Getting approved for a personal loan can be a challenge if you have bad credit. However, with the rise of online lenders, borrowers with poor credit scores now have more options to choose from. In this article, we will explore some of the best bad credit personal loans guaranteed approval up to $5000 offered by top lenders in the market. These loans come with no credit check, instant approval, and same-day deposit to the bank account, making them an attractive option for those in need of quick cash.
We will review the features, pros, and cons of each loan option to help you make an informed decision. So, whether you need funds to cover an emergency expense or consolidate debt, read on to find the best bad credit personal loans guaranteed approval of $5,000 for your needs.
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Best Bad Credit Personal Loans Guaranteed Approval $5,000
- MoneyMutual : Overall Best Bad Credit Personal Loans Guaranteed Approval
- BadCreditLoans : Top Online Lenders Offering Loans For Bad Credit
- RadCred : Get Online Loans For People With Bad Credit Score
- CashUSA : Best For Secured Personal Loans For Bad Credit
- PersonalLoans : Best For Online Personal Loans WIth Flexible Repayments
- OppLoans : Best For Bad Credit Personal Loans With Same Day Funding
- Lending Tree : Best Personal Loans With Low APR Rates
- Upstart : Borrow Money Online From Top Loan Lender
- New Silver : Best Guaranteed Loans For Bad Credit Personal Loans
- Money-Wise : Best Direct Lenders Offering Loans For Bad Credit Instant Approval
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#1 MoneyMutual : Overall Best Bad Credit Personal Loans Guaranteed Approval
MoneyMutual is an online lending platform that connects borrowers to a network of lenders offering personal loans. MoneyMutual offers a range of loan products, including payday loans, installment loans, and personal loans, with loan amounts ranging from $250 to $5,000. While the acceptance rate is not as high as some other lenders, borrowers with bad credit are still welcome to apply. Here is a quick overview of MoneyMutual's features and ratings:
Decision Speed: 9/10
One of the main advantages of using MoneyMutual is its quick decision speed. Borrowers can apply for a loan online and receive a decision in as little as 5 minutes.
Loan Amount Offering: 8/10
MoneyMutual offers loans ranging from $250 to $5,000, which is a fairly standard range for personal loans. However, some borrowers may be looking for larger loan amounts.
Variety of Products: 7/10
While MoneyMutual specializes in personal loans, it does not offer other financial products like credit cards or mortgages. However, it does offer loans to borrowers with bad credit, which sets it apart from some competitors.
Acceptance Rate: 9/10
MoneyMutual's network of lenders includes both traditional banks and alternative lenders, which means that it has a high acceptance rate for borrowers with different credit scores.
Customer Support: 8/10
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MoneyMutual offers customer support through phone and email. However, some borrowers may prefer a live chat option or more extensive FAQs.
Highlights:
Quick decision speed
Loans available for bad credit borrowers
The network of lenders includes both traditional banks and alternative lenders
Eligibility Criteria:
Borrowers must be at least 18 years old, have a valid checking account, and have a steady source of income.
Fees and Interest Rates:
Fees and interest rates vary depending on the lender and the borrower's credit score. However, MoneyMutual does not charge any fees for its services.
#2 Bad Credit Loans : Top Online Lenders Offering Loans For Bad Credit
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BadCreditLoans is a reputable lending platform that specializes in providing loans to borrowers with bad credit. BadCreditLoans offers a variety of loan products, including personal loans, payday loans, and installment loans, with loan amounts ranging from $500 to $10,000. The platform's high acceptance rate makes it an excellent option for borrowers with bad credit. The application process is straightforward, with most decisions made within minutes, and funds are typically available within one to two business days.
Decision Speed - 8/10
BadCreditLoans.com offers quick loan decisions, with some loans being approved in as little as a few minutes.
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Loan Amount Offering - 7/10
Loans are available for up to $5,000, making it a suitable option for borrowers in need of a smaller loan amount.
