Best Bad Credit Loans Guaranteed Approval With No Credit Check: Get Bad Credit Loans Online Instantly

Each of us can face urgent money needs. Some people try to build a financial cushion or set aside money to prepare for financial emergencies and unexpected expenses. However, many Americans live paycheck to paycheck and have no free money to save. Moreover, about a third of Americans have a “subprime” credit score and can’t count on financial assistance from a bank or credit union. But there is still an ability to apply online and get unsecured personal loans with bad credit.

Multiple lenders now provide fast financial assistance for people with any credit scores and income ranges. Most of the loans they offer also won’t hurt your credit history, so you can solve your financial problems without lowering your credit score. Wonder where to get loans for bad credit? Here are some editor’s picks of the best companies that offer small personal loans with guaranteed approval and no credit check.

Best Personal Loans for Bad Credit

Unsecured personal loans for low credit may vary from lender to lender and from state to state. However, there are some crucial factors you should pay attention to when choosing a loan. To make things easier for you, we select top-3 companies, relying on their reputation, interest rates they offer, loan terms they provide, and eligibility requirements they set.

1. 1FirstCashAdvance – a loan provider that works with direct lenders only.
2. ASAP Finance – a matching service that provides smart financial solutions.
3. 15M Finance – a connecting company that offers fast personal loans.

#1. 1FirstCashAdvance

1FirstCashAdvance is a loan company created to connect people with direct lenders that offer various lending options, from online payday loans to installment loans and online personal loans with no minimum credit score requirement. The company considers low credit score borrowers, so you don’t have to worry about being rejected for a loan due to your past problems with debt payment obligations.

Another great fact about 1FirstCashAdvance is that its lenders usually perform only soft credit checks. Thus, you can receive the loan funds you need without affecting your credit score. As most lenders typically don’t require collateral, you can take out an unsecured loan even without having some valuable property. Most borrowers choose short-term loans from 1FirstCadhAdvance as they are fast and easy to get. There are just a few simple eligibility requirements you should meet to get a loan amount within one business day. All you need is to complete an online loan request form on the website and get a loan decision within an hour or less. The approval rate for its loans is generally pretty high.

“A bad credit personal loan is typically more affordable than a payday cash advance due to lower interest rates and longer terms. Thus, it may be a good alternative to traditional loans when you’re looking for a long-term financial solution with a bad FICO score. But you should always remember it’s still debt, so use it responsibly and estimate all the risks before applying.” - Latoria Williams, CEO of 1FirstCashAdvance

Eligibility Criteria

• • Reach at least the age of 18;
• • Have a valid government-issued ID and Social Security Number;
• • Provide a lender with your mobile phone number and email;
• • Verify your minimum annual income of at least $12,000;
• • Have an active bank account.

Pros

• • High approval rate;
• • Easy to apply;
• • No minimum credit score requirements;
• • No origination fees or additional charges;
• • Unsecured loans with no collateral;
• • Money deposit as soon as the next business day.

Cons

• • A bad credit loan may be expensive;
• • Doesn’t allow co-signers.

#2. ASAP Finance

ASAP Finance is a connecting service that works with multiple personal loan lenders and offers competitive financial services for people with poor credit. Depending on your needs and situation, you can apply for payday loans, installment cash advances, bad credit personal loans, and even emergency loans with no job. Moreover, by applying with ASAP Finance, you can get the money you need without any records in your credit report.

Unlike banks and credit unions, the company considers applicants with less-than-perfect credit scores and doesn’t pay much attention to your credit background. All you need is to verify you have enough income to repay the loan cost. ASAP Finance offers an online application, so you can solve your money problems from the comfort of your home without wasting time getting to a store. The whole application process typically takes about 15 minutes. In most cases, you can access the money in your account as soon as the next working day.

“Personal loans for bad credit are still popular with borrowers as they offer some options traditional loans can’t provide. For example, you can get them within a business day and don’t need to provide the lender with a huge list of documents. Although people think these products are expensive, rates are usually pretty reasonable, considering all the loan features. Most borrowers I was talking with still find a bad credit personal loan an accessible option. ” - Gregory Allen, principal CEO of ASAP Finance

Eligibility Criteria

• • Applicants over 18 years old only;
• • Be a legal citizen of the US;
• • Have an active checking account;
• • Prove your steady source of income with bank statements or pay stubs;
• • Specify your personal and contact details.

