Top 5 Bad Credit Loans Online Guaranteed Approval With Pros And Cons (2023)

If you have a bad credit score, finding a loan that fits your needs can be challenging. Traditional lenders may be hesitant to approve you for a loan due to your credit history, leaving you frustrated and unsure where to turn.

However, options are available to you in the form of bad credit loans and no credit check loans. These loan alternatives can be found through reputable loan-finding sites and offer a way for borrowers with bad credit to access the funds they need.

This guide will review the top 5 best platforms for finding loans for people with bad credit. You will find details on each platform's features, benefits, and drawbacks.

List of 5 Best Bad Credit Loans with Guaranteed Approval

Bad Credit Loans provide a way to get funding when you have less than stellar credit.

However, these credit loans typically have higher interest rates and less favorable terms. But with reputable bad credit loan-finding sites, you can compare multiple bad credit loan offers in one place and find the best option for you.

Here is the list of the top five bad credit loan-finding sites to help you get loans with bad credit:

Green Dollar Loans - Best for Bad Credit Loan For Short-Term And Emergency
Big Buck Loans - Best for Quick and No Credit Check Loan Approval
Viva Payday Loans - Best for Bad Credit Fast-Approved Payday Loans Online
Heart Paydays - Best Installment Loans For Bad Credit Services
Low Credit Finance - Best Online Loans for Bad Credit and fast funding

Payday Loans Bad Credit Loans Online March 2023 - Full Review

1. Green Dollar Loans : Best for Bad Credit Loan For Short-Term And Emergency

Green Dollar Loans

Green Dollar Loans is a loan finder site that provides borrowers access to a free service that connects them with lenders offering loans for bad credit. With a generous selection of loan values ranging from $100 to $5000 and APRs starting as low as 5.99%, it's no surprise that Green Dollar Loans is a popular choice for those with bad credit.

Highlights

Low APRs starting from 5.99%
Zero upfront fees
Easy application process
Repayment terms of 3 months to 2 years

Pros

Competitive APRs starting from 5.99%
No upfront fees to use the service
Simple application process
Offers loan values from $100 to $5000

Cons

Higher APRs of up to 35.99% may be applied, although these are often negotiable
Only available to borrowers with a weekly income of $250 and a US bank account
Limited to candidates over 18 years old
It may not be suitable for long-term borrowers

2. Big Buck Loans: Best for Quick and No Credit Check Loan Approval

Big Buck Loans

Big Buck Loans is a service that allows you to borrow online loans for bad credit through a loan matching service. The service is free to use, and loans can be approved within an hour of the request. However, borrowers will be required to pay interest on the loans, which ranges from 5.99% to 35.99%. Late or missed payments may result in penalties.

Highlights

No credit check loans guaranteed approval alternatives available for amounts between $100 and $5000
Competitive APRs between 5.99% and 35.99%
Repayment terms start at 3 months and extend up to 2 years
Eligibility criteria include being a US resident, being 18 years or older, and having a monthly wage of $1000 or more

Pros

User-friendly online application process
Quick remuneration upon approval is possible
Jargon-free loan agreements
No-nonsense application experience

Cons

Only available to US residents
You must be 18 years or older to apply
Expensive finance charges on some loans
Some borrowers request a minimum monthly wage of $1000

3. Viva Payday Loans : Best for Bad Credit Fast-Approved Payday Loans Online

Viva Payday Loans

Viva Payday Loans is an online platform that connects borrowers with lenders, regardless of their credit history. By using Viva Payday Loans, borrowers can easily apply for payday loans online from top lenders in the US, with loan amounts ranging from $100 to $5,000 and repayment periods of 2 to 24 months. While Viva Payday Loans is not a lender itself, they provide a free matching service to short-term loan lenders to help borrowers find the financial solution that best meets their needs.

Highlights

Quick and easy online application process
Borrow payday loans ranging from $100 to $5,000
Repayment periods of 2 to 24 months
Fast approvals and deposits for eligible borrowers
Free access to lenders who specialize in payday loans for bad credit

Pros

Inclusive service that connects you to lenders offering tailored, honest payday loans even if you're not traditionally employed
Quick online application process with feedback in just 2 minutes
Fast disbursement of funds
Repayments can be handled via direct debit monthly, fortnightly, or weekly.