Variety of Products - 5/10
BadCreditLoans.com has limited product options compared to other lending platforms, with a primary focus on personal loans.
Acceptance Rate - 6/10
The brand has a moderate acceptance rate, with some customers reporting difficulties in obtaining approval.
Customer Support - 9/10
BadCreditLoans.com provides excellent customer support, with a dedicated team available to assist with any questions or concerns.
Highlights:
One of the brand's highlights is its easy eligibility criteria, which requires applicants to be 18 years or older, have a steady income, and have a bank account in their name. This makes it easier for borrowers to obtain a loan, even with bad credit.
Eligibility Criteria: Minimum credit score of 580, steady income, US citizen or permanent resident, and a valid bank account in the applicant's name.
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Fees and Interest Rates: Fees charged for loan matching service vary based on loan amount and borrower's credit profile; interest rates on loans can vary depending on the lender and the borrower's creditworthiness and may be higher than other lenders due to the higher risk associated with lending to individuals with bad credit.
#3 RadCred : Get Online Loans For People With Bad Credit Score
Radcred is a lending platform that specializes in providing personal loans to individuals with bad credit. The brand offers loans ranging from $500 to $10,000, with a straightforward application process and a quick turnaround time for loan decisions and funding. Radcred's focus on personal loans makes it an ideal choice for borrowers in need of funds for a variety of purposes.
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Decision Speed - 9/10
Radcred offers quick loan decisions, with many loans being approved within minutes of application submission.
Loan Amount Offering - 8/10
The brand offers loans ranging from $500 to $10,000, providing borrowers with the flexibility to choose a loan amount that suits their needs.
Variety of Products - 6/10
Radcred has a limited range of loan products, with a primary focus on personal loans. However, it offers loans for a variety of purposes, including debt consolidation, home improvement, and unexpected expenses.
Acceptance Rate - 7/10
Radcred has a moderate acceptance rate, making it a suitable option for borrowers with bad credit who may struggle to obtain loans from traditional lenders.
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Customer Support - 8/10
Radcred offers excellent customer support, with a team available to assist with any questions or concerns that borrowers may have throughout the loan application process.
Highlights:
One of Radcred's highlights is its easy eligibility criteria, which requires applicants to be 18 years or older, have a steady income, and have a bank account in their name. This makes it easier for borrowers to obtain a loan, even with bad credit.
Eligibility Criteria: Minimum credit score of 580, steady income, US citizen or permanent resident, and a valid bank account in the applicant's name.
Fees and Interest Rates: Radcred's loan matching service fees vary based on the loan amount and borrower's credit profile. Interest rates on loans can also vary depending on the lender and the borrower's creditworthiness, with rates potentially higher than those offered by traditional lenders due to the higher risk associated with lending to individuals with bad credit.
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#4 CashUSA : Best For Secured Personal Loans For Bad Credit
CashUSA is a popular online lending platform that connects borrowers with various lenders, including tribal lenders, installment loan providers, and payday lenders, to help them get the funds they need. The platform offers personal loans ranging from $500 to $10,000 with repayment terms from 90 days to 72 months. CashUSA is known for its quick and straightforward application process and high approval rates.
Decision Speed - 9/10
CashUSA offers a speedy loan decision process, with some borrowers receiving loan approval within minutes.
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Loan Amount Offering - 8/10
Loan amounts range from $500 to $10,000, making CashUSA a suitable option for borrowers in need of larger loans.
Variety of Products - 7/10
CashUSA offers a variety of loan products, including personal loans, payday loans, and installment loans, providing borrowers with different options to choose from.
Acceptance Rate - 9/10
CashUSA has a high acceptance rate, making it an excellent option for borrowers with bad credit or limited credit history.
Customer Support - 8/10
CashUSA provides adequate customer support, with a dedicated team available to help borrowers with any questions or concerns.
Highlights:
One of CashUSA's highlights is its simple and straightforward eligibility criteria, which only requires applicants to be 18 years of age or older, a US citizen or permanent resident, have a valid checking account, and have a minimum income of $1,000 per month.
