Those with bad credit often need help to obtain loans with favorable rates and terms. But here comes payday bad credit loans. Think 400% APRs from traditional payday, auto title, and pawnshop loans. That is NOT recommended, but don’t worry. We have better options. There are many better lending alternatives, such as 0% interest cash advance apps for small amounts and sub 35.99% personal loans for bad credit for large amounts with high borrowing limits, flexible repayment terms, and near guaranteed approval. This is made possible via reputable lending networks like MoneyMutual and VivaLoans.

Best Personal Bad Credit Loans Guaranteed Approval $5,000 Options

MoneyMutual – Up to $5,000 / Min. Credit Score: 0 / 5 Minute Approval / Rating: 4.9/5.0 – Best for Bad Credit Loans Guaranteed Approval up to $5,000

FundsJoy – Up to $5,000 / Min. Credit Score: 0 / 5 Minute Approval / Rating: 4.8/5.0 – Best for Quick Bad Credit Loans Guaranteed Approval

NextDayPersonalLoan – Up to $40,000 / Min. Credit Score: 0 / 5 Minute Approval / Rating: 4.8/5.0 – Best for Personal Bad Credit Loans Guaranteed Approval

VivaLoan – Up to $15,000 / Min Credit Score: 0 / 5 Minute Approval / Rating: 4.6/5.0 – Best for Poor Credit Guaranteed Approval

100Lenders – Up to $40,000 / Min Credit Score: 0 / 5 Minute Approval / Rating: 4.5/5.0 – Best for Same Day, Guaranteed Approval Personal and Payday Loans

Keep reading our guide to learn more about our top recommended near guaranteed approval comparison sites like MoneyMutual, including how they work, how they improve your chances of getting a near guaranteed approval loan, and our favorite alternatives for bad credit borrowers looking for quick and easy emergency cash they need.

Before we move on with the best options, see this video. It explains all about bad credit loans.

MoneyMutual

Rating: 4.9/5.0

Amount:  $200 to $5,000

APR: Up to 35.99%

Min. Credit Score: 0

Approval: 5 Minutes

MoneyMutual is one of the more well-known lending networks in the country, offering access to hundreds of participating direct lenders offering competitive rates and terms.

Instead of traditional payday loan terms like 400% APRs, bad credit loans with guaranteed approval of up to $5,000 from MoneyMutual can be offered with APRs up to 35.99%, representing the maximum threshold for bad credit borrowers before state usury laws kick in. It also provides flexible repayment terms of up to 60 months and no origination or prepayment penalties.

Another benefit to using MoneyMutual is its fast and convenient application process, which takes no more than 10 minutes to complete. We also appreciate its transparency, with its disclaimers clearly stating that it does not issue loans or make any credit decisions.

How to Apply: MoneyMutual offers a very straightforward application process. To apply, visit the website and find the loan application form, where you will be prompted to enter all your information, including your name, desired loan amount, and employment information. Before applying, review all terms and conditions to understand rates, repayment terms, and fees fully.

Eligibility:

• You need to be 18 years old
• Government-issued photo ID
• Proof of income of at least $800 a month
• Active checking account
• Not a resident of Connecticut or New York

Highlights:

• Loans up to $5,000
• Non-predatory APRs up to 35.99%
• More than 2MM customers served to date
• Usable for all types of expenses, including debt consolidation and home improvement projects
• Excellent source of instant approval, $5,000 bad credit loans

Fees:

• No origination penalties
• No prepayment fees
• Late and insufficient funds fees vary by lender

Pros:

• Excellent loan range from $200 to $5,000
• Best bad credit loans guaranteed approval
• Low cost of borrowing with sub 35.99% APRs
• Flexible repayment terms of up to 60 months
• Fast and easy online loan application
• License to operate in almost all 50 states

Cons:

• Interest rate higher than average
• Not all direct lenders offer the same transparent disclaimers
• Not available to New York or Connecticut residents
• Limited support functions on the website

Terms: MoneyMutual offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans range in amount from $200 to $5,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As MoneyMutual operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extension fees, are determined by the participating direct lenders.

For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $3,600 with a 22% APR, on a 2-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $4,482.27, with estimated monthly payments of $186.76. Over the course of the loan, you would incur $882.27 in total interest charges.

Be sure to carefully review the terms and conditions provided by each direct lender through MoneyMutual’s platform to ensure you understand all associated costs and obligations before signing on the dotted line.

FundsJoy

Rating: 4.8/5.0

Amount:  $100 to $5,000

APR: Up to 35.99%

Min. Credit Score: 0

Approval: 5 Minutes

FundsJoy is an online lending platform that offers bad credit borrowers favorable terms on bad credit loans with guaranteed approval of $5,000.

For starters, it offers an excellent loan range from $100 to $5,000, along with decent APRs of up to 35.99%. On top of that, its online form takes at most five minutes to complete, with several loan offers ready for your approval. Take all the time you need to carefully review every offer before signing any loan agreement.

Another benefit to FundsJoy is its very loose eligibility requirements. All you need to do is have a stable source of income, be 18 years of age or older with U.S. citizenship/permanent residence, and have an active checking account. It’s a lot easier to qualify for bad credit loans here than traditional banks and credit unions.

We also highly appreciate FundsJoy’s diverse network of lenders offering much better terms than traditional payday, auto title, and pawnshop loans. Remember, these predatory loans charge upwards of 400% with extra rollover and extension fees of up to $60 for the privilege of being able to repay your loan. Not a good deal at all!

