With more than 12 million Americans falling victim to predatory 400% APR payday loans each year (Consumer Financial Protection Bureau) and roughly 75% of Americans expressing support for improved payday loan regulation, more and more eyes are turning towards affordable, small short-term loans.
Are you in need of fast cash to cover unexpected, emergency expenses without having to pay outrageous fees? What about a long-awaited and much deserved vacation? Fortunately, plenty of bad credit direct lenders are waiting in the wings, ready to offer you your next loan.
Best Personal Loans for Bad Credit Instant Approval
LifeLoans - Rating:4.9/5.0 - Best Overall
ZippyLoan - Rating: 4.8/5.0 - Best for Personal Loans with Low Credit
Upstart - Rating: 4.8/5.0 - Best Borrowing Limits
LendingPoint - Rating: 4.7/5.0 - Best Website
PersonalLoans - Rating: 4.6/5.0 - Best for Poor and Fair Credit
Keep reading to learn more about the best personal loans for bad credit with instant guaranteed approval, including our top recommended lending networks, how to find/qualify for bad credit loans, pros/cons, and our favorite suggestions on boosting your credit score for the best rates possible.
LifeLoans
Rating: 4.9/5.0
Amount: Up to $40,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
If you need small or large amounts of cash for emergencies or any of life's curveballs, then LifeLoans is an excellent option.
LifeLoans offers access to hundreds of direct lenders providing loans for bad credit and fair credit borrowers with no minimum required credit score. On the platform, personal and unsecured personal loans go anywhere from $100 to $40,000 with favorable sub-35.99% APRs. Another major benefit is its speedy processing times, with loan requests taking less than five minutes to complete.
Regarding personal funding loans for bad credit, LifeLoans deposits funds to your checking account as soon as the next business day, as long as your request is submitted by a 5:00 pm cutoff the previous day.
How to Apply: Filing a LifeLoans takes at most five minutes. Visit the website and click on the upper right green "Start Now" to start your loan application. First, it will request your desired loan amount before asking you to agree to consent and other terms of service. From there, you will be prompted to answer additional questions regarding your contact information and financial history before being matched with compatible lenders.
Eligibility:
18 years of age or older
Minimum $1,000 monthly income
No minimum credit score requirement
Employment for four consecutive weeks
Valid bank account
Valid email address, home address, and phone number
Government-issued photo ID
Highlights:
Loans up to $40,000
APRs up to 35.99%
Available in almost all 50 states
256-bit encryption and OLA compliance
Same day approval and next business day funding
Fees:
There are no origination or prepayment penalties
Late and insufficient funds fees apply
Pros:
Loans from $100 to $40,000
Excellent APR range (up to 35.99%)
Easy and intuitive online application
Loose qualification criteria
Cons:
Not a direct lender
Required minimum of $1,000 in monthly income
ZippyLoan
Rating: 4.8/5.0
Amount: $100 — $15,000
APR: 12% — 35.99%
Min. Credit Score: 0
Approval: 5 minutes
If you want to take care of past due medical bills, debt consolidation, or any late notices from financial institutions, ZippyLoans is an excellent source of fast cash.
Participating lenders on the ZippyLoans network offer loans from $100 to $15,000 at 12% to 35.99% APRs. Repayment terms also go up to 60 months. Although its loan products are geared toward bad credit borrowers, people of all credit types can benefit from its installment and short-term loans.
Another thing we appreciate about ZippyLoans is its speed. Funds can be deposited to your bank account by the next business day as long as your loan request is submitted before 5 pm Central Standard Time Monday through Friday.
How to Apply: It takes less than five minutes to complete a ZippyLoans bad credit loan request. Visit the website and start the application process, providing your desired amount and answering all contact/financial details. Once submitted, you will be matched with competing direct lenders offering their loan products and services. Take all the time you need to compare shops and sign all loan documentation afterward.
