3 Best Bad Credit Loans Guaranteed Approval & No Credit Check Loans In 2022 (2023)

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Any of us can be hooked by circumstances and find ourselves in need of urgent money. When it comes to assistance from a bank or credit union, it may take you from a few days to a few weeks to apply and get approved. Moreover, if you have a less-than-perfect credit score, you should not expect to get a favorable interest rate. Traditional lenders may even reject your loan request and leave you to chance without any alternatives. And that's when borrowers turn to a direct lender to get fast cash online.

Whether you need just a few hundred dollars to cover unexpected expenses the same day or are looking for $2,000 bad credit loans for some major purchases, you can find multiple lenders willing to offer you unsecured loans with instant approval. But how to choose the best option when you're kind of pressed for time and have no idea what to focus on when it comes to bad credit loans? If you're in a similar situation, then you've come to the right place. We've done all the work for you to offer our list of lending services with the best up to $5,000 loans with no credit check and guaranteed approval.

Top 3 Services Providing Online Payday Loans for Bad Credit in 2022

1. 1FirstCashAdvance – Overall Best Bad Credit Loan Marketplace, Editor's Choice.
2. ASAP Finance – Get a Loan With Bad Credit Within 24 Hours.
3. 15M Finance – Best for No Credit Check Loans Guaranteed Approval.

#1. 1FirstCashAdvance – Overall Best Bad Credit Loan Marketplace, Editor's Choice

1FirstCashAdvance is one of the most well-known platforms for bad credit loans. And it's also one of the best from beginning to end. The service has a user-friendly website with a convenient interface and offers a simple submission process in a few steps. Basically, you need to satisfy a few criteria and complete an online submission form. And yes, you got it right. The procedure is fully online, so you can solve your problems during a lunch break without leaving your workplace or home.

The marketplace's working principle is quite similar to any other online connecting company. The service shares your application details with its network of direct lenders in order to link you with the one that can meet your specific needs. As the company uses a secured connection, your data is always protected. Once the lender checks your details to find out whether you're a reliable borrower, it sends you a loan decision by email. If approved, you will be asked to put an e-signature in your loan agreement. After all, you will get a loan amount in your bank account via direct deposit as soon as the next business day.

Typically, you can access loan amounts between $100 and $5,000. Minimum loan amounts usually depend on the state and the particular lender, while a maximum loan amount will be determined by your income and your whole creditworthiness.

The service is worth trying if you need cash desperately and want to turn to a company you can unreservedly trust. It combines all features a customer may need when he has a bad credit history or is forced to seek emergency financial assistance.

“We're not a lender, so making money on customers is not our end goal. We work to help people overcome financial difficulties, and we love what we do from the bottom of our hearts. Bad credit loans are our ways to change the lending market for the better. I strongly believe everyone deserves accessible financial assistance.” – Latoria Williams, CEO of 1FirstCashAdvance.

Features

Loan approval without wasting time

Do you remember your last experience of getting a loan in a credit union or bank? It typically takes you time to assemble all the documents and then a bit more until your loan verification passes. But 1FirstCashAdvance follows different application and processing models.

First, you don't need to gather papers to complete an application procedure. Second, online lenders usually don't review your data through main credit bureaus, so it takes them from a few minutes to an hour to analyze the information and make a loan decision. And last but not least, the whole process takes place online, so you don't need to visit a store and spend time and money getting there.

User-friendly resource

The company's website is packed with full information about the products it offers. It also has a fascinating blog with plenty of useful tips and knowledge. Seems like it's not only a platform for getting money asap but also an educational portal that is focused on financial literacy basics.

Customer experience

Most consumers share their positive experiences with other users and highly appreciate the opportunities the service provides. Thus, many people mention the ability to apply several times until they get better offers, as well as no usage restrictions for loan amounts.

Positives

• No minimum credit score requirement;
• No origination fee you need to pay to apply;
• Fast submission procedure available 24/7;
• Multiple offers between $100 and $5,000;
• Next-day money funding option.