How to Apply: To start with a FundsJoy loan, visit the website and find the application form. From there, enter all your supporting details, including your name and depositing information. Do not forget to cite your employer and sources of income, which allows vendors to assess your ability to repay any debt. Assuming instant approval after submitting your application, you will be presented with several loan offers. Be sure to carefully review all terms for each loan offer before committing to one.

Eligibility:

• 18 years of age or older
• Proof of income of at least $800 a month
• Need to have legal residency in the country
• Valid checking account
• Submitted application through the FundsJoy website

Highlights:

• Loans up to $5,000
• APRs up to 35.99%
• Diverse network of participating bad credit lenders
• Repayment terms from a few months to a few years
• Fast and easy 5-minute loan application process
• Excellent source of emergency cash for unexpected expenses

Fees:

• No origination penalties
• No prepayment fees
• Late and insufficient funds fees vary by direct lender

Pros:

• Sub 35.99% loans of up to $5,000
• Available in almost all 50 states
• Instant approval and next business day funding
• Excellent source of emergency cash for pensioners, self-employed, part-time, and full-time workers

Cons:

• Not a direct lender
• Information may be shared with third parties
• Higher than average interest rates of up to 35.99%
• Not the highest maximum borrowing limit ($5,000)
• Website doesn’t specify which states are excluded

Terms: FundsJoy offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans go up to $5,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As FundsJoy operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extension fees, are determined by the participating direct lenders.

For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $2,400 with a 28% APR, on a 1-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $2,779.37, with estimated monthly payments of $231.61. Over the course of the loan, you would incur $379.37 in total interest charges.

Be sure to carefully review the terms and conditions provided by each direct lender through FundsJoy platform to ensure you understand all associated costs and obligations before signing on the dotted line.

NextDayPersonalLoans

Rating: 4.5/5.0

Amount:  $100 to $40,000

APR: Up to 35.99%

Min. Credit Score: 0

Approval: 5 Minutes

NextDayPersonalLoan is a highly reputable lending network that offers the best bad credit loans with guaranteed approval of up to $40,000.

On the platform, you can expect hundreds of participating direct lenders to extend loan amounts from $100 to $40,000 at APRs up to 35.99%. Anything above that enters predatory rate territory, its APRs of which are commonly associated with known loan scams. Kudos for repayment terms of up to 60 months, offering greater flexibility for bad credit borrowers to make lower monthly payments.

Another benefit to using NextDayPersonalLoan is its quick and easy online application form that takes no more than five minutes to complete. Be sure to answer all questions to the best of your ability so that you may qualify for multiple loan offers.

How to Apply: On the NextDayPersonalLoan home page, navigate to the upper right corner and hit the orange” Start Now” button. From here, you can request a loan in under two minutes. It is very well designed, with a helpful progress bar depicting every step of the way. Remember that this form uses 256-bit SSL technology to encrypt your personal information, keeping it away from prying hackers.

Eligibility:

• Must be 18 years of age or older
• Legal US residency with a government-issued photo ID
• Earnings of $800 a month or more
• Valid checking account
• Not a resident of Connecticut, New Hampshire, Washington, or Vermont

Highlights:

• Excellent loan range from $100 to $40,000
• Non-predatory APRs of up to 35.99%
• Flexible repayment terms of up to five years
• Quick and easy online application form
• An excellent alternative to ” payday loan places near me”

Fees:

• No origination or prepayment penalties
• Late and insufficient funds fees depend on the lender

Pros:

• Excellent loan range from $100 to $40,000
• Healthy APRs up to 35.99%
• Flexible repayment terms of up to 60 months
• Loose qualification criteria
• Instant approval and next business day funding
• Member of the Online Lenders Alliance (OLA)

Cons:

• Higher than average interest rates of up to 35.99%
• No dedicated customer service number or email
• Information sharing may occur between NextDayPersonalLoan and third-party companies looking to purchase your data
• Not available in Connecticut, New Hampshire, Washington, and Vermont

Terms: NextDayPersonalLoans offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans go up to $40,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As NextDayPersonalLoans operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extension fees, are determined by the participating direct lenders.

For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $40,000 with a 14% APR, on a 5-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $55,843.80, with estimated monthly payments of $930.73. Over the course of the loan, you would incur $15,843.80 in total interest charges.

Be sure to carefully review the terms and conditions provided by each direct lender through the NextDayPersonalLoans platform to ensure you understand all associated costs and obligations before signing on the dotted line.

VivaLoan

Rating: 4.6/5.0

Amount: $100 to $15,000

APR: Up to 35.99%

Min. Credit Score: 0

Approval: 5 Minutes

Looking for a quick $1,000, $2,000, or even $10,000 for virtually any type of emergency expense like unpaid hospital bills or past due housing association fees? Look no further than VivaLoan, a lending network that helps people find bad credit personal loans with guaranteed approval of up to $15,000.

We appreciate VivaLoan for its extensive network of lenders that provides multiple loan options from bad credit loans to instant online cash advances. Each lender will give you anywhere between $100 and $15,000 at sub 35.99% APRs without subjecting you to the same predatory tactics as traditional payday, auto title, and pawnshop loans. You no longer need to search for ” cash advance near me” or “I need money now” when you have reputable direct lenders at VivaLoan to obtain a loan from.