Eligibility:
18 years of age or older
Minimum $800 monthly income
No minimum credit score requirement
Valid bank account
Valid email address, home address, and phone number
Government-issued photo ID
Completed online application through the ZippyLoan website
Highlights:
Best bad credit loans
Loans up to $15,000
APRs from 12% to 35.99%
Relaxed qualification criteria
Fees:
Please check with each direct lender for all bad credit loan terms (origination, prepayment late, and insufficient funds fees)
Pros:
Same day loans
No minimum credit score
Manageable monthly payments
Top source of bad credit direct lenders
Easy e-signing loan agreement process
256-bit SSL encryption technology for data security
Some lenders report on-time payments to credit agencies
Cons:
Not a direct lender
Requires a source of income
Need minimum four consecutive weeks of employment
Lower maximum borrowing limit ($15,000) then NextDayPersonalLoan, 100Lenders, and MarketLoans
Upstart
Rating: 4.8/5.0
Amount: $1,000 — $50,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
Upstart is a solid choice for personal loans for bad credit looking to finance large purchases.
Arguably Upstart's biggest draw is its underwriting AI-based algorithm, which grades borrowers on education, residence, employment history, and other variables unrelated to credit scoring. It also pre-qualified users, removing the need for a hard credit pull until it is time to apply formally.
Loans on the platform go from $1,000 to $50,000 with respectable 6.5% to 35.99% APRs. No prepayment penalties apply, but there are origination fees of up to 8% with three or five-year repayment terms. Approval takes as little as one day with subsequent business day funding.
How to Apply: Upstart offers an easy and intuitive application process for a bad credit loan. First, visit the Upstart website and click on the "Borrow" button, followed by "Check Your Rate.". The entire process takes up to five minutes.
Eligibility:
18 years of age or older
U.S. Citizen or permanent residency
Government-issued photo ID
Valid home address, email account, and phone number
Minimum annual income of $12,000
Completed application through the Upstart portal
Highlights:
Best bad credit loans
Loans up to $50,000
APRs up to 35.99%
For those with no or limited credit history
Innovative the writing criteria
Good for all credit types
Excellent source of unsecured loans
Fees:
No prepayment penalties
Origination fees of up to 8%
Late and insufficient funds apply
Pros:
No minimum credit score required
Easy and manageable monthly payments
Excellent source of bad credit personal loans
Cons:
No joint or secured loans are available
Only two repayment options
Origination fees of up to 8%
Mostly a source of unsecured loans
Requires minimum annual income of $12,000
LendingPoint
Rating: 4.7/5.0
Amount: $2,000 — $36,500
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
True to its "unlock the possibilities with financing made simple" slogan, LendingPoint is a highly-rated provider of personal loans for bad credit.
A bad credit loan starts at $2,000 up to $36,500 with sub 35.99% APRs for bad credit history borrowers. All credit decisions are made using a proprietary AI-based algorithm. All of these are largely unsecured personal loans. The only knock on LendingPoint is its more rigorous qualification criteria, with a minimum annual income of $35,000 required.
Another benefit of LendingPoint is its intuitive iOS and Android smartphone app.
All in all, we like LendingPoint as a source of fast cash for large purchases.
How to Apply: It is very easy to apply for a LendingPoint loan. First, visit the LendingPoint website and click the "Apply" button. You will be asked questions, including your desired loan amount, loan purpose, contact information, and financial information, such as your annual pre-tax income and income source.
Eligibility:
18 years of age or older
U.S. citizen or permanent resident
Government-issued photo ID
$35,000 in minimum annual income
Not a Nevada or West Virginia resident
Valid bank account
Completed application through the LendingPoint portal
Highlights:
More than 7 billion in loans served to date
Excellent Trustpilot ratings (4.9 out of ~7800 reviews)
Intuitive smartphone app to make payments and set notifications
Fees:
No origination or prepayment penalties
Late and insufficient funds fees apply
Pros:
Loans up to $50,000
APRs below 35.99%
Available in 48 states
Dedicated customer support line (888-969-0959)
Opportunity to lower rates after six months of on-time payments
Cons:
Not a direct lender
Not all loan requests are granted
No joint or cosigner loan options
Nevada and West Virginia residents are not eligible
PersonalLoans
Rating: 4.6/5.0
Amount: $1,000 — $35,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
PersonalLoans is a reputable online marketplace connecting prospective borrowers with personal loan providers offering bad credit personal loans.
