5 Best Bad Credit Loans Guaranteed Approval in 2021

When a borrower has a particularly bad credit score, the safest way to ensure their loan is approved is to look for the best bad credit loans with guaranteed approval. This is because lending companies offering guaranteed approval loans won’t reject applicants due to the borrowers’ poor credit score or flaws in their credit history. In other words, these lenders are a good choice for people with poor financial records. They usually compensate for their lenient requirements with somewhat unfavorable loan terms like higher APRs. So, here are some of the best lending platforms that cater to poor credit demographics.

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Top 5 Bad Credit Loans Guaranteed Approval in 2021

1. CashUSA.com

CashUSA.com is a lending platform that brings together potential lenders and borrowers. Since there is no minimum credit score and offers decent terms, CashUSA.com is considered as one of the platforms where you can apply for the best bad credit loans with guaranteed approval. Full Review

  • APR: 5.99%-35.99%
  • Loan Amount: $500-$10,000
  • Loan Term Length: 3 months to 6 years

CashUSA.com is a lending platform that brings together potential lenders and borrowers. Since there is no minimum credit score and offers decent terms, CashUSA.com is considered as one of the platforms where you can apply for the best bad credit loans with guaranteed approval. Full Review

2. BadCreditLoans.com

BadCreditLoans.com is a prime example of a platform specializing in the best guaranteed approval installment loans for bad credit. After crafting a borrower profile, the platform will proceed to connect the borrower with all the best lender offers that they have available. Full Review

  • APR: 5.99%-35.99%
  • Loan Amount: $500-$10,000
  • Loan Term Length: 3 months to 5 years

BadCreditLoans.com is a prime example of a platform specializing in the best guaranteed approval installment loans for bad credit. After crafting a borrower profile, the platform will proceed to connect the borrower with all the best lender offers that they have available. Full Review

3. PersonalLoans.com

When talking about ranking the best bad credit loans with guaranteed approval platforms, PersonalLoans.com is near the very top of the list. This particular lending platform focuses on people who want to consolidate debt or cover emergency expenses. Full Review

  • APR: 5.99-35.99%
  • Loan Amount: $1,000-$35,000
  • Loan Term: 3 months to 6 years

When talking about ranking the best bad credit loans with guaranteed approval platforms, PersonalLoans.com is near the very top of the list. This particular lending platform focuses on people who want to consolidate debt or cover emergency expenses. Full Review

4. OneMain Financial

OneMain Financial is a lender that focuses on the borrower’s ability to pay back instead of just looking at their credit score. This makes them get one of the lead spots on the list of guaranteed approval installment loans for bad credit. Full Review

  • APR: 18%-35.99%
  • Loan Amount: $1,500-$20,000
  • Loan Term Length: 2-5 years

OneMain Financial is a lender that focuses on the borrower’s ability to pay back instead of just looking at their credit score. This makes them get one of the lead spots on the list of guaranteed approval installment loans for bad credit. Full Review

5. Avant

Avant stands apart from the majority of the other bad credit lenders by providing secured loan options. This means that with decent collateral in the form of a personal vehicle, you could turn it into one of the best guaranteed approval personal loans for bad credit. Full Review

  • APR: 9.95%-35.99%
  • Loan Amount: $2,000-$35,000
  • Loan Term Length: 2 to 5 years

Avant stands apart from the majority of the other bad credit lenders by providing secured loan options. This means that with decent collateral in the form of a personal vehicle, you could turn it into one of the best guaranteed approval personal loans for bad credit. Full Review

Best Bad Credit Loans with Guaranteed Approval

 

CashUSA.com Best for smaller loans
BadCreditLoans.com Best for educational resources
PersonalLoans.com Best for emergency expenses
OneMain Financial Best for fast funding
Avant Best for home improvement

Detailed Reviews

CashUSA.com
CashUSA.com

BEST FOR

smaller loans

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  • APR: 5.9%-35.99%
  • Loan Amount: $500-$10,000
  • Minimum Credit Score: Not disclosed
  • Loan Term Length: 3 months to 6 years
  • Origination Fee: Varies by lender
  • Funding Time: Next business day
  • Type of Collateral: No collateral required
  • Credit Check: Soft credit inquiry for pre-approval

One thing that sets apart CashUSA.com guaranteed bad credit loans from the competition is the fact that they’re incredibly convenient for borrowing smaller sums. It’s possible to borrow as little as $500 and return it in as little as 90 days. This allows borrowers to solve a minor emergency in a matter of weeks and slightly improve their credit rating while doing so. Sure, shorter terms and lower figures are also available in the lending industry, but this is almost always for payday and not installment loans.