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Eligibility Criteria: Minimum age of 18, US citizen or permanent resident, a valid checking account, and a minimum income of $1,000 per month.
Fees and Interest Rates: CashUSA is not a direct lender, and the fees and interest rates charged by lenders may vary based on the borrower's creditworthiness and the loan amount, with some loans having APRs as high as 35.99%.
#5. PersonalLoans : Best For Online Personal Loans WIth Flexible Repayments
PersonalLoans.com is a lending platform that connects borrowers with a network of lenders offering personal loans. The platform offers loans ranging from $1,000 to $35,000 with flexible repayment terms ranging from 90 days to 72 months. PersonalLoans.com provides borrowers with access to various loan products, including personal loans, installment loans, and peer-to-peer loans. The brand boasts a high acceptance rate, making it an attractive option for borrowers with poor credit.
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Decision Speed - 8/10
PersonalLoans.com offers a quick loan decision process, with some loans being approved in as little as a few minutes.
Loan Amount Offering - 9/10
PersonalLoans.com provides loan amounts ranging from $1,000 to $35,000, making it an excellent option for borrowers looking for larger loan amounts.
Variety of Products - 7/10
PersonalLoans.com offers a variety of loan products, including personal loans, installment loans, and peer-to-peer loans.
Acceptance Rate - 9/10
PersonalLoans.com has a high acceptance rate, making it an excellent option for borrowers with poor credit.
Customer Support - 8/10
PersonalLoans.com provides excellent customer support, with a dedicated team available to assist with any questions or concerns.
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Highlights
One of the brand's highlights is its broad eligibility criteria, making it accessible to a wide range of borrowers. The platform also provides flexible repayment terms and competitive interest rates, making it an attractive option for borrowers looking for a personal loan.
Eligibility Criteria
Applicants must be at least 18 years old, have a valid Social Security number, and be a legal US citizen or permanent resident. Additionally, borrowers must have a steady income, a valid email address, and an active bank account.
Fees and Interest Rates
PersonalLoans.com does not charge any fees for its loan matching service. Interest rates vary depending on the lender and the borrower's creditworthiness and can range from 5.99% to 35.99%.
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#6 OppLoans : Best For Bad Credit Personal Loans With Same Day Funding
OppLoans is a reputable online lender that provides personal loans to borrowers with bad credit. The platform offers installment loans with loan amounts ranging from $500 to $5,000 and terms ranging from 9 to 36 months. OppLoans aims to provide affordable and transparent loans to those who have limited options due to their credit history. The application process is straightforward, and funds are typically available within one to two business days.
Decision Speed - 7/10
OppLoans offers fast loan decisions, with most loans being approved within minutes.
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Loan Amount Offering - 8/10
The platform offers installment loans up to $5,000, which can be a significant amount for borrowers in need of larger loans.
Variety of Products - 5/10
OppLoans primarily offers installment loans, with limited product options compared to other lending platforms.
Acceptance Rate - 7/10
OppLoans has a moderate acceptance rate, with many borrowers with bad credit being able to obtain approval.
Customer Support - 9/10
OppLoans provides excellent customer support, with a dedicated team available to assist with any questions or concerns.
Highlights
OppLoans offers competitive interest rates compared to other lenders who provide loans to borrowers with bad credit. Additionally, the platform offers flexible repayment options that can help borrowers manage their loans better.
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Eligibility Criteria: Minimum credit score of 500, steady income, US citizen or permanent resident, and a bank account in the applicant's name.
Fees and Interest Rates: Interest rates on loans can vary depending on the borrower's creditworthiness and the loan term. Fees charged for loan origination and late payments may apply, but they are transparently disclosed on the platform's website.
#7 Lending Tree : Best Personal Loans With Low APR Rates
LendingTree is a leading online lending marketplace that connects borrowers with a vast network of lenders offering various loan products, including personal loans, mortgage loans, business loans, and more. The platform provides a user-friendly interface that enables borrowers to compare loan offers from multiple lenders and choose the best option for their needs. LendingTree offers loans ranging from $1,000 to $50,000, with flexible terms and competitive interest rates.
