Q6. Are online lenders better than traditional lenders?
To answer this question, we will have to consider two factors. First, if you need a bad credit loan with guaranteed approval, you might want to choose online lending platforms. Pre-qualification is available from online lenders. And it has no bearing on your credit score. It will also expedite the approval and disbursement of your loan. You will receive the funds within 24 hours in the best-case scenario or 3-5 days. If you prefer face-to-face interaction with your creditors, you might choose the traditional money lending platforms. However, on those platforms, there are very slim chances of approval for a bad credit loan.
Q7. Do instant loans harm my credit score?
No. These unsecured loans are not reported to credit bureaus like secured loans. As a result, it has no negative impact on your credit score. Furthermore, you can use these loans to boost your credit scores by paying off any outstanding debt.
Conclusion — Time to Apply!
If you’re ready to start applying for a bad credit loan, then we’ve given you the best places to start. Our top five loan networks partner with lenders that offer the best bad credit loans with guaranteed approvals. Most importantly, our picks all have a proven track record of satisfied customers.
Our favorite for the most trustworthy network is MoneyMutual. This is thanks to their millions of outstandingly positive reviews. The network boasts a streamlined process and 60 partner lenders. If you’re worried about being approved, then head straight for CreditLoan. With some of the highest approval rates in the country, you’re likely to find a lender through them.
Remember, bad credit loans are not the best option when looking for a personal loan. If you can afford to wait, then work on bringing your credit up to better standing. However, we know that isn’t always an option. Luckily, bad credit loans with guaranteed approvals can save the day in an emergency. It’s still important to remember that they should be a last resort instead of something you do habitually. It’s easy to fall into a cycle of paying and repaying these loans. Make sure you take the time to calculate your loan terms and only accept a loan once you’re confident you can pay it back.
MoneyMutual is an online lending marketplace that connects borrowers with 60 partner lenders. These are short-term lenders who offer payday loans, personal loans, and you’ve guessed it – bad credit loans.
Highlights
- Convenient Repaying Process: Lenders on CashUSA use online banking to withdraw monthly payments directly from the account that the loan is deposited. It provides you with a stress-free method of repaying the loan. And if you need an extension, simply contact the lender to avoid damaging your credit score.
This company has seen many positive reviews owing to its flexible monthly payments and affordable interest rates. In addition, the company ensures that your monthly repayments are set to only what you can afford. That’s unlike many platforms that leave you at the lender’s mercy.
- Approvals: We also checked how often borrowers got their loans approved. After all, we are looking for guaranteed approvals, right? To do this, we looked at customer experience and scoured various platforms looking for feedback. As a result, we picked networks with the highest approval rates for bad credit loans.
As the borrower, it helps to look if the company you are considering can provide you with instant loans. Receiving the cash as soon as you need it will help you evade unnecessary costs.
Yes. In some cases, you can skip the hard credit check when applying for a loan. Most of the time, you will still have to submit a soft credit check, but this won’t affect your overall credit rating. Keep in mind, lenders who are willing to forego a hard credit check will often make up for it in extra fees. You’ll often pay high interest and incur other fees to compensate for a no-credit-check and secure the lender’s interest.