Another thing worth mentioning is credibility. When it comes to finding the guaranteed loan approval for bad credit, CashUSA.com is one of the (if non THE) biggest names in the field. This is what makes it a target for all those who are afraid that their application won’t pass the approval process with some other lenders. It’s possible for the money to come from several lenders at the same time, which is especially convenient for those borrowing somewhat larger amounts.

Loan Requirements

The minimum credit score is not disclosed. The biggest advantage of this platform is the soft credit pull in the pre-approval stage for unsecured bad credit loans. It doesn’t affect the credit score, and the hard pull comes later. Lenders who don’t perform hard checks usually compensate for this with incredibly high APRs (up to 300-400%).

In order to be eligible for a loan, applicants have to be at least 18 years old, as well as permanent US residents. This is verified by submitting a social security number. Other than this, they need to have a monthly income of $1,000 after taxes and a checking account in their own name. Contact number with the employer, their email address, physical address, and phone number may also be required. Assuming everything checks out, the prospective borrower can look forward to almost guaranteed loan approval.

Loan Terms

APR: The APR ranges from 5.99 to 35.99%, so people with lower credit scores will face significant rates, especially if they want to loan a larger amount. On the other hand, 10% of $500 is about $50, which spread across several monthly payments that may come down to just a couple of dollars per month.

Loan Amount: The amount you can borrow ranges from $500 all the way to $10,000. Combined with the fact that this is one of the guaranteed loans for bad credit, its lower loan amount margin can be used as a substitute for a payday loan.

Loan Term: Loan term on CashUSA.com can be as short as 90 days or as long as 6 years. Depending on the amount of money that one intends to borrow, this can be spread for minimal monthly payments or organized so that the loan is repaid as soon as possible.

Origination Fee: Since CashUSA.com is a platform, the origination fee varies by lender. The expected range is 0%-5%, which is pretty standard for the lending industry, especially when it comes to guaranteed approval loans for poor credit.

Funding Time: The approval process may take some time, depending on the number of eligible lenders. As soon as this process is done, it might take as little as one business day for the funds to be available.

Credit Check: While the minimum credit score is not disclosed, a credit check is crucial for the generation of a borrower’s profile. The initial credit check made by the platform is soft, while the lender will make a hard pull during the actual application process.

Repayment: The platform offers a repayment calculator and doesn’t have the early repayment fee. This is a major factor with bad credit installment loans with guaranteed approval because it allows the borrower to pay the sum off early without worrying about paying more.

What We Liked and Didn’t Like About CashUSA.com

The best thing about CashUSA.com is the availability of many different options at the same time. The fact that there are so many lenders out there can guarantee that every single borrower finds the right match.

Loan terms are incredibly convenient for someone looking for the best bad credit loans with guaranteed approval. A borrower has the option to borrow as little as they need and return the money as soon as possible. The money itself can be available in a single business day, which is also a big plus.

Financial profiles are created accurately and with all the relevant information available. This means that the borrower will only be presented with the optimal offers for them. The volume of these offers is quite impressive due to CashUSA.com being an incredibly popular platform.

Loan amounts are relatively small, which isn’t necessarily a bad thing. A low minimum is great for people who need a small amount of money for an emergency. However, people looking for bad credit loans with guaranteed approval greater than $10,000 are out of luck. This could slightly limit lending potential.

Another negative side of the platform is the fact that it’s not a direct lender. Sure, it’s one of the most reputable platforms facilitating bad credit loans online, but the deal that the borrower gets often depends on the lender. Some lenders may insist on a higher APR or origination fee, which might present a slight difficulty.

BadCreditLoans.com
BadCreditLoans.com

BEST FOR

educational resources

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  • APR: 5.99%-35.99%
  • Loan Amount: $500-$10,000
  • Minimum Credit Score: Not disclosed
  • Loan Term Length: 3 months to 5 years
  • Origination Fee: Varies by lender
  • Funding Time: Varies by lender
  • Type of Collateral: No collateral required
  • Credit Check: Soft credit check

The BadCreditLoans.com platform connects borrowers with the type of lenders of their own choosing. The way in which this is achieved is via a sophisticated evaluation and approval algorithm. While it may not rely heavily on credit score, there are other factors and considerations that are just as dependable.

