5 Best Bad Credit Loans with Guaranteed Approval Fast [2021 List] – The Denver Post


In need of a loan but have a low credit report? To help you, we decided to do research and gather information on the best lenders that are available.

To ease your tension, we compiled a list of online lenders that can provide loans to people with bad credit and that come with guaranteed approval. In addition, these lending companies might also help you improve your credit by sending the records of your transactions to national credit bureaus.

You may be wondering that if these companies do not consider the low credit score, then how do they even work? Well, they look for factors besides a credit score, such as how you manage your expenses, your average income, how much you spend from your total income, etc. This ensures the companies are legitimate.

While genuine, legitimate companies help you with this situation, some fraudulent people may take advantage of others’ problems and charge large amounts in the name of interest. Therefore, it is highly important to opt for those lending companies that charge reasonable fees and interest rates. In that regard, we found some of the best companies for you.

Best Companies That Provide Personal Loans for Bad Credit:

Keep scrolling to see our top picks and much more.

#1. MoneyMutual

Brand Overview
It can be difficult to approach lenders individually and meet their requirements to receive a loan. This process tends to come with a heavy interest rate as well. However, things are different when it comes to MoneyMutual.

Founded in 2010, MoneyMutual’s main aim is to link short-term lenders with borrowers and make things easy by providing funds immediately.


  • No origination fee for the service it provides
  • Simple loan approval process
  • Easy to navigate website
  • Funds are transferred into your bank account within 24 hours
  • Over 60 lenders available
  • Site is secure; personal information is not at risk


  • Only U.S. residents are eligible to get the loan
  • Once a personal loan agreement is signed, the site is not responsible for any problems
  • Not eligible without proven regular source of income

Initially, all you have to do is to visit their official website and fill out a simple form to proceed. Then, you will have to provide information such as where you live, your age, and if you earn $800 a month. Following that, the company will begin to work on your request. You are able to keep track of the progress through the official website.

In the next step, MoneyMutual connects you to a lender who is willing to give you the loan. You are then redirected to the lender’s website to go through the loan agreement’s terms and conditions and interrogate since MoneyMutual does not intrude in this process at all.

Then, if you agree to the terms, interest rate, and fees set by the lender, you can finalize the deal. The lender might contact you directly in order to proceed.

The funds can then be directly deposited into your bank account in no more than 24 hours. However, it is pertinent to mention that MoneyMutual just acts as a free bridge between you and the lending company/lender and has nothing to do with the terms and conditions that have been set between you and your lender.

Customer Experience
With more than two million customers online and the overwhelming reviews they have left, there is no doubt MoneyMutual is doing a great job. Almost all of its users seem to be satisfied with their service since it is hassle-free, and the company itself charges no fees to connect you with a lender.

Customers also really appreciated the quick transfer of funds to their accounts, which helped them deal with their situations immediately; so, they trusted MoneyMutual more than any other source.

Not only does the company have returning buyers, but people have also been reaching out through referrals, which speaks for the company’s credibility and reputation.

#2. BadCreditLoans

Brand Overview
BadCreditLoans is yet another company that connects borrowers with lenders.

So, no matter the case, if you need immediate funds — be it debt relief, debt consolidation, credit card refinance, rent or mortgage, medical, rent or taxes, auto repair, special occasion, vacation, etc. — BadCreditLoans has you covered.

With the help of fact-based information provided by the company, you can make responsible decisions freely, since the company is not bound to commit to lenders if you are not satisfied.


  • Easily apply for funds by filling in a form
  • Eliminates the hassle of contacting lenders individually
  • Multiple options for lenders
  • Factual information regarding the lender provided
  • No pressure to commit if not satisfied


  • Those with poor credit might not be able to get loans over $1,000
  • Not rated well by the Better Business Bureau

With BadCreditLoans, you can request funds ranging from $500 to $10,000. The flexible repayment options are great since they give you the liberty to make payments in up to 36 months. However, the interest rate varies depending upon the terms and conditions set by the lender. Interest rates range from 5.99% to 35.99% APR.