Negatives

• High interest rates for personal loans for bad credit;
• Steady source of income is required.

When the time is not on your side, 1FirstCashAdvance is the place to turn to for loans for bad credit.

#2. ASAP Finance – Get a Loan With Bad Credit Within 24 Hours

If you're in need of a loan with the soonest possible direct deposit, ASAP Finance is a marketplace to consider. The company is recognized for its fast loans with no minimum credit score requirements and simple basic qualifications. All the loans it offers are unsecured, so you don't need to be a homeowner or car owner and risk your property to apply. As the service makes its top priority to help people fast and efficiently, it makes everything possible to turn the loan application procedure into an easy-as-ABC activity. All you will be asked to do is to prepare your personal, account, and income details and spend a few minutes entering them in a straightforward form.

The company's partner lenders are not focused on your credit score until your income is high enough to fulfill your debt payment obligations. Thus, if you have steady revenue and a reasonable debt-to-income ratio, your credit score is not a determining factor. Moreover, online loan providers don't make hard credit inquiries through major credit reporting bureaus. It means that online loans won't be displayed in your credit report and won't affect your credit history.

The service offers great loan options to cover urgent, unexpected expenses. The lender will send you a loan decision a few minutes after submission. Furthermore, you're more likely to get loan proceeds within 24 hours or even sooner. You can use loan funds for any needs, from paying bills to covering another debt or making debt consolidation.

ASAP Finance is a platform with accessible short-term loans that were designed specifically for financial emergencies. You can try it if you get into an emergency and need some additional help to overcome it without struggle.

“We know time matters when you face financial emergencies. And any delay can cost you even more. Therefore, bad credit loans are not only for individuals with poor credit scores but also for those who need money fast without waiting for a bank verification process to be completed.” – Gregory Allen, Principal CEO of ASAP Finance.

Features

Convenient application form and website

There are no senseless steps or actions you should take to apply. All the procedures are straightforward and logical. Moreover, the site also contains full information about the products offered without cheap tricks and understatements. If you want to know what the product you choose is about, you may find all the basic information here. However, you have to contact your lender for some specific details.

Fast loan processing

The company and the lenders it works with value your time and offer quick loan verification without checking your data through major credit bureaus. It allows them to manage faster and turn back to you with a made loan decision within a few minutes.

Customer reviews

People who value speed are fully happy with the loan options the company provides. Borrowers also mention a user-friendly website with clear information and the ability to choose the best offer by applying several times.

Positives

• No minimum credit score requirement;
• Unsecured loans with only a signature;
• No origination fee will be charged;
• Quick loan processing procedure;
• Money funding within 24 hours.

Negatives

• Most loans can't meet your long-term needs.
• Loan options with an expensive annual percentage rate.

If you need money now but have a poor credit history, consider ASAP Finance to get out of financial difficulties.

#3. 15M Finance – Best for No Credit Check Loans Guaranteed Approval

15M Finance is a trusted loan company with many great and modern features to offer. Although it's not a lender, it works with many partner loan providers across the country in order to connect you with locals that have a suitable offer for you. The company takes picking lenders to work with seriously and requires them not only to be licensed but also to have a good reputation within the last year. Thus, you can be sure you're doing business with a legitimate participant.

The whole procedure of obtaining a loan is completely straightforward. There is no unnecessary paperwork, faxing, or excess steps. First of all, you should choose the product that meets your needs by viewing the information on the website or turning to their friendly customer support. Then, complete an online loan request form in a few minutes, agree for a soft credit check, and let the service share your personal information with their database of online lenders. The lender that has an option for you checks your credit background rapidly and responds to you shortly after. It usually takes less than 15 minutes to get approved if you apply within working hours. However, you're welcome to apply at any moment.

The service is free of charge, so you won't be asked to pay any loan origination fee to get linked with a lender. Depending on your income, the lender, and the state, you can generally get up to $5,000 and will be offered several payment plans to choose. You're welcome to apply with any credit score, and it won't affect your credit history too. It also boasts a high approval rate for borrowers with bad credit scores.

