Bad Credit Personal Loans Guaranteed Approval Direct Lenders

Writer and editor - Joseph Smith | Updated on 2020-03-23
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.

Direct lenders for bad credit loans can help you get the funds you need quickly, even if you have poor credit. But that’s only if you are working with the right direct lender.

Here’s everything you need to know about working with a reliable direct lender.

About bad credit personal loans guaranteed approval

We’d all prefer a guaranteed approval personal loan. That would eliminate the heartbreak and hassle of having to deal with several loan application rejections before finally finding a lender that’s willing to work with you. Finding such a lender is even more tedious for individuals who have bad credit.

Sadly, bad credit personal loans with guaranteed approval do not exist because no lender can guarantee loan approval. That includes no credit check loans from direct lenders. So, rather than look for bad credit personal loans guaranteed approval direct lenders, look for a lender with less stringent loan requirements.

New lenders are emerging every day with more lenient restrictions. And some of the older lenders are modifying their requirements to be more accommodating. For instance, there are direct lenders that specialize in working with individuals with bad credit, including those with a credit score that’s below 600.

That means if one lender rejects your loan application, it’s not the end of the world. Simply keep applying to other lenders with friendlier requirements until you find one that’s willing to work with you. Sooner or later, you’ll find one whose terms suit your needs.

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 ?
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 ?
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 ?
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 ?
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 ?
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 ?
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 ?

Where can I find bad credit personal loans guaranteed approval direct lenders?

The requirements of a direct lender will vary based on the legal provisions of the state they operate in. Since each state has a unique crop of bad credit direct lenders, you shouldn’t have trouble finding one within your state that’s willing to work with you.

If you are looking for a bad credit personal loan direct lender in your state, you can easily find one via an online search or the phonebook. But what you won’t find are bad credit loans guaranteed approval direct lenders. That’s because no lender can guarantee approval.

To find a direct lender that’s willing to work with you, simply contact as many as you can find in your state. Eventually, you’ll find one with less stringent requirements who’s willing to consider your loan application, regardless of your credit history.

For instance, there are direct lenders that accept credit scores below 600 or use alternative credit checks, like income verification.

Is it difficult to secure a guaranteed installment loan for bad credit from direct lenders?

A direct lender can help you with payday loans, installment loans, and more. Working with one is quicker and easier than using a broker because there is no middleman to slow down or complicate the loan process.

Getting an installment loan through a direct broker is especially popular since you don’t have to pay broker fees, which reduces the cost of the loan. But are guaranteed installment loans for bad credit direct lenders available?

No. Once again, no direct lender can guarantee you’ll get an installment loan.

If you have poor credit and want a direct lender that’s likely to accept your loan application, contact one with less strict credit requirements. There are direct lenders that only require a minimum credit score of 550 to 580. And if a direct lender merely needs to verify your income, then your credit history will have less influence on your chances of getting the loan you need.

Requirements bad credit loans

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

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

Other requirements depend on the type of bad credit loan you want. Bad credit loans, like an installment loan, typically have requirements like:

  • A minimum monthly income of $800. Applicants with a minimum monthly income of $2,000 can access higher loan amounts
  • Proof of income, such as a pay stub
  • Being at least 18 years of age. Applicants that are above 21 can get higher loans

Do direct lenders for bad credit loans offer same day deposit?

A lot of direct lenders say they offer deposits as “fast as the next business day.” But that’s strictly for compliance purposes. In truth, there are direct lenders that can approve bad credit loans and deposit funds into your account within the same business day.

While same-day deposits are possible, there are no guarantees concerning them. That’s because there may be delays with the loan processing or transferring the money to your bank account. For instance, there may be issues with the information in your loan application, or the loan sum is large and requires extensive manual checks by the lender.

What are the best alternatives to direct lenders?

Instead of working with a direct lender, you could choose to work with a connector or broker to get the loan you want. Direct lenders are cheaper and faster since there is no middleman, eliminating broker fees and extra steps.

Simply put, using direct lenders makes getting a bad credit loan faster and simpler. But there are also advantages to using brokers/connectors.
For instance, each direct lender only operates in specific states. That means the direct lender you want may not offer the services you need in your state, or the requirements by that lender are different for borrowers from your state.

Connectors, on the other hand, work with hundreds of lenders in various states. They can easily connect you to a lender that matches your needs and approves of your application. This eliminates the hassle of applying to several direct lenders yourself until you find one willing to offer you a loan.

How and where can I check my credit score?

People with higher credit scores can access better loan deals. If you know your credit score, you’ll have a better idea of the loan terms you can get, especially interest rates and loan amounts.

Some popular ways to check your score include:

  • Ask your bank/credit card company: Your bank or credit card issuer should have a free credit monitoring service available that you can use to check your score.
  • Free websites: Several websites allow you to check your credit score for free. Such websites provide only a ballpark estimate of your credit score, but it is still useful.
  • 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.

How to improve your bad credit score – step by step

Below are effective steps that you can take to boost your credit score:

  1. Make larger credit card payments: To determine your credit score, credit bureaus compare your credit card debt and balance. To improve your score, your debt should be less than 30 percent of your balance. You can improve your score even more if your debt is less than 8 percent, but not zero. You can accomplish this by paying more each month to settle your credit card bills.
  2. Merge your balances: You can boost your credit score by settling the smaller debts on your cards to minimize your overall debt. Then you will want to consolidate your remaining debt onto one card without closing your zero balance cards. If your debt remains below 30 percent, it will positively impact your credit rating.
  3. Get more credit cards: The more credit cards you have, the more credit you’ll have access to. If you have one credit card, get two more but maintain a zero balance on them. It will increase your available credit and your credit score. This tactic will work if you don’t add fresh debt to the new cards or open too many new cards within a short time.
  4. Pay credit card bills before the due date: By the time you receive your credit card bill, your credit card company has already sent a report to the credit bureaus. The report will negatively impact your credit score as long as your unpaid bill is evident on it. To avoid this, find out when your credit company sends its reports and settle your bill before that time.
  5. Apply for a secured credit card: If your credit history is non-existent or minimal, you can give it a good foundation by opting for a secured credit card. Such cards prevent debt that’ll affect your credit score by letting you only spend money that’s prepaid into the card.
  6. Fewer loan applications: For most loan applications, there’s a hard credit check that will negatively affect your credit score. Avoid this by applying for fewer loans, or applying to lenders that use soft checks during the pre-approval stage.
  7. Pay your bills on time: A history of paying utility bills, rent, and other bills on time will make you appear creditworthy and positively affect your credit score.

Things to check

When trying to select a direct lender for a personal loan, look for the following features if you want to pick the best one for you:

  • Cost: Working with a direct lender should reduce the cost of getting a bad credit loan. As such, there should be no broker fees, application fees, or any hidden fees that may add to the cost of the loan.
  • Quick and easy application: Since there’s no middleman (broker), the application process with a direct lender should be faster and more efficient.
  • Reputation: The direct lender you choose should be well-established and have a reputation for trustworthiness. It should also have several positive reviews from customers.
  • Responsive customer care: There should be a customer care contact that you can use to directly reach the lender (or a representative) with your inquiries.
  • Payment of funds directly into your bank account: A legit direct lender will pay the agreed loan sum only into a bank account that has your name on it.

Summary: Bad credit personal loans guaranteed approval direct lenders

A bad credit personal loan can help you out of a financial jam. By working with a direct lender, you can get such a loan much faster without having to pay any unnecessary fees.

While no direct lender can guarantee your approval for a bad credit loan, the important thing is to apply to several lenders with different requirements until you find one that approves your loan application.

Let us help you find the best bad credit direct 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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