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
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.
CashUSA
For online loans between $500 and $10,000, CashUSA has fairly basic qualification requirements.
BadCreditLoans.com
BadCreditLoans.com is another online service that matches you up with direct lenders that don’t require a credit check.
PersonalLoans.com
PersonalLoans.com also specializes in bad credit installment loans. They offer larger loan amounts with longer repayment terms.
NetCredit
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?
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.