Guaranteed Approval Loans for Bad Credit

Not everyone has a good enough credit score to allow them to take a personal loan out from their loan credit bureaus. This is where the bad credit loans come in. These loans are made for people who have no credit history or a low credit score.

Since most lenders are hesitant to lend money to such individuals, bad credit loans provide them with the funding they need. It works like installment loans to pay back the amount on your terms.

This is what we recommend (2023-09-23): If you have a credit score over 580, we recommend you start your search with Lifeloans (up to $50,000). A score from 550 and lower, our recommendation is HonestLoans (up to $50,000)

Are there Guaranteed Approval Loans for Bad Credit?

While this is a common question we get from our visitors “Are there Guaranteed Approval Loans for Bad Credit”, it is known that no lender can guarantee approval. However, loan providers these days have a wide variety of requirements from their borrowers, which can guarantee your loan approval.

Some lenders don’t require any details except your proof of income, and they don’t typically check with Equifax, Experian, and Transunion companies. If you get denied your loan request, try sending your request to a different bank or try increasing your credit score.

What is the easiest loan to be approved for?

Some of the most accessible loans to be approved for are payday loans, bad credit loans and emergency loans.

Payday loans:

These kinds of loans don’t do a credit check, so you can still get a loan even if you have bad credit. The downside is you can only borrow small amounts, which is also short-term. The processing fees and APR for payday loans are also exceptionally high.

Emergency loans:

If you have any unexpected expenses, you can get an emergency loan, which is a personal loan. It typically covers medical bills, housing repairs or car repairs. Lenders of emergency loans can give you cash, or you can also put in a request for transferring the funds directly to your bank account. The downside is that the lender may check your credit score for the personal loan and decide on your interest rate. If you have a bad credit score, your interest rate will be higher.

Bad-credit loans:

These kinds of loans are specially designed for those with little to no credit history. The minimum credit score required by lenders for getting this type of loan is dependent on different lenders, but typically, most lenders go for a minimum of a 580 credit score. The downside is that the processing fees and APR are as high as payday loans.


Each leader has different requirements for bad credit loans, but here are some of the most popular requirements:

  • You must be 18 years old or older (21 years is recommended)
  • An ID proof
  • An active bank account
  • Proof of income – You need to have a monthly, steady income of minimum $800 ($2,000/month pre-taxes is recommended).

Advantages and disadvantages


  • It is a quick and easy way to get access to cash for emergency purposes
  • You don’t need a credit check
  • It can save you from legal trouble and extra expenses with overdue payments
  • It can protect your credit score
  • You can be financially independent


  • You can only take bad credit loans for short periods
  • You typically have to pay a steep amount for fees and interests
  • You need to have a source of income to get approved for bad credit loans
  • You need to have an active bank account
  • There are high chances of scams and frauds.

Alternatives – Bad credit loans

Community credit unions:

If you are a union member, you could get a loan without much difficulty. Some organizations also exist for the sole purpose of offering bad credit loans to people who need financial funding.

Exploring options in your bank:

Although your banking service providers may say they require a minimum credit score to qualify for personal loans, you can talk to the authorities to tailor a loan for you that is a win-win on both sides.

Credit cards:

Some credit cards are available specifically for people with bad credit, and these cards come with a higher interest rate and a lower credit limit.

Payday loans:

You can also go for a payday loan, but you will have to pay it back within 2-4 weeks, failure of which will lead to increased processing fees.

Family and friends:

It is never a bad option to turn to your family and friends to ask for a loan. Make sure you work out the deal properly in detail before anything so you can repay the money in the terms set before the money lending.

About instant bad credit loans

In some cases, the instant bad credit loans are credited to your account in the same day you apply for the loan, as long as you send in your application before the bank’s cut off time. For most banks, the cutoff time is 5:00 pm. If you are taking out a large loan, it might take more time to process your loan instantly, but with smaller amounts, the lender can approve your loan to be funded within the same day of approval, but again only in some cases. Read more.

Improve your credit score

  1. If you miss a payment deadline, contact your credit service providers and address the problem immediately. Your creditors can help you set up a proper plan that will work with your financial state.
  2. If you can’t afford to cash out large sums of money at once, you can pay more than once in one billing cycle.
  3. Try not to apply for too many accounts within a short duration.
  4. Don’t close your old credit card accounts even if you don’t use them. It is better to close the newer accounts since history plays a significant role in improving credit scores.
  5. Pay the maxed-out credit cards first.
  6. Set reminders to pay your bills on time
  7. Do a credit check on a schedule.


Bad credit loan lenders are a blessing for those people with a bad credit score. Getting emergency funding for urgent situations has become easier than ever. And the best thing is that you can even increase your credit score with bad credit loans in some cases. This type of loan is also a better alternative to payday loans since they are well-organized and have certified lenders. Not only do you have a longer buffer time for repayment, but you also have a say in the amount of money per installation for paying it back.

However, it is best to keep this option only for emergencies. Instead, start working to increase your credit score so you have better choices when taking out a loan.

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