Personal loans are an easy fix if you need a large amount of cash for your medical bills, student loan, car repair, or vacations. Nevertheless, a poor credit history can be a hindrance in accessing most traditional loans.
Typically, companies consider a good credit history as a primary variable in determining an individual's eligibility for a loan. However, there are loan companies that provide unsecured loans to customers with bad credit scores.
Bad credit loans allow quick cash access as they can provide a large amount ranging from $500 to $50,000. Moreover, the approval time can be as brief as 24 hours.
Best Bad Credit Loans Guaranteed Approval
1. MoneyMutual - Best Bad Credit Loans & No Credit Check Loans Guaranteed Approval
2. Bad Credit Loans - Best Personal Loans For People With Bad Credit Score
#1. MoneyMutual: Best Bad Credit Loans & No Credit Check Loans Guaranteed Approval
MoneyMutual is one of the leading brands in the lending community. While it is hard to score a loan at reasonable rates with a bad credit history, MoneyMutual is one of the companies that consider it its duty to help ease the financial struggles of its customers.
Established in 2010, the company has over a decade of experience, and it has earned its place in the market. MoneyMutual provides a middle ground where borrowers connect with loan providers. However, the platform does not provide loans directly.
The brand has more than 80 lenders in its network, increasing the applicant's chances of finding a suitable lender at a reasonable interest rate.
Highlights
Easy Application Process: In contrast to the application process of various other lending platforms, MoneyMutual has a considerably simple procedure. Applicants can apply by filling in the personal details available on the company's website. Range of Loan Products: MoneyMutual provides its applicants with a loan to help them with various financial needs. It offers cash advance loans, payday loans, and bad credit loans.
Pros
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A large network of lenders
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Allows applicants to borrow $200 to $5000
Soft credit history check
The application form is easy to understand
24-hours approval
Bad credit loans are available
Cons
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Only available for US residents
#2. Bad Credit Loans: Best Personal Loans For People With Bad Credit Score
Bad Credit Loans is one of the most reliable lending platforms that provide aid to people in financial distress. Contrary to typical loan-providing platforms, Bad Credit Loans extends its services to individuals with a poor credit score.
Moreover, the brand utilizes its online presence to educate its customers about the ins and outs of the loan industry. The website of Bad Credit Loans features informational content, mainly spreading awareness about scams and how to avoid them.
Highlights
Informational Website: Bad Credit Loans aims to keep its customers up-to-date with the basic details of the loan industry. In addition, the company keeps its applicants informed about the loan fees, while other companies do not reveal hidden fees to their customers.
Pros
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Lends up to $10,000
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Provides free financial assistance
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Features free tools on its website
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Flexible repayment terms
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Offers bad credit loans
Cons
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Only available for residents of the US
How We Made the List Of Bad Credit Loans Online
Finding a bad credit loan to meet your financial needs can be challenging. Usually, it is hard to determine the credibility of a lending platform and find companies with reasonable interest rates and APR, an easy application procedure, and a flexible repayment plan.
In this article, we have shortlisted the best bad credit loans by weighing them based on specific parameters.
What We Looked For
Brand's Creditworthiness: The brands in this list have provided financial aid to more than a million customers. Furthermore, the brands have many repeat customers because of their exceptional services. Additionally, the brand deals with verified loan providers to maintain its credibility.
Wide Network of Lenders: The companies on this list have a network of independent third-party loan providers. Thus, the loan approval is considerably fast. Not to mention, they offer various loan products like payday loans, personal loans, bad credit loans, etc.
Company Reputation: The brands hold a high stature in the community because of their remarkable customer service. Hence, it adds to the brand's trustworthiness, making them the best bad credit loan platform.
FAQs
Q1. Are bad credit loans good for short-term loans?
Bad credit loans are the best option for a short-term loan considering their instantaneous services in linking borrowers with lenders and providing cash to fulfill their needs.
Q2. Do I personally need to submit the application form to all lenders in the network?
Once you submit the application form, the brand forwards the form to all its lenders. Thereby, it saves applicants from having to provide their details to each loan provider themselves.
Conclusion
A bad credit score can limit your opportunities to access many loans. However, it doesn't extinguish all your options. On the other hand, various online lenders offer bad credit loans at decent terms.
Nevertheless, it is essential for you to weigh the pros and cons of all your available options and make the best choice by choosing the most affordable loan that can serve your needs.