Bad credit personal loans on the PersonalLoans start at $1,000 up to $35,000, many with sub 35.99% APRs, which represents the maximum threshold for bad credit borrowers. With no hidden fees (including origination of prepayment penalties), borrowers have more cash to fund major expenses from past due $7,000 hospital bills to large weddings.
We also appreciate its lengthy bad credit loan repayment terms, with time frames from 90 days to 72 months.
One of our favorite things about PersonalLoans is its transparency. It provides examples of personal loan APR ranges based on two, three, four, five, and six-year repayment terms, giving bad credit borrowers a good picture of the types of interest and finance charges they can expect to pay.
Look to PersonalLoans if you want to pair yourself with a legit direct lender offering your desired loan amount and flexible repayment terms.
How to Apply: Completing a PersonalLoans loan request takes five minutes. To get started, visit the website and enter your desire by clicking on the blue "Get Started" button. From there, you will answer a series of questions before being presented with a list of personal loan lenders matching your credit profile with loan documentation to sign after that. Expect same day approval and next business day funding as long as the request is submitted by the daily cutoff time.
Eligibility:
18 years of age or older
U.S. citizen or permanent residency
Regular employment income
Government-issued photo ID
Valid home address, email address, and phone number
Completed application through the PersonalLoans portal
Highlights:
Repayment terms from 90 days to 72 months
Fees:
Late and insufficient funds fees apply
No origination or prepayment penalties
For exact fee information, please refer to each respective direct lender
Pros:
Loans up to $35,000
Flexible repayment terms from 60 days to 96 months
Same day approval and next business day funding
Secure online loan request form
Cons:
Not a direct lender
Not available in all 50 states
Loan request not guaranteed to be granted
Transparency between personal loan lenders on the platform is not equal
What Are Personal Loans for Bad Credit With Instant Approval?
Personal loans for bad credit with instant guaranteed approval typically offer anywhere from $100 upward to $4,000 with much more favorable rates than traditional payday, auto title, and pawnshop loans (up to 35.99%).
An unsecured personal loan can be used for all expenses, from past due electric bills to $9,000 Royal Caribbean Cruise Line tickets to the Riviera Maya.
Arguably its biggest benefit is same-day approval and next business day funding. In addition, online marketplaces like ZippyLoans and LifeLoans act as intermediaries, connecting prospective borrowers with a network of qualified and legit direct lenders for your business.
Thanks to the spirit of competition, bad credit direct lenders are often more flexible in offering lower APRs and flexible terms.
How Do I Qualify For an Online Personal Loan for Bad Credit With Instant Approval?
It is easy to qualify for an online personal loan for bad credit with instant guaranteed approval.
Most direct lenders at online marketplaces do not require a minimum credit score. Instead, you only need proof of income (usually a minimum of $800 a month) and a valid checking or savings account to deposit funds.
Other qualification criteria bad credit lenders look at include a debt-to-income ratio (DTI). If applying with a cosigner, lenders also review your cosigner's income and credit score.
Are These Secured, Unsecured, or Cosigner Loans?
Most personal loans for bad credit offered through lending networks like ZippyLoans and NextDayPersonalLoan are unsecured loans with no collateral required.
Your best bet for a secured loan and a cosigner loan is through banks, credit unions, and online lenders like Upgrade, OneMain Financial, First Tech Federal Credit Union, and Navy Federal Credit Union.
How Do I Choose The Best Bad Credit Personal Loan With Instant Approval?
