Bad Credit Loans Guaranteed Approval

Writer and editor - Joseph Smith | Updated on 2020-05-27
Disclosure: Our goal is to help you find a lender even if you have a bad credit score. To maintain this site we may receive compensation from the products listed here. See our Advertiser Disclosure. Thanks for understanding.

A loan can be a real lifesaver during tough financial times. But getting approved for a loan can be tricky when you have bad credit.

Fortunately, there are several loan options designed specifically for people with bad credit. These loans come in amounts from $500 to $10,000, depending on the lender, the loan type, and other factors.

Let’s take a look at some of these bad credit loans and what they entail.

Are there any bad credit loans with guaranteed approval?

Of course, there’s never a guarantee that any loan request will be approved, even if you have a credit score above 700. But getting a loan approved is really tricky when you have a score that’s under 550.

Even though bad credit loans guaranteed approval don’t exist, you can still get a loan. There are several lenders with unique requirements who are willing to give specific types of loans to individuals with poor credit scores.

Best Bad Credit Loans “Guaranteed” Approval Alternatives

Loans Amount Cost / APR ? Bad Credit Features
CashUSA
$500 - $10,000
Individual rates
Bad credit allowed
Allowed
  • Loan terms start at 3 months.
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
CreditLoan (Personal loan) $100 - $40,000 APR:
Starting at 5.34% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
LifeLoans (Personal loan) $500 - $40,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 5 years
  • Credit check type: Both ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
HonestLoans
$400 - $5,000
$30 - $750 ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OpenCashAdvance
$200 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
GazelleLoans
$300 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OppLoans (Direct Lender)
(Personal loan)
$1,000 - $5,000 APR:
Starting at 99.00% ?
Bad credit allowed
Allowed
  • Loan term 9 months to 3 years
  • Next-day deposit: In some cases ?
  • Low approval rates ?
  • Time for decision: 1.5 min ?
QuickLoanLink (Personal loan) $300 - $35,000 APR:
Starting at 6.90% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 550
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
RubikLoan
$100 - $1,000
$1,000 - $5,000
$15 - $300 ?
APR from 6.9% ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
Personal Loans (Personal loan) $500 - $35,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 3 months to 6 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
BadCredit.com
$100 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?

Some of these lenders decide whether or not to approve a loan application based on a customer’s income. Others go a step further by also checking a customer’s credit history with credit bureaus like Experian, Transunion, or Equifax.

So, even if one lender declines your loan application, simply keep applying to other lenders until you find one whose requirements match your circumstances. Alternatively, you could improve your score and increase the number of loan options you have access to.

Some of the loan types that you can access (if you have a bad score) include installment loans and payday loans. Both have different requirements and come with different interest rates. The APR on payday loans is typically higher, but getting loan approval is usually easier.

Is it difficult to find Personal Loans with No credit check loan?

Since a hard check will negatively affect your credit score, it’s understandable why you’d want a personal loan with no credit checks. But personal loans with no credit checks don’t exist. That’s because direct lenders have to perform some kind of check to verify that you qualify for a loan. Lenders will offer you lower interest rates if you have a higher score.

A check for personal loans may be a soft and/or hard check. A soft check won’t affect your score, but a hard check will. Some lenders only run a hard check, while others run a hard check only after they have first run a soft check (and you’ve accepted their loan offer).

If a lender rejects your application after a check, simply apply to other lenders that have more lenient restrictions. Some lenders require a minimum score of 550 to 580, while others only verify your income.

New lenders are always entering the market, and old lenders are always adjusting their requirements, so, chances are you’ll eventually find a lender that accepts your application. But, if you are willing to forego the lower interest rates of regular personal loans, or you need a loan immediately, you can go for a bad credit loan.

Alternatively, if you aren’t in a hurry, you can take the time to increase your credit score and increase your chances of getting a regular  loan with an attractive interest rate.

Requirements for bad credit loans

The requirements for a bad credit loan vary from lender to lender. Generally, a lender will require that you provide your:

  • Social Security Number
  • Full name
  • Age
  • Proof of identity
  • Income details

The lender will use this information to perform a check to see if you qualify. Other requirements from the lender will depend on the type of loan you want. For a bad credit loan, like a payday loan, the requirements could include:

  • That you are at least 18 years old
  • Have a monthly income of at least $800 (and proof of income)
  • An active bank account
  • Government-issued ID

While these are the basic requirements, bad credit lenders are more amenable to applicants that are above 21 years old and have a monthly income of at least $2,000.

Is it possible getting same day deposit?

Same-day deposit means your loan application is approved on the same day that you submit it and you get the loan amounts deposited into your bank account before the close of that business day.
Loans like these are perfect for emergencies, and payday loans are some of the fastest that you can get.

While same-day deposits are possible, there is no absolute guarantee that you’ll get the loan in your account on the same day it’s approved. For example, a large loan sum may require comprehensive manual checks by the lender, and these may delay the transfer of the funds to your bank account.

How to improve your bad credit score

Improving your score increases your chances of getting a loan with a better interest rate. The lower the interest rate, the lower the amount you’ll have to repay the lender over time.