The service offers fair, safe, and modern financial solutions on any occasion, so give it a go if you're looking for a simple way to get a short-term loan, even with a bad credit score.

“Traditional lenders are always focused on borrowers' credit scores to estimate risks of defaults and find out whether they are reliable or not. But what is an option for people who need money desperately and can't satisfy these minimum credit score requirements? The answer is simple. Find a trusted online lender that can explain all the details and get a loan for bad credit. There is nothing wrong with no credit check loans until you use them responsibly.” – Shania Brenson, founder of 15M Finance.

Features

Loan application process 24/7

You don't need to look up the lender's working hours and change your plans to visit a store. Wherever you are and no matter the time, you're welcome to open the website and spend about 5 minutes sending your loan request to multiple lenders at once. Thus, you can save time and don't worry about where to find extra hours in a day to cope with one more deal in your busy schedule.

Fees and charges

15M Finance doesn't charge any origination fee. You can apply for free, and you aren't even obliged to accept offers from personal loan lenders. Thus, anyone can use the platform to inquire about the cost and find out what loan conditions may be offered to you right now.

Lender's rating

Most borrowers are satisfied with doing business with 15M Finance. They seem happy with the customer service they get and also note fast money funding within one business day. Thus, the company has high rates on most customer review platforms.

Positives

• Allowed with a bad credit score;
• No guarantor or collateral is required;
• Online loan application day and night;
• Free-of-charge service with no origination fee;
• Fast money access by the end of the next business day.

Negatives

• You should have a steady revenue;
• Get ready for high interest rates if you have a bad credit history.

If it seems no one can help you with money, 15M Finance may be your fast financial solution with any credit score.

How Did We Pick The Companies for Loans for Bad Credit Online?

The list above was created based on the basic features that determine whether a lender is worth working with.

Lender's trustworthiness

The lender's trustworthiness generally consists of the number of years in business and borrowers' satisfaction with the lending experience they gain. Thus, custom review websites may be a great tool to estimate the lender and get prepared for all the pitfalls based on the former clients' experience. So, we did a small research to find out what people say and choose the lenders with the best value for crucial factors.

Interest rates

The lower interest rates, the less you have to overpay in the end. Moreover, interest rates may be either fixed or variable, and it also affects the amount of your monthly payment and your loan total cost. Thus, we examined multiple lenders and compared the interest rates they offer to choose those with the best possible charges. Although bad credit lending typically comes with higher charges, it's still possible to find favorable terms.

Repayment options

It's great when you have several payment plans to choose from. While some situations are good for short-term loans in order to not overpay much, others require a long-term financial solution to make paybacks less stressful for your budget. Thus, we've considered this option and picked the services that can offer various paycheck schedules on any occasion.

Speed of the funding process

Sometimes delays can cost you much, for example, when you need to cover your credit card balance to avoid high interest rates. Thus, it's important to pay attention to how fast you can get cash when it comes to emergency loans. When making this list, we selected the platforms with the same- or next-day funding only.

Application procedure

We strongly believe a loan application process should be fast and straightforward for an average PC user. It should also be convenient and clear, without needless steps or unnecessary actions to take. Thus, the services above offer the online application in minutes with a few simple steps to take.

Eligibility requirements

The main feature differentiating bad credit loans from traditional cash advances is accessibility. Therefore, it's quite important to find a lender that has easy-to-meet requirements with no minimum credit score set. Moreover, if you get into an emergency, you commonly don't have much time to gather documents and wait for the loan processing to be completed. Thus, it is also important to check out what papers you may need to apply. The services from our list work with direct lenders specializing in urgent loans. That is why they set just the minimum loan requirements you need to meet to qualify.

Loan fees

Sometimes your total loan cost may appear higher than you've expected because of the high origination fee a lender charges. Sometimes even a 4% origination fee matters if you're going to obtain a significant loan amount. For example, for a $5,000 loan amount with a 4% origination fee, you will have to pay an extra $200. Sometimes loan fees may reach even 10%, so it's a point you should also look at when you choose a loan provider. The companies above don't set any processing fees you need to pay to apply. However, you should check out your loan documents before signing them to make sure the lender's charges are reasonable.