Here are our top recommendations on finding the best bad credit personal loan (non-secured loan) with instant guaranteed approval.
Understand Your APRs. As a bad credit borrower, keep the number 35.99% in mind. APRs of 36% or higher are typically offered by predatory lenders known to rack up additional charges such as application and prepayment penalties. Compare lenders by reviewing your customized rate quote, not their full APR range.
Determine The Type of Loan. Once you understand what APRs you are eligible for, explore several types of bad credit loans. Options include unsecured personal loans, secured personal loans, cash advances, alternative payday loans (credit unions), and cash advance apps like Earnin, Dave, and Brigit.
Shop Around. Once you have identified the type of loan that works best for your needs, it's time to shop around. Submitting loan requests through LifeLoans, ZippyLoans, and other online marketplaces allows you to compare quotes from a minimum of three direct lenders. Be sure to carefully assess all rates, repayment terms, and extra fine print, such as advertiser disclosures and how your data is shared.
Remember to prioritize direct lenders offering same day approval and next day funding as long as the daily cutoff window is met when submitting your loan request.
How Much Money Can I Borrow With Bad Credit?
As a bad credit borrower, there are limits to the amount of money you can borrow on an unsecured loan or secured loan. Online marketplaces like 100Lenders and NextDayPersonalLoan loan amounts from $100 to $40,000. However, most lenders only extend up to $10,000. Not surprisingly, the higher the loan amount, the greater the risk by the finance company.
All in all, it is a safe bet that you will have no issue securing a loan in the $100 to $10,000 range.
What Are The Pros and Cons Of Bad Credit Loans?
Here are the pros and cons of bad credit loans:
Pros
Quick Access to Cash. For emergency expenses like past due medical, credit card, or utility bills, speedy funding is the name of the game. Bad credit lenders typically offer same day approval with funding to your checking account by the next business day. Often, lines of credit quickly accrue interest, so timely payouts are made possible by bad credit lenders.
Instant cash advance apps may take up to three business days to disburse loan proceeds.
Loose Qualification Criteria. Bad credit loans from online marketplaces like VivaLoans do not require minimum credit scores. Instead, you must show proof of age (18 or older) with U.S. citizenship/permanent residency, proof of income, and a valid checking account for funds to be deposited.
Arguably the most demanding qualification criteria are established minimum monthly income of $800 a month. However, that falls under the minimum wage territory, which most employed Americans reach.
Credit Building. Many direct lenders that participate in online marketplaces report on-time payments to the major credit bureaus. With payment history accounting for 35% of your FICO credit report score, every on-time transaction will eventually earn you a 700+ credit score, assuming no other default activity.
Cons
APRs and Fees. With bad credit loans, expect higher than average APRs up to 35.99%, the maximum threshold for bad credit borrowers.
To illustrate this APR, a 35.99% APR, $10,000 loan on a 2-year repayment term will result in total payments of $13,667.39 ($3,667.39 in interest charges). For good credit borrowers, the same loan amount and repayment term at a 19% APR will result in total payments of $12,098.07, or $1,569.32 less in interest charges over the life of the loan.
Another important consideration is fees. Although most bad credit loans charge no prepayment penalties, late and insufficient funds fees apply. Typically, late fees are a fixed percentage of the new balance or $39, whichever is greater. In rare cases, multiple lenders on online marketplaces will assess origination fees of up to 5% (FundsJoy), whereas Upstart charges origination fees of up to 8%.
Not All Lenders Are Equal. Direct lenders at online marketplaces like FundsJoy are not all equally transparent. For example, one lender issued multiple disclosures with highly visible disclaimers throughout its website, whereas a second lender may offer smaller, harder-to-find fine print elsewhere.
Fortunately, we recommend shopping around and comparing rates and terms for a minimum of three direct lenders.
I'd Like To Boost My Credit Score. What Do You Recommend?
