Chris pinched himself hard to be sure he was awake. It was barely three hours before the business hours were to end when he received a call offering him a $15,000 loan. He was in a desperate situation; he needed the money and had been running from pillar to post for the past one week in search of a reliable lender.
Banks denied him a loan; so did his friends and relatives. His search for an urgent loan was fast approaching a dead end. And then what happened was most unexpected – he got a loan offer!
The offer didn’t come from any bank, friends, or any of his relatives; the offer came from a non-banking money lending company that provides bad credit personal loans with guaranteed approvals.
But why wasn’t Chris, a man of mid 40 from Cincinnati in Ohio, given a bank loan? Why was he refused even by the bank where he runs his account?
Well, he, unfortunately, has been branded a bad credit and, therefore, considered unworthy of getting bank loans.
We did not probe into why his credit scores plummeted below 500. But, we assume there must have been good reasons. Chris, today, is a substantial risk to the lenders. And when he was in dire need of the money to pay out his outstanding federal dues that were getting compounded with every passing day, he found himself reduced into a financial pariah.
In the United States, there are at least a few million people who share the plight of Chris. The banks will never give them any loan, and living in this country without a loan is like eating meat without salt. Borrow, buy, and die is how 99% of the population in America lives today. At the core of the Great American Dream lies a compulsion to borrow as Americans are driven by a zeal to live beyond means.
In the US, living without loans is a systematic dilemma we can’t do away with. We need loans for the education of our children, to satisfy our consumerism, to keep ourselves healthy and fit, to pay out the piling national and state dues, and for many more reasons.
So, when banks and other mainstream financial institutions close their doors on us, our life hits a dead end.
But the word ‘dead end’ does not exist in the American lexicon. It is a country where when one door closes, a thousand more open. So, when banks closed their doors on Chris, a few others did open their windows and offer him the money he desperately needed.
Across the United States, hundreds of non-banking money lending companies and platforms operate to serve exactly these kinds of people — people branded as bad credit like Chris. They operate to keep the Great American Dream alive and consumerism thriving.
But, under this garb of helping people with bad credits, some loan sharks are always on a prowl to ensnare gullible borrowers.
This blog has tried to feature five highly credible loan facilitators who work with honesty and clarity for people just like Chris. They are not lenders, per se, but loan facilitators, who operate through online portals, aka virtual financial marketplaces, with an impressively large network of lenders.
In this article, we have cited five loan portals or facilitators that connect prospective borrowers with the right kind of lender and pave the way for a new transactional relation that is suitable and profitable to both parties.
We dare claim that they are the best because they facilitate loans fast, with absolute ease and transparency, and also discreetly than any other financial institutions or companies operating in cyberspace.
Top 5 Lending Platforms Offering Bad Credit Loans With Guaranteed Approvals
#1. MoneyMutual — Overall Best Online Lender For Bad Credit Loans
#2. BadCreditLoans — Best Instalment Loans For Bad Credit Score
#3. CashUSA.com — Top Rated Lending Platform For Instant Cash Withdrawal
#4. Personal Loans — Popular Direct Lender For Personal Loans
#5. CreditLoan — Get Instant Loans For Bad Credit
#1. MoneyMutual — Overall Best Online Lender For Bad Credit Loans
Contrary to popular perceptions, four out of every ten Americans (40 percent) cannot come up with even $400 in an emergency, says a report of the Economic Well-Being of US Households in 2017, May 2018. Penury, rather financial hardships, among over 90 percent of Americans are palpable. Branding people as bad credit has only created a class of impecunious people rendered financial pariahs.
MoneyMutual, set up in 2010, recognizes the needs of people. MoneyMutual understands that many Americans regularly need loans to help cover everyday challenges. Most of them don’t know where to go for a loan and what options are available. An overwhelming majority of these people have bad credits and cannot approach banks. MoneyMutual provides a wide range of loans, including cash advances, instalment loans, bad credit payday loan as well as emergency loans for persons with poor credit.
MoneyMutual stands by them. It is not a lender but plays a critical role in securing loans. It is an online marketplace that offers simple, quick, and secure access to lenders — for free. Since its foray into the business of facilitating loans, nay helping people with loans, MoneyMutual has earned the trust of over two million Americans just by standing beside them when they needed money the most.