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Decision Speed - 9/10
LendingTree offers quick loan decisions, with borrowers receiving multiple loan offers from various lenders within minutes.
Loan Amount Offering - 9/10
LendingTree offers a broad range of loan amounts, from $1,000 to $50,000, making it an excellent option for borrowers in need of both small and large loan amounts.
Variety of Products - 10/10
LendingTree offers a vast range of loan products, including personal loans, mortgage loans, auto loans, business loans, and more, making it a one-stop-shop for all your lending needs.
Acceptance Rate - 8/10
LendingTree has a high acceptance rate, with borrowers of all credit types being able to find loan offers from the platform's network of lenders.
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Customer Support - 9/10
LendingTree provides excellent customer support, with a dedicated team available to assist with any questions or concerns.
Highlights
LendingTree's unique selling proposition is its ability to provide borrowers with multiple loan offers from various lenders, enabling them to choose the best option that meets their needs. Additionally, the platform offers a wealth of educational resources, including loan calculators, guides, and articles, to help borrowers make informed decisions.
Eligibility Criteria: Minimum credit score of 500, steady income, US citizen or permanent resident, and a bank account in the applicant's name.
Fees and Interest Rates: Fees charged for loan origination and late payments vary based on the lender and the loan product. Interest rates on loans can vary depending on the borrower's creditworthiness and the loan term but are generally competitive compared to other lenders in the industry.
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#8 Upstart : Borrow Money Online From Top Loan Lender
Upstart is an online lending platform that offers personal loans to borrowers with fair credit or better. The company utilizes AI and machine learning algorithms to assess creditworthiness, enabling borrowers to receive competitive rates based on factors such as education, work experience, and more. The platform offers loan amounts ranging from $1,000 to $50,000 with repayment terms of three to five years.
Decision Speed - 8/10
Upstart offers quick loan decisions, with most borrowers receiving an answer within minutes of completing their application.
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Loan Amount Offering - 8/10
Upstart offers personal loans up to $50,000, which can be an attractive option for borrowers who need larger loan amounts.
Variety of Products - 5/10
Upstart primarily offers personal loans, with limited product options compared to other lending platforms.
Acceptance Rate - 7/10
Upstart has a moderate acceptance rate, with borrowers with fair credit or better being more likely to receive approval.
Customer Support - 9/10
Upstart provides excellent customer support, with a dedicated team available to assist with any questions or concerns.
Highlights
Upstart's AI and machine learning algorithms provide borrowers with a unique credit assessment, which can lead to lower interest rates and more favorable loan terms. The platform also offers a mobile app, enabling borrowers to manage their loans and track their progress on the go.
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Eligibility Criteria: A minimum credit score of 600, a valid US driver's license, at least 18 years of age, and a US citizen or permanent resident.
Fees and Interest Rates: Interest rates on loans can vary depending on the borrower's creditworthiness and the loan term. Upstart also charges an origination fee that ranges from 0% to 8% of the loan amount, depending on the borrower's creditworthiness. There are no prepayment penalties or other hidden fees.
Overall, Upstart is a good option for borrowers with fair credit or better who are looking for competitive rates and a straightforward application process.
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#9 NewSilver : Best Guaranteed Loans For Bad Credit Personal Loans
Newsilver is a lender that offers fix-and-flip loans, rental property loans, and new construction loans to real estate investors. The platform focuses on providing short-term financing solutions for investors in need of quick funding for their projects. Newsilver understands the unique needs of real estate investors and offers loans that are tailored to meet those needs. The application process is simple and streamlined, with funding typically available within 10 to 14 days.
Decision Speed - 8/10
Newsilver provides fast loan decisions, with most loans being approved within 24 hours.