A clear and targeted plan boosting your credit score by 50 points or more is very achievable.
Here are our favorite tips for boosting your credit score:
Request Increased Credit Limit. One way to keep your credit utilization ratio down is to increase your credit limits. For example, carrying $1,000 of debt on a $3,000 credit limit card equals a 33% credit utilization ratio. Boosting your credit limit to $5,000 will drop your utilization ratio to 20%.
Your credit utilization ratio is the ratio of the total balance across all your revolving accounts against your total credit limit.
The best practice is to keep your credit utilization ratio at or under 30%, with a preference for single-digit percentages.
Debt Consolidation. Consolidating multiple high-interest debts into a single lower-interest loan pays immediate dividends by streamlining your finances, expediting payoff, and reducing your monthly payment are also benefits of debt consolidation. It also works wonders in lowering your credit utilization ratio as long as you make monthly, on-time payments to one lender, not multiple lenders.
Understand Credit Scoring. One important aspect of boosting your credit score is to become a more informed consumer. By understanding how your credit score is calculated, expect to be in the driver's seat for major changes.
Here's a breakdown of how your FICO credit report score is calculated:
Payment history - 35%
Amounts owed - 30%
Length of credit history - 15%
Credit mix - 10%
New credit - 10%
A glance at these percentages lets you know that paying all bills on time and resolving all outstanding balances are the No. 1 and No. 2 top ways to improve your credit score, where the amount owed equals credit utilization ratio.
With the difference between a 35.99% and an 18% APR loan of 50-100 points, we highly recommend boosting your credit score before starting a loan application (if time allows).
Are There Personal Loans for Bad Credit with Guaranteed Approval of $1,000?
Yes, there are plenty of personal loans for bad credit with guaranteed approval for $1,000. Bad credit loan companies like MarketLoans and 100Lenders issue funds as little as $100, with most loan requests between $100 and $10,000.
Are There Personal Loans for Bad Credit with Guaranteed Approval of $5,000?
Yes, $5,000 is a possible loan for bad credit loans. No minimum credit scores are often required, with only proof of income needed. As long as you are 18 years of age or older with U.S. citizenship/permanent residency and earning a minimum of $800 a month, anyone can take out a loan through these online marketplaces.
Are There Personal Loans for Bad Credit with Guaranteed Approval over $10,000?
$10,000 represents the upper threshold of loan amounts bad credit direct lenders are willing to offer. Consider this loan amount suitable for more considerable expenses, such as impromptu weddings, larger debt consolidation loans, or unplanned trips to Las Vegas. Note that bigger amount have lower chance of approval, but still you can get $10,000, although it is not guaranteed.
What Is The Difference Between Online Personal Loans and Installment Loans?
Online personal loans and installment loans are not mutually exclusive.
An installment loan is a closed-end loan paid off in regular intervals, typically once a month, with fixed amounts referred to as " installments.” Loan amounts vary from $100 upwards of $100,000 with interest rates and terms depending upon your income, debt-to-income ratio, credit score, and interest rates permitted by state law.
Online personal loans are a type of installment loan separate from student loans, mortgages, home equity loans, and credit builder loans. Online lenders issue them with no branches or physical locations.
What is the Difference Between Personal and Payday Credit Check Loans?
The difference between personal and payday loans comes down to loan amounts, repayment terms, APRs, and fees.
Personal loans typically offer up to $50,000, paid in equal installments (from 2 to 7-year repayment terms) with APRs between 5.99% and 35.99%, with origination, prepayment, and late/insufficient funds fees depending on the online lenders.
In turn, no credit check payday loans are shorter, high-interest loans maxed out at $500, repaid within two to four weeks. Predatory rates climb upwards of 400% APRs (up to $30 for every $100 borrowed), with extensions incurring renewal fees of up to $60.
Another way personal and no credit check payday loans differ is with the payback method. Personal loans withdraw monthly payments from the payment method on file. In contrast, payday loans require issuing a post-dated personal check or direct access to a checking account by the payday lender for funds withdrawal on the due date.