Rashonda R, a satisfied client, sang paean for MoneyMutual. “It was perfect-right on time. Very convenient. It was excellent service because I’ve never taken out a loan before and I definitely don’t do it over the internet or on the phone because you know of so many scams and stuff – so they assured me and made me feel comfortable enough giving out my information – you know what I am saying – giving out my information to get the loan – it was very reassuring.”
- MoneyMutual is not a money-lender but a loan facilitator and a virtual financial marketplace.
- MoneyMutual’s services are free; it does not charge borrowers.
- Lenders at MoneyMutual approve loans instantly after reviewing information and loan requests.
- In the approval of loan requests, the platform plays no role.
- The lenders at MoneyMutual do not insist upon the borrower’s credit scores.
- MoneyMutual facilitates loans for all kinds of emergencies, including paying medical bills, getting the car repaired, paying for the groceries, gas, and other essentials. It also facilitates loans for special occasions like weddings or travel.
- It is a member of the Online Lenders Alliance (OLA) and a partner to the Community Financial Education Foundation (CFFF).
- At MoneyMutual, a borrower can find quick and easy loans between $200 and $5,000.
- This loan facilitator is trusted and adored by over 2,000,000 customers across the United States.
- Its USP is in helping people with bad credit scores to get a loan.
- MoneyMutual is a transparent loan facilitator and is located in Las Vegas.
- At MoneyMutual, all your information remains resolutely secured.
- MoneyMutual is a proud member of the Online Lenders Alliance.
- It is a trusted site and displays the TrustedSite Trustmark on its homepage.
- MoneyMutual remains steadfastly committed to children’s privacy. If any information is inadvertently collected from children, the platform will never knowingly use it for any marketing or promotional purposes whatsoever, either inside or outside of its website.
- The loan facilitator proudly displays its contact details and office address on its website to enable clients to contact in case of any need or emergency.
- The service of MoneyMutual is lamentably not available in New York and Connecticut.
- To qualify for a loan, a borrower must have a minimum monthly income of $800.
#2. BadCreditLoans — Best Instalment Loans For Bad Credit Score
Why would you choose to go through BadCreditLoans to secure a loan with your poor credit scores? You would do so because this platform is extremely reliable and guarantees that your loan application will get approved. But that isn’t the only reason prospective borrowers like Chris and you would explore this gateway to loans.
BadCreditLoans is again a loan facilitating a virtual financial marketplace whose services are free. There is no cost or obligation to use its site and access guaranteed bad credit loans. The facilitator is committed to responsible lending. It is not a lender and doesn’t control the lenders or lending partners in its network, but it does provide you with information to help you make responsible decisions about the loan offer you may receive.
“Our website offers more than just loans,” says BadCreditLoans. Try visiting its news section to learn about the charity work and other great events in which this loan portal takes part. You can also educate yourself on the scams that rock the financial market. It never stops in its efforts to ensure clients are always able to enjoy an easy, fast, and secure loan.
And that explains why there is an image of two happy women on its website. BadCreditLoans, evidently, does not facilitate loans only; it plays a pivotal role in spreading peace, joy and helps dreams come true.
In its efforts to describe itself, BadCreditLoans says it “has been in the business of helping people. We make it simple for consumers to get the funds they are looking for loan online. We can help connect you to lenders that offer loans that may work for you.”
While it tries to connect everyone with the instalment loans they want, the platform remains especially concerned with keeping consumers requesting only the loans they need. It offers a variety of free, expertly written articles explaining every part of the loan process. You can also find articles written on:
- Tips on when to take out a loan
- How to spend the funds responsibly
- How to budget your future income to pay off a loan quickly
Suppose this loan facilitator fails to find a lender or lending partner in its network willing to offer you a loan. In that case, it may show you ads for other lenders or connect you with offers for debt relief, credit repair, or other credit-related products or services.
- The services of BadCreditLoans are available 24/7, and the borrowers appreciate it and hail it as extremely beneficial.
- It offers highly useful tips and advice on loans, such as when to take a loan, spend the funds responsibly, and budget your income to pay off a loan quickly and as per the schedule.
- BadCreditLoans is also not a lender but a facilitator having an impressive network of lenders.
- The lenders at this platform aren’t bothered about your credit score. They are specialists in offering loans to people with bad credit.