Pros

• • Simple application;
• • Make only a soft credit check;
• • No loan origination fee;
• • Available with a bad credit score;
• • A full range of lending options.

Cons

• • A loan may be costly if you have poor credit;
• • No guaranteed loan approval.

#3. 15M Finance

15M Finance is a matching service that can connect you with the lender that meets your current needs. The lenders it works with offer bad credit loans for personal needs, such as payday cash advances and installment loans. This service has no minimum credit score requirement, so you’re welcome to apply even with a bad credit history. There are no restrictions on what you can use the money for, so you can solve any financial problems that arise. 

15M Finance offers a fast application process and a huge network of trusted loan providers. Applicants commonly get loan decisions within an hour. The money can be funded as soon as the next business day, so you don’t have to wait much to cover your financial emergencies. Thus, the short-term loans it offers can help you cover your cash shortages fast and without lowering your credit score.

“Loans with no hard credit checks and guaranteed approval may be lifesaving if you use them cautiously. There are various situations when taking out such a loan may be a good idea. On the one hand, it can help you solve your daily problems, cover emergency expenses, or avoid high overdraft fees. On the other hand, it doesn’t impact your credit score, so you can rebuild your financial strength while getting some extra money.” - Shania Brenson, co-founder of 15M Finance

Eligibility Criteria

• • At least 18 years old or be an adult in your state;
• • Be a permanent US resident;
• • Have an active checking account, email, cell phone number, a valid ID, and Social Security Number;
• • Prove your income is enough to make loan payments.

Pros

• • Fast and simple application process;
• • Easy-to-get loan options;
• • Free service with no origination fees;
• • Accept bad credit applications;
• • Don’t affect your credit history;
• • Fast money funding.

Cons

• • An expensive lending option may be offered;
• • A lender may deny your application after a soft credit inquiry.

What Are Bad Credit Personal Loans?

A bad credit personal loan is typically an unsecured loan that has no minimum credit score requirements and doesn’t affect your FICO score. These loans are easier to get compared with loans from a bank or a credit union. Depending on the loan type, you can obtain from $100 to $5,000 and repay the money either in fixed monthly installments or in one large payment. The maximum and minimum loan amounts may also vary from state to state.

Poor credit loans usually have a simple loan application process and a fast money deposit. As these loans were created to meet the needs of bad credit borrowers who get into emergencies, online lenders strive to simplify the whole process and make it accessible from everywhere. Thus, you can apply within 15 minutes and get the money you need by the end of the next business day.

Loans for bad credit basically don’t hurt your credit, so it may be a good option for people who try to improve their credit scores but need some additional financial assistance right away. However, sometimes bad credit personal loan rates are pretty high. These loans may also come with some additional costs, so you should read your loan agreement carefully. While some lenders don’t require you to pay any origination fee, others may set some additional charges.

How Do Bad Credit Loans Work?

Personal loans for bad credit work almost like traditional loans. At the same time, such a loan has a faster money transfer and fewer eligibility requirements, as well as a higher interest rate and a limited loan amount. Nevertheless, loans for poor credit may be a good solution in case of financial emergencies.

Unlike bank or credit union loans, bad credit loans from direct lenders are easy to get. All you need is to spend about 10 minutes filling out an online application form. The lender that can help you will make a soft credit inquiry and send you a loan decision within an hour. If approved, you will get a loan offer by email. You should read your loan documents to find out what are your loan terms and conditions. If they suit you, you should sign a loan agreement. Depending on the way you apply for a loan, it may be an e-signature or a handwritten signature in a store.

Once signed, the lender will deposit the funds to your bank account within one business day. You can spend your loan proceeds for any purpose without limits. On the due date specified in your loan contract, you must make a monthly payment or pay off the loan, depending on the type of borrowing you choose. Some lenders may also set a prepayment penalty, so if you want to make a loan payment earlier, you’d better check your loan contract conditions.

Take note that bad credit loans may affect your FICO score in case of late or missed monthly payments. Make sure you will be able to pay on time to avoid unpleasant consequences.