With no safeguards against overdrafts, multiple overdrafts by payday loan companies could assess $35 penalties each, pitting bad credit borrowers into an even deeper debt cycle.
We do not recommend any credit check payday loans for the above reasons.
What Are Alternatives To Bad Credit Loans I Can Consider?
There are many alternatives to bad credit loans you can consider:
Cash Advance Apps. Also referred to as paycheck apps, cash advance apps offer 0% interest cash advances of up to $750 per pay period, repaid on your next payday. In addition, they offer standard and expedited delivery for a small fee. Like many bad credit and payday loans, there must be a credit check.
App users enjoy short repayment periods, repeated borrowing, no upfront deposits, no longer approvals, and small-dollar loans that are easy to repay. Forget about any bad credit card debt here.
Other features include up to $1MM in Identity Theft Protection (Brigit), budgeting tools (Brigit), and overdraft protection (Dave).
Our top three recommended cash advance apps are Earnin, Brigit, and Dave. All enjoy stellar app store ratings. For example, as of this writing, Earnin has an average 4.5 out of 5-star rating across 236K+ reviews on the App Store.
Payday Alternative Loans. Issued by federal credit unions, payday alternative loans offer small loan amounts at lower interest rates and longer one to 12-month repayment terms than traditional payday loans. That generally falls between $200 and $2,000 with a maximum of 28% APR and a small application fee.
To qualify for payday alternative loans, you do not need good credit. All you need is proof of income and the ability to repay. Expect to provide proof of income using pay stubs or electronic timesheets.
Compared to traditional payday loans that charge up to $30 for every $100 borrowed, PALs are an excellent deal.
Credit Card Cash Advances. Credit card cash advances are small loans taken against your credit card line of credit up to your card's cash advance limit. Typical limits fall up to 50% of your total spending limit. So, for example, if you have a $30,000 credit card limit, your cash advance limit will reach up to $15,000. As with all loans, the higher your credit score, the higher your cash advance limit.
All credit card cash advances incur a transaction fee and higher APR than credit card purchases, with all interest accrued at the withdrawal time (no grace period).
All in all, credit card cash advances are an excellent option if you can repay them quickly.
What Are The Top Three Cash Advance Apps?
With more than seven cash advance apps boasting millions of daily users, our top three are selected based on borrowing limit, fee structure, ease of use, and third-party review ratings, including an average of 4.5 stars or higher ratings on the App Store and Google Play stores.
Earnin'. With more than 2MM members, Earnin allows you to access up to $100 per day or up to $750 per pay period. To use the service, you must download the app on the App Store or Google Play Store, add your bank/employment details, connect a valid checking account, request a cash advance, and watch personal loan funds get debited from it once your paycheck posts.
We like Earnin for its simplicity, ease of use, and quick transfers, with "Lightning Speed" transferring funds to your bank account in as little as 30 minutes. Consider Earnin one of the easiest ways to borrow money.
Brigit. With more than 4 million members, Brigit is one of the more popular cash advance apps. It offers up to $250 per advance with no credit check, interest, or required upfront deposit. All of this is offered for a small $9.99 monthly membership fee (versus an optional $14 tip for Earnin users).
One of the biggest benefits Brigit offers over Earnin and Dave is its budgeting tools and identity theft protection. It offers budgeting tools similar to Mint.com, offering helpful insight into your spending habits by categorizing all of your expenses, broken out by month and year. In addition, all users are covered for up to $1MM in Identity Theft Protection.
Another plus of Brigit is its stellar ratings, with 250K+ average 4.5-star ratings on the App Store and Google Play stores.
Dave. Calling itself your " ultimate financial friend," Dave offers cash advances up to $500 with payment up to two days early with no credit checks, no overdraft fees, late fees, or minimum balance fees. In addition, all transactions are FDIC-insured up to $250,000. Signing up also takes less than a minute.
