Having a bad credit score can affect your borrowing experience.
1F Cash Advance - Loan agency in Boulder, Colorado
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Traditional loan providers usually have minimum credit score requirements and are unwilling to accept applicants with lower ratings. Luckily, there are options that are called bad credit loans with guaranteed approval. They provide borrowers with extra funds regardless of their credit.
Looking for "loans with guaranteed approval near me?" Turn your eyes toward online cash advance loans. These options come with fast approval and no denial based on your credit score, so they are a perfect fit for people with credit issues who need money fast. Below is the list of bad credit loan companies that offer up to $5,000 instant loans with no credit check.
The 3 Best Services Offering Bad Credit Loans with Guaranteed Approval Online
- 1F Cash Advance – Overall best personal loans offers – online options for bad credit.
- 15M Finance – Best for personal loans for bad credit with guaranteed approval in minutes.
- ASAP Finance – Best for no credit check loans with guaranteed approval available online.
1. 1F Cash Advance – Overall Best Personal Loans Offers – Online Options for Bad Credit
1F Cash Advance is a loan-finder company with a strong focus on bad credit financial assistance. It works by collecting tons of loan offers from multiple online lenders based on their trustworthiness. It partners with reliable and licensed loan providers only and doesn't involve any middlemen in the process. When you apply through the platform, you access direct offers and don't pay any third-party fees or application commissions.
Offers are updated in real-time, so you can apply again later, even if you don't find the one that suits you on the first try. As you don't need to pay upfront fees, the whole process will be completely free for you. Plus, the company is known for its relaxed eligibility requirements and smooth application process.
"Our core goal is to help borrowers with no or bad credit access fair financial services and products. We keep up with the times and implement the best of what the industry can offer, from online loan process to no hard inquiries and fast payouts. Thanks to tight control over lenders and cost minimization, we offer competitive options that don't overburden borrowers but give them a chance to solve their financial problems," – says Latoria Williams, the CEO of 1F Cash Advance.
Quick Scores
Overall Trust Score: 4.8/5, including:
- Customer reviews: 5/5
- Customer support: 5/5
- Acceptance rate: 98%
- Loan decision speed: 9/5
Features
Informative website
The service provides all the required information about the products it offers. This way, you can learn more about the option you choose before applying. Additionally, the company maintains a financial blog, which is a must-read for people who want to boost their credit scores, learn how to budget, and improve their financial literacy.
Transparent loan conditions, no hidden fees
You only need to pay lender fees, provided that you accept its offer. The total amount you owe is always disclosed in your loan agreement. There are no hidden charges that leave you guessing how much money you will have to repay in the end.
Relaxed eligibility requirements
The company specializes in bad credit loans and emergency assistance. Therefore, it reduces the requirements to the basic minimum, making them easy to meet for an average American. Bad credit, poor credit, no credit – welcome!
2. 15M Finance – Best for Personal Loans for Bad Credit with Guaranteed Approval in Minutes
15M Finance is a loan marketplace with one of the highest approval rates for loan requests with bad credit (nearly 98%). To qualify, borrowers need to meet just a few eligibility criteria and demonstrate a steady source of income. Even if your income is below average and comes from alternative sources, such as government or disability benefits, rent, alimony, or self-employment, it can still be accepted. All these factors are the reason why customers often call the company's loans "guaranteed."
Another great feature lies in fast loan processing times. If you apply within a lender's operating hours, you can get a loan decision in a matter of minutes, usually within one hour. 15M Finance offers flexible loan options, from small payday loans to bad credit personal loans of up to $5,000. Whatever your needs are, the company will link you with a direct lender that can meet them.
"While conventional lenders are quite categorical about customers with a poor credit history, we want to provide them with reasonable financial alternatives. Therefore, our company offers unsecured personal loans without setting any required credit score minimum. Our options are not limited to payday loans, so customers can get fast financial assistance that corresponds to their current needs," – says Shania Brenson, the co-founder and financial expert of 15M Finance.