Cons

Interest rates may be higher compared to other types of loans
Not suitable for long-term financial solutions
It may not be available to all borrowers
Repayment terms and conditions may vary depending on the lender

4. Heart Paydays : Best Installment Loans For Bad Credit Services

Heart Paydays

Heart Paydays is a platform that connects borrowers with lenders for fast-approved payday loans. Borrowers can request loans ranging from $100 to $5000 for up to 24 months. After completing a secure loan request form, borrowers are linked to lenders in the Heart Paydays network to complete their loan applications. Funds are transferred electronically within a few minutes or 24 hours if approved.

Highlights

Offers loan amounts ranging from $100 to $5000
Repayment periods of up to 24 months
Confidential and secure loan request form
Quick decision and instant funding once approved

Pros

Wide range of loan amounts is available
Flexible repayment options
Confidential and secure process
Fast approval and funding

Cons

Interest rates may be higher for those with bad credit
Short repayment periods may not be suitable for all borrowers
The third-party lender may require additional information
Late or missed payments may result in additional fees and interest charges.

5. Low Credit Finance : Best for Online Loans for Bad Credit and Unemployed Borrowers

Low Credit Finance

Low Credit Finance is a platform that helps applicants with low Fair Isaac Corporation (FICO) scores find genuine loan options. The process is simple: applicants request installment loans for bad credit through the website. After applying, they will be connected with lenders who can provide the loan subject to further checks. Online loans for bad credit start at $100 and go up to $5000, with repayment terms of up to 24 months. APRs charged range from 5.99% to 35.99%.

Highlights

Quick cash loans from $100
No paperwork or hidden fees
Almost instant online lending decision

Large network of lenders and alternative options

Pros

Easy application process with almost instant lending decision
Wide range of loan amounts and repayment terms available
Large network of lenders provides multiple options for borrowers
No hidden fees or paperwork required

Cons

APRs may be higher than traditional loans
Not all lenders and services may be available to residents of all states
Some further checks may be required after the initial application
Loan amounts may vary depending on the lender

What are Bad Credit Loans?

Bad credit loans are financial products specifically designed for individuals with low credit scores or limited credit history. A bad credit score is typically defined as anything below 600 and is often the result of missed payments, defaulted loans, or high debt levels. These loans usually come with higher APR (annual percentage rates) and interest rates, as lenders see them as higher-risk borrowers. Some bad credit loans may require collateral, such as a car or home, in order to secure the loan.

Types of Bad Credit Loans?

Secured Bad Credit Loans: These loans require collateral in order to secure the loan, often in the form of a car or home. They may have lower interest rates and more flexible repayment terms, but the risk of losing the collateral if the loan is defaulted on is higher.

Unsecured Personal Bad Credit Loans: These loans do not require collateral and are based on the borrower's creditworthiness and income. They may have higher interest rates and stricter repayment terms.

No Credit Check Loans: These loans do not require a credit check and are often advertised as "guaranteed" or "instant" approval. Loans for no credit check may come with extremely high-interest rates and hidden fees and should be approached with caution.

Payday Bad Credit Loans: These short-term loans are designed to be repaid on the borrower's next payday and often have extremely high-interest rates. These loans should only be used as a last resort and should be paid off as quickly as possible.

Installment Loans for Bad Credit: These loans are paid back in fixed monthly installments over a set period of time. The loans usually come with lower interest rates and more flexible repayment terms, making them a good option for those with bad credit.

How To Apply For Bad Credit Loans in 2023 Online

The application process can seem intimidating when you want to get a bad credit loan. However, by following these steps, you can increase your chances of getting approved and finding a loan that works for you.

Step 1: Determine your eligibility

Before applying for loans, ensure you meet the basic eligibility requirements. This may include having a steady source of income, being at least 18 years old, and having a valid government-issued ID.

Step 2: Gather your documents

You'll need to provide certain documents to apply for a bad credit loan, and this may include proof of income, identification, and bank statements. Make sure you have all these documents ready before starting the application process.

Step 3: Shop around

Don't just apply for the first loan you see. Take some time to compare different lenders' terms, including interest rates, repayment periods, and fees. Look for lenders that offer loans specifically for those with bad credit.