- The lenders at BadCredit Scores do not sit thawing loan applications. They approve them almost instantly and release the money within a single working day.
- Lenders at BadCreditLoans approve your application so fast because they understand and respect your urgency.
- The platform is extremely active in its social responsibilities. It partakes in various charity activities and other social events associated with the welfare of people.
- On the website of BadCreditLoans, you can find a wide ‘variety of free, expertly written articles explaining every part of the loan process.’
- The platform, BadCreditLoans, helps people with bad credit secure loans between $500 and $10,000.
- BadCreditLoans is steadfastly dedicated to responsible lending.
- It offers its current and prospective clients services around the clock and seven days a week.
- The site offers services free of cost. It does not charge a borrower any fee to put him or her on to the lenders. A prospective borrower can make a loan request at any time of the day or night.
- It uses advanced encryption technology and protects borrowers’ information with zeal.
- The lenders at BadCreditLoans charge an APR (Annual Percentage Rate) between 5.99 and 35.99 percent.
- The time the lenders usually give the borrowers at this platform to repay the loan varies between 90 days and 72 months (six years). This repayment term depends on the amount borrowed.
- This loan facilitating virtual financial marketplace has lenders offering a wide variety of loans. They offer personal loans, unsecured loans, credit cards, business loans, student loans, auto loans, home loans, and mortgage loans.
- The loan application process at this loan portal is easy and hassle-free.
- Not suitable for borrowers who need loans of more than $10,000.
#3. CashUSA.com — Top Rated Lending Platform For Instant Cash Withdrawal
As we began to pen down this review, we wondered why people with deplorable credit scores and history thronged CashUSA seeking loans? We logged into the platform’s website searching for an answer, and what we found left us more than impressed.
CashUSA.com is one of America’s most trusted resources for cash loans. It utilizes its large network of lenders and other third-party networks of lenders that will review your information and choose whether to offer you a loan.
With no shortage of business advertising options for cash loans, you may be wondering why you should choose this gateway to reach the lenders. CashUSA offers you the secure, convenient, and fast service you need to find a personal loan that can work for you. Its lender network includes state and Tribal lenders.
With CashUSA, you can submit a request for a personal loan with its convenient online process, and if a lender approves you for a loan, you can receive your funds as early as the next business day. You can complete the process even faster if you have your banking account and personal information on hand before starting your request.
CashUSA does much more than just connect you with personal loan lenders. It partners with clients and people in general and provides on its site valuable educational resources you need to make an informed decision about personal loans.
- The requirements CashUSA demands to facilitate loans are simple and basic. You must be 18 or above, a US citizen, or a permanent resident of the country, earn at least $1,000 after taxes every month, have a checking account in your name, and a valid email address and phone number(s).
- CashUSA uses industry-standard encryption to protect your personal information.
- CashUSA plays a critical role in facilitating different kinds of personal loans, including debt consolidation, remodelling your home, or taking a vacation.
- It facilitates personal loans of $10,000 at the maximum.
- The lenders at this platform provide loans fast and approve requests within a few hours of submission.
- Its office is located in Las Vegas.
- Depending on the lender, state, customers’ creditworthiness, and a few other factors, the APR (Annual Percentage Rate) for a personal loan varies, with lenders offering rates between 5.99 and 35.99 percent.
- CashUSA assures fast, simple, safe, and reliable loans.
- It is committed to protecting the privacy of individuals seeking its assistance and requesting loans.
- CashUSA offers its services 24/7.
- Loan applications get approved almost instantly (within a few hours), and the lenders make the cash available to the borrower within 24 hours.
- There is a guarantee that loan applications will get approved.
- Its website is its weakest point. It isn’t as smart as the sites of other loan portals we have chosen for our review. It is comprehensive but isn’t very exhaustive.
#4. Personal Loans — Popular Direct Lender For Personal Loans
In the multitude out there, you will find most of the personal loan providers offer loans to a limit of $10,000. PersonalLoans is a path-breaker. It offers loans between $1,000 and $35,000. So, if your need is more than $10,000, you better approach this facilitator.
