Bad credit is a status that no one wants but sometimes it happens. Getting a bad credit score can be due to a financial crisis such as a job loss, divorce, medical bills or debt. However, just because you have bad credit doesn’t mean you can’t get a loan to help you pay for things. You can get bad credit loans guaranteed approval if you need it.
What Is A Bad Credit Score?
A bad credit score is considered to be anything below 600. When you have a credit score under 600 it can be more difficult to get approved for auto loans, credit cards, and mortgages. Lenders consider anyone with a bad credit score to be high risk and may not be able to pay off their loans. Due to being high risk lenders will still lend to you but you might be paying a larger down payment or pay more interest.
If you don’t know your credit score you can check it using Credit Karma or myFICO. 90% of major lenders use the FICO score to determine your creditworthiness so looking at your FICO score can help you determine what areas of your credit you need to work on.
Related: What Is A Good Credit Score
How To Consolidate Loans With Bad Credit?
If you have a lot of loans or debt and you want to simplify it with one small monthly payment you might want to consider consolidating your loans. When you have bad credit it does limit your options on where you could a loan from but there are several places where you can consolidate your loans with bad credit.
PayOff is a great way to consolidate your credit card debt across multiple credit cards and make one simple monthly payment to pay it off.
CuraDebt is a debt solution company that can help you negotiate or consolidate unsecured debts, tax debt, credit card debts, medicals bills and more.
LendKey is a refinancing company for student loans. Students can refinance your student loans to a lower interest rate as low as 1.90% Variable APR or 2.95% Fixed APR.
Related: How Much Money Will Bad Credit Cost You?
5 Best Bad Credit Loans Guaranteed Approval
1. BoroCash – Best For College Students
Students get a cash loan to help pay for textbooks, Spring Break Trips, or anything else you need.
- Loans starting from $50 to $2,000
- Pay off your loan in 12 months or less
- No Annual Fees or Minimums
- 15.9% APR
- Download the App, select your monthly payments, and get cash in 1-2 days
Eligibility For BoroCash
- Must be 18 years old
- Enrolled in a U.S College or University or Recently Graduated
- A U.S Citizen, Green Card Holder, A5, C8/OPT, G, H1B, J1, L1, O1 Visa Holders
- Live in an Eligible State
2. Self – Best For Credit Building
Self helps you build credit if you have bad credit
- No credit score needed to apply
- Pay off loan in 12-24 months by picking your monthly payments (not a traditional loan)
- Each on-time payment builds your credit score
- Payments are reported to all three credit bureaus
- Get money back after your loan is paid off
- Get access to a Self Builder Credit Card after 3 months
Related: How To Start Building Business Credit
3. Bad Credit Loans
Bad Credit Loans isn’t a lender but works with lending partners to help you find the best loan options for you.
- Loans from $5,000 up to $10,000
- 100% free
- Review terms before accepting any funds
- 24/7 service
- Simple and easy steps
Eligibility Requirements
- 18 Years old or older
- Proof of citizenship (Social Security Number or legal residency)
- Proof of regular income (full-time, self-employed, disability or Social Security)
- Have a checking account
- Provide work and home phone number and email address.
Related: How To Get A Loan Online With A Bad Credit Score
4. OppLoans – Best For Quick Approval
- Same Day Approval
- Receive money within the next business day
- Does not affect your FICO Score
- $500 to $4,000 Loans
- Payment terms and APR vary by state
- No Minimum Credit Score
Requirement To Apply For OppLoans
- Must be 18 or older
- Regular Source of Income
- Checking or Savings Account
- Receive Paychecks Through Direct Deposit (NM is Exempt)
5. SuperMoney – The Kayak Of Loans
SuperMoney is a website company similar to Kayak that will show you all the loans that fit your needs. To check for loan rates you just enter your personal information, and how much you want to borrow and they will compare all the best loans, rates, terms among competing lenders. Find loans for personal, business, student loans, tax providers, and more.
- Find the best loan offer from competing lenders
- Get loans up to $100,000
- Interest rates starting at 5.94% APR
- Checking rates will not impact your credit score
- No annoying sales calls and they don’t sell your personal data
- Compare your loan options without any pressure
- Find loans for any reason you need such as home improvements, green energy, debt, car repairs and so much more.
Other – Credit Saint Features And Reviews
Final Thoughts
Having bad credit isn’t an easy situation anyone would like to be in. If you do find yourself with bad credit and need money for a loan you still have plenty of options to choose from that can help you. Fixing your credit score is the best way you can get access to more loans at the best interest rates.
Do you have bad credit, no credit, or want to learn how to become a credit expert?
Check out our credit repair training and learn:
- What your actual credit score is
- How to get a copy of your free credit report
- How to get your credit back on track today
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- Learn how to fix your credit on your own with our expert advice.