This platform is particularly great for young borrowers, which is why they are also seen as the top personal loans for bad credit online. The low minimum lendable amount and the fact that young borrowers usually don’t have long enough credit history for conventional lenders are what make BadCreditLoans.com particularly convenient for them. In other words, this loan can serve as a good start for one’s financial history.

Loan Requirements

The loan requirements are fairly standard for bad credit loans online with guaranteed approval.

The process of creating a borrower profile is completely free of charge, and it’s a simple form that needs to be filled out. The borrowers need to be at least 18 years old, provide proof of citizenship or legal residency, have a steady income, have a checking account, and provide the requested contact information.

Loan Terms

APR: The APR of 5.99-35.99% is fairly high, even when it comes to the lower end. This is probably the biggest drawback of some of these long-term bad credit loans with guaranteed approval. Still, with smaller loan amounts, this shouldn’t be that big of an issue.

Loan Amount: The lendable amount can be anything from $500 to $10,000. This means that they can be used as a much better alternative to payday loans.

Loan Term Length: The repayment length ranges from 90 days to 60 months. A chance to return the money in three months is a huge advantage. The last thing that the people applying for guaranteed approval loans for bad credit want is to drag on paying off several hundred dollars.

Origination Fee: The platform itself doesn’t charge any fees. However, lenders may charge anything they want. As it’s possible to end up with very unfavorable fees, it’s best to study the lenders’ offers carefully.

Funding Time: Seeing as how BadCreditLoans.com is merely a platform connecting borrowers with lenders providing personal bad credit loans with guaranteed approval, they can’t control the funding time. This comes down to the lender.

Credit Check: Payday loans are the only ones without a credit check of any kind and since this is still an installment loan, a credit check is necessary. Depending on the lender, this check can be either a soft credit inquiry or a hard credit pull.

Repayment: While BadCreditLoans.com doesn’t charge any fees for early payments, the lenders might. That’s why it’s very important to carefully read the lender’s offer since high risk personal loans with guaranteed approval might have unfavorable loan terms. The lender also sets any and all conditions, payment methods, and deadlines.

What We Liked and Didn’t Like about BadCreditLoans.com

The first major advantage of BadCreditLoans.com is potentially low or even non-existent fees. With the right lender, it’s possible to pay no origination fee and get excellent rates.

When looking for installment loans online, the breadth of choice is incredibly important. This platform has many offers that become available in a matter of minutes. This gives the borrower a chance to customize their own debt-related situation.

Almost every offer of guaranteed loan approval with no credit check has a speedy application process, and BadCreditLoans.com is definitely not an exception. The processing and funding shouldn’t take long either, but it all depends on the lender.

While BadCreditLoans.com isn’t BBB accredited, it’s still a platform that has been operating successfully since 1998.

Of course, there’s also the issue of high APR, which is hardly surprising for bad credit unsecured loans with guaranteed approval. Then again, every loan type has its purpose, and buying a luxury car or a new home is not what you go to a guaranteed-approval lender for.

PersonalLoans.com
PersonalLoans.com

BEST FOR

emergency expenses

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  • APR: 5.99-35.99%
  • Loan Amount: $1,000-$35,000
  • Minimum Credit Score: Varies by lender
  • Loan Term: 3 months to 6 years
  • Origination Fee: Varies by lender
  • Funding Time: Next business day
  • Type of Collateral: No collateral needed
  • Credit Check: Varies by lender (soft or hard credit pull)

In the industry of personal loans with guaranteed instant approval for bad credit borrowers, PersonalLoans.com is already a well-established name. The platform offers a simple application process, and the lenders can deposit money on the borrower’s account the next business day.

Provided that the borrower has a decent credit score, income, and other crucial metrics, they may get decent APR and other loan terms. This means that it’s possible to get a solid consolidation loan or a great home improvement loan. The diverse offer of lenders is what attracts so many borrowers to this platform.

Loan Requirements

Since this is just a platform, it can’t really offer guaranteed approval loans for bad credit applicants. Some lenders do have credit score minimums and other requirements that might make some borrowers ineligible for a loan.

