If you have poor or zero credit history, you probably are a bit unsure of how to go about applying for bad credit loans. Online, there are hundreds of lenders offering you their services and often, it’s really difficult to recognize which lending partner is best suited for you.
Those with a poor credit rating are often offered extremely expensive interest rates in addition to a high processing fee, making the process of choosing a lender more challenging. That’s why we’ve researched the top lending partners available online and are proud to offer you our hand-picked compilation of best providers of bad credit loans online. Review our findings below.
Best Bad Credit Loans – Quick Overview
- Low Credit Finance: Overall Best for Loans for Bad Credit
- Viva Payday Loans: Best for Bad Credit Loans Guaranteed Approval
- Big Buck Loans: Best for Same Day Personal Loans for Bad Credit
- Heart Paydays: Best for Online Loans for Bad Credit Borrowers with No Job
- Green Dollar Loans: Best for Instant Approval Personal Loans with Bad Credit
Best Loans with Bad Credit Guaranteed Approval of 2022
1. Low Credit Finance: Overall Best for Loans for Bad Credit
Bad credit can feel like a death sentence to those who need extra cash. But thanks to the internet, and the many loan-finder companies there are, there are several options available for people with bad credit or no credit. And unlike a traditional loan, loans for bad credit can be a great way to rebuild your credit score slowly and consistently.
If you’re looking to borrow money, and you want to make sure you’re not wasting time applying via lenders that are likely to reject you, then Low Credit Finance is a fantastic first choice. This loan-finder platform offers loans for bad credit to people for amounts between $100 and $5000, with most loans being repaid within 3 to 24 months in structured monthly, fortnightly or weekly automated debits on your bank account.
When you apply for loans for bad credit via Low Credit Finance, you will find that there are multiple options to choose from. Customers can choose whether they want to pay the loans for bad credit by their upcoming payday, or repay it in more affordable monthly payments. Interest rates are expensive, as is the case in the online loans industry, but they’re not over-the-top, with APRs ranging from 5.99% to 35.99%.
Eligibility Requirements for Loans for Bad Credit
- All applicants must produce a valid ID
- 18 is the minimum age to apply
- Only applicants earning $1000 or more will be accepted
Pros of Loans for Bad Credit
- The loan-finder service is free to borrowers
- Bad credit loan options are readily available
- 1-hour payouts are standard
Cons of Loans for Bad Credit
- Expensive APR
2. Viva Payday Loans: Best for Bad Credit Loans Guaranteed Approval
Second on our list of the top loan providers is Viva Payday Loans. You’ll like this one if you’re looking for a simple application process for bad credit loans guaranteed approval and a quick payout.
Viva Payday Loans offers its customers speedy access to bad credit loans guaranteed approval with a quick online approval process. Its panel of lenders has access to highly competitive rates, and borrowers can expect their cash within an hour once the loan is approved. The final setup of the bad credit loans guaranteed approval is done directly with the lender and Viva Payday Loans doesn’t charge to connect borrowers with lenders offering loans from $100 to $5000.
Viva Payday Loans has a reputation for providing borrowers with access to loans with interest starting from as low as 5.99%. Of course, your current financial situation and credit score may determine the interest rate offered to you – this can go up to 35.99%. Those who are self-employed, earn their income through innovative means, are students, or have bad credit are welcome to apply for bad credit loans guaranteed approval via Viva Payday Loans.
Eligibility Requirements for Bad Credit Loans Guaranteed Approval
- The minimum age limit for borrowers is set at 18 years
- Applicants must have an income of at least $1000 per month
- Valid social security number will be required to apply
Pros of Bad
- Even bad credit borrowers can apply for loans
- Repayment options are flexible, ranging from 3 to 24 months
- There’s a 60-minute waiting period for approved loans to be paid
Cons of Bad Credit Loans Guaranteed Approval
- Interest rates can get expensive, especially if they go up to 35.99%
3. Big Buck Loans: Best for Same Day Personal Loans for Bad Credit
Applying for personal loans for bad credit is not uncommon nowadays. If you have low income, less than perfect credit score, or if you don’t want to face the risk of your local bank turning you down for a loan, you should consider applying for personal loans for bad credit via Big Buck Loans.
This loan-finder platform offers personal loans for bad credit to individuals of all financial backgrounds. Depending on the amount you need and your income, you can get up to $5000 via the platform. The duration of the repayment period will be dependent on the initial amount you want and affordability.