Some of the best ways to improve your bad credit score include:

  1. Reduce your credit card debt
    One of the ways credit agencies determine score is by comparing an individual’s debt to his/her available credit. Individuals who have debt that’s 30 percent less than their available credit will score higher in their credit ratings. If the debt is under 8 percent of your available credit but higher than $10, you’ll get you an even higher score. As such, make higher monthly credit card payments to minimize your debt.
  2. Combine your balances
    When calculating your score, a credit agency will consider the balance on all of your credit cards. By clearing the smaller debts on your cards, you’ll minimize your overall debt and boost your score. You could also consolidate all of your debts on one card with the lowest interest rate. But be sure to still leave your zero balance cards open as this will contribute to good credit history and a good score.
  3. Diversify your credit cards
    If you have just one credit card, increase your available credit by opening more accounts. But this only works if you maintain a zero balance on the new cards. The new cards with a zero balance will improve your score by increasing your spending limit and offsetting some of the debt on the card you actually use.
    Also, don’t open accounts with annual charges as this will cost you. And don’t open more than two accounts at a time as this can disrupt your average account age and negatively affect your score.
  4. Pay balances before the due date
    By paying off your credit balance before the credit bureaus have a chance to register it, you can keep your score down. To accomplish this, you can’t wait till the month’s end to pay your credit card bills. Rather, you have to discover when your credit card company reports your account to the credit bureaus and pay the bill before then.
    Paying your loan and utility bills on time will also boost your creditworthiness. You can use free opt-in products like Experian Boost to boost your score when you pay your utility bills on time.
  5. Apply for a secured credit card
    If you are getting your first credit card, start your credit history on a good note by getting a secured credit card. A secured card lets you open a credit account with a cash deposit. The amount you deposit will be your credit limit. Since you won’t be going above the deposit amount and there’s no risk for the credit card company, your score will stay up.
  6. Make fewer loan applications
    Hard checks during a loan application approval process will negatively impact your credit score. To avoid this, be sure to verify that a lender only uses a soft check during the pre-approval process. This prevents a hard check during the pre-approval process of every loan application you submit.

What are the best alternatives to payday loans?

Payday loans are suitable for emergency situations, especially if the amount of cash you need is small ($500 or less). But if you want a higher loan sum and would rather avoid the high APR of payday loans (about 400 percent), you could opt for personal loans or installment loans instead.

Unlike payday loans, which are short-term loans that require you to pay back a large lump sum on your next paycheck, installment loans are long-term. You can pay them back through fixed payments over a set period of time.

Also, the monthly payments on installment loans are lower, which makes them less strenuous for borrowers. You can access between $2,000 and $5,000 (sometimes even more) via an installment loan or via a bad credit personal loans with guaranteed approval up to $5000, which should be enough to resolve most financial needs.

Unsecured installment loans are ideal for people with bad credit since there’s no need for collateral, and not all lenders run hard checks that hurt your score.

You may not be able to get an installment loan as fast as you can get a payday loan, but you will get more money and peace of mind for the duration of the loan term.

How can I check my credit score?

Knowing your credit score gives you a good idea of your chances of getting a loan and the type of interest that’ll come with that loan. Some popular ways to check include:

  • Free websites: There are several websites that you can use to check your score for free. The results from these websites may not be 100 percent accurate, but they will provide you with a useful ballpark estimate.
  • Ask your bank/credit card company: Your bank or credit card issuer should have a free credit monitoring service that you can use to check your score.
  • Social Security Number: With your social security number, you can see a free credit report from Experian, Transunion, and Equifax once every 12 months via Annual Credit Report.
  • Pay for your FICO score: Paying to see your FICO score will provide you with an up-to-date score and for you to view your credit history.

Risks you need to know

Below are some of the biggest risks that come with taking bad credit loans:

  • Higher interest rates: The interest rate on a bad credit loan, like an installment or payday loan, is typically higher than that of a regular personal loan. It’s important to understand the APR on such loans before signing up.
  • More fees: All loans come with fees, but the typical bad credit loan has higher fees.
  • Continued debt: Payday loans require a lump sum repayment from the borrower’s next paycheck. If the borrower can’t make the payment, the exorbitant APR on the payday loan will continue to accumulate, increasing the debt sum to exponential amounts.
  • Blurred terms: Some lenders repackage payday loans as installment loans, and borrowers end up taking these loans without being aware of the high APR.

Summary – Bad Credit Loans with Guaranteed Approval

Bad credit loans can provide you with the financial assistance you desperately need when traditional lenders, due to your credit history, say no. While no lender can guarantee your approval for a bad credit loan, you can find one by applying to several lenders with different requirements. See bad credit loans guaranteed approval $10 000, if you want to learn about slightly large sums.

Just remember to verify the terms of a bad credit loan before agreeing to it. Failure to do so may result in accepting a loan with interest rates and other terms that you can’t keep up with.

We can help you find the best bad credit lenders in your area.

Joseph Smith

Joseph Smith
Writer and editor

Joseph Smith is an experienced freelance writer with over 11 years of experience. His area of expertise includes finance, loans and lending. His work has been featured on various large websites including this one.
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