Unlike most lenders on other loan portals, those at Personal Loans are compassionate in their dealings with borrowers. If you think you may not be able to make a payment, you should contact your lender immediately. Their customer support team might be able to offer you a later courtesy due date. If you have already missed a payment, contact the lender directly. They will help. They will make a new payment arrangement that may suit you.
- Like most other loan portals, the services of Personal Loans are free.
- Personal Loans facilitates fast loans and ensures the money gets into the borrower’s account.
- The portal allows prospective borrowers to request a loan for any occasion.
- Lenders at Personal Loans offer loans at a competitive rate.
- Personal Loans is indeed a genuine bad credit loan facilitator with guaranteed approvals.
- Personal Loans offers an extremely secured path to the funds you need.
- At Personal Loans, borrowers can apply for high-value loans up to $35,000. The loan gateway offers you access to lenders who also provide loans of $1,000.
- The APR (Annual Percentage Rate) the lenders at Personal Loans levy is industry standard. They charge between 5.99 and 35.99 percent.
- The lenders on the Personal Loans network offer an easy repayment time between three months and 72 months. If you opt for a longer repayment term, you may have to pay more interest on the loan. But this also helps many, especially those who want to pay low monthly instalments.
- The lenders at this portal offer borrowers adequate time and the opportunity to review the final offers.
- The service of this facilitator is available across the United States, and this accounts for the portal’s huge popularity.
- People in need of a high-value loan find the service of this loan facilitating portal extremely beneficial.
- Though most of the eligibility criteria of the portal are industry standard and meetable, some may find its insistence on a verified monthly income of $2,000 a bit harsh.
#5. CreditLoan — Get Instant Loans For Bad Credit
CreditLoan is another outstanding loan facilitating portal where borrowers can get high-value loans. At this virtual financial marketplace, lenders offer loans ranging between $250 and $40,000. It has been into helping people since 1998, mainly as an educational website. It diversified into loan facilitating subsequently and has thus far helped over 750,000 people secure loans.
Its goal has been simple. It taught borrowers about various personal finance issues through great content and tools like financial calculators, mortgage rates, and direct connections to leading service providers. CreditLoan quickly became a trusted source for original analysis and content and has now educated more than 33 million visitors (and counting) on financial issues that matter.
- The loan portal is a reputed name and has featured prominently in respected media, including CNN, Forbes, CNNMoney, Lendingtree, The Wall Street Journal, and The New York Times.
- Its service is completely free.
- This loan portal facilitates safe and quick loans to people in an emergency.
- It has, thus far, helped over 750,000 people tide over their financial logjams.
- The loan portal has been in the business of helping people with bad credit since 1998.
- The lenders at this portal offer high-value personal loans up to $40,000.
- CreditLoan is a highly trusted portal for its quality service, honesty, and compassionate policies.
- It facilitates student loans on easy terms.
- It also facilitates bad credit loans up to $5,000
- Borrowers find convenient auto loans at this portal.
- The lenders at this loan portal reportedly charge a higher interest rate.
⇒ Visit the Official Website of CreditLoan
Selecting The Best Bad Credit Loan Providers Who Ensure Guaranteed Approvals — How We Did It!
Selecting an ideal loan service portal is tricky, and less experienced customers could fall into a loan trap. We get that you’d rather not waste your time going through numerous loan services while in dire need of money.
So, we have listed the top five loan service portals that give out guaranteed loans to individuals with a bad credit history. We have chosen these companies based on systematic research, taking into account various parameters. Through elimination, we kept the companies that passed our strict evaluation. Each selection step got harsher till only five remained. Some of the factors we focused on for our screening are:
#1. Guaranteed Approval
It is of paramount importance that the companies we mention in this article don’t give your credit score any importance and guarantee your loan approval. We restricted ourselves to companies that either don’t care about your credit score or will guarantee your loan even if your credit score has reached rock bottom. Various lenders may conduct a brief credit check from time to time, which will, in most situations, have no influence on your credit report.
#2. Annual Percentage Rate
These online platforms aren’t money-lenders themselves and don’t fix the interest rate. The money-lenders affiliated with these five companies are known to be fair and offer lower interest rates than what you can expect from any other money-lender.
#3. Variable Amount
We restricted ourselves to those loan service companies that offered a range of loan amounts. Loans can be as low as $600 and go up to $10,000. Please understand that no loan company offers hundreds of thousands of dollars as a guaranteed loan.