To be eligible to get a loan through BadCreditLoans, you must be 18 years old or above. You should have a proper source of income, and proof of citizenship is also required.

By following three simple steps, you can get the funds transferred straight to your bank account without any inconvenience. The first step is to fill in the simple form provided on the official website.

In the form, you will have to enter the loan amount you want to borrow, the reason for which you want money, and proof of your citizenship, such as a social security number, personal information like your name and date of birth, bank information, etc.

Then, the company does its job. It links you to a lender to help you with your financial needs. The lender then goes through your request and offers you an agreement based on your requirements.

If the offer appeals to you, you can accept it; otherwise, there is no pressure. You can turn it down and start over to find someone else. However, make sure to go through the terms and conditions set by the clients thoroughly.

Let us say you both have come to an agreement. Then, you will be required to sign the contract electronically to get the amount transferred into your checking account. It is likely you may receive the funds the next business day; however, you might experience a delay depending on the deposit process the lender has chosen.

Customer Experience
All in all, BadCreditLoans was a credible source to find trustworthy and reliable lenders. The fact they proceed with your request without considering your credit score first opens many avenues for those previously unable to receive loans.

However, they require a little more detailed personal information in comparison to other companies in the market.

#3. CashUSA

Brand Overview
Not all companies offer easy, guaranteed approval on bad credit loans, but CashUSA does. You can borrow up to $10,000 from a lender via CashUSA. However, how much money can be lent to you depends on the condition of your credit score. Also, the interest rates range from 5.99% to 35.99% APR.

One of the most prominent features of this company is the education center accessible through their website.

This resource provides you with all of the necessary information regarding a variety of finance-related things, such as credit score, calculation of debt, planning of paying back student loans, setting your priorities and budget accordingly, choosing a financial advisor, and many more.

So, comprehensively, you will not only receive useful information, but also a lender from which to borrow money.

Let us have a detailed view of what the company has to offer and how it works.


  • Fast and free service
  • Excellent customer feedback
  • Ability to pay loan installments easily, up to 70 months
  • Offers numerous lender options
  • Service is swift and free of cost
  • Education center contains helpful information
  • Safe and secure system


  • Asks for a lot of personal information

CashUSA also works similarly to others on this list. First, you are required to fill out a short form that requires basic information such as your name, a valid email address, if you are an active military member, and the loan amount you want to borrow.

In the next step, you are asked to provide more detailed information, like your phone number, your home address, whether you own or rent your home, your monthly income, the name and contact information for your boss, your ID, your social security number, and the bank account type.

In the last step, you will provide the company with information concerning your bank account, along with a few other things.

The rest of the process will be performed by CashUSA. As soon as you click “submit”, your request will be sent to all available lenders. Then, interested lenders will send you an offer.

Once you have received the offer and find it suitable, you can accept it by giving your e-consent to get the funds transferred to your account in one business day. However, if you are not satisfied, you can refuse the offer.

Customer Experience
People have been happy with their decision of choosing CashUSA to get loans in a time of need. The company has proved helpful, especially for smaller loan amounts. The customers also praised the fast transfer of funds without any hassle.

#4. Credit Loan

Brand Overview
Founded in 1998, the company has served more than 750,000 people by connecting them to lenders. The company aims to provide its users with secure and practical tools to deal with everyday financial problems.

Affordable interest rates on payments make Credit Loans a reasonable option to consider. The site is not only for those who have an average credit history but also for those who have a bad credit score. However, the company assures that only suitable lenders can access your request for the loan.

Let us have a detailed look at what the company has to offer and how it works.


  • Free, fast service
  • Personal information is protected
  • Site is secure and safe
  • TRUSTe verified
  • No in-person meetings required
  • Funds are available in 24 hours or less
  • Suitable platform for smaller funds


  • Limited loan amounts — only up to $5,000

All of the companies we have discussed in this article have the same procedure, just like this one; however, Credit Loan is particularly the best for you if you want a small loan amount at an affordable interest rate.

You start the process by filling out the typical site form that requires basic information like your zip code, name, email address, etc. Rest assured, your privacy is valued with this company, as it protects your personal information.