While each lender has its own specific requirements, PersonalLoans.com has its own baselines that need to be fulfilled. The applicant has to be at least 18 years old, have a social security number, and be either a legal US citizen or a permanent resident. They also have to have a steady income and a bank account where the loan will be deposited. Lastly, in order to be considered for any of the guaranteed loans for poor credit, the prospective borrower needs to have a demonstrated pattern of responsibility. The applicant shouldn’t have any accounts that are more than 60 days late, any recent or active bankruptcies, any debt that cannot be covered by current income, and so on.

Loan Terms

APR: The APR of 5.99%-35.99% is standard for the majority of bad credit loan lenders with guaranteed approval, and any approved loan on this platform will likely fit into this range.

Loan Amount: The loan amount can be as low as $500 or as high as $35,000. The low end of the scale is great for people who need a little bit of extra cash for an emergency. The higher end may come in handy for debt consolidation or even home improvement projects.

Loan Term Length: The repayment term is between 90 days and 72 months. Those with a decent APR can, therefore, enjoy a longer loan term length and use this opportunity to increase their credit score. As far as the loans with guaranteed approval go, the flexibility is a fairly big deal.

Origination Fee: Lenders can set any terms they wish, and most set an origination fee between 1% and 5%. However, some don’t require it at all. It all depends on the borrower’s creditworthiness, as well as lender’s requirements and criteria.

Funding Time: After approval, the results are usually very quick. Once the borrower accepts the offered bad credit lender’s terms, they can get the money as early as the next business day.

Credit Check: As far as the credit check goes, it all comes down to the lender. PersonalLoans.com or the lender will perform a soft credit inquiry, and later, during the actual approval process, the lender may perform a hard credit pull.

Repayment: Applicants should check the lender’s terms for guaranteed approval loans for bad credit, as some may have hidden costs. Some lenders may decide to add the origination fee on top of the loan instead of subtracting it, which may affect the amount that has to be paid each month.

What We Liked and Didn’t Like about PersonalLoans.com

PersonalLoans.com offers a plethora of choices that ensure most applicants can find guaranteed approval bad credit personal loans that meet their needs.

For those looking for something simple and first-lender-friendly, PersonalLoans.com is quite formidable. It is one of the textbook platforms facilitating installment loans for bad credit. It doesn’t have a minimum credit score or minimum income required for approval. Instead, the platform is willing to work with almost any applicant.

The fact that PersonalLoans.com is a lending platform and not a lender means that most rules depend on lenders. They may have their own requirements, and all that the borrower has are some guidelines, recommendations, and averages.

The maximum loan amount isn’t great, but it’s still useful even for people who intend to use unsecured personal loans for bad credit with guaranteed approval for debt consolidation or home remodeling. It all depends on the scope of the project and the amount they actually need.

OneMain Financial
OneMain Financial

BEST FOR

fast funding

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  • APR: 18%-35.99%
  • Loan Amount: $1,500-$20,000
  • Minimum Credit Score: Not disclosed
  • Loan Term Length: 2-5 years
  • Origination Fee: $25-$400 or 1-10%
  • Funding Time: Same business day
  • Type of Collateral: Vehicles only
  • Credit Check: Soft and hard credit pull

OneMain Financial is probably one of the first stops for people who fear being rejected on other lending platforms. The platform also offers bad credit loans with guaranteed approval and same day funding. The application itself can be completed in a matter of minutes, the borrower’s profile generated in about 10 minutes, and the money can be deposited on the same day the application is approved.

Since the platform doesn’t insist on a specific credit score, this method of funding may also be useful for various emergency expenses. For those who are afraid of One Main Financial’s loan terms, the lender offers joint and secured loan applications, as well. This way, a borrower can add a co-borrower or put up collateral in order to get better terms for their installment loan for bad credit.

Loan Requirements

The credit score is not a big issue with OneMain Financial, which is why it shouldn’t be a major concern to the applicant. However, they compensate for this with somewhat higher rates.

Requirements are fairly standard. A borrower needs to submit their government-issued ID in order to prove that they are a permanent resident of the US and that they are at least 18 years old. We’ve already mentioned that these guaranteed approval installment loans for bad credit often use their own viability algorithm. With OneMain Financial, there’s no credit requirement. They do, however, request that the applicant submits proof of income.

Loan Terms

APR: The APR is 18-35.99%, which is quite high, even for bad credit loans with guaranteed approval.

Loan Amount: The loan amount available is between $1,500 and $20,000, which might deviate slightly from the rest of the industry. Some borrowers find the lower end of the scale somewhat high for emergency funding, especially with OneMain’s already high APR.