We double-checked that the companies in this list are not into unethical practices such as unfair debt collection practices, withholding information (like interest rates), loansharking, etc. The companies in this list are adherents of American legal standards such as the Fair Debt Collection Practices, Truth in Lending Act (TILA), Dodd-Frank Wall Street Reform Act, etc.
Loan applications contain sensitive personal information like your home address, bank account details, and social security number. This info must remain secret and secure. As such, we selected online platforms that offer a high level of cyber security from proven third-party security firms, such as Norton.
#6. Customer Feedback
We ensured that our top five picks have fantastic customer reviews and an excellent average review score. We went through numerous customer testimonies to decide if they were genuine and check if any skeletons popped out of the company’s proverbial closet. It gave us a solid idea of each portal’s reputation among its customer base, allowing us to select the reputed ones.
#7. Loan Repayment
A critically important factor for our selection was the ease of loan repayment. Complex loan repayment policies can mislead customers, often causing them to miss deadlines or make some other mistake. Loan sharks often use this kind of underhanded strategy to delay an individual from repaying their loan, allowing the shark to keep feeding on the interest. We took a lot of care to ensure that our picks are not into such a shady practice and offer simple and easy loan repayment methods.
A Brief Guide To Getting Guaranteed Loans Despite Having A Bad Credit Score
The internet is brimming with online loan facilitating companies. A simple Google search will give you the details of numerous such websites. They all claim to be legit, fair, charge moderate interest, and offer easy repayment.
However, the sad truth is that such online loan businesses exist in a deep digital ocean infested with loan sharks, hunting for desperate people.
Navigating such dangerous waters requires expertise, experience, and perhaps a guide. This situation is where we come in! We’ll guide you through the primary factors you should consider while looking for an online loan platform.
- Approval time & guarantee
You are going over these online loan-facilitating portals because you’d like a guaranteed loan. An option where the banks have failed. So it’s of paramount importance to only go for companies that offer guaranteed loans, even with a bad credit history.
- Loan Terms (includes repayment plan)
Ensure that you review the loan terms such as interest rate, approved amount, repayment options, repayment deadlines, and consequences for non-repayment or delayed repayment. Keep in mind that you have no obligation to accept an approved loan. Accept the offer only if the terms appeal to you.
- Interest rates
The online platforms are merely loan facilitators, and as such, they won’t have any interest rates listed on their websites. After your loan application is processed, a money-lender will contact you and inform you about their interest rate. A fair money-lender should charge about 22-25% Annual Percentage Rate, regardless of your credit score. If any money-lender asks for an annual interest higher than 35%, be certain that it’s a loan trap, and decline the offer immediately.
- Proper documentation
You need to ensure that you have all the required documentation before submitting your loan application. Documentation consists of proof of your US citizenship (passport, birth certificate, etc.), a government-issued identity card such as a passport or driver’s license, or permanent residency (green card). You also have to provide your bank account details and employment proof.
- Loan amount
Ensure that the amount of loan the company offers meets your requirement. The majority of online platforms that offer guaranteed loans do so within a range of $600-10,000. But sometimes, the limits may be higher or lower. Online loan companies will not give you loans for a very high monetary sum, such as education or home loan. You will have to approach a bank for that.
Any reputable online loan platform does not ask for fees for getting you connected to a money-lender. It is a free service. The company instead gets its fee from money-lenders. Ensure that the company you choose isn’t charging you any fees for the “privilege” of this service. That is a sign of a less-than-reputable company.
Ensure that the money lending portal has good cyber security, such as Norton protection. It is critical because you provide sensitive personal information when applying for a loan. You usually give out your home address, social security number, and bank account details. It can cause a lot of damage if the information gets leaked or hacked.
Some online loan companies will sell this information to money lenders and advertisement companies. Keep an eye out for such a disclaimer. This process has increasingly become standard practice for almost all such companies, so it’s something you’ll have to accept, but you should be an informed customer nonetheless.
- Customer reviews
Customer reviews are a great way to get all the information you need about a loan facilitating company, such as if it has a good or bad reputation as per the experience of past customers. Don’t just fall for whatever review score. Ensure that you read a few customer testimonials to have a good idea about the company. Individual customer testimonials may resonate with you and give you vital information crucial for your specific case.
