Bad Credit Personal Loans Guaranteed Approval No Credit Check

Writer and editor - Joseph Smith | Updated on 2020-03-09
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Are There Any Bad Credit Personal Loans Guaranteed Approval with No Credit Check?

If you’ve had the misfortune of getting a bad credit record, you know exactly how hard it is to get financing for anything. Most lenders will conduct thorough credit checks before allowing you to take out a mortgage or apply for a personal loan. These constant credit checks can lead to a situation where improving your credit record is difficult because you’re not allowed to take on any more credit.

That said, some credit lenders will do a soft credit check, which only verifies your current income. While this still counts as a credit check, it is a lot more lenient than a hard credit check that looks at your entire credit history. Be wary of lenders who offer no-credit-check loans, since they are required to do one by law.

Most lenders will do a soft credit check when you apply for a loan. This credit check verifies whether you have an income of $800 before tax or $2,000 before tax for personal loans. However, once you’ve accepted the loan offer, the same lender may then do a hard credit check, which can hurt your credit score if you then get rejected.

Loans Amount Cost / APR ? Bad Credit Features
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 ?
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 ?
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 ?
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 ?
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 ?
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 ?
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 ?

Also, be very careful about lenders that promise guaranteed-approval loans. Legally speaking, no reputable lender can give such a guarantee, since there are at least minimal requirements that you have to pass to get a loan. What will vary is how many hoops you have to jump through to get a loan. Some lenders may only do a soft credit check without doing a hard one after, which means that as long as you earn $800 before tax or more, you can qualify for a loan from that lender.

Ultimately, as with many things in life, if someone promises you something that sounds too good to be true, it probably is. Due to legal regulations, guaranteed loan approval and no-credit-check loans do not exist. Every single loan issued is done so on condition of a credit check, so nobody can promise you a guaranteed-approval loan.

What Alternatives Are There to Bad Credit Personal Loans with No Credit Check?

There are several legal requirements that you have to meet to take out a loan. If you’re looking at a unsecured personal loan with bad credit, you need to make sure that the lender is only doing a soft credit check without getting your full credit history from the various credit bureaus.

Requirements for Bad Credit Loans

To qualify for a bad credit loan, you need to meet the following requirements:

  •  Be over 18 years old, though some lenders may require you to be over 21.
  •  Recommended monthly income of $2,000 before tax, with a minimum income of $800 before tax
  •  An ID
  •  Active bank account
  •  Proof of income, such as a pay stub

Payday loans have similar requirements, though you can get away with earning a minimum of $800 per month instead of the recommended $2,000.

Is it Possible to Get a Same Day Deposit?

Yes, though it’s not a guaranteed thing. If you apply early enough in the morning and it’s a small loan, the lender may be able to approve the loan and deposit the money early enough for you to get it on the same day. There are a couple of things that can influence whether you get the money on the same day, including:

  • Size of the loan – if you’re applying for a small loan, the lender is more likely to do a quick soft credit check before approving the loan and depositing the money. Larger loans will require larger and more intensive checks, which take longer to do. In general, larger loans won’t payout on the same day you applied, though they may still pay on the same day that they approve the loan.
  • ACH settlement time – any transaction involving two bank accounts needs to pass through the Automated Clearing House (ACH). The ACH uses a batch processing method, meaning that it waits until enough transactions have accumulated before processing the batch. The ACH processes three batches a day, but only on business days. Luckily, most credit and debit transactions are eligible for same-day processing as long as the transaction arrives at the ACH before the last batch of the day is processed.

How to Improve Your Bad Credit Score

If you’ve got a bad credit score, you know how difficult it is to get a loan, which in turn makes it harder to build your credit score back up. Luckily, there are several things you can do to improve your credit score. The process of improving your credit score is often long and difficult, but the results are well worth it.

Know your credit score

The first step of improving your credit score is to know exactly where you stand. Most credit reports offer plenty of detail about your credit history, so you can see what’s impacting your credit score. By understanding what your weak points are, you’ll be more able to address these issues and pick your credit score back up.

Correct any errors

Mistakes happen, and reporting errors can have a significant impact on your credit history and score. These reporting errors can include incorrectly reporting a missing or late payment, inaccurate credit limit, or even adding someone else’s credit history to your name. These mistakes can hurt your credit score, but luckily you can get in touch with the various credit reporting bureaus and get these mistakes fixed.

When you receive your credit report from the credit reporting bureaus, take the time to go over every item and entry to make sure that they’re correct. If you notice a mistake, follow the credit bureau’s dispute process. It won’t be easy, but fixing these errors can help boost your credit score and ensure that you don’t get impacted by clerical errors.

Diversify your credit cards

If you only have one credit card, you can improve your credit score by taking out one or two more. Taking on extra debt may seem counter-intuitive, but having extra credit cards with a zero balance can lower your credit utilization score. Just make sure that you don’t use these extra cards, since adding extra debt isn’t a healthy move for your credit score. Instead, keep these cards at zero, which increases your available credit limit and lowers your credit utilization score.

Also, if you’re trying this tactic, don’t be tempted to rush it. Opening several credit card accounts at once can look risky to lenders and will decrease your average account age, which is often a warning sign for credit bureaus.

Make large credit card payments

The best way to improve your credit score is to make significant payments on your existing debt. Credit agencies look at how much your credit limit is and how it compares to how much money you owe. Anything over 30% is considered risky and will negatively impact your credit score. So if you have a credit limit of $9,000, owing $3,000 or more is a warning sign. If possible, try to get your credit card balance under that 30% mark, or even better, under 8%.

Making large credit card payments can be difficult, especially if you rely on credit to cover your bills and daily spending. Having a budget is a good way to see what you’re spending your money on, and finding ways to assign as much money as possible to paying off your debt and raising your credit score.

Where Can I Check My Credit Score?

Three main credit bureaus keep track of your credit score, namely TransUnion, Experian, and Equifax. You can request a free credit history from each of them every twelve months, which will give you a good oversight of where your credit score is.

If you’re actively trying to improve your credit score, you can also pay a fee to get a credit report more often than once a year.

Risks You Need to Know

If you’re looking at taking out guaranteed-loan-approval, no-credit-check payday loans, there are some risks that you need to be aware of before agreeing to the loan. The first one is that every hard credit check you go through will lower your credit score. Failure to repay your loan on time will also hurt your credit badly, making it even more difficult to take out loans later on.

Be 100% sure that you’re in the right financial position before applying for any loan, especially those that advertise themselves as bad credit personal loans or guaranteed-approval, no-credit-check loans.

Summary – Bad Credit Personal Loans Guaranteed Approval No Credit Check

Due to regulations, lenders have to conduct a credit check before they can issue a loan. These regulations mean that no-credit-check loans or guaranteed-approval loans don’t exist. The best you can expect is a lender with low credit standards who is happy just doing a soft credit check and approving the loan based on that.

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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