This discretion is proved by the fact TRUSTe verifies the company. Credit Loan also has other certifications like McAfee SECURE, furthering your safety when using this website.

Your submitted request is then forwarded to the company’s lender community, and if a lender wants to work with you, you are redirected to their website to continue.

On reaching the lender’s website, you will then review the agreement. If you find the loan terms reasonable, you can accept it.

After accepting the loan terms, you will most likely receive your funds within one business day; however, your financial institution may cause delays.

Customer Experience
Almost all of Credit Loan’s customers have praised the fast and secure service. They have particularly recommended it to anyone who wants to borrow a small amount immediately.

Additionally, the repayment terms and interest rates were found reasonable. The lenders also help people improve their credit score by reporting their payments to the credit bureaus regularly.

#5. Personal Loans

Brand Overview
This company promises to provide a safe, secure, and fast transfer of funds. Available at all times of day, Personal Loans always has someone available to help you in obtaining loans up to $35,000.

Even if no one accepts your request from their community of lenders, they provide the option to approach other “third-party” members to help you. However, in this case, limited information is provided.

Personal Loans charge no fees for the service they provide. They simply act as a bridge between you and the lender. Once contact has been established between the borrower and the lender, the company steps aside.

Let us have a detailed look at what the company has to offer and how it works.


  • Funds available in one day or less
  • Easy repayment terms
  • Repayment available up to 72 months
  • Free to turn down offers
  • Flexible repayments help improve your credit score
  • Solid reason provided for the information required
  • Loans up to $35,000 available


  • May not be approved if you have a poor credit score

On their official website, you begin the process by filling out a traditional form, which asks for some basic personal information. Personal Loans provide a solid reason for each detail it asks for, helping users trust the company.

Then, based on the information you have given, a suitable lender will send you an invitation to proceed by shifting to their website. Another good thing about Personal Loans is you are not bound to provide additional information prior to being invited by a lender.

Then, you are free to make a decision after reviewing the terms and conditions the lender has given. On approving the deal, the funds are transferred to your bank account within 24 hours.

Personal Loans also give their customers flexibility regarding repayment.

Even if you have missed a deadline, you can talk to your lender directly and request a new repayment schedule that is more suited to your financial circumstances.

Factors to Look for While Getting a Bad Credit Loan

Many factors are involved in getting the best personal loan with bad credit. If you are in search of an online lender for a bad credit loan, you must keep in mind the following points.

Lenders who offer personal loans for bad credit usually demand minimum credit score criteria as set by an analytic company known as FICO (Fair Isaac Corporation), that begins from at least 620.

Moreover, the debt-to-income ratio, which is explained as the amount you owe to pay and the amount you earn every month, should strictly be kept in mind. Also, most of the lenders prefer the borrowers who have a solid and definite income so repayments are made timely and punctually.

Some lenders prefer to set a limit of income per annum for the borrower; however, other lenders may forgo that, but they do not ignore the other considerations, like your job, the amount you earn, and your overall ability to pay back the borrowed amount.

Some lenders even go beyond your credit history, as they consider your background of credit score too.

If you are unable to meet the conditions of getting a personal loan with bad credit based on your own credit history, you may look for lenders who can permit you to introduce another signatory. You can benefit from the co-signer’s best credit and income. This can enable you to negotiate with the lender more effectively.

This can also provide a personal loan to people with bad credit at a comparatively lower interest rate. In case you fail to make the repayment, your co-signer is liable to pay on your behalf. It will be a guarantee for the lender from the co-signer.

However, there is a risk factor in this matter. If you are unable to pay the loan, you can lose the relationship with your co-signer. Therefore, the pros and cons of this partnership must be kept in view before jumping into this situation.

  • What Are the Interest Rates Offered?

The first and foremost consideration in borrowing a loan should be the best affordable interest rate. This factor should always be the top priority, as making a comparison of the minimum interest rates is a must. However, it all depends upon the credibility of your credit score. The better your score is, the lower the interest rates.