We also appreciate VivaLoan’s quick and easy application process. Even a child could do it. Once you submit your application, expect near guaranteed approval before being presented with several loan offers. Be sure to spend a reasonable amount of time researching each direct lender before making a final decision. This includes the direct lenders own Better Business Bureau (BBB) page (if applicable), Trustpilot, and other third party review sites for customer feedback.

How to Apply: VivaLoan offers a straightforward and intuitive application process. On the homepage, proceed to the application form and provide your desired loan amount, depositing instructions, employment and information, and more. Once you submit it, expect immediate approval and instant loan matching with several direct lenders offering competitive rates and terms for bad credit and fair credit borrowers.

Eligibility:

• You need to be 18 years of age or older
• Have a government-issued photo ID
• Minimum monthly income of $800 a month
• Bank account for funds disbursement
• Not a resident of New York, West Virginia, or the District of Columbia

Highlights:

• Loans from $100 to $15,000
• APRs up to 35.99%
• Customizable repayment schedule
• Member of the Online Lenders Alliance (OLA)
• 256-bit SSL encryption technology keeps your information safe
• Excellent source of quick and easy instant approval loans with no credit check

Fees:

• No origination or prepayment penalties
• Late and insufficient funds fees depend on the lender

Pros:

• Loans up to $15,000 with sub 35.99% APRs
• Up-to-60-month repayment terms
• Easy, 5-minute online application
• Excellent source of instant online payday loans and no credit check payday loans with near guaranteed approval

Cons:

• Higher APRs than 0% interest cash advance apps
• $15,000 is a lower maximum borrowing limit than competitors
• Not all lenders will grant your desired loan amount
• Non-existent customer service email or phone number
• Residents in New York, West Virginia, or the District of Columbia cannot apply
• Don’t expect equal transparency between different lenders

Terms: VivaLoans offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans go up to $40,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As VivaLoans operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extension fees, are determined by the participating direct lenders.

For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $31,500 with a 24% APR, on a 3-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $44,490.05, with estimated monthly payments of $1,235.83. Over the course of the loan, you would incur $12,990.05 in total interest charges.

Be sure to carefully review the terms and conditions provided by each direct lender through the VivaLoans platform to ensure you understand all associated costs and obligations before signing on the dotted line.

100Lenders

Rating: 4.5/5.0

Amount: $100 to $40,000

APR: Up to 35.99%

Min. Credit Score: 0

Approval: 5 Minutes

If you’re looking to cover an unexpected expense with a bad credit loan with guaranteed approval of $5,000, then 100Lenders could be an excellent source.

Participating direct lenders on the 100Lenders platform are willing to offer anywhere from $100 to $40,000. However, it is essential to note that not all lenders will grant your desired loan amount thanks to the increased risk of lending to you as a bad credit borrower. However, you can enjoy sub-35.99% APRs, flexible repayment terms, and near instant approval with next business day funding to take care of emergency expenses quickly.

We also appreciate 100Lenders’ transparency with well-written disclaimers that clearly state that it is not a direct lender, as well as how it shares its information, its physical address, cash transfer times, and the states where it is not licensed to operate in. This transparency lets us know we can trust 100Lenders as a source of high-quality $5,000 bad credit loan companies.

How to Apply: 100Lenders offers a super quick and easy application process. On the homepage, click “Start Now” and enter all your details, such as your desired loan amount, employment information, and other qualifiers. Once you submit your application, expect to be matched with several competitive loan offers. Do not sign on the dotted line until you have taken enough time to research each direct lender on third-party review sites before making a final decision.

Eligibility:

• 18 years of age or older
• Active checking or savings account
• Minimum $800 in monthly income
• Must be a legal resident of the country
• Not a Connecticut, New Hampshire, Washington, and Vermont resident
• Completed 100Lenders application through the website

Highlights:

• Sub 35.99% APR loans of up to $40,000
• Excellent source of high-risk personal loans, bad credit loans, and instant online cash advances
• Member of the Online Lenders Alliance (OLA)
• Widespread availability in most US states

Fees:

• No origination fees or prepayment penalties
• Late and insufficient funds fees depend on the lender

Pros:

• Loans of up to $40,000
• APRs up to 35.99%
• Customizable repayment schedule of up to 60 months
• Excellent source for emergency cash
• Member of the Online Lenders Alliance (OLA)
• 256-bit SSL encryption keeps your information safe
• A strong source of small payday loans online with no credit check

Cons:

• Not available in Connecticut, New Hampshire, Washington, and Vermont
• Does not directly issue loans
• Rates may be higher than average

Terms: 100Lenders offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans go up to $40,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As 100Lenders operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extension fees, are determined by the participating direct lenders.

For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $14,500 with a 33% APR, on a 2-year repayment terms, and without any finance charges. In this scenario, your total payment would amount to $19,999.08, with estimated monthly payments of $833.30. Over the course of the loan, you would incur $5,499.08 in total interest charges.

Be sure to carefully review the terms and conditions provided by each direct lender through the 100Lenders platform to ensure you understand all associated costs and obligations before signing on the dotted line.

What Is Bad Credit?

Bad credit implies a low credit score in the 300 to 580 range, which many lenders classify as a higher risk to issue loans to. It indicates how likely you can repay a loan based on past borrowing habits, which could include several delinquencies such as late payments, high credit utilization (e.g., over 50%), bankruptcies, and other types of legal proceedings on your record.

The lower your credit score, the more difficult it will be to obtain new credit or loans from traditional financial institutions such as banks and credit unions.

Disadvantages of bad credit include difficulty obtaining loans, higher than average interest rates, limited credit options, higher insurance premiums, and even increased scrutiny by landlords when attempting to rent or lease a home.

