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If you are pressed to pay an outstanding $4,700 clinic invoice or a past due $255 utility bill, forget the predatory terms offered by no credit check payday loans and opt for legit bad credit personal loans with guaranteed approval from reputable online marketplaces like MoneyMutual and 100Lenders. Quick and legit emergency cash with competitive rates and terms is within reach. These lenders offer up to $40,000, meaning $5,000 will be with no problem, APR of 35,99% and work with bad credit.
100Lenders – Up to $40,000 / Min Credit Score: 0 / 5 Minute Approval / Rating: 4.9/5.0 – Best Overall
MoneyMutual – Up to $5,000 / Min Credit Score: 0 / 5 Minute Approval / Rating: 4.8/5.0 – Best for Bad Credit Personal Loans $5,000
VivaLoan – Up to $15,000 / Min Credit Score: 0 / 5 Minute Approval / Rating: 4.7/5.0 – Best for Poor Credit Guaranteed Approval
FundsJoy – Up to $5,000 / Min Credit Score: 0 / 5 Minute Approval / Rating: 4.5/5.0 – Best for High Risk Personal Loans
Keep reading to learn more about the best bad credit personal loans guaranteed approval of $5,000, including the definition of bad credit personal loans, differences between direct and non-direct lenders, why emergency high-risk payday loans are risky, and tips on finding legitimate personal bad credit loans of up to $5,000.
Rating: 4.9/5.0
Amount: $100 — $40,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
100Lenders is an online lending platform that offers bad credit personal loans with guaranteed approval, an excellent source of emergency cash.
For starters, participating lenders on the platform offer anywhere from $200 to $5,000. Although its $5,000 maximum borrowing limit is lower than competitors, it makes up for it with flexible repayment terms and no prepayment penalties. However, up to 5% origination penalties apply from specific lenders, who are easily avoidable if you shop around.
Another benefit to using 100Lenders is its quick and easy online application, taking no more than 5 minutes to complete. In addition, once you submit a loan application, expect to be matched with several direct lenders matching your credit profile with better rates and terms than traditional payday loans.
How to Apply: Applying for a 100Lenders loan is relatively easy. On the homepage, click the "Get Started" button and follow the step-by-step instructions providing contact information, employment status, and banking information. Expect to be matched with several loan offers from reputable bad credit personal loan companies with competitive rates and favorable terms.
Terms: 100Lenders offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans go up to $40,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As 100Lenders operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extensions fees, are determined by the participating direct lenders.
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let's consider an example. Suppose you were to borrow $14,500 with a 33% APR, on a 2-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $19,999.08, with estimated monthly payments of $833.30. Over the course of the loan, you would incur $5,499.08 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through the 100Lenders platform to ensure you understand all associated costs and obligations before signing on the dotted line.
Rating: 4.8/5.0
Amount: Up to $5,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
For one of the more popular lending networks in the business, look no further than MoneyMutual.
Consider MoneyMutual as one of the top lending networks we've ever researched, offering loans from $200 to $5,000 at sub 35.99%, which blows traditional payday loans with 400% APRs out of the water. In addition, a network of 100s of reputable lenders, streamlined application process, and user friendly interface make it very easy to secure your desired loan amount.
Remember that MoneyMutual is not a direct lender but in any area connecting borrowers with reputable lenders in exchange for a small fee or commission. It offers an easy way to shop around and compare at least three direct lenders, alleviating some research you need.
All in all, look to MoneyMutual as an excellent source of emergency cash, whether it's $1,000, $2,000, or