Bad Credit Loans: Overview

Bad credit personal loans are cash advances that serve as an affordable alternative to traditional types of borrowing. They may have either long or short loan terms, depending on the type of bad credit loan you choose. The main difference between no credit check loans and traditional cash advances lies in accessibility. While loans from banks and credit unions have strict minimum credit score and document requirements, a bad credit personal loan is affordable to almost everyone.

As many lenders are focused on accessible assistance for bad credit borrowers, they typically ignore your credit score. To avoid risks associated with an applicant's unreliability, online lenders usually apply a higher-than-average interest rate and origination fees. That is why some bad credit loan options may be quite expensive. You should always pay attention to the amount of your loan interest rate and origination fees and make sure the whole loan cost (or the amount of your monthly payment) suits your budget.

Another perk of no credit check loans lies in their “secrecy.” It means that such loans are not recorded in your credit report and don't affect your credit score. You can take out several loans within a short period without worrying about your FICO rating. However, many lenders usually make a soft credit check through free sources of information to draw conclusions about your creditworthiness. Thus, if you have a high debt-to-income ratio or low revenue, a lender can still reject a loan request.

Personal loans for bad credit overview

Status: Some types of bad credit loans may be banned in some states.

Minimum loan amount: From $100 for payday loans to $1,000 for personal no credit check loans.

Maximum loan amount: From $1,000 for a personal loan till payday to $15,000 for a bad credit personal loan.

Loan terms: From 3 days to 60 months, depending on the loan type.

Payment schedule: May be repaid either in one lump sum or in fixed monthly installments.

Annual percentage rate: Between 5.99$ and 35.99% for unsecured personal loans with good credit history. Some types of loans may apply an interest rate of over 400% APR.

Minimum credit score: Depends on the loan type. It may be either not established or set to 670.

What Are Available Loans for People With Bad Credit?

There are many loan classification criteria we can use to view bad credit loans from different angles. Nevertheless, we opted for the following classification:

• Unsecured loans;
• Secured loans.

Unsecured Personal Loans

Unsecured loans are those cash advances that you can obtain by putting your signature only. Thus, you don't need to provide a lender with a pledge to access the loan amount you need. Here are some examples of unsecured loans for bad credit.

Payday loans

A payday loan is a small amount you can borrow from an online lender for a limited time frame. Typically, payday loans allow you to obtain from $100 to $1,000 by your next paycheck. Thus, the repayment terms usually don't exceed 30 days and are more likely to be up to 14 days due to bi-weekly salary prevalence. As it's an unsecured loan, it doesn't require any collateral backing. A payday loan amount may be spent on any purpose, so you can even use it to consolidate debt or cover utility bills. Payday loans online are known for their easy-to-meet qualifications and fast money deposits. Nevertheless, it's an expensive type of borrowing. The amount of your loan fees may be between $15 and $30 per each $100 borrowed, which gives us an annual percentage rate of over 400% for a two-week loan.

Installment loans

Installment loans were designed to meet long-term borrowers' needs. They commonly offer repayment terms of up to 24 months and provide loan amounts of up to $5,000. Thus, you can get one lump sum deposit and repay the loan funds plus an interest rate and origination fee in equal monthly payments within the loan terms. Therefore, installment loans are more flexible and less stressful compared to loans till paycheck. However, they're still pricey. You can get an interest rate between 16% and 100% APR, so the amount of your overpayment will be quite impressive due to longer repayment terms.

Bad credit personal loans

Personal loans for bad credit are the most similar to loan options offered by banks and credit unions. If you're looking for a loan with flexible repayment terms of up to 60 months and higher loan amounts of up to $15,000, personal loans may be right for you. At the same time, you should meet higher income requirements to get more cash. Also, you shouldn't expect beneficial interest rates when trying to get such loans with bad credit.