Additionally, there are some bad credit lenders. They offer fixed interest rates instead of fluctuating ones. The fixed interest rates remain consistent throughout the duration. On the other hand, the variable interest rates are changeable, as they move along with the index rate.

Once your bad credit loan has been sanctioned, the loan agreement will be made accessible to you. It will include all of the basic T&Cs, the info about the amount, and the APR (annual percentage rate).

You need to carefully review the terms before accepting them to ensure they are favorable and suited to you. Additionally, you should make sure you are financially able to make the repayments.

Commencement, payment in advance, late payment, bounced checks, inadequate funds, and processing fees of transactions may be applicable. Some of the lenders charge fees, while others do not. The range of chargeable fees is from 1% to 6% of the total loan.

Some lenders offer to adjust the origination fee to the loan. This type of fee is variable by state and by lender. Some lenders charge a fee if payments are delayed. However, some lenders allow an additional time of 10 to 15 days before charging late fees.

Mostly, late fees range from $15 to $30. There are also some loan lenders who do not charge any late fees.

Being a borrower, you should check to see if you have any money in your savings account or any assets you can liquidate. These types of assets will save you from any crisis and set back the impending danger of losing your job.

How to Get a Loan if You Have Bad Credit (Step-by-Step)

You can be eligible to get a personal loan even with bad credit if you have the ability to strike the best bargain. This requires careful preparation.

The initial step is to check your credit history, making a budget to pay off your loan, and looking for the most suitable deal with the best possible terms.

Step-1: Check Your Credit Score & History Before Applying

First, you should get your credit report, review it for mistakes, and determine the points to be improved. If you detect the drawbacks and address them, you can make your credit score better and, as a result, be entitled to the low-interest rates. You can achieve a free credit report from all of the prominent bureaus.

When applying for a loan, your lender will see your credit history, which will reveal if you will be able to repay the loan. Your credit report and credit score are the only factors with which the lender will judge your credibility.

Check your credit history at least three months before you intend to apply for a loan. This way, if any disputes arise, you will be able to clear them with a credit bureau before applying. This procedure requires at least 30 days. You can also pinpoint the areas which can be improved in your credit history.

Step-2: Pre-Plan Your Loan if You Have Bad Credit

Next, you will need to figure out the exact amount you need to borrow. Then, you can make a practicable plan to make the payments promptly. Your budget should be inclusive of your essential expenditures, savings, and debt payments, in addition to your payments on the loan.

After making a realistic calculation as to how much you can pay every month, finalize the amount of your loan and the period of repayment accordingly. The conclusion is the long-term loan will be costly because of higher interest, whereas the monthly installment will comparatively be lower.

Step-3: Look at the Interest Rate Before Getting the Loan

Borrowing an amount from someone as a loan is something that needs to be dealt with very carefully. What you need to do is to look for the most suitable interest rate. The lenders who offer pre-approvals can be a better option to opt for since they do not do in-depth credit investigations to propose their terms and conditions and interest rate.

So, go for such lenders and then choose one lender whose quote appeals the most to you. This will save you from undergoing hard credit inquiry by many.

Step-4: Beware of the Scams

Never ignore bad credit loan scams before you get started. It is hard to recognize scams, especially being a new borrower. However, you can keep some tips in your mind to recognize them.

For example, the fraudulent lender will not ask you about your payment history. They are only concerned with the advance fees. Once they are connected with you, they are in near constant contact and will demand you to pay from your prepaid card. Some might lack the license to deal in personal loans for the state you live in as well.

Step-5: Pay Back the Loan in Time

As a borrower, making on-time payments is your duty. It will save you from penalties, late fees, and a negative impact on your credit report. You will suffer a big loss if you neglect to pay. Moreover, you will have to pay excessive interest, and your actual cost of the personal loan amounts will rise up.

Alternative to Bad Credit Loans

If you are unable to get a personal loan, and you think no other option is left for you to fulfill your financial needs, do not lose hope.

The following are the best possible alternatives for getting a loan:

If you are in need of a small amount of money, make it available from the other sources you have in your access. For example, if you have assets in your possession, you can liquidate them and get the cash you need promptly, which could be the best choice for you.