- Fair practices
Dubious companies and money lenders may attempt to dupe you into taking a bad deal. To ensure that you avoid loan sharks, money lenders, debt traps, or sending goons to your doorstep, double-check the company that you go for a loan follow US money lending law and fair practices such as the Dodd-Frank Wall Street Reform Act, Truth in Lending Act (TILA), and Fair Debt Collection Practices. It ensures that the money lenders affiliated with the company are not into unfair or illegal money lending.
- Speed of approval
It would be wise to choose companies that guarantee loan approval and do so at an expedited rate if you need a loan. Certain companies can even process your application and get the money to you in a single day.
FAQs About Bad Credit Loans With Guaranteed Approvals
Q1: Is my loan approval guaranteed?
A: Yes. These specific loans are guaranteed approval even if your credit score has reached rock bottom. For this convenience, interest rates may be a tad higher than usual. Please note that not all types of loans these platforms offer have guaranteed approvals. Only those specifically say guaranteed approval regardless of credit score.
Q2: How long will it take to approve my loan?
A: There is no set approval time for these guaranteed loans, but the quicker you submit your application with the necessary documents, the faster you can get your loan approved. As soon as you apply for a loan through their portal, your request gets sent to the money lenders for our listed companies. Your application gets accepted in a matter of minutes to at most a few hours. Some companies also offer loans on the same day as you apply. When you take into account the fact that you have a poor credit rating, you may find it difficult to get a loan at all. Note that these companies don’t provide loans themselves. The money-lender makes the last call, but statistics show that applications don’t sit around gathering dust in these online portals.
Q3: What kind of loans can I request?
A: You can request a variety of different loans. These include auto loans, home loans for mortgage, medical loans, or personal loans that can be used for any number of reasons such as planning a vacation, paying overdue bills, etc. The interest rate or other factors may differ based on what kind of loan you request.
Q4: What are the requirements to get a guaranteed loan?
A: The requirements depend on the reason for taking the loan. For example, a loan to pay the mortgage will require providing details about your house. If you are asking for an emergency car repair loan, you will have to give details about the car. A medical expense loan requires information about medical expenses, such as bills and receipts. But, there is some basic information you’ll have to submit regardless of what loan you are applying for. These include:
- Your full legal name
- Your home address, phone number(s), and email
- Evidence of US citizenship (passport, birth certificate, etc.) or permanent residency (green card)
- Your social security number
- Evidence of your income, such as bank statements
- A government-issued identification card such as passport, driver’s license, etc.
- Collateral if you want a secure loan
- Your employment history (to check any criminal or other offenses)
Q5: How much can I borrow?
A: The amount you can borrow depends on the company. Sometimes you get exactly the amount you want, while at other times, you get approved for a lower amount based on your background. Your loan is guaranteed, but the amount may not be. Usually, you can request a loan amount as little as $600 and as high as $10,000 or sometimes even higher, such as $20,000 or $30,000 in rare cases. You will not get loans above $50,000 under any circumstance, regardless of the platform.
Don’t Worry, Be Happy. You’ve Got It Covered!
Life is all about ups and downs, and difficult times can be testing. If you persevere through the hardship, they will pass, and you will come out on top. It is predicted that over 11 percent of Americans have a credit score below 550. This situation makes it hard to approach banks for a loan. But do not despair.
Thanks to the reach of the internet, numerous websites give out loans at fair interests that are guaranteed regardless of your credit ratings.
This article lists five top-tier companies that offer such short-term loans in small amounts, like $600, to even large amounts, such as $10,000. Such online portals don’t directly lend you money. Rather, they will connect you to several local money-lenders who offer you loans and choose the best loan offer.
Leading the market is MoneyMutualcare, but all the listed companies are guaranteed safe bets with hassle-free experiences and fair interest rates.
Should you decide to go for another loan facilitating platform, we recommend using our guide to secure a guaranteed loan. The online loan business is rather shady and full of predatory loan sharks charging an arm and a leg in interest.
We are certain that our brief guide can help you avoid such predatory money-lenders to settle for a suitable and well-reputed platform. Something that won’t try to scam you out of your money or trap you in a vicious, never-ending debt. Timely repayment of these loans can even improve your FICO score to approach banks once again eventually.