Bad Credit Personal Loan Types

While some people may need a small loan amount to cover their cash shortages, others are looking for more significant loan amounts to pay for some big purchases. That is why there are three common types of urgent loans to meet all the customers’ needs:

• • Payday loans. A payday loan is a short-term financial solution that offers borrowers small loan amounts from $100 to $1,000, depending on your state. Paycheck loans usually require you to repay the money in one lump sum by your next payday, so the repayment terms generally can’t exceed 30 days. A payday cash advance is one of the easiest to get loan options. Even if you have a bad or fair credit score, you can count on fast financial assistance within a working day. At the same time, paycheck loans are usually costly. You may require to repay from $10 to $30 per each $100 borrowed;
• • Installment loans. An installment loan is a cash advance that allows you to obtain up to $5,000 and repay it in fixed monthly payments within the loan lifetime. The loan terms are usually from 3 to 24 months, so you can repay the funds without stress and use the loan funds to cover some significant expenses. However, an annual percentage rate on an installment cash advance may be very high. In some cases, it may reach 100%;
• • Personal loans for bad credit. A personal cash advance is a type of borrowing that allows you to get a loan amount of up to $15,000 and turn the money back in equal monthly payments within the repayment terms that are up to 60 months. These loans are considered good long-term solutions for people with less-than-perfect credit who need some emergency cash.

When to Apply for No Credit Check Loans Guaranteed Approval?

Loans for poor credit may be used for any purpose, from covering your daily needs to paying for repair works. However, you should use them responsibly and avoid unnecessary spending due to their high cost. Most borrowers obtain personal loans for bad credit to:

• • Consolidate debt. Debt consolidation loans allow you to combine all your small existing debt into one. Sometimes it helps you save money on an interest rate, and sometimes it makes it easier to manage your finances and avoid late payments;
• • Cover medical expenses. If you need to cover some out-of-pocket expenses and don’t have enough savings to manage on your own, emergency loans may help you even with a low credit score;
• • Pay for repair works. If you need to repair your car or some appliances you use on a daily basis and can’t go without, urgent loans are here to help without wasting time on gathering documents and waiting for a loan decision;
• • Cover utility bills. Paying your utilities late may lower your credit score by a few points. Thus, it may be a better solution to take out a loan and pay it on time;
• • Pay for your daily basics. Sometimes we can suddenly run out of money and need additional financing to make ends meet till the next paycheck. You can use a loan amount to buy groceries, fill the car, or buy some essentials you need.

Is It Possible to Qualify for Personal Loans for People With Bad Credit?

Sure, it is. Most online lenders are more focused on your income or debt-to-income ratio, not your credit score. Thus, people with bad credit scores are welcome to get the loan amount they need within one business day. All you need is to meet a few simple requirements and prove your income is enough to make monthly payments.

Can I Get a Personal Loan With No Credit Check?

Unlike banks and credit unions, direct lenders usually don’t perform hard credit checks through major credit bureaus, so applying for an emergency loan doesn’t hurt your credit score. However, lenders typically check your personal details through free sources to estimate the risk of defaults. Thus, a “no credit check loan” usually means you can get loan proceeds without any records in your credit report. At the same time, a lender still checks your data and analyzes it before making a loan decision.

Am I Guaranteed to Get Personal Loans for Bad Credit?

In most cases, a lender needs to make sure an applicant is creditworthy before making an approval decision. Thus, a lender or a lending company can’t guarantee you will get a loan until it checks your personal details through some alternative means. That is why you may be rejected for a loan if you have a high debt-to-income ratio or low income. Guaranteed loans usually mean you will receive a guaranteed loan decision, whether positive or negative.

Bad Credit Loan Alternatives

If you’re looking for a loan at lower interest rates, with higher loan amounts, or more flexible terms, here are some available alternatives you can consider.

Secured Personal Loans

A secured loan is a type of borrowing that is available with any credit score. The main requirement for getting a secured loan is to provide the lender with a pledge. For example, home equity loans use your home as collateral, while title loans usually use an applicant’s vehicle. As your valuable items make the whole experience less risky for a lender, secured loans usually offer flexible repayment terms and reasonable interest rates. At the same time, secured loans always come with the risk of losing your property. Although interest rates will be lower compared to unsecured loans, you should think properly before obtaining a secured debt. Make sure you will be able to pay it back on time.