  • Take Help from Your Employer

You can beseech your employer for some cash in advance against your salary if you are on good terms with them.

  • Borrow an Amount from Your Loved Ones

If all of the other doors are closed for you to get a loan, you can approach your friends and family members to borrow a small loan from them.

However, do not take for granted that you are borrowing from your friends or relatives. Provide all of the terms and conditions in black and white, including the repayment schedule, the interest rate, installments, and other charges, if any.

Take this loan from your relatives and friends as if you have borrowed from a typical money lender. Mind you, if you fail to fulfill your agreement, you may negatively impact your relationship.

FAQs About Bad Credit Loans

Q. How to Know if Your Credit Score Is Good, Bad, or Poor?

You have a legal right to officially obtain a free-of-cost copy of your credit history yearly from all of the three countrywide bureaus. All you have to do is to visit www.annualcreditreport.com.

Then, there is a scale of judging your credit score set by FICO, which is most commonly acknowledged.  It ranges from 300 to 850.

A score below 670 is considered to be bad. Mostly, a score between 580 to 669 is good enough, and 300 to 570 is poor credit. A score that begins from 669 up to 850 falls in the category of an excellent score.

Q. How to Get Rid of Poor Credit Scores?

  • Keep an eye on your free credit score report.
  • Be punctual in paying your bills.
  • Pay the installments you owe.
  • Avoid getting into a situation that can cost you hard investigations.
  • Build up your credit with the wise counseling of professional advisors.

Q. What Is the Result of a Bad Credit Score?

A poor credit score can hold you back from growing your business. You will face a quick refusal on applying for loans if you have a poor credit score and, therefore, cannot benefit from the line of credit at the time of your urgent need.

You will be deprived of many financial advantages like personal loans, loans for cars, student loans, and credit cards. Additionally, you may face many other financial hardships as well.

Q. How to Get a Loan Urgently if You Have a Bad Credit Score?

Financial constraints are always impending. Under such circumstances, you can make full use of online lending systems and networks. You will not meet any difficulty getting yourself qualified for a loan you need within the shortest possible time.

By opting for this method, you can have cash in your account instantly. This process does not involve any complexity, nor does it need any exceptional credit score.

Q. Is It Possible to Get a Loan Without Having Checked My Credit Score?

If you want to escape your credit history at the time of applying for a loan, you will have to pay the cost. It may be in the form of paying a high-interest rate and other fees to compensate and secure the lender’s interest.

The following are ways you can adapt to get a loan without revealing your poor credit score:

  • Pawn Shops can provide you with personal loans. You can borrow a loan by mortgaging anything you have in your possession. In case you fail to pay the borrowed amount, your mortgaged item will be confiscated.
  • You have the option for an auto title loan too. For this, you will have to attach your vehicle’s title with the lender. If you fail to pay, you will lose ownership of your vehicle.
  • You can also get a payday loan facility by proving your adequate income to pay for the loan. However, you have to be ready to pay big penalties in case of your failure to repay the loan.
    Conclusion – Which Is the Best Company for a Personal Loan with Bad Credit & Guaranteed Approval?
  • You can plan a wedding or a vacation, but a blown car gasket is not something you have planned beforehand. This is just one example. There are a lot of other unfortunate and unseen events that can come up and damage your budget as well as your credit score report.

Conclusion – Which Is the Best Company for a Personal Loan with Bad Credit & Guaranteed Approval?

You can plan a wedding or a vacation, but a blown car gasket is not something you have planned beforehand. This is just one example. There are a lot of other unfortunate and unseen events that can come up and damage your budget as well as your credit score report.

Thankfully, we have some trustworthy platforms like MoneyMutual that prove to help when we feel like there is no way out of the situation.

We have discussed all of the pros, cons, and features, along with the brand overview, in this article to make it easy for you to choose a company from which to receive a personal loan. The best thing about these platforms is that they are all free to use.

The news and editorial staffs of The Denver Post had no role in this post’s preparation.

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