Loan Term Length: The loan term length is between 2 and 5 years, which should help stretch the monthly payments so that the borrower doesn’t get too impacted by them. For those who don’t see paying the loan off in a matter of weeks or months, these installment loans for bad credit are more than suitable.

Origination Fee: The origination fees vary by state. OneMain Financial charges $25-$400 or 1-10% of the loan value, depending on the borrower’s state of residence.

Funding Time: When it comes to fast funding, OneMain Financial is definitely amongst the best bad credit loans with guaranteed approval. This is because the application may be processed in as little as 10 minutes. From that point on, the money can be deposited within the same day.

Credit Check: The on-site tool for pre-qualification performs just a soft credit inquiry. The platform will perform a hard credit pull for all those who proceed with the application.

Repayment: First, there is no early repayment fee. So, even though the majority of other guaranteed approval loans for poor credit have shorter minimum repayment time, there’s nothing preventing a borrower from paying off their loan a lot sooner than required.

What We Liked and Didn’t Like about OneMain Financial

The same-day funding is sometimes a deal-breaker when it comes to bad credit lending. A lot of people are short on cash and have emergency expenses that have to be covered right away. It’s unlikely 2-3 days will really make a difference, but having the money within the same day can be incredibly reassuring.

For those who want better terms on their guaranteed approval personal loans for bad credit, OneMain Financial offers a secured loan option. This allows one to put their personal vehicle as collateral, thus getting better terms than they otherwise would. It’s also possible to apply for a joint loan.

Since the hard credit check is not performed until the final application stage, there’s really no downside to applying for this loan.

The APR is quite high when compared to the rest of the industry. This is why a borrower should probably avoid larger loans, seeing as how they might end up paying a small fortune in interest. In other words, going for bad credit home loans with guaranteed approval is not the best of ideas. The larger amount you take, the higher the payment will be.

Apart from this, OneMain Financial charges a potentially high origination fee. This means that if you need a car loan, for example, you might end up paying hundreds of dollars for the origination fee only. In the end, it might not be worth it.

Avant
Avant

BEST FOR

home improvement

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  • APR: 9.95%-35.99%
  • Loan Amount: $2,000-$35,000
  • Minimum Credit Score: 580
  • Loan Term Length: 2 to 5 years
  • Origination Fee: Up to 4.75%
  • Funding Time: One business day
  • Type of Collateral: Personal vehicles
  • Credit Check: Soft and then hard credit pull

When it comes to the online lending industry, Avant is a huge name. While guaranteed approval, bad credit installment loans may sound sketchy, Avant has an excellent track record. It’s at the very top of the list because it doesn’t insist that much on the length of one’s credit history or a particularly high credit score.

Aside from this, the easy and free-of-charge pre-qualification process can help you see if you have a chance to qualify before having to undergo a hard credit check. Of course, there’s no such thing as a bad credit loan with approval guaranteed. The minimum credit score is 580, and most applicants who get approved have them in the 600-700 range. Prospective borrowers with higher credit scores and better collateral can get good terms.

Loan Requirements

First, Avant requires a minimum credit score of 580. In addition, every applicant has to be at least 18 years old and a US citizen. As far as the credit history goes, Avant pays close attention to recent delinquencies, while the length of credit history doesn’t matter too much.

The applicant should also have a steady stream of income and be able to provide appropriate pay stubs to prove it.

As far as the options go, Avant has both unsecured bad credit loans and secured bad credit loans. In the case of the latter, the applicant also has to submit information regarding the collateral (vehicle).

Loan Terms

APR: The APR for the Avant’s loans is between 9.95% and 35.99%. Due to these high rates, it’s probably not a good idea to go for a maximum amount or to prolong the term by too much.

Loan Amount: Avant lends out sums between $2,000 and $35,000. Due to somewhat larger lendable amounts, a lot of borrowers also see Avant loans as bad credit auto loans with guaranteed approval.

Loan Term Length: The repayment length is between 2 and 5 years. Sure, this may seem like a long time compared to the 90 days offered by other lenders, but, as there are no early repayment fees, borrowers can return the full amount as soon as they are able.

Origination Fee: The origination fee for these loans for bad credit with guaranteed approval goes up to 4.75%. Since a lot of lenders have fees that easily go over 5%, Avant’s offer is very competitive.