Credit cards

If you want to always have some additional money in case of emergencies, consider issuing a credit card. Some companies offer credit limits for people with poor credit scores. It may also be a good way to improve or build your credit if you pay off your credit card balance on time. However, keep track of your repayment terms, especially when it comes to credit cards with 0% APR promotional periods. If you don't pay off the balance on time, you can face interest rates and, as a result, monthly payments you can't afford.

P2P Loans

You can find various online platforms that allow you to borrow money from the other participant, excluding any financial institutions from the process. These loans have simple eligibility criteria and don't take into account your credit score. However, P2P lending may come with a high origination fee, expensive interest rates, and multiple potential risks, for example, phishing scams. They also offer less support for borrowers when it comes to payback issues.

Secured Personal Loans

In contrast to unsecured debt, secured loans are the ones that require collateral backing. A secured loan may be offered by a bank, a credit union, or an online lender, depending on the loan type. Here are some options to consider if you think about getting a secured loan.

Auto title loans

Title loans are borrowing options that require collateral in the form of your vehicle. Unlike auto loans that provide you with money for a specific purpose and use your purchased car as a pledge in case of defaults, title loan lenders use your deposit to give you money for any needs. You can typically get up to 50% of your car value and are obliged to repay the loan within 30 days. Otherwise, a lender will repossess your vehicle.

Home equity loans

Home equity loans and lines of credit are usually offered by banks, credit unions, and private lenders. They make it possible to access significant loan amounts by using your home as collateral. These loans usually have favorable interest rates and repayment terms of up to 20 years, so they're also called a “second mortgage.” However, just like any other secured loan, a home equity loan carries the risk of losing your property if you face some difficulties with making your monthly payments up to date.

Pawn shop loans

A pawn shop may give you money on hand without accessing your bank account in exchange for a costly item you own. Thus, you can get these secured loans quickly and without providing a lender with your account details and employment status. However, a pawn shop can sell your stuff if you won't repay the funds on time.

Can I Qualify for Small Personal Loans for Bad Credit?

Although personal loans for poor credit are easy to get, even with low credit scores, there are still some requirements you need to satisfy. You're welcome to apply for no credit check loans with any credit score if you:

• Reach at least the age of 18;
• Have proof of your permanent residentship or citizenship;
• Can verify your revenue of at least $12,000 per year;
• Have a live bank account;
• Can provide a lender with your personal information, including your permanent address, cell phone number, and email.

How to Apply for Personal Loans for Bad Credit?

Getting a loan with bad credit is easier than you think. A basic loan application procedure usually consists of a few straightforward steps.

1. Complete a loan submission form. As lenders strive to make the process simple, it is usually a matter of a few minutes.
2. Wait for a loan approval decision. The lender will check your credit background and send you a response by email. Even if you have a poor credit score, don't worry. In most cases, lenders are interested in your income, not your credit score.
3. Sign a loan agreement. If the lender approves you for a loan, you will get a loan offer. Read the loan contract carefully and pay attention to crucial features before signing. If the conditions meet your expectations, put an e-signature to agree with them.
4. Get loan proceeds. You will receive a loan amount in your checking account as soon as the next business day.
5. Repay the funds. Consider an autopay and make sure you have the right sum in your account to repay the loan on the due date. You can also set a reminder to not forget to make your monthly payments on time.

Short Guide on Choosing Same-Day Loans Online – Things to Consider Before Apply

It may seem like a low credit score sounds like a verdict, so you should be happy to accept the first hit regardless of the terms it offers. But that's not true. Of course, if your credit score is good, you can consider more loan offers and claim higher loan amounts and more favorable loan terms. However, even if you have a poor credit score, you can find many lenders that are willing to offer you personal loans.

Borrowers with bad credit scores still have various options to choose from. Therefore, you should know some general tips to go by when choosing a loan to apply for.

