5 Guaranteed Installment Loans for Bad Credit

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When you have bad credit, your loan options can become limited. In fact, you may feel like you don’t have any options at all. So, what do you do if you need some extra cash, but don’t have enough savings or any room left on your credit cards?

You might be looking for “bad credit loans guaranteed approval”. However, according to the FTC: legitimate lenders never “guarantee” that you’ll receive a loan or credit card before you apply. This is especially true if you have bad credit, no credit, or a bankruptcy.

So, we want to be clear that the lenders below do not offer bad credit loans with guaranteed approval. However, they do specialize in lending to people with a bad credit score. These bad installment credit loans definitely come at a cost. While these are not payday loans, they are similar and still come with high interest rates and short repayment periods.

We cannot guarantee approval. However, we can refer you to loan providers that are more likely to lend to people with a bad credit score. Keep reading to find out more about bad credit personal loans and other financing options that may be available to you.

Bad Credit Loans: Almost Guaranteed Approval

If you’re looking for personal installment loans, there are a few go-to options to consider. Check out these online lenders offering fast approvals, often with minimal qualifications required and no credit checks.

MoneyMutual

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MoneyMutual doesn’t guarantee a bad credit loan, but all types of credit are welcome, and it’s free to find a lender. If you’ve had a bankruptcy or other serious credit issues, it’s still possible to be approved.

They offer short-term loans of up to $2,500 in as little as one business day after your application’s been accepted.

They’ve served over two million customers to date. There’s no cost to fill out the online application, and it takes just minutes.

Read our full review of MoneyMutual

CashUSA

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For online loans between $500 and $10,000, CashUSA has fairly basic qualification requirements.

The biggest hurdle you’ll need to meet is a monthly after-tax income of at least $1,000. There are a few smaller requirements you’ll need, such as a checking account in your name, a valid email address, and a valid phone number.

Your credit scores aren’t affected by the application process and isn’t used as an eligibility factor.

Once you submit your online application, CashUSA searches its lender network to find you personalized loan offers.

They work with multiple direct lenders so interest rates and fees can really vary greatly. The APR range is between 5.99% and 35.99%. Loan terms may be as short as three months or as long as five years.

Getting a short-term bad credit loan through CashUSA is fast. Not only can you get approved within minutes, but you can also receive your funds within a day.

Read our full review of CashUSA

BadCreditLoans.com

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BadCreditLoans.com is another online service that matches you up with direct lenders that don’t require a credit check.

It’s possible to be approved for a bad credit loan with a maximum loan amount to $10,000. However, if you have a poor credit score, the limit is usually $1,000. Repayment terms range between 3 and 36 months.

Your credit rating isn’t used as a huge approval factor. However, you will need consistent income. It can come from full-time employment, self-employment, Social Security, or even disability payments.

You’ll also need a bank account, both home and work phone numbers, and an email address.

Bad Credit Loans advertise “pressure-free” online loans. That means that once you receive a loan offer, you’re under no obligation to actually take it. You have time to carefully review the loan terms to determine whether it’s a good fit.

Since it’s a short-term loan, you may also save money on interest over time compared to longer loans. It really depends on what kind of terms you’re approved for.

There are also several loan types available, so you could very well get financing for whatever type of need you have.

Read our full review of BadCreditLoans.com

PersonalLoans.com

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PersonalLoans.com also specializes in bad credit installment loans. They offer larger loan amounts with longer repayment terms.

Loan amounts range from $1,000 to $35,000. For repayment, you’ll have anywhere between 90 days and 72 months (six years).

Rather than being a direct lender, PersonalLoans.com works with a network of lenders. Interest rates are between 5.99% and 35.99% depending on your credit, so be sure to check your loan offer carefully.

To qualify, you’ll need consistent income, which oftentimes must be verified through a pay stub. There’s no specific credit score minimum, but you do need to demonstrate recent financial responsibility.

What exactly does that mean?

First, none of your accounts should be more than 60 days late. Second, you shouldn’t have a pattern of late payments.

Your existing debt should be manageable with your income and finally, you shouldn’t have accounts that have been recently charged off.

In addition to online installment loans, PersonalLoans.com also partners with peer-to-peer lenders. P2P loans require a minimum credit score of 600 and at least $2,000 a month in income.

Read our full review of PersonalLoans.com

NetCredit

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NetCredit offers bad credit loans up to $10,000. Your credit history won’t be impacted by checking your eligibility. What can you expect as far as interest rate and terms?

Your interest rate depends on where you live. Each state has different laws regarding how much lenders can lend and charge as interest.

In Virginia, for example, your APR could be as high as 155%. In Washington state, on the other hand, you won’t pay more than 35.99%.

Unlike many personal loans online, NetCredit is usually the direct lender and servicer of your loan. In some states, the company does partner with Republic Bank & Trust Company.

There aren’t any loan application fees or prepayment penalties with NetCredit. However, you may have to pay an origination fee in some states.

If you want to rebuild your credit history while repaying your personal loan, know that NetCredit does report your payments to both Experian and TransUnion.

Another unique perk from NetCredit?

You don’t have to worry about borrower’s remorse. That’s because you have a window of opportunity that allows you to return your loan funds by the next day if you change your mind for some reason.

Read our full review of NetCredit

Bad Credit Personal Loans: Are they really guaranteed?

These “guaranteed installment loans” offer near-automatic approval without even performing a credit check on the applicant.

So if you have poor credit scores and need financing, you could likely get approved for a guaranteed installment loan for bad credit. Depending on the lender, however, you may need to meet other requirements to qualify for a bad credit loan.

For example, many bad credit lenders require you to have a bank account. This may be either to deposit the loan funds into or to ensure automatic payments on the due date (similar to payday loans).

