9 Best Bad Credit Loans With Guaranteed Approval

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Searching for the best personal loans for bad credit requires you to be realistic and seeing what’s available. Bad credit loans guaranteed approval sound foolproof but aren’t as easy to get as they sound. 

Even lenders who claim they guarantee loans to individuals with low credit scores will run a check before approving a loan. And unfortunately, some prospective borrowers will still get denied — despite the guarantee. However, your chances are better at getting approved when you apply for one of the following best personal loans for people with bad credit.

Provider Details
Lending Club -Credit Score Required: None
-APR: 7.04%-35.89%
-Borrowing Limit: Up to $40,000
-Lending Period: 36-60 months
Loan origination fee: 3% – 6%
-Late payment fee: 5.00% of unpaid payment or $15, whichever is greater, if more than 15 days late
Avant -Credit Score Required: Most customers that receive loans have a credit score between 600 and 700 
-APR: 9.95%-35.99%
-Borrowing Limit: $2,000-$35,000
-Lending Period: 24-60 months
$25 late fee, $15 dishonored payment fee
1.50%-4.75% administration fee range
OneMain Financial -Credit Score Required: None
APR: 18.00%-35.99% 
-Borrowing Limit: $1,500-$20,000
-Lending Period: 24-60 months
-Fees: Varies
PersonalLoans.com -Credit Score Required: 600
-APR: 5.99%-35.99%
-Borrowing Limit: $1,000-$35,000
-Lending Period: 3-72 months
-Fees: 1%-5% origination fee
NetCredit -Credit Score Required: Varies
-APR: 19.90%-155.00% 
-Borrowing Limit: $500-$20,000  
-Lending Period: 6-60 months
-Fees: Varies by state
Rise -Credit Score Required: Varies
-APR: 36.00%-175.00% 
-Borrowing Limit: $300-$5,000  
-Lending Period: 5-26 months
-Fees: Varies
Lending Point -Credit Score Required: 580
-APR: 9.99%-35.99%
-Borrowing Limit: $2,000-$36,500
-Lending Period: 24-60 months
Fees: Late fee varies by state, 6% origination fee
Upstart -Credit Score Required: 300
-APR: 3.09%-35.99% 
-Borrowing Limit: $1,000-$50,000
-Lending Period: 3 – 5 years
-Fees: 0%-8% origination fee, $15 late fee
Prosper -Credit Score Required: 640
APR: 7.95%-35.99%
-Borrowing Limit: $2,000-$40,000
-Lending Period: 3-5 years
-Fees: 1%-5% origination fee
*Rates are accurate as of March 4, 2022.
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Lending Club

Lending Club is a peer-to-peer online credit marketplace, meaning your lender will be another individual rather than a bank or other financial institution. Lending Club will act as a broker that puts you in contact with potential lenders. The model appears to be popular, with over 3 million customers.

The application process can take mere minutes, and you can borrow up to $40,000 with repayment terms of three to five years at interest rates as low as 7.04% APR. But, although there’s no minimum credit score needed, lenders will likely charge a higher APR for borrowers with lower credit scores, meaning you might be pushed toward the higher end of the rate range if you have bad credit

Good for:

  • People in need of large sums of cash
  • People who don’t want to borrow from a bank or other financial institution

Pros:

  • A 15-day grace period to make payments without being charged a late fee
  • Borrow up to $40,000

Cons:

  • Personal loans cannot be put toward college education expenses or to make investments
  • Online-only lender without branch infrastructure

Avant

Why we like it: Ally bank is part of the fintech wave, offering extensive user-friendly budgeting and spending tools while paying a high interest rate in a no-fee wrapper

Save for Your Future

Good for: 

  • People with a very short credit history
  • People in need of quick access to funds

Pros:

  • Fast approval
  • Funds might be available by next business day
  • No restrictions on usage

Cons:

  • Administration fee as high as 4.75%
  • Late and dishonored payment fees

OneMain Financial

Why we like it: Ally bank is part of the fintech wave, offering extensive user-friendly budgeting and spending tools while paying a high interest rate in a no-fee wrapper

Good for:

  • People willing to pay higher interest for fast access to funds
  • People looking for a bad-credit secured loan

Pros: 

  • No minimum credit score required
  • Fast approval and availability of funds
  • Option for a secured loan in certain circumstances

Cons:

  • High minimum APR
  • Limits on how funds can be used

PersonalLoans.com

PersonalLoans.com boasts that its proprietary technology can evaluate your personal loan needs and connect you with the ideal lender for your circumstances. It offers loan terms as long as six years, the option to borrow up to $35,000 and approval within minutes for many applicants. The minimum credit score required, however, is 600, and you’ll pay a 1 to 5% origination fee