Quick Scores
Overall Trust Score: 4.8/5, including:
- Customer reviews: 3/5
- Customer support: 5/5
- Acceptance rate: 98%
- Loan decision speed: 9/5
- Features
High acceptance rate for bad credit
Applications with bad credit scores get loan offers in 98% out of 100 cases. You need to simply meet a lender's basic requirements, including age, income, and residency.
Convenient application process
By completing one form, you can access offers from multiple lenders that operate in your area. Just follow a few simple steps and enter accurate data in the form. It's just that easy!
Fast loan disbursement
Most borrowers get their loans in as little as one business day. Those who got approved before noon on a weekday note that they were able to access the money by the end of the same day they applied.
3. ASAP Finance – Best for No Credit Check Loans with Guaranteed Approval Available Online
ASAP Finance is a service that partners with multiple direct lenders in order to provide borrowers with more alternatives to conventional loans. The company's partner lenders specialize in guaranteed bad credit loans and perform no hard credit checks. Thanks to this, applicants can rest assured their credit ratings won't drop and won't be used as a determining factor. Also, it speeds up the whole process, making it possible to review your application, process the loan, and transfer money within one business day.
To access lenders' offers, you need to simply fill out one online application form. There's no paperwork or faxing required. Once complete, a suitable lender will make a soft check in a few minutes and contact you via email. For approved applications, the funds are disbursed via direct deposits into a borrower's bank account. The repayment is also automatic, so you don't waste your time visiting a store.
"Even when I was a child, I always thought it was unfair that many people couldn't get financial support just because they had low credit scores. Now I am happy to provide such opportunities to those who find themselves in a difficult situation. Bad credit loans are more than just borrowing options. They are often a lifeline that helps low-income families overcome financial emergencies without feeling left to the mercy of fate," – states Gregory Allen, the principal CEO of ASAP Finance.
Quick Scores
Overall Trust Score: 4.8/5, including:
- Customer reviews: 7/5
- Customer support: 9/5
- Acceptance rate: 97%
- Loan decision speed: 8/5
Features
100% online process with no faxing and paperwork
If an emergency happens, you can take a step to solve it from anywhere. A 100% online application process helps you plan your day without adding a visit to a lender's store to your to-do list.
No hard credit report checks
Lenders from ASAP Finance's database don't check your creditworthiness through major credit bureaus. They use free alternative means to ensure you're a solvent borrower. Such checks are not displayed in your credit reports and don't affect your FICO score.
Trusted direct lenders only
When you apply for a loan via the service, you can be sure a lender on the other end is licensed and legitimate. Providing your personal information through ASAP Finance is safe.
How to Choose the Best Bad Credit Loans with Guaranteed Approval – Methodology
A company's legality and reliability were the main factors we considered when making the list of our top picks. We've selected dozens of lenders and services and paid special attention to their websites and customer reviews to ensure they are licensed and trusted ones. Then, we've made a final comparison based on the following factors:
- Strong social presence. The ability to find information about the company on the Internet is essential. This way, you can be sure you deal with a real legitimate service, not a scammer. Additionally, it gives you an idea of the previous customers' experience.
- Interest rates. Although bad credit loan options are usually more expensive, interest rates should be relatively affordable. We've chosen companies with competitive lender fees for the borrowing types they offer.
- Repayment terms. Different customers pursue different financial goals. We've chosen one-stop shops with options that can help you cover both your short-term and long-term financial needs.
- Application process. We strongly believe that the application procedure must be smooth and fast. Guaranteed loans for bad credit are often used for emergencies, so customers have no time to assemble puzzles or solve riddles.
- Speed of the money deposit. While a guaranteed approval loan is usually an expensive option, this is the price you pay for urgency. This way, money funding times should not exceed one business day, which is true for the companies we've picked.
- Bad credit acceptance rate. As the name suggests, bad credit personal loans with guaranteed approval should be available with any credit. Thus, we made sure you would not be denied a loan because of your poor credit when dealing with companies from our top list.
