad credit loans is that they can be obtained by people who are not employed. You would not need a regular monthly income to apply and receive funds from a bad credit loan.

Some lenders consider other sources of income, such as investment returns, freelance funds, or other income methods, so if they evaluate that you have enough funds in your account, they will approve the loan.

Q6. What if I have a bad credit score? What does it mean? 

In the eyes of lenders, having a bad credit score means that you will most likely not be able to pay your debt on time on the given date. This does not mean that you are an irresponsible person; it is simply a statistical method for lenders to know how creditworthy a person can be. Bad credit personal loan is a term used to refer to any credit issued to individuals with bad credit scores.

A bad credit score’s consequences may be higher chances for bad credit disapproval, higher interest rates, smaller loan amounts, etc.

Q7. How long does a bad credit score last?

Your bad credit score will improve over time, depending on how regular and frequent you are in making on-time payments. It also has a finite time of 7 years, which means that any negative information about your credit score will start to depreciate after this period.

Simply make sure to make your payments on time to improve your credit score positively, in which way you can ask for higher loan amounts and lower interest rates in the future.

Q8. Who can see my credit score?

Your credit score is private and not available for public viewing and use without your permission. Whenever you apply for a loan, the lender may ask for your permission to access your credit score online.

By doing this, they can establish whether or not you are creditworthy and able to repay the loan amount on time or not.

Q9. Can I repay the loan earlier if I have the chance?

Yes, and most lenders will give you a discount on the final loan amount that has to be repaid.

It is good to check this first because some lenders may even add additional fees to early debt repayment. However, in this case, paying off the loan earlier should not be an issue and will even improve your credit score significantly.

Q10. What about origination fees? 

The origination fee is the fee paid to the lender for processing the loan. Every lender is different regarding origination fees, but most will charge it separately from the loan. Some may not charge origination fees but may increase the interest rates on loans to compensate for the charges of the origination fees.

In any case, you should make sure to borrow more money than you need to cover the origination fees. Just make sure not to borrow more money than you can afford to pay back.

Q11. What if I am divorced? Will that affect my credit score?

There is only one way this may affect your credit score, and that is if you had opened any joint accounts with your ex-spouse. This would mean that you share the responsibilities for those accounts. So if they make irregular payments to that account, you can also be held accountable and have negative points on your credit score.

A way to avoid this would be to request to convert the account from a joint to an individual account. You could also pay off any debt on your joint account to avoid having negative points on your credit score.

Q12. What if I declare bankruptcy? How will that affect my credit score? 

Going with this option and declaring bankruptcy may just be a blade with two edges. Even if bankruptcy is a way to get most of the debt cleaned off, it will negatively impact your credit score, adding up to 200 negative points to it. This will stay as a mark on your credit report for at least ten years.

Obtaining new credit when declaring bankruptcy is even more difficult, and some of the debts like student loans, tax liens, and child support still have to be paid. This is a risky option and one that you have to think through carefully.

Conclusion: Top Bad Credit Loan Companies In 2022

We hope you found our article on bad credit loans with guaranteed approvals helpful. Opting for a bad credit loan is a good way to get some breathing room and have time to get up on your financial feet. Fortunately, you can get bad credit personal loans guaranteed approval regardless of the surrounding conditions.

With the platforms that we offered and reviewed, you will have no problem obtaining a bad credit loan. All you have to do is follow and check all the steps they provide to get the best lending option.

Whichever platform of the above you choose, you will not be disappointed, as they offer impeccable customer service and provide people with the financial solutions they require. So feel free to explore their websites and get convinced about the quality of their service!