Like Earnin and Brigit, it enjoys critical acclaim with top marks. In addition, it has the most app store ratings of all cash advance apps (575K+ on the App Store and 426K+ on the Google Play Store). Like Brigit, it offers extra features such as side job search and automatic budgeting.
Deciding between Earnin, Brigit, and Dave is a simple affair. Go for Earnin if you want the highest borrowing limits, Brigit for budgeting tools, and Dave for its generous fee policies (no overdraft, late, or minimum balance fees).
How Did We Choose These Lenders?
To come up with our top recommended online marketplaces/lending networks, we conducted exhaustive research based on six key criteria: APRs, repayment terms, fee structure, eligibility criteria, ease of use/funding speed, and transparency.
APRs. Our preference was lending networks with direct lenders offering a maximum of 35.99% APRs, the top acceptable interest rate paid by bad credit borrowers.
Repayment Terms. Our research called for a two to seven-year repayment term on larger loan amounts ($10,000+). The longer the repayment term, the lower your monthly payments, an excellent benefit for bad credit borrowers to better manage their monthly budgets.
Fee Structure. All bad credit borrowers can benefit from no origination or prepayment penalties. Few exceptions exist (e.g., FundsJoy direct lenders charging up to 5% origination fees). Not to mention, no extensions or renewal fees made popular by traditional payday lenders. At best, expect to pay late and insufficient funds fees, which is a standard cost of doing business.
Eligibility Criteria. All of our recommended online marketplaces require no minimum credit score. Instead, it relies on age (18 years or older), legal status (U.S. citizen or permanent resident), and minimum monthly income of $800 or $1,000.
Ease of Use/Funding Speed. True to traditional payday loans, we expect to save the approvals the next day funding to accommodate emergency expense needs. Often, the best person on loans for bad credit unintended to pay off interest accruing debt, making each day count.
Transparency. Our recommended lending networks are transparent, with clearly visible website disclaimers. For example, NextDayPersonalLoan provides all advertiser disclosures, states where participating direct lenders operate, and explicitly states that it is not a lender but an intermediary between borrowers and lending partners.
Full transparency also means providing representative loan examples with actual APRs, monthly repayments, and total payback amounts.
Kudos to any online marketplace member of the Online Lenders Alliance, a trade organization that oversees best practices and codes of conduct by online lenders. Members of the OLA include software providers, direct lenders, and lead generators.
Frequently Asked Questions
What is the easiest type of loan to get with bad credit?
The easiest way to borrow money with bad credit is through payday, auto title, and pawnshop loans. All require no minimum credit score.
However, we do not recommend applying for any of these three. With 300% and 400%+ APRs, a short 2 to 4-week repayment period, and an endless cycle of renewal fees and extensions creating vicious debt cycles, it's a no-go for us.
How can I get a personal loan with bad credit ASAP?
To get a personal loan with bad credit as soon as possible, we encourage you to visit online marketplaces, submit loan requests and receive quotes from multiple direct lenders offering sub 35.99% APRs and flexible lending terms. Funds be disbursed to your checking account as early as the next business day and used for virtually any purpose, from debt consolidation to paying off emergency medical bills.
Can you get a small loan with a 500 credit score?
Yes, getting a small loan with a 500 credit score is possible. However, an entire industry is dedicated to bad credit borrowers with 300 to 580 credit scores. Options include unsecured and secured bad credit loans, cash advance apps, credit card cash advances, and alternative personal loans (PALs) from credit unions.
Conclusion
Paying off those emergency expenses with the best personal loans for bad credit with instant/guaranteed approval has always been challenging. However, with online marketplaces like ZippyLoans and 100Lenders leading the way, bad credit borrowers can enjoy terms as generous as the ones good credit borrowers want, including 35.99% APRs, longer repayment terms, no minimum credit score, no origination/prepayment penalties, same day approval, and next day funding.