After checking companies in accordance with the indicators above, we've picked three services with the highest scores and ranked them in descending order.
What Are Bad Credit Personal Loans with Guaranteed Approval?
Bad credit personal loans with guaranteed approval are borrowing options that don't take into account an applicant's credit score. These loans come with high approval rates as lenders use just a few other basic criteria to determine a borrower's eligibility. Therefore, many borrowers call them guaranteed loans.
Loans with guaranteed approval can provide customers with amounts up to $5,000, depending on the type of borrowing. Some of them are repaid in full within several weeks, while others come with terms of up to 24 or 60 months.
People usually use guaranteed loans for bad credit to cover small financial emergencies, such as medical bills, repairs, or rent payments. However, longer-term options can also help with some regular personal needs or major life projects, such as a vacation or home renovation.
Types of Almost Guaranteed Loans for Bad Credit
Guaranteed loans for bad credit can be commonly divided into three types.
Payday Loans with Guaranteed Approval
Payday loans are small loans with repayment terms by your next paycheck. Depending on the state, you can access anywhere between $100 and $1,000 with a payday loan. As it's a bad credit friendly option, payday lenders don't set minimum credit score requirements. Thus, you can get small payday loans online with no credit check performed through major credit bureaus. However, payday loans are known for their high costs, with APRs often reaching three-digit numbers.
Guaranteed Installment Loans for Bad Credit
Personal installment loans are unsecured loans with an installment structure. They allow you to get a full loan amount on hand and repay the sum in affordable monthly payments. Your loan cost will be divided equally by the number of months of your repayment period, which can be up to 24. Although an installment loan seems more budget-friendly compared to payday loans, it can come with a higher total cost due to longer terms.
Bad Credit Personal Loans
A bad credit personal loan works similarly to an installment loan but usually has longer repayment terms and higher amounts to request. If you have a high-enough income, you can get up to $15,000 and repay the funds within up to 60 months. Such loans are almost ideal for major life projects and long-term financial goals. They may be offered by traditional lenders, such as banks and credit unions, or some online loan providers.
How Do Guaranteed Loans for Bad Credit Differ from Traditional Loan Options?
Guaranteed loans for bad credit and traditional loans are pretty different. Although they share some similarities, distinctions still prevail. Let's take a closer look at their main features.
Interest rates
Conventional loans are always cheaper. Their interest rates range between 5.99% and 36.99%. Bad credit loans are riskier for lenders, so they come with higher costs. For payday loans, an APR can be over 400%, while an installment loan interest rate can be between 16% and 100%.
Repayment terms
Traditional lenders usually have flexible repayment terms that may reach 72 months, depending on the loan type and purpose. Online lenders usually offer less flexibility. Some loans need to be repaid within 2 to 4 weeks, while common repayment terms for installment loans are 24 months.
Loan amounts
Traditional lenders allow you to obtain up to $100,000 if your income is enough to manage such a debt. Most bad credit personal loan lenders offer loans of up to $15,000, with some options not exceeding $1,000.
Eligibility requirements
Traditional loans come with stricter eligibility criteria. Therefore, they are more difficult to qualify for. Bad credit loans usually have requirements that an average adult American can meet.
Approval and funding times
Banks and credit unions are more rigorous, so they process loan requests more meticulously and make lengthy checks. Therefore, their approval and funding times are longer and can be up to several weeks. Bad credit lenders usually process loans and make money transfers within one business day.
Credit checks
Borrowers who apply for traditional loans always need to undergo a hard credit check through major bureaus. This can result in a credit score drop. If you're going to get a bad credit loan online, there will be no hard pulls made.
Attitude toward bad credit
Unlike online lenders, traditional financial institutions can reject you just because of your bad credit.
Loan purpose
Although both traditional and bad credit personal loans usually have no restrictions on a loan purpose, people still use them differently. While traditional loans are usually used to buy a car, make debt consolidation, or get house financing, bad credit loans with guaranteed approval are for unexpected expenses and financial emergencies.
