Guaranteed Approval Bad Credit Loans in 2021

Do you have a bad credit history but need a loan?

We’ve prepared a list of the best 9 institutions offering bad credit loans with guaranteed approval + a guide on how to choose the best one for you. 

But first, let’s start with a quick glance at the services and the evaluation methodology we used to compile the list. 


If you have a credit score of at least 600,’s algorithm will find you a lender that fits your capabilities and needs. Borrow up to $35,000 and relax knowing will share your info further in case you don’t find a suitable lender.


This easy-to-use platform is the perfect solution for emergencies. Get $10,000 the next business day, and all that with a credit score as low as 580. You can even take advantage of BadCreditLoans’ educational resources.


With a quick application process, even those with a credit score of 550 can expect a loan of up to $999. The platform is free to use, and will even send your info to third parties if you’re not eligible for a loan from one of their lenders.

  1. SoFi

Not only does SoFi offer loans of up to $100,000, but the highest possible APR is only 18.83% – way below the industry standard. If you’re approved, you’ll get unemployment protection and even special benefits such as free personalized financial planning.

  1. Prosper

This peer-to-peer lending platform caters to individuals and small businesses alike. Apply fully online to borrow up to $35,000 and get same-day funding. All those with an income greater than $0 can apply for the loan and enjoy flexible repayment terms.

  1. PenFed Credit Union

Those affiliated with the US Military and part of the PenFed Credit Union can get a loan of up to $20,000. PenFed will help you through sudden financial hardships with modified payment schemes. There are no origination fees, and the loan will be yours the next business day.

  1. MoneyLion

With a credit score as low as 560 and no need for collateral, you can get a quick, small cash injection of up to $1,000. The entire application process happens online, with the decision arriving within 24 hours.

  1. FaaastCash

This lending platform provides payday loans of up to $1,000. You can apply online, download an easy-to-use mobile app, and get a decision in only 3 minutes. If you’re approved, you could get a loan the next banking day.

  1. BestEgg

BestEgg has it all: preapprovals with a soft credit check, no prepayment penalties or collateral needed, and the loan arrives in a single business day. Niche lenders available on the platform can lend you up to $35,000.

For these bad credit loans with instant approval comparison, we’ve considered the most important things that matter to borrowers.

Application process – we’ve looked into the application process and the requirements such as credit scores, verification methods, employment, and other qualification measures.

Fees – we’ve considered the fees associated with the loans such as prepayment fees, origination fees, late penalties, processing, and other similar charges.

Interest charges – we’ve broken down each of the institution’s annual percentage rate (APR) rates from its lowest to the highest.

Repayment terms – the length of the period for the loan has also been considered.

Funding time – we’ve taken note of the time it takes for the funds to be acquired from the moment applications are approved.

Types of Guaranteed Approval Bad Credit Loans

The average credit score can vary by state, but if you find yours is well below that average, here are the types of poor credit loans with guaranteed approval you can still apply for:

Personal Loans for Bad Credit with Guaranteed Approval

These personal credit loans for poor credit with guaranteed approval are cash loans that can be taken for personal needs. Those include car repairs, home renovations, emergency expenses, and other similar purposes. These loans are for people who need quick cash for both planned and unplanned expenses.

Credit Cards for Bad Credit with Guaranteed Approval

Some credit card companies issue credit cards to individuals with poor credit scores. These credit cards come in handy for those who need to make regular purchases but do not have immediate access to cash.

Bad Credit Installment Loans with Guaranteed Approval

Also called “personal installment loans”, these are fairly easy to acquire. Personal installment loans are a good option for borrowers who need cash fast and want to fulfill their obligations through regular payments.

Mortgage Loans for Bad Credit with Guaranteed Approval

Mortgage loans need collateral in exchange for financing. Borrowers typically mortgage property they already own, or the financed property to financial institutions to acquire a loan. This is a great option especially for those who need huge amounts for purposes such as buying a house.

How Do Bad Credit Loans With Guaranteed Approval Work?

Some lenders call guaranteed personal loans payday loans or short-term loans. They are designed for people with bad credit or low income. You can usually borrow from $100 to $1,000, and you are expected to return the funds upon the next paycheck

What’s important to know is that with payday loans for bad credit and instant approval APR is higher than in other types of personal loans. Namely, it can be around 500% or even more. That’s not all, as certain fees can be high as well

Lenders will perform a soft or hard credit check to determine your creditworthiness, which may affect your credit score a bit in case of a hard check. To get approved for this type of loan you’re required to have had a steady income in the past 3-6 months and that you have a bad or poor credit score.

Alternatives to Loans With Guaranteed Approval 

In case that you aren’t sure what to do, here are some alternatives for online loans with guaranteed approval that might be good for you.

  • Credit Card Debt Consolidation – This is a good option if you have debt and you’re looking to reduce the costs of interest rates and lower your monthly payments. By going for this option you’ll pay back the funds you’ve taken. What’s also beneficial is that if you pay on time, your score will be better.
  • Co-Signer – You can improve your odds of qualifying for personal loans with guaranteed instant approval, or any other loan, by adding a co-signer to the application. This presents the risk for a family member or a friend who you chose to be a co-signer, because in a situation when you miss a payment, that person will be equally responsible. 
  • Debt Relief Loans – This type of loan is designed to pay off the existing debt. Instead, you get a new loan from debt relief companies characterized by different repayment terms and better interest rates. 
  • Fixing Credit Score – If you’re not in a pressing need of a loan, you can take some time and do something to increase your credit score, so that in the future you can apply for more than a guaranteed bad credit loan. To increase your chances, be sure to pay bills on time, make payments on your current accounts, and if you have some dough stashed away you can pay off some debt. What’s also important to mention is that applying for new loans or credit cards will lower your credit score a little bit.

2021’s Bad Credit Loan Companies With Guaranteed Approval – At a Glance

  • – Best for medical expenses
  • – Best for emergency expenses
  • – Best for those who don’t earn much
  • SoFi — Best bad credit personal loans with guaranteed approval and unemployment protection
  • Prosper — Best turnaround time for poor credit loans with guaranteed approval
  • PenFed Credit Union — Best bad credit unsecured loans with guaranteed approval for military
  • MoneyLion — Best for low credit score borrowers
  • FaaastCash — Best payday loans for bad credit with guaranteed approval
  • Best Egg — Best low credit loans with guaranteed approval


Having access to cash is always important, but if you’re not lucky to have an ideal credit history, many banks and credit unions may not look favorably upon you. That’s why it’s important to know about bad credit lenders as well as the ins and outs of their loan deals so that you can choose the institution that would best suit your needs. And if this doesn’t help, a credit repair company such as Credit Saint may be your final resort.


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