Guaranteed Installment Loans for Bad Credit

Personal Loans

Having bad credit doesn’t mean that you have to miss out on life’s opportunities when they strike. Just because you’ve had past financial mistakes doesn’t mean you’re defined by that history forever.

A bad credit score also doesn’t have to mean that you’re simply out of luck when an emergency occurs. Just because you don’t have the money doesn’t mean that you have to take what life dishes you squarely on the chin. Fortunately, that’s not the world we live in. There’s usually a way. You just have to know where to look.

Installment loans and short-term loans for bad credit do exist. In fact, there are more than a few options out there. Do the lenders below offer guaranteed approval? Not quite, but they do have very high approval rates and favorable terms.

Best Installment Loans for Bad Credit Borrowers

Installment loans have amortized payments, meaning each payment is the same throughout the entire life of the loan. Installment loans have a predictable payment structure and generous loan terms, which, can be as high as seven years.

If you have a large purchase you need to make, installment loans online are a great choice because many lenders offer loans from $500 to $35,000. Unlike payday loans or a cash advance, this type of personal loan usually does require a credit check. However, these lenders offer unsecured loans to people with bad credit.

CashUSA

LetMeBank’s rating
Apply Now

Features & Benefits

  • Flexible borrower requirements
  • Loan request can be approved within minutes
  • Money deposited as early as 1 business day
  • All credit types accepted

CashUSA connects borrowers with lenders. Each application is sent to the lender most likely to lend to the borrower. Because it works with a variety of credit profiles, it is not only a poor credit loan broker.

Interest rates vary depending on the lender, so make sure you read through the terms for each emergency loan before you choose. Applying online only takes a few minutes, and funds are often available the next day.

PersonalLoans.com

LetMeBank’s rating
Apply Now
  • Loan Amount
    $1,000 – $35,000
  • Loan Term
    3 to 72 months
  • APR
    Varies

Features & Benefits

  • Multiple loan types available
  • Fast loan decision
  • Funds deposited as soon as you accept an offer
  • Nationwide availability

You can get a loan through PersonalLoans.com with credit scores as low as 600. Each lender in their network offers its own unique interest rates.

The quick and easy online application only takes minutes. You’ll have a decision within a business day of submission.

BadCreditLoans.com

LetMeBank’s rating
Apply Now
  • Loan Amount
    $500 – $10,000
  • Loan Term
    3 – 60 months
  • APR
    5.99% – 35.99%

Features & Benefits

  • No cost to check loan approval
  • High approval rate despite credit history
  • Funds available as soon as next business day
  • Assisting people with bad credit since 1998

Bad Credit Loans is an online lender marketplace that allows you to connect with multiple lenders by filling out a single application. The service is 100% free.

Once you’re approved, your lender will provide you with the APR, loan fees, and other terms. Read through the terms, compare all the offers you’ve received, and only accept the loan you’re most comfortable with. You are not obligated to accept the personal loan from any lenders that you are matched with.

The loan marketplaces listed above work with lenders that each has its own set of requirements. However, all of them will want you to have an active checking account and meet basic income requirements. Income requirements, of course, vary depending on your credit scores and the size of your requested loan.

Before choosing which lender you’d like to work with, be sure to read the terms and conditions of the loan. Most people decide solely on the size of the monthly payments and interest rates. While this should definitely be a contributing factor, it shouldn’t be the sole consideration. Also, look at APR and the length of the loan. Although one might be more expensive each month, if the length of the loan is shorter, you’ll pay less when all is said and done.

Best Short-Term Loans for Bad Credit Borrowers

Installment loans are used for larger purchases and come with longer repayment terms. Short-term loans are just the opposite — they’re used for smaller purchases and come with shorter terms. Short term loans often have a loan duration of just a week, but can extend for as long as six months.

Another key difference between installment loans and short-term loans is that short-term loans are often paid off in one big sum (with principal, interest, and fees all paid at the same time). Installment loans allow borrowers to pay off the funds borrowed in smaller monthly chunks and may be easier to manage within a tight budget.

However, short-term loans can save borrowers money in interest over the long run because of the shorter repayment period. Short-term loans also often have smaller loan packages. Generally, they range from $100 to $1,000.

The providers listed below are online lender marketplaces, meaning they connect borrowers with lenders but aren’t direct lenders themselves. Loan brokers are a great way to keep credit applications from dinging your credit too much. Instead of applying to each lender individually, your one application is sent to many lenders at the same time.

Here are our favorite short-term lenders.

MoneyMutual

LetMeBank’s rating
Apply Now
  • Loan Amount
    Up to $5,000
  • Loan Term
    Varies
  • APR
    Varies

Features & Benefits

  • Application takes less than 5 minutes
  • Get a decision on your loan within minutes
  • Funds are available within 24 hours
  • Trusted by more than 2,000,000 borrowers

MoneyMutual is an online marketplace of lenders. They make it quick and easy to find a short term cash advance loan in as little as 24 hours.

One application can potentially get you multiple loan offers. MoneyMutual has been trusted by more than two million customers. They serve borrowers with bad credit from all 50 states except New York and Connecticut.

Credit Loan

LetMeBank’s rating
Apply Now
  • Loan Amount
    $250 – $40,000
  • Loan Term
    Varies
  • APR
    Varies

Features & Benefits

  • Funds deposited directly into your account
  • Get money as soon as the next business day
  • Loans for poor credit or good credit
  • More than 750,000 customers since 1998

CreditLoan works with many borrowers to find the best match for their situation. Although CreditLoan is not a direct lender, the platform can help you find a lender that is willing to work with you.

With CreditLoan, you might be able to secure a small loan to cover your needs. The company is generally successful in finding a lender match. With over 750,000 loans funded by CreditLoan, you have a great shot in finding the perfect match.

Short-term loans often have flexible credit requirements, but because of this, borrowers with bad credit scores are often charged much higher APRs. Indeed, it’s common to see APRs as high as 400%. This can cause some financial difficulties when it comes time to repay the loan. Borrowers have to pay the full amount borrowed plus any interest and fees. If you’re unable to pay the full amount when it’s due, you’ll then be hit with late fees as well.

Of course, it is possible to extend the loan for a few weeks or months, which can help with late fees, but doing so will add on another round of charges to the full amount. If this seems like it could be a very real possibility, you should consider taking out an installment loan instead so you’ll have easier monthly payments to handle.

Use Your Loan to Boost Your Credit Score

Bad credit can make life unnecessarily difficult; finding a lender willing to work with you may be just one of many potential headaches for you. Luckily, as you can see, there are options out there. Though some of the networks above aren’t solely for borrowers with poor credit, they at least have flexible requirements, which in many cases is just as good.

Once you have a loan, make sure you use it to your advantage. Loans are great ways to boost your credit score if you make all of your payments on time. By doing so, you should see your credit score get a healthy boost. Done correctly in conjunction with other ways to raise your credit score, you’ll see that you have more credit options available to you as you rise to the “good credit” categories.

Obviously never take out money that you don’t need just to raise your score, but if you do, make sure you use in such a way that helps you in more than one way. Many people don’t understand that money is a tool, and like any tool, it should always be taken care of and respected.