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Loan Amount Offering - 7/10
The platform offers loan amounts ranging from $50,000 to $2,000,000, which can be suitable for real estate investors in need of larger loans.
Variety of Products - 8/10
Newsilver offers fix-and-flip loans, rental property loans, and new construction loans, providing a variety of options to real estate investors.
Acceptance Rate - 7/10
Newsilver has a moderate acceptance rate, with many real estate investors being able to obtain approval for their loans.
Customer Support - 9/10
Newsilver provides excellent customer support, with a dedicated team available to assist with any questions or concerns.
Highlights
Newsilver offers competitive interest rates compared to other lenders in the real estate investment space. Additionally, the platform provides flexible repayment options and has no prepayment penalties, allowing borrowers to pay off their loans early without incurring additional fees.
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Eligibility Criteria: Newsilver requires that borrowers have a minimum credit score of 600, a down payment of at least 10%, and the ability to demonstrate income from their real estate investment projects.
Fees and Interest Rates: Interest rates on loans can vary depending on the borrower's creditworthiness and the type of loan. Newsilver charges an origination fee that is a percentage of the loan amount, but this fee is transparently disclosed on the platform's website.
#10 Money-Wise : Best Direct Lenders Offering Loans For Bad Credit Instant Approval
Money-wise.org is an online platform that aims to provide consumers with helpful resources to manage their finances. The website provides valuable information on various financial topics such as budgeting, saving, investing, and debt management. It also offers tools and calculators to help users with financial planning and decision-making.
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Ease of Use - 8/10
The website is user-friendly and easy to navigate, with a clean and organized layout.
Range of Topics - 9/10
Money-wise.org covers a wide range of financial topics, including budgeting, debt management, investing, and retirement planning.
Tools and Calculators - 8/10
The platform offers a range of useful tools and calculators to help users with financial planning and decision-making, such as a budget calculator, a debt payoff calculator, and a retirement savings calculator.
Community Support - 6/10
While the website doesn't have a dedicated community forum or chat feature, it does provide a helpful "Ask the Expert" section where users can submit their financial questions and receive answers from industry experts.
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Accuracy of Information - 9/10
Money-wise.org provides accurate and reliable information, backed by financial experts and industry leaders.
Highlights
Money-wise.org is a useful resource for anyone looking to improve their financial literacy and make better financial decisions. The website provides a wide range of helpful resources and tools, all for free. It's an excellent starting point for those looking to take control of their finances.
Fees and Rates: All resources and tools on the platform are free to use.
How to Apply for Bad Credit Personal Loans Guaranteed Approval $5,000
If you have bad credit and are looking to apply for a personal loan without phone calls, there are some steps you can follow:
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Step 1: Determine the Loan Amount Needed
You can select a loan amount ranging from $100 to $5000, with repayment terms of 3 to 24 months.
Step 2: Fill Out the Application Form
Provide your complete name, identification, address, employment details, banking information, and a list of monthly expenses to complete the application.
Step 3: Receive a Response Within 2 Minutes
Within two minutes, you will receive feedback on whether you qualify for the loan or not. If approved, you will work directly with the lender to finalize the loan agreement and receive a contract to consider.
Step 4: Receive Your Loan Payout
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Once the lender receives the signed loan agreement, they will finalize the deal and process the payout to your account.
Remember to borrow only what you can afford to repay and to read the loan agreement carefully before signing. While there are no guaranteed approval loans, following these steps can increase your chances of approval.
Further Readings
Concluding On The Best Loan Company Offering Bad Credit Personal Loans Guaranteed Approval $5,000
When it comes to finding bad credit personal loans with guaranteed approval up to $5,000, using a loan finder like MoneyMutual is your best option. Their platform offers a range of loan amounts, a fast and secure approval process, and competitive interest rates. Plus, with their excellent customer service and additional services like budgeting and debt management, borrowers can feel confident in their loan decision. So, if you're in need of a bad credit personal loan, head over to MoneyMutual and see how their platform can help you find the loan you need.