To apply, simply fill out the online application and in two minutes or less you will be advised if a lender can assist you with personal loans for bad credit. If you decide to go ahead with the application, the lender will review your application and send you an offer with different payment arrangements. Once you the loan agreement is signed and returned, the cash is as goods yours. Interest is between 5.99% and 35.99%.
Eligibility Requirements for Personal Loans for Bad Credit
- Only over 18s may apply
- Income limits are set in place, with $1000 p/m being the minimum
- Borrowers must be willing to undergo an affordability assessment
Pros of Personal Loans for Bad Credit
- Requires only a few minutes for online application
- Loans are speedily processed, providing feedback within 2 minutes
- If approved, borrowers can get their cash in 15 to 60 minutes
Cons of Personal Loans for Bad Credit
- Not the most affordable borrowing option
4. Heart Paydays: Best for Online Loans for Bad Credit Borrowers with No Job
Heart Paydays is a loan-finder that catches our eye as a good all-rounder. Their loans range from $100 to $5000 with 3 to 24 months to pay, making it the ideal option for those who need a few hundred bucks and those who need several thousand alike. With online loans for bad credit to fit every occasion and financial situation comes interest, which can start as low as 5.99% but can also go as high as 35.99%.
With such varying loan amounts, flexible repayment terms and interest that’s competitive, Heart Paydays has been growing in popularity. Heart Paydays also has a reputation for offering reasonable loans to bad credit borrowers and those who earn their income in non-traditional formats.
Of course, proving affordability is important, and if you don’t receive a credit check, you’ll need to demonstrate affordability through banks statements and tax returns. Bad credit and no credit borrowers are most welcome to apply for online loans for bad credit, but may be faced with interest rates on their higher end of the scale.
Applying for online loans for bad credit via the Heart Paydays website is quick and easy, with applications completed in minutes and payouts honored within 60 minutes of approval.
Eligibility Requirements for Online Loans for Bad Credit
- Only applicants over 18 accepted
- To receive the deposit, a USA bank account with direct deposit is required
- Applicants must earn at least $1000 per month
- Supporting documents must be readily available
Pros of Online Loans for Bad Credit
- If approved, cash is paid out within one hour
- No need to make calls, send faxes or deal with physical paperwork (it’s all digital)
- Options available, whether you need $100 to $5000
Cons of Online Loans for Bad Credit
- Interest may start as low as 5.99% but can go as high as 35.99%
5. Green Dollar Loans: Best for Instant Approval Personal Loans for Bad Credit
Back in the day, when personal loans for bad credit took time and came with high fees, searching for one often caused major headaches. Thankfully, with today’s tech advancements, this is no longer the case. Whether it’s for an emergency or to consolidate bills, this loan-finder platform can connect you with the right lender to grant you the loan you need—often within the hour.
With Green Dollar Loans, borrowers have access to several types of personal loans for bad credit. These range from $100 to $5000. The loan repayment periods are set up to be comfortable, with options of 3 to 24 months with interest between 5.99% and 35.99%. When setting up the details, the lenders will discuss the suitable repayment option for you, and set up the direct debits on your banking account.
If you have a few moments of your time, you can immediately complete the online application form for a fast loan approval with practically no requirements. Your personal information will be needed to apply for personal loans for bad credit, such as your full name as well as your surname, your ID or passport, your bank details, your employment status, and your list of the monthly income and expenses you’re faced with, to determine your affordability.
Once your application for personal loans for bad credit is processed, you’ll get feedback immediately. Green Dollar Loans also has a reputation for connecting borrowers with lenders offering flexibility and who accept applications from poor credit individuals, self-employed people, and college students.
Eligibility Requirements for Personal Loans for Bad Credit
- Earn $1k per month
- Supporting docs required: proof of address, proof of payment, and a copy of your ID
- Min age limit of 18+
Pros of Personal Loans for Bad Credit
- Get 2 years to pay up to $5000
- Low credit borrowers welcome
- Loans processed in a few minutes
Cons of Personal Loans for Bad Credit
- Interest higher than traditional banks
What Are Loans with Bad Credit & How Do They Work?
Installment loans for bad credit are loans paid to borrowers with a credit score that’s less than shiny. These loans are granted based on factors other than a borrowers credit, such as affordability and meeting other lending criteria. These loans range up to $5000 with up to 24 months to pay.
When applying for installment loans for bad credit you can expect interest of between 5.99% and 35.99% to be added to the total loan amount. The total loan amount plus interest is paid off in fixed monthly installments. Borrowers are expected to be responsible with their loan repayments as missed payments and late payments can result in penalties – much the same as early settlement.