Step 4: Complete the application

Once you've found a lender you're interested in working with, it's time to fill out the application. This may be done online or in person and will typically require you to provide personal information, financial information, and employment history. Make sure you fill out the application accurately and completely to increase your chances of approval.

Loans For Bad Credit Features and Factors To Consider

As stated above, bad credit loans come with higher interest rates than traditional loans, and they may also have other restrictions. However, they can be helpful if you have a poor credit score, need money quickly, or have no other means of obtaining funds.

Here are some of the common features of bad credit loans:

1. APR Rates

The APR (annual percentage rate) is the annual cost of borrowing money, including fees and interest. It's essential to pay attention to the APR when considering a bad credit loan, as these loans often come with higher APR rates than traditional loans. Be sure to compare the APR of different lenders to find the one that offers the best rate for your situation.

2. Application Process

The application process for bad credit loans may vary depending on the lender and the type of loan. Some lenders may offer online applications that can be completed in as little as 15 minutes, while others may require in-person applications or phone interviews.

3. Payment Duration

Bad credit loans may have different repayment periods, ranging from a few weeks to several years. Some people choose to take out a longer loan term because they will have lower monthly payments. Others may need the money quickly and opt for a short-term or payday loan instead.

4. Collateral Type

Some bad credit loans may require collateral in order to secure the loan. This can include items such as a car or home, which the lender can seize if the loan is not repaid. If you're considering a loan that requires collateral, make sure that you have something to pledge as collateral. You should also consider the value of your collateral and what it would cost you if it's seized by the lender. If you cannot afford to replace this item or pay off other loans, then you may want to choose a different loan product.

5. Repayment Terms and Options

Different lenders may offer different repayment options, such as automatic withdrawals from your bank account or the ability to make manual payments online. Some lenders also offer payday loans, which are taken out for very short periods of time (usually until your next paycheck) and have high-interest rates. Bad credit loans usually come with repayment terms of one to five years. The longer your loan term, the lower your monthly payments will be.

6. Interest Rate

A good personal loan interest rate is typically one that's lower than the national average rate, which is currently 10.16%. However, bad credit loans come with higher rates than traditional loans. For example, a bad credit personal loan may have an interest rate of 11% to 13%. To reduce bad credit loan financing, you can choose to take out a fixed-rate loan. This type of bad credit loan will have an interest rate that remains the same over the life of the loan. It is usually more affordable than an adjustable-rate or variable-rate personal loan. However, you'll need to ensure that your credit score is high enough to qualify for a fixed rate.

Conclusion

To summarize, several reputable online loans for bad credit options are available for people with bad credit who need money. Green Dollar Loans, Big Buck Loans, Viva Payday Loans, Heart Paydays, and Low Credit Finance are among the available options. Each of the lenders on these sites provides a variety of loan values and terms, with some emphasizing quick approval, others offering competitive APRs. Before deciding on a bad credit loan, it is critical to thoroughly research and compare these options, as some may have higher interest rates and less favorable terms.

FAQs

How much money can I borrow with bad credit?

The amount of money you can borrow will depend on your creditworthiness and income, as determined by your lender. Generally, those with higher credit scores will be able to borrow more money, while those with lower scores will be offered lower loan limits. If you need to borrow a larger amount of money and have bad credit, you may want to consider working on improving your credit score before applying for a loan.

Can I get a loan if my credit score is 500?

It may be difficult to obtain a loan with a credit score of 500, but it is not impossible. Keep in mind that loan offers with a credit score this low may come with higher interest rates and less favorable terms. It is important to compare multiple offers to find the right loan for you.

What is the easiest loan to get approved for with bad credit?

If you have a bad credit score, it may be easier to get approved for a loan if you have collateral or a co-signer. Secured loans, joint loans, and co-signed loans provide lenders with added security.

Can I get a loan with bad credit and no bank account?

It may be difficult to get a loan with bad credit and no bank account, as many lenders require a bank account to provide a loan. However, there are some options you may be able to consider:

Some lenders may be willing to provide a loan to you if you have a co-signer with good credit.
Some credit unions offer loans to individuals with bad credit and may not require a bank account.
Some online lenders may be willing to provide loans to individuals with bad credit, but these loans may have high interest rates and fees.
Some social service agencies or non-profit organizations may be able to help you get a loan or provide other financial assistance.

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Disclaimer: The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to US residents only.