Joint Personal Loans

If you have less-than-perfect credit and want to get a personal cash advance, consider lending companies that allow co-signers and co-borrowers. Thus, if your co-signer has good or excellent credit, you may be offered a lower interest rate or a higher loan amount. However, not every person agrees to assume equal responsibilities in repaying a cash advance.

Interest-Free Credit Cards

Credit card cash advances are a good solution if you want to build credit or improve your credit score. Getting a credit card allows you to access the funds you need within the credit limits at any moment. You can get one to use only in case of emergencies, so it will serve as your financial cushion on any occasion. However, having some additional money on hand may lead to unnecessary spending and trap you financially. Also, credit cards often come with high interest rates when your interest-free promotional period ends.

Pawn Shop Loans

Getting a loan from a pawn shop allows you to take out a loan amount you need without giving a lender access to your bank account. You can receive cash on hand in exchange for some valuable items you own. There is no origination fee you should pay. Pawn shops also don’t have any document requirements, so getting such a loan is usually very easy. However, a lender may sell your item if you won’t repay the loan amount on time.

P2P Loans

People can also get loan amounts they need using special platforms that allow them to borrow money from other participants. However, these platforms are usually not under the regulation of any financial institution, so you should be careful and follow all the rules to avoid scammers.

How to Apply for a Loan With Bad Credit?

The application process for a guaranteed personal loan is typically very simple. Here are four common steps you should take to apply:

1. Complete a loan request form. Enter your personal, contact, account, and employment data in an application form and submit it. It may be either an online or an in-store process, depending on the particular lender. Typically, it takes you about 5 minutes to complete.
2. Get a loan decision. The lender that has a loan to offer makes a soft credit inquiry and emails you a loan decision within an hour or less.
3. Sign loan documents. Make sure loan terms and conditions suit your expectations and sign a loan contract electronically or in a nearby branch.
4. Receive the funds. The lender will transfer money to your bank account by the end of the next working day.

Short Guide on Choosing Unsecured Loans for Bad Credit

Getting a loan with a low credit score may be challenging, especially if it is your first experience ever. However, there are some tips that can help you make an informed lending decision.

• • Compare various loan offers before deciding on a loan. Lenders always try to put the products they provide in the best light. However, you shouldn’t take their word for it. Shop around for a better offer and make your lending experience stressless; 
• • Check out some reviews to have an idea about the lender’s reputation and previous borrowers’ experiences. It can also help you avoid unpleasant surprises and get ready for all the pitfalls;
• • Pay attention to the maximum and minimum loan amount the lender offers to make sure it suits your needs and your budget;
• • If you’re going to use loans for bad credit to make debt consolidation, pay attention to the interest rate on the loan and make sure it will help you save money in the long run. The interest rate on your new debt consolidation loan should be lower than on existing debt;
• • If you have a bad credit score, ask the lender about the options it has for “subprime” borrowers and its minimum credit score requirements;
• • Pay attention to an annual percentage rate, the amount of origination fee, maximum loan amounts the lender provides, and the loan terms. All these factors affect your monthly payment amount.

FAQ

What Is The Best Personal Loan?

The best personal loan is the one with a low interest rate and origination fee amount, flexible repayment terms, suitable loan amounts, and simple requirements. However, sometimes it may be hard to get all of these at once if your credit score is bad.

Where Can I Get a Loan With Bad Credit?

You can seek help from a bank, a credit union, an online lending company, or a direct lender in your area. Choose the one that meets your needs relying on loan conditions offered, or consider connecting services from our list.

How Fast Can I Access a Bad Credit Loan?

Lenders commonly transfer the funds to your checking account as soon as the next business day. Some lenders may also offer same-day funding for a personal loan if you manage to apply and get approved early in the morning (before 10:30 AM) on a weekday.

Disclaimer: The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to U.S residents only.

Disclaimer: This article is published in association LeadsUp and not created by TNM Editorial. Please do your own research before applying for loans from the above services and seek independent legal/financial advice if you are unsure.