How to Apply for Personal Loans Bad Credit
Applying for personal loans bad credit is quicker and easier than you think. In fact, there are four simple steps to follow, each of which are listed below:
Step 1: Determine the Personal Loans Bad Credit Amount & Terms You Require
To activate the entire loans for bad credit online process, you borrowers must start by indicating how much they need to borrow along with the number of months required to repay the loan. Most loan-finder websites feature drop down menus and sliders to make these selections.
Step 2: Provide Your Data by Completing the Loans for Bad Credit Online Application Form
Lenders require your personal information to process the loans online for bad credit application. Access the application form and follow the prompts to provide your personal information. This includes your name and surname, employment particulars, list of monthly expenses, banking details, and any supporting documents as required.
Step 3: Receive Your Loans Online for Bad Credit Application Feedback
After submitting the application form for loans online for bad credit, there’s only a two-minute waiting period to hear if lenders can assist you. If one can and you choose to go ahead, finalizing the loan is done directly with the lender. Discuss the loan details and ensure that you ask as many questions as possible. The lender will draw up a loan contract during this phase of the process.
Step 4: Review Your Loans for Bad Credit Online Agreement & Get the Cash Once You’ve Signed and Returned it to the Lender
Once you have received a copy of the loans for bad credit online agreement from the lender, it’s important to take your time reading through it carefully. There are terms, conditions, and fees included that require your attention. Any questions that come to mind should be asked and once you’re satisfied that you have a good understanding of the agreement, sign the contract and send it back to the lender. If the lender is satisfied, they will finalize the loan and direct the payment to your bank account. This usually takes around sixty minutes.
Features & Factors of Bad Credit Personal Loans
Bad Credit Personal Loans Amounts
How much you can borrow when applying for bad credit personal loans is very important. Borrowers who overshoot their required loan amount may find their loan request rejected because they don’t pass the affordability assessment. Before you apply for a loan, between $100 and $5000, do a bit of budgeting to see what your budget can afford.
Payouts on Bad Credit Personal Loans
Everyone wants a quick, hassle-free loan that pays out fast. When applying for loans for people with bad credit, you will notice that payouts are typically done within 24 hours. If you’re working with a leading loan-finder, you will have access to lenders offering 60-minute payouts (and in some instances, even 15-minute payouts).
Interest Rates on Loans for People with Bad Credit
Interest is a standard feature of any loan, regardless of size and repayment period. Always ask about the expected interest as this will determine the final cost of loans for people with bad credit. Most online lenders offer interest rates of between 5.99% to 35.99%. The interest is added to your total loan amount and then the overall amount is divided between the number of months in the loan term.
How Did We Choose Bad Credit Loans Online Providers?
When putting together our list of the top providers of bad credit loans online, we kept our eye out for lenders that offer everyday Americans:
- Loans that are quick and easy to apply for.
- Loans that offer fast payout once approved – no longer than a 60-minute wait.
- Flexible loan amounts ranging from low to high to suit various borrower’s needs.
- Simple loan options for those with bad credit or without a regular job (but still earning the required minimum income).
- Affordable interest rates on loans of all types and sizes.
After investigating the various loan-finders offering access to bad credit loans online, we came to the conclusion that loan-finder services provide undeniable value to borrowers looking for quick and hassle-free access to funds online.
Loan-finders are especially helpful for bad credit borrowers as they can put you in touch with lenders most likely to approve your loan, even if you have bad credit. Loans vary in size and with flexible terms, which means there’s a loan offer for everyone. All in all, Low Credit Finance is our top pick as they’re overall the speediest, most flexible and have offerings for all kinds of borrowers.
Is there Any Way to Get Loans with Bad Credit?
Yes, you can get loans with bad credit, if you can afford the repayments and meet the lender’s eligibility criteria. The minimum income required is $1000 per month and you must submit to an income vs expenses assessment.
How Much Can Bad Credit Borrowers Loan?
When applying for bad credit loans, you may wonder how much you’ll be allowed to borrow in the end. If you can afford it and if you meet the lending criteria, the max you can borrow is $5000 per month.
Are Credit Scores Check When Bad Credit Loans Are Processed and Approved?
Yes, lenders always carry out credit checks according to US law, but this doesn’t mean that they can’t provide loans to borrowers with bad credit. Despite having a bad credit score, you can still get the loan you want and need.
Disclaimer: This is a paid advertisement. 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. The owner of the loan website(s) may be paid commission by a third party if you make a request for a loan.