1. Consider your options and compare multiple loan offers. Each lender has its own perks and loan terms. Therefore, you need to compare at least several lenders before you decide on a cash advance loan. Pay attention to the features we used to pick the lenders from our list.
2. Decide on a loan amount. Even if a lender offers you a higher loan amount than you specify in the application form, don't follow this momentary weakness. Don't take out more than you really need to avoid getting into a debt trap.
3. Define your loan purpose. It can help you understand what type of loan product will be better for you. For example, if you want to use a bad credit cash advance as a debt consolidation loan, make sure it won't cost you even more. Compare your monthly payment amounts and interest rates before applying.
4. Pay attention to the type of credit check a lender performs. If you have a low credit score, make sure a loan provider makes only a soft credit check that doesn't affect your credit score.
5. Ask the lender about minimum credit score requirements. Even an online lender may have some credit score qualifications when it comes to an unsecured loan. Therefore, learn more about all the details of your potential loan's conditions.
6. Improve your credit score. Even if you apply for a no credit check loan, you can still get some benefits if you have good credit. The higher credit scores, the lower interest rates lenders may offer. Moreover, good credit scores may be a reason for getting higher loan amounts. Actually, you can't improve your credit overnight, but you can take several steps to make it happen faster. For example, you can ask your bank for higher limits on your credit card or pay off a card balance to impact your credit utilization score.

Summing up, no credit check loans may be a good alternative to traditional personal loans. You can choose the type that meets your needs and gain a pleasant lending experience if you are cautious and responsible.

FAQs

What Is The Best Personal Loan for Bad Credit?

There is no single answer to this question. Each person has their own requirements depending on the situation. Actually, the best personal loans are those with suitable maximum and minimum loan amounts, flexible repayment terms, favorable rates, and no minimum credit score requirements. But you should be ready to meet halfway if you have a low credit score.

Do Bad Credit Loans Affect My Credit Score?

It depends on the type of loan and the lender you work with. Many lenders don't run hard credit checks, so it means your credit score will stay unchanged. However, if you choose a title loan or a home equity loan, a lender will perform a hard credit inquiry anyway.

What Can I Use Bad Credit Loan Amount For?

Actually, you can use it for almost any need. Most bad credit loan offers have no restrictions on a loan purpose. However, people usually use them in case of extreme needs, such as covering medical bills, utilities, car repair works, rent deposits and payments, credit card payments, or daily expenses. Many people also use bad credit cash advances as debt consolidation loans. Making debt consolidation is not an emergency but allows you to avoid missed payments and can save you money in the long run.

Do No Credit Check Loans Really Exist?

No credit check loans are usually a trick lenders use to make their loan products sell better. Although most direct lenders don't make hard credit inquiries, they still check your personal and credit details through alternative sources. Such a check doesn't impact your credit score but can be a reason for a negative loan decision.

Am I Guaranteed a Bad Credit Personal Loan?

Unfortunately, you're not. Bad credit loans guaranteed approval are commonly a way to say that you will get a guaranteed decision. Although most no credit check loans have a high approval rate for bad credit borrowers, your credit is not the only factor that can affect the lender's decision. It also checks your income, credit utilization score, debt-to-income ratio, and overall creditworthiness. Thus, if a lender comes to the conclusion that you're not a reliable borrower, you may get a negative loan decision.

What Are Funding Terms for Loans Online for Bad Credit?

Loan providers are more likely to deposit money to your bank account by the end of the next working day. Nevertheless, some lenders offer same-day funding options for applicants who apply before 10:30 AM on a weekday.

What Are Bad Credit Loan Alternatives?

Borrowers with bad credit scores can also consider some types of credit cards, joint personal loans, all types of secured debt, as well as peer-to-peer options. If you need a small amount to cover your cash shortages, you can also borrow money from your family members or friends. It will help you save money on interest rates and get better payback terms.

How Can I Repay Online Personal Loans?

Borrowers typically don't need to take any additional actions to repay bad credit debt. However, it also depends on the loan option you get. For example, loans till payday offer payback options that are similar to auto payments. On the due date, the lender will electronically deduct the loan cost from your bank account. At the same time, personal loans for bad credit typically require you to make your monthly payments by yourself to date. You can also consider an auto payment that will withdraw money from your bank account electronically.