Funding Time: From the moment of the approval, the money can be deposited into the account in as little as one day. The application process and the creation of the borrower profile may last a bit longer.

Credit Check: Like with the majority of personal loans with online approval, there’s a soft credit check online and a hard credit check during the next stage of application approval.

Repayment: When talking about repayment, it’s possible to pay off the installments via debit or credit cards (note that Avant accepts a limited number of credit card providers), the automated clearing house, or directly from your bank account. Payments can be rescheduled and, since there’s no prepayment fee, it’s possible to pay it off quicker.

What We Liked and Didn’t Like about Avant

When it comes to personal loans for bad credit with guaranteed approval, Avant is one of the most renowned and trusted lenders around.

The credit-checking process is quite borrower-friendly. A lot of borrowers fear the credit inquiry because a hard credit pull lowers their (probably already low) credit score. On this platform, a hard credit inquiry occurs only during the actual approval process when the prospective borrower has a good idea of their odds.

The fact that Avant allows a borrower to change their payment date, later on, is quite convenient. This is especially the case if they change their employer and, therefore, their salary date changes, as well.

Now, due to Avant’s high tolerance of poor credit scores, the platform had to compensate it with a somewhat higher APR. This means that when looking for bad credit mortgage loans with guaranteed approval and low interest rates, it would be wiser for you to look elsewhere.

Another problem that some borrowers have with Avant is the fact that it allows only one credit type and one credit card per borrower, and it doesn’t offer consolidation loans. People who need more options for their quick loans for bad credit won’t find what they’re looking for.

How to Find the Right Bad Credit Loan with Guaranteed Approval for You?

The first thing worth keeping in mind is the fact that there are a lot of scams in the field of guaranteed approval personal loans for bad credit. This is why it’s incredibly important to research the lending platforms and lenders. The safest course of action would be to just go for one of the top-ranked lenders in the field. Fortunately, they happen to be the ones offering the best terms.

Other than this, you need to get your priorities straight. What is the single most important feature that you’re looking for in these loans for bad credit with guaranteed approval? Are you looking for a lender that will get you your money on the same day? Perhaps you want a lender that offers a specific amount that other lenders don’t? Then again, you might be looking for the best possible APR.

Lastly, keep in mind that some lending platforms offer optimal terms. The option of a secured loan can help you get a better deal. The same goes for joint loan options. The key thing is to keep shopping around.

Conclusion

It goes without saying that online loans for bad credit with guaranteed approval are one of the last resort funding options for a lot of people. The terms may not be ideal but for those in desperate need of money with nowhere to go, they are really the only choice. They are also quite appealing to those looking for some quick cash and a way to avoid a lengthy procedure. Still, every lender has its own perks and downsides, which is why shopping around before lending is always a good idea.

FAQ

How to get a loan with bad credit?

The starting point of getting a loan with bad credit is to look for specialized bad credit lenders. While most people fear getting subpar loan terms, those with credit scores lower than 580 fear that they will be outright rejected as soon as they submit the application. In their case, looking for lenders or platforms offering good approval odds for bad credit borrowers is their best bet.

In addition, some lenders have a pre-approval process that can tell the applicant if they’re eligible for the loan in the first place. Finally, signing a joint loan can increase a prospective borrower’s odds of getting accepted.

Which loan company is best for bad credit?

The best way to recognize the platform or the lender offering the best guaranteed approval installment loans for bad credit is by examining its offer. The low borrower requirements and a reliable pre-approval process are musts for any successful company.

Avant, BadCreditLoans.com, and CashUSA.com have the least stringent loan requirements, but any borrowers with bad credit will likely have to face high APRs.

Do I need collateral to get a bad credit loan?

The short answer is no; you don’t. It’s possible to get a bad credit loan even without collateral. However, while the majority of bad credit lenders don’t insist on it, putting up collateral can help a borrower get a much better deal.

As collateral may somewhat mitigate the risk that the lender is taking when lending money to bad credit borrowers, the borrowers will get a somewhat better APR, or it may help them qualify for the loan. This is definitely worth researching before applying for any loan.

Is there a risk in bad credit loans?

Like with any other lending scenario, there is a risk involved even if you have applied for the best bad credit loans with guaranteed approval. Aside from the risk taken on by lenders, borrowers can miscalculate and face much steeper fees than they expected or are able to pay off.

In addition, this is an industry rife with scams, which is why you should only apply for loans with credible lenders.