Fortunately, bad credit borrowers can get back on track in many ways. From paying bills on time to reducing debt down to monitoring credit reports to dispute errors or discrepancies, higher credit scores can eventually be achieved over time.

Continue reading our guide below to learn more about bad credit, how bad credit is calculated, and ways to boost your credit score to secure the lowest interest rates possible, regardless of loan type.

What Are Bad Credit Loans?

Bad credit loans are very popular with those with limited to no credit history thanks to their looser eligibility requirements than traditional loans from banks and credit unions.

For starters, they are geared toward borrowers with credit scores in the 300 to 580 range, offering higher-than-average interest rates to help offset the risk of lending. Loan types associated with bad credit include bad personal credit installment loans, instant online cash advances, high-risk personal loans, payday loans, auto titles, and pawnshop loans.

Even today, many predatory lending companies are out there zeroing in on bad credit borrowers. Three popular predatory loan types include payday, auto title, and pawnshop loans. They are mainly known for their outrageous 300% and 400% APRs with short repayment terms of two to four weeks, along with excessive fee structures. Popular fees associated with bad credit loans include origination, prepayment, and third-party bank fees like insufficient funds with the lending company’s repeated authorized electronic withdrawal attempts.

However, the past decade has completely revamped the bad credit scene. With state usury laws issuing crackdowns on the maximum APRs, repayment terms, and fees charged by lenders, your local cash advance places have taken a hit. Many reputable lending networks like MoneyMutual and VivaLoans have swooped in to fill the void, offering much more competitive terms.

Think sub 35.99% APRs, repayment terms as long as 60 months, and a generous fee structure including no origination or prepayment penalties.

As with all loans, we highly recommend that you consider the total cost of borrowing and all repayment terms before signing any loan agreement.

Continue reading our guide to learn more and how to get the best bad credit loans with guaranteed approval for $5,000 or any other amount,

Are There Bad Credit Loans with Guaranteed Approval?

Our lenders here are almost guaranteed approval. But you have to know the truth. When it comes to “bad credit loans guaranteed approval” remember that there’s no such thing as guaranteed approval. All lending institutions require some eligibility criteria to be met. Unlike traditional lenders, which require credit scores in the 680 range, bad credit lenders have much more relaxed standards.

These criteria only include being 18 or older with a government-issued photo ID and proof of income (generally $800 a month), provable using pay stubs, bank statements, or electronic timesheets. You will also need a valid checking or savings account to disburse funds.

If you come across a lender that offers ” guaranteed approval,” take it as a warning sign. These claims are often disguised by tons of hidden fees. Remember, all lenders must assess your financial information and creditworthiness before issuing any loan, even if it’s $100.

Pros and Cons of Bad Credit Loans

Here are the pros and cons of bad credit loans:

Pros

Fast Approval. Bad credit loans from reputable online marketplaces like MoneyMutual do allow same day approval and funding by the next business day to your checking account. This is much needed when facing urgent financial needs such as unpaid automotive repairs or utility bills.

Sub 35.99% APRs. Unlike traditional payday, auto title, and pawnshop loans that charge upwards of 300% and 400% APRs, the best credit loans with near guaranteed approval of $5,000 offered with reputable online marketplaces go only up to 35.99% APR. Over the life of a 2-year loan, that is easily the difference between hundreds of dollars in paid interest.

Loose Eligibility Requirements. Unlike traditional banks and credit unions with stricter qualification criteria, you only need to meet minimum standards to qualify for a bad credit $5,000 loan. All you need is to be 18 or older with a government-issued photo ID, a valid bank account, and minimum monthly earnings of $800. You must also be a resident of the state where the lending network is licensed to operate.

Used for Many Purposes. With guaranteed approval, $5,000 loan proceeds from bad credit loans can be used for all purposes, from debt consolidation to paying off a one-time traffic ticket.

Cons

Higher Than Average Interest Rates. Bad credit loans with new guaranteed approval have higher than average interest rates, not topping 35.99%, although some exceptions apply. Any loans with APRs higher than that should be considered predatory and are likely breaking a few state usury laws in the process.

Limited Loan Amounts. With all of our recommended lending Networks, the advertised loan range usually goes between $100 to $15,000 or $200 to $40,000. However, you should expect most direct lenders to offer well below your desired loan amount, thanks to your increased risk of default as a bad credit borrower.

If you have the extra time, we highly encourage you to work on your credit score before taking out any loan. Bumping your credit score 50 points may mean the difference between a 27.99% and a 35.99% APR loan.

All About 0% Interest Cash Advance Apps

This guide will also cover all aspects of 0% interest cash advance apps. They are beneficial because they do not burden you with high interest rates and late fees. Keep reading to learn more about how these apps work and their benefits/limitations, along with reviews on five highly recommended apps.

How Can I Get Bad Credit Loans Guaranteed Approval $5,000 with 0-Interest Cash Apps?

0% interest cash advance apps like Earnin, Brigit, and Dave offer an excellent opportunity for bad credit borrowers to cover gaps between paychecks. They operate as advance services and provide access to earnings you’ve already made, with proceeds paid back on your next payday.

Benefits to using 0% interest cash advance apps include no credit checks, 0% interest, and near guaranteed approval just as long as you have access to a direct deposit collecting bank account with recurring income from full-time or part-time employment, provable via paystubs or electronic timesheets.

Plus, same day funding is available in exchange for a small expediting fee, a benefit only matched by predatory payday, auto title, and pawnshop loans.

What Are The Downsides of 0% Interest Cash Advance Apps?

As with any loan, 0% interest cash advance apps come with plenty of downsides:

Limited Loan Amounts. Unfortunately, there are strict caps on the amount you can borrow from 0% interest cash advance apps. Remember, they only offer up to $100 per day or $750 per pay period, with initial restrictions on maximum advance limits until you can prove creditworthiness. They’re much lower than traditional personal loans and even some instant online cash advances, which does not make them suitable for larger expenses like home renovations or debt consolidation.

Shorter Repayment Periods. 0% interest cash advance app repayment terms are very short (two to four weeks). With a short repayment window and the requirement to withdraw funds from your next paycheck, it can put a lot of undue pressure to repay the advance quickly, which may ultimately cause more stress than necessary.

Potential for High Fees. Although Earnin is generous in that it only accepts voluntary tips of up to $14 per advance, keep in mind that paying that amount will result in an unusually higher APR, especially with a small $100 advance. Do not forget about Brigit and Dave’s monthly membership fees of $9.99 and $1, respectively. If you only plan on taking out one cash advance and not taking advantage of other services like identity theft protection or credit building tools, paying for a monthly membership does not offer the best value.

Barrier to Entry. Remember, most of these apps require that you are a part-time or full-time employee with a direct deposit-collecting bank account. Only some people are qualified for this.

Impact on Credit. Just because you can take out as many cash advances within a short period doesn’t mean that you should. Multiple cash advances taken out within a short period can cause a drop to your credit score.

As with all loans, carefully assess all loan terms and conditions before using any 0% interest cash advance app. Even with 0% interest, no late/overdraft fees, and other perks, it’s still wise to know what you’re getting in for.

What Are the Best Bad Credit 0-Interest Cash Advance Apps with Guaranteed Approval?

According to ElitePersonalFinance, a leading personal finance site, here are our top 5 most recommended 0% interest cash advance apps:

Earnin

Arguably the most popular 0% interest cash advance app; Earnin allows users to access their earned paycheck before the next payday. Using an intuitive smartphone app that links to your bank account, its main benefit includes advances of up to $100 per day or $750 per pay period. Plus, it operates on a different service model than most, relying on tip-based payments of up to $14 per advance.

However, to use Earnin, you must have a recurring source of income with direct deposits. Secondly, you are unlikely to qualify for the maximum borrowing limit, which may not be enough to cover larger expenses. Along with a strict two to four-week repayment term, you may be better off applying for a $5,000 bad credit loan with near guaranteed approval for larger expenses and a longer repayment period of up to 60 months.

Pros:

• Highest advance limits of all cash advance apps are up to $100 per day or $750 per pay period)
• 0% interest and no credit check
• Tip-based model (up to $14 per transaction)
• Quick approval and funding
• Balance Shield for overdraft protection
• Health Aid assists with medical bill negotiations

Cons:

• Need proof of employment
• Risk of overspending for undisciplined Borrowers
• Withdrawal limits depend on your pay rate and work hours
• No on-time payments were reported to credit bureaus

Brigit

With more than 4 million members to date, Brigit users are eligible for cash advances of up to $250 with no credit check and 0% interest. We love it for its well-rounded features. In exchange for a monthly membership fee of $9.99, users can access several products, including a credit builder and finance helper, which acts like Mint with actionable insights into your income and expenses so you can make better budgeting decisions.

On top of that, Brigit has more than 250,000 favorable App Store and Google Play ratings. When it comes to third-party reviews, Brigit is as trustworthy as it gets.

Pros:

• Cash advances of up to $5000
• 0% interest and no credit check
• Excellent customer support
• Account monitoring analyzes your spending patterns

Cons:

• Monthly subscription fee of $9.99
• Not the best choice for infrequent users
• Lower maximum advance limit than competitors ($500)
• Need proof of employment and connected bank account
• Not available in all 50 states

Dave

Like Brigit, Dave offers users advances of up to $500, which can be accessed up to two days early. However, it is widely known for its extra perks, such as 15% cash back on select purchases using its proprietary debit card and a “Side Hustle” feature that allows you to look for part-time work. All of this is offered for only $1 a month.

However, one important caveat is that you must open a Dave Spending account to qualify for the maximum $500 advance.

On top of that, Dave users also have access to more than $37,000 MoneyPass ATMs with no fees. We recommend you visit the MoneyPass website and check for ATM availability in your area to see if enrolling in its debit card program makes sense.

Pros:

• 0% interest cash advances of up to $500
• Automatic budgeting tools and fee-free banking
• No minimum balances and no overdraft fees
• Access your paycheck up to two days early
• Reports on-time payments to credit bureaus

Cons:

• Not available in all states
• Monthly $1 subscription fee
• Employment and bank verification required
• Withdrawal limits based on income and other requirements

Albert

Albert offers cash advances of up to $250 with no overdraft fees and no minimums. However, it is better known for its advanced financial tools, such as automatic savings and built-in lenders that allows you to start investing in stocks with as little as $1. It also has monitoring services that alert you to suspicious activity across any of your accounts, including social security number breaches and unusual charges. Even credit score increases and decreases are accounted for.

If you want to consolidate Mint-like features with a paycheck advanced service, Albert does it better than the three 0% interest cash advance apps.

Pros:

• Intuitive automated savings platform
• Excellent budgeting and expense tracking tools
• Personalized financial Insights
• Albert Genius feature for building negotiations
• Built-in brokerage to invest with as little as $1
• No minimums and no overdraft fees
• Excellent for bad credit loans with near guaranteed approval

Cons:

• Not available in all regions
• Charges a monthly subscription fee
• Limited features for free users
• Lower maximum borrowing limit than competitors ($250)

MoneyLion

MoneyLion offers a full suite of financial tools, including but not limited to investment options and credit monitoring. It also offers mobile banking with no minimum balance required and a proprietary debit card with access to thousands of fee-free ATMs nationwide.

Like Albert, you can also engage automated robo advisory services with investment accounts, selecting from several options based on your risk tolerance.

All cash advances are run through its InstaCash Advance program, which offers 0% interest cash advances of up to $250 with no monthly fees or credit checks. However, MoneyLion is a bit more complicated than the others. For starters, you are unlikely to be eligible for the maximum amount at the beginning, needing several advances to qualify.

Expect your first deposit to be anywhere between $50 and $500. However, upgrading to its Credit Builder Plus program allows you to request cash advances of up to $750. Do you need more? Enrolling in RoarMoney to manage direct deposits can unlock higher cash advance limits of up to $1,000.

However, it can take considerable time to be eligible for the maximum InstaCash amount (up to eight weeks in some cases). With most people taking out up to one or two cash advances a year, MoneyLion’s model could be more scalable.

Pros:

• Variety of banking services under one roof
• Different loan types are offered, e.g., personal bad credit loans and credit-building loans
• Fee-free checking account with no minimum balance and no overdraft fees (at eligible ATMs)
• Ability to extend repayment dates

Cons:

• Employment and bank account verification required
• Not the cheapest same-day funding fees
• Monthly $19.99 fee for premium features
• Not the best platform for non-Moneylion users

Our Last Word on 0-Interest Cash Advance Apps

Although 0% interest Earnin, Brigit, and Dave offer 0% interest and no credit checks or late fees with its intuitive application processes, its main drawback is that advance amounts are limited. At up to $100 per day or $750 per pay period, more is needed to cover large-scale expenses like home renovations or debt consolidation.

We recommend that you use any of these 0% interest cash advance apps only if you are confident of being able to repay your loan on time with your next paycheck. As with all loans, we do not recommend this as a long-term solution either, as multiple consecutive advance requests could indicate a larger problem around your ability to manage money.

Overall, we highly prefer that you go with Earnin, Brigit, or Dave’s paycheck advance services, followed by Albert if you are an investor and MoneyLion as a last resort.

Can I Get Bad Credit Loan Guaranteed Approval of $5,000 with “Buy Now Pay Later” Apps?

Buy Now Pay Later (BNPL) apps allow borrowers turn any purchases to people in fixed bi-weekly installments at 0% interest. They are a viable alternative to bad credit personal loans and credit card cash advances, offering quick access to funds through participating in Commerce retailers.

Here are the top five favorite BNPL services, according to Investopedia:

Affirm

Affirm offers its popular “Pay in 4” program, which allows you to make four interest-free payments every two weeks at 0% interest and no fees. After the initial 0% interest month long period, your APR may go up to 30%, so we encourage you to pay it off as soon as possible.

Affirm has many leading e-commerce retailers under its roster, such as Walmart, Target, and Samsung. If you want a flexible service, we highly recommend Affirm.

Klarna

Klarna offers an identical program to Affirm with its Pay in 4 programs, with equal installment payments made every two weeks. After that, APRs can go up to 24.99% on loans for three years. It also has hundreds of participating e-commerce retailers like Wayfair and Harley-Davidson.

There are also other services that allow you to delay payment for 30 days and longer-term loan options for larger dollar purchases.

Another benefit to using Klarna is no credit checks and a user-friendly platform allowing you to pay for your goods quickly. It also has a price drop function that alerts you when prices on your favorite items drop. Consider Klarna more well-rounded than Affirm.

Afterpay

Afterpay is one of the most popular BNPL service providers today. It also lets users purchase interest-free installments and shop directly through the app. All you need to do is make the first payment up front and start paying it in fixed bi-weekly installments. Plus, you will be provided with the tools to remember your balance with reminders and limits on late payments.

Note that to use all of these services, you must be 18 or older with legal residency in the United States and meet additional eligibility criteria.

BNPL services allow consumers flexibility and payments, 0% interest, approval, and an easy application process. Some smartphone apps even offer integrated shopping experiences where you can make purchases directly through the app, which already has your current information on file. With all these features and much more, BNPL services will always be around to help consumers make their favorite ecommerce purchases.

Can I Get $5,000 Bad Credit Loans With Guaranteed Approval?

Yes, obtaining $5,000 in bad credit loans with near-guaranteed approval is possible. To do so, you must meet several eligibility criteria much looser than traditional banks and credit unions. For example, you must be 18 or older with legal US citizenship/permanent residency, a minimum monthly income of $800, and a valid checking account to disburse funds shortly after approval.

Although a guaranteed $5,000 bad credit loan does not exist, it’s as close to guaranteed as it can get with much more favorable terms than traditional payday, auto title, and pawnshop loans.

Some benefits of $5,000 bad credit loans with guaranteed approval from our recommended online marketplaces include sub 35.99% APRs, longer repayment terms, and a much more flexible fee structure. For example, most direct lenders from these lending networks do not charge origination fees, which are only intended to cover the cost of overhead and processing.

Of course, you have other options with 0% interest cash advance apps and BNPL services. However, each serves different functions. The former covers gaps between paychecks (up to $100 per day or $750 per pay period) and the latter allows monthly installment payments for your favorite e-commerce purchases. They are two different things.

How to Avoid Bad Credit Loan Scam Apps

Unfortunately, there’s no shortage of scam payday loan apps that request upfront fees, steal personal information, and do other illegal activities that have nothing to do with issuing a loan or advance.

Here are some best practices on how to avoid personal scam loans for bad credit or payday apps:

Secure and Encrypted Connection. One of the smartest things you can do is to check that your loan app or bad credit loan/payday loan website has a secure encrypted connection. Specifically, you should refer to the URL and ensure that you see ‘HTTPS’ within the strin. At the very least, check for the locks symbol on your browser bar, which indicates the site is safe.

Additionally, it is essential to limit the use of public Wi-Fi networks to access loan apps, as it’s not uncommon for these networks to allow your sensitive data to be breached. Always use a trusted mobile data connection or private Wi-Fi network.

Beware of Unrealistic Marketing. Scammers are known to use excessive marketing jargon when describing their loan products. For example, offering guaranteed rates or approval is a misnomer as there’s no such thing. The same goes for requests for upfront fees to ” lock in a rate” or similar excuses. Remember, all lenders must assess a borrower’s creditworthiness to determine if lending to them is possible.

Research and Verify. No matter if it is a personal loan for bad credit, high risk person alone, instant online cash advance, or a bad credit loan with near guarantee approval, you must take the time to research and verify the lender. Always refer to the direct lender’s website and check for physical addresses and clearly worded disclaimers. Additionally, refer to reputable third-party sources to gauge your lender’s credibility.

Look for Customer Support. Run away if there is no dedicated customer service line (email and /or phone number). You must be able to reach a customer service agent, at least during regular business hours.

Go With Your Gut. Often, scam payday loans at personal loans for bad credit apps will appear legitimate, but they couldn’t be further from it. Always go with your gut and look elsewhere. Remember, hundreds of direct lenders are available, offering 0% interest loans with no minimum or overdraft fees to keep you on your heels.

By staying informed on all the possible ways scam apps can get you, you’ll be in a better position to prioritize your online security and ensure that you take out a legit loan or advance that best meets your emergency cash needs.

Ways to Boost Your Credit Score for Lower Interest Rates

You must keep your credit score as high as possible to take advantage of lower interest rates.

Here are some surefire strategies to turn around your credit score within the next several weeks or months:

Make On-Time Payments. With 35% of your FICO score depending on making on-time payments, even a single missed payment could drop your credit score by 70 points or more, which could create a 12-point APR difference on your next loan. To facilitate this, we recommend that you enroll in automatic payments and automatically withdraw funds from your checking account on the due date.

Do Not Close Old Accounts. We highly recommend keeping all of your accounts open forever, unless you are paying hefty annual fees for a card you no longer use. Closing any credit card for whatever reason could lower your average account age. Although this only accounts for 15% of your FICO score, it’s still worth considering and relatively easy to do.

Use the Snowball Method. The snowball method is one of our favorite debt repayment strategies. In short, it prioritizes debt with the smallest balances first. To take advantage of this method, list out all of your debt and log outstanding balances, interest rates, and minimum monthly payments.

From there, order them such that the debt with the smallest balances is at the top. From there, allocate as much money as possible towards the smallest debt before making minimum monthly payments on the rest. Once you paid off the smallest debt, take all of your earnings and apply it to the second smallest debt amount on your list.

If you do it correctly, you’ll slowly be able to make larger payments on the remaining debt. That’s what helps you build strong momentum as you work towards a lower credit utilization ratio, ideally in the single digit percentages.

Check Your Credit Report for Inaccuracies. One of the best things you can do as a consumer is regularly review your credit report for errors. Many things could be corrected by creditors and credit bureaus, such as incorrect balances, wrong addresses, and accounts marked as open, which should be closed.

If you catch and successfully dispute even a single error, it’s not uncommon to see a 50 to 100-point increase which could mean all the difference between a 19% APR and a 35.99% APR.

Avoid Opening New Accounts. Opening up multiple new accounts quickly could raise a red flag to lenders. If you absolutely must, try to space them between 90 days to six months apart. Note this tip is different from diversifying your credit mix, which lenders view as good thanks to the perception you know how to manage other types of credit responsibly.

Improve Credit Utilization. With 30% of your FICO score consisting of your credit utilization, we recommend keeping it as low as possible. Your credit utilization is your total credit limit versus outstanding balances. For example, if you have a $5,000 credit limit across all of your credit cards and $2,000 in outstanding balances, that equals a 40% credit utilization ratio. Anything above that signals to lenders that you are irresponsible in managing debt.

By following the above strategies, you will be on the better path toward obtaining much more favorable rates and terms with our recommended lending networks or alternatives like payday alternative loans and personal loans from banks and credit unions.

Tips to Manage Your Budget Better

You must learn to manage your budget better to maximize the lowest interest rates possible. Refrain from letting the countless 0% interest cash advance apps, Buy Now/Pay Later, and bad credit loan opportunities distract you from the longer-term picture.

All these simple practices can be put to use right away to improve your credit score and take control of your credit situation:

Track Expenses. We highly recommend using money management apps like Mint to track your incoming cashflow and outbound expenses. Mint can classify them into different categories, so you know how much you spend for each category percentage-wise. See where you have the most discretionary spending and learn where to cut back.

For example, canceling your Netflix or YouTube subscription is good for your money for additional expenses.

Start an Emergency Fund. In case of unexpected job loss or temporary disability, we recommend leaning on an emergency fund. We recommend deducting automatic withdrawals from your direct deposit-collecting checking account to a dedicated savings or money market account. Aim for at least six months’ savings to cover your fixed and variable expenses.

Remember, you must have a savings goal and create a realistic budget. Be sure to analyze your spending habits and see where to cut back on unnecessary expenses like Netflix subscriptions and too many nights out on the town.

Negotiate Bills. Remember to underestimate the power of negotiating bills across all of your services. For example, you can work with your internet or cable bill provider to pay introductory rates rather than a full subscriber period, even after the promo period ends.

To negotiate bills effectively, we recommend you research and gather all your information by comparing different services, products, and pricing models. Learn as much as you can about pricing as possible across various competitors so that you can make a strong case for a lower rate with your current provider.

Another tip is to be courteous over the phone at all times. Be prepared to articulate your value, be bold, ask for discounts, or be reintroduced to the introductory rate. Be very specific about what you are asking for and mention any offers competitors might offer.

Look to Side Hustles. If you need to earn more money despite having a full-time job, consider a side hustle. These businesses may include freelancing, selling products for a commission, or a part-time job. One strategy many people do is to split their incomes to pay for different things. For example, you can use your primary job earnings for living expenses and your side hustle earnings for variable expenses.

Continually Learn. The web has information about managing monthly budgeting responsibly and tips for making better financial decisions. One of our favorite websites belongs to the government, MyMonev.gov, which gives helpful and practical advice on dozens of financial topics from investing to saving.

By following all of the above suggestions, you are virtually guaranteed to be able to manage your budget better by next week,

How We Decided On These Lending Networks

To compile this research guide on our top four recommended lending networks, we considered several factors, including but not limited to terms, borrower requirements, user experience, and transparency.

Well-Rounded Terms. Our recommended online marketplaces must feature hundreds of participating direct lenders that offer competitive rates and terms like sub 35.99% APRs, flexible repayment terms, and no origination or prepayment fees. Our only knock on some of them is that origination fees with some direct lenders can go up to 5% or 8%, respectively (FundsJoy and Upstart).

However, same-day approval will present you with several competitive loan offers, some of which will not charge any origination fees. That’s the beauty of using online marketplaces like MarketLoans and 100Lenders.

Borrower Requirements. Our lending networks must adhere to relaxed borrower requirements. No minimum credit score should be required, and eligibility should be based on income and debt-to-income ratio. At best, expect to need to meet monthly earnings of $800 a month and prove employment via paystubs, bank statements, or electronic timesheets.

User Experience. Expect all the loan request forms on each of our recommended online marketplaces to take at most five minutes to complete. They come in different styles, from simple one-page forms to multi-page documents with helpful progress bars depicting where you’re at every step of the way.

Transparency. No lending network review guide comes complete without a total focus on transparency. Our recommended online marketplaces have well-written disclaimers that call out several things, such as advertising disclosures, terms of use, privacy policies, and its status as a non-direct lender operating as an intermediary. Remember, none of these lending networks are direct lenders, so they do not originate or issue loans.

All they do is act as middlemen connecting prospective borrowers with a network of legit lenders looking to offer competitive rates and terms.

Frequently Asked Questions

How long is the repayment period for a $5000 bad credit loan?

Whatever repayments you use depends on the lender. One lender may offer you a maximum one-year repayment term, but a second may provide a three-year repayment term for the same loan amount. Understand the repayment schedule by carefully reviewing all of the fine print.

Will applying for a bad credit loan impact my credit score?

Your credit report may indicate a hard inquiry when applying for a loan. This will create a temporary dip in your credit score. However, this tip is only quick, and your credits slowly start rebuilding over time. That’s why we recommend keeping all of your applications within a short window, and having them spread out over a longer window can signal to lenders that you may have issues managing debt.

Can I prequalify for a bad credit loan with guaranteed approval?

In the traditional sense, our recommended lending networks do not allow for pre-qualification for bad credit loans with guaranteed approval, since they are not direct lenders. They operate as a non-direct lender, acting as an intermediate area connecting prospective borrowers with a network of legit bad credit direct lenders looking to offer much better terms than traditional payday, auto title, and pawnshop loans.

Are there alternatives to bad credit loans with guaranteed approval?

Alternatives include 0% interest cash advance apps, secured loans, cosigner loans, co-borrower loans, credit card cash advances, and more. However, each serves a specific purpose and does not apply to all financial situations. For example, 0% interest cash advance apps like Earnin and Brigit offer advances of up to $100 per day or $750 per pay period as long as you can repay it with your next paycheck, which barely covers larger expenses like $4,000 hospital invoices and $9,500 bathroom renovations.

However, it is essential to remember that 0% cash advance apps have an ultra-short repayment window. If you’re looking for a larger dollar loan and longer repayment terms, we recommend personal loans for bad credit from people on online marketplaces like VivaLoans and 100Lenders.

Conclusion

In short, the best bad credit loans with near guarantee approval of $5,000 only at 0% interest can be obtained in several ways, including personal loans for bad credit, multiple cash advance apps, and traditional personal loans and payday alternative loans from banks and credit unions if your credit score is high enough. You no longer need to type ” cash advance near me” or similar verbiage into Google to find the emergency cash you need with lending networks like MoneyMutual and 100Lenders doing the job well.