Pros and Cons of Loans with Guaranteed Approval
Online loans with guaranteed approval have their upsides and drawbacks. You need to analyze them both before making a financial decision.
Pros:
- The ability to apply online;
- Bad credit is accepted;
- No hard credit checks;
- Simple application process;
- Fast funding times;
- Various amounts and repayment terms are offered.
Cons:
- Higher interest rates may be offered;
- Don't help you build credit;
- Some options come with the risk of getting into a cycle of debt.
Are There Any 100% Guaranteed Loans for People with Bad Credit?
Unfortunately, there's no 100% guarantee. As lenders want to get their money back, they will pay attention to your income and history of on-time and late payments to assess your reliability and creditworthiness. If you default on loans regularly or have a low income for the requested amount, an online lender can reject your application.
However, borrowers with bad or poor credit scores can at least be sure their credit issues won't be a reason for denial. Although loans for people with bad credit are not 100% guaranteed, they still have a high acceptance rate.
Who Can Qualify for Online Bad Credit Loans?
You're almost guaranteed loan approval if you meet the following eligibility criteria:
- Over the age of 18;
- Permanent US resident;
- Have an active bank account;
- Can verify a steady source of income (should be high enough for a requested amount);
- Have a valid ID, email, and mobile phone number.
Keep in mind that some lenders may have other specific requirements. These are only basic criteria that are common for most online loan providers.
Guaranteed Approval Loan Alternatives
A guaranteed approval loan is not the only option available with bad credit. Below are some alternatives to consider.
Use a Cash Advance App
A cash advance app is a payroll service that allows you to get a small loan via your smartphone. They are similar to payday loans but usually allow you to access the amount you've already earned but haven't received yet. However, some apps may offer higher amounts and usually have more favorable terms.
Get a Credit Card Cash Advance
People who have valid credit cards can visit the issuer branch or ATM and withdraw money from the available balance. This option doesn't involve any application or approval procedure, and you can access the funds almost immediately. However, interest accrues from the moment you get money. There's no promotional period as it is for credit card purchases.
Apply for Secured Loans
Secured loans can provide you with money at more favorable terms by using some of your property as collateral. This can be a great way to access higher loan amounts or lower interest rates for bad credit borrowers. However, secured loans also come with the risk of losing your property in case of default.
Borrow from Family/Friends
Even if you find it awkward, try to ask your loved ones to help you before going into debt. This way, you can avoid paying interest, which can result in significant savings in the long run. Also, it will be easier for you to agree on a repayment period that is convenient for you.
FAQ
Can I Get Bad Credit Loans Online?
Sure, you can. Many lenders now operate online and offer modern financial solutions that don't require you to leave your home. To apply for bad credit loans online, choose the right loan provider and fill out an application form on its website.
Where to Get Loans with No Credit Check from Direct Lenders?
Many lenders now offer no credit check for personal loans. Check out private lending companies in your area and pay attention to those operating online. You can also access no credit check loans with guaranteed approval from direct lenders through the trusted services reviewed in this article.
What Are The Best Bad Credit Personal Loans?
The best bad credit personal loans are those with flexible repayment terms, low interest rates, no additional fees, fast processing and funding times, and no hard checks performed. However, if you have a bad or poor credit score, it may be difficult for you to find a loan that matches all these criteria.
Do Bad Credit Personal Loans Affect My Credit Score?
It depends on the lender. Bad credit direct lenders don't make hard credit history checks. They are more focused on your income/ability to repay the funds. Thus, no credit check personal loans offered by them don't affect your credit score if you don't violate your loan agreement terms and make on-time payments.
Disclaimer: The views and opinions expressed in this sponsored article are those of the sponsor/author/agency and do not represent the stand and views of Mid-Day Group.Mid-Day Group disclaims any and all liability to any party, company or product for any direct, indirect, implied, punitive, special, incidental or consequential damages arising directly or indirectly from the use of this content.
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