Other lenders may require a certain level of monthly income, as well as consistent employment for a certain amount of time. Installment loans may be advertised as “guaranteed” because there are no hard credit checks. However, that doesn’t mean you’ll automatically qualify without meeting other eligibility requirements.

There are certainly many “predatory” payday loan lenders out there. However, there are also legitimate lenders that will work with bad credit borrowers. Some lenders also report your positive payment history to the credit bureaus. That can help you rebuild your credit score over time.

How to Avoid a Cycle of Debt

When considering an installment loan, or any type of financing for that matter, it’s important to keep your own financial health in mind.

Most lenders are typically tasked with evaluating whether a borrower has the ability to repay. If not, the loan shouldn’t be approved. But lenders’ formulas for approval don’t necessarily consider all of your financial responsibilities.

That means you need to look at the numbers and make sure that you can truly afford the installment loan amount. Check to see what kind of fees (if any) you’ll need to pay, plus how much the principal and interest will cost you each month.

Many people get in trouble when their budgets are too tight after taking out a personal loan. If you don’t have any money saved up and a financial emergency hits, you may have to redirect your loan payments to something else. You’re then saddled with tons of fees and a credit score that just drops lower and lower.

Before taking on new obligations, take a look at your current finances. Consider what you need the loan funds for and how necessary it is for your other financial goals.

We know that cash can be tight and short-term loans can help lighten the load. But, it’s also wise to think long-term so that you don’t get trapped in a never-ending debt cycle.

Other Types of Financing for Poor Credit Borrowers

Installment loans are certainly an option if you need a lump sum of cash. But take a look at a few other forms of financing as well.

It’s best to educate yourself on different types of products and ways to access money so you know which works best for you. Here are a few ideas to get the wheels turning.

Online Unsecured Loans

Yes, you’ll likely need at least a soft credit check (and sometimes a hard one) to get an online unsecured loan. That means they will look at your credit report. However, there are some lenders that still lend to borrowers with a bad credit score.

There are a couple of perks that come with these loans. While your interest rates will still be high, they’re less likely to be in the triple-digit range that is often associated with payday loans.

Furthermore, you may be able to get a longer loan term. This can make your monthly payments much more manageable to help you avoid that debt trap. Just be sure to compare the total cost of the loans over time.

Yes, you may pay less month to month, but if a loan is stretched out over several years, you may end up paying more interest over that period. If it loosens your budget to be able to have more flexibility on a regular basis, however, it may be worth it to you.

Payday Loans

Payday loans are costly, short-term loans that you typically have to repay with your next paycheck. With a payday loan, you can usually only borrow somewhere between $300 and $1,000 depending on your state’s law. Overall, there are many cheaper alternatives to payday loans, and it’s best to avoid them altogether.

Cash Advance from Your Credit Card

If you need to pay for something that doesn’t allow for a credit card, but still have room on your line of credit, you may be able to get a cash advance. Since you already have the card, you don’t have to worry about applying for a new one, which also preserves your credit score.

You’ll often have to pay a slightly higher APR on cash advances. However, if you plan to repay it in the short-term, you may be able to save compared to high-interest loans.

Regardless of your credit score, there is likely to be a financing option that suits you. If you choose a bad credit personal loan with guaranteed approval and no credit check, make sure the rates and terms are worth the purpose of the loan.

Guaranteed Installment Loans for Bad Credit FAQs

What is a guaranteed installment loan?

What most people refer to as a guaranteed installment loan is really just a bad credit loan. It comes with lower barriers for qualification in comparison to traditional loans.

Lenders who advertise guaranteed loans are really just offering loans with a very high approval rate. In reality there is no such thing as a “guaranteed installment loan”, at least not from reputable and legitimate lenders.

An installment loan is simply any loan that allows you to borrow a lump sum which is repaid in a series of equal monthly installments. Depending on the loan amount, loan term, and your credit score, these loans can be secured and backed by collateral, or unsecured without collateral.

These monthly payments are referred to as installments, which is where the name comes from.

Can I get an installment loan with bad credit?

Yes. It is possible to find an installment loan even with poor credit, but you’ll have to pay a higher interest rate.

What is the easiest loan to get with bad credit?

Payday loans are the easiest loan to get as there’s no credit check required, but these should always be avoided unless absolutely necessary. Payday loans come with absurdly high interest rates that could destroy your finances if you default.

There are actually several options for bad credit loans today that don’t require signing dubious or dangerous contracts. You’re more likely to have luck with an online lender offering either an unsecured or secured loan. Having a clear idea of your budget and requirements, as well as details such as your ideal loan term, will help narrow down your choices.

With many lenders and loan products geared towards bad credit loans, you can find a secure and legitimate loan even with a poor credit score.

What are the benefits of a bad credit loan?

Although you won’t have access to the best rates, you can borrow and gradually improve your credit score with a bad credit installment loan from. This can help you repair your credit history.

Most lenders submit your on-time payment history to the three major credit bureaus as you make your monthly payments, which will raise your credit score over time.

How long does it take to get a guaranteed installment loan?

Most personal loans will arrive to your bank account within five to seven business days once you’ve been approved. If you’ve qualified for instant funding, which some online lenders will offer on their products, you could have your entire loan amount within 24 hours.

What can I use an online installment loan for?

Most personal installment loans are not for a specific purpose, unlike HELOC or auto loans, for example. This means you can use the entire loan amount for almost any legitimate purchase including debt consolidation, home improvements or other large purchases.

Final Word

No matter your circumstances, it’s a good idea to check out several online installment loans to get a clear picture of your options. With so many lenders and installment loans online, you’re bound to find something that fits your needs.

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