Save for Your Future

Good for:

  • People with a credit score over 600
  • People looking for a long repayment period

Pros:

  • Flexible loan terms of six to 72 months
  • Loans up to $35,000
  • Approval in minutes

Cons:

  • 1 to 5% origination fee 
  • Minimum credit score of 600

NetCredit

NetCredit doesn’t just offer personal loans for poor credit. It provides financial tools you can use to improve your credit and create a loan that fits your needs. My CreditBuilder is designed to help you improve your bad credit score, the My RightFit Tool enables you to customize the personal loan that works best in your financial life, and the ClearCost for Me tool claims to offer up transparent information about repayment terms, fees and interest.

NetCredit offers some of the lower loan amounts at some of the worst terms of the options on this list, however, with a minimum APR of 19.99% — ranging up to as high as 155% — and a maximum loan amount of just $20,000

Good for:

  • People interested in tools and features to help them understand their credit score
  • People looking for customizable terms

Pros:

  • Online tools to help improve credit
  • ClearCost for Me promises transparency about costs and terms
  • My ScoreSaver allows you to check eligibility without affecting credit score

Cons:

  • 19.99% to 155% APR
  • Maximum loan amount of $20,000

Rise

Rise positions itself specifically as an alternative to high-interest payday loans for people with low credit and short-term financial crunch. Given that it’s intended for consumers with a financial emergency, the company promises a rapid turnaround from the application process to receive the money in question, but the terms of the loans involve a very low maximum amount you can borrow as well as very high interest rates. Of the companies listed here, none offers less money or higher rates than Rise.

Good for:

  • People in a financial emergency who need fast cash and can afford a higher interest rate

Pros:

  • Free TransUnion credit score
  • Free credit alerts
  • Can secure funds by next business day

Cons:

  • APR range of 36 to 175%
  • Maximum loan amount of $5,000

Lending Point

Lending Point offers up to $25,000 and a next-day deposit on its loans in addition to the option for breaking your monthly payments up into bi-monthly payments to make them more manageable. Moreover, there are no restrictions on how you spend the money. LendingPoint does, however, charge a 6% origination fee.  

Good for:

  • People looking for more, smaller payments

Pros: 

  • Next-day deposit of funds
  • Option to break up monthly payments to make them smaller
  • No restrictions on usage

Cons:

  • 6% origination fee
  • $30 late payment fee
  • Availability limited to 43 states and Washington, D.C.

Upstart

Upstart claims to look at its customers as more than just a credit score, incorporating other elements like education and experience into your final rate. Although that could offer options for people who might be having trouble securing a loan due to short credit history.

The maximum loan amount of $50,000 is the highest offered among the companies on this list, and the company promises the potential to receive your loan as soon as the next day, though with a 0 to 8% origination fee.

Good for:

  • People with income and education levels that are better than their credit score reflects
  • People looking for large loan amounts without restrictions on usage

Pros: 

  • Can borrow up to $50,000 without restrictions on usage
  • Funds are available as soon as the next day after application 
  • Can secure a lower rate based on factors other than your credit score

Prosper

Prosper has the highest credit score requirement of this bunch — 640 — and charges a 1 to 5% origination fee.  The company, however, also offers APRs as low as 7.95%, immediate approval with funds available within a few business days and a maximum loan amount of $40,000.

Good for:

  • People with credit scores over 640
  • People looking for fast access to funds at competitive rates

Pros: 

  • APR starting as low as 7.95%
  • Immediate approval
  • Funds available within a few business days
  • Maximum loan value of $40,000

Cons:

  • Minimum credit score of 640 required
  • 1 to 5% origination fee

Final Take

You have options when it comes to bad credit loans guaranteed approval. However, it’s important to read the fine print. They typically come with higher interest rates and fees that can get costly to pay back, especially if you plan on longer terms.

Cynthia Bowman contributed to the reporting for this article.

Rates and fees are subject to change and are accurate as of March 4, 2022.

All unsecured installment loans issued through Avant are made by WebBank, member FDIC.

Lending Club: Rates from 5.99% to 35.96%* APR. Best APR is available to borrowers with excellent credit.

*All loans subject to OneMain’s normal credit policies and may be subject to maximum or minimum size restrictions, which vary by state. OneMain makes loans above the illustrative amount(s) mentioned in this advertisement, but the maximum loan size depends on your credit history, with larger loans only available to a small number of highly qualified applicants offering collateral. Commercial vehicles, salvage titled vehicles, and certain others are not acceptable collateral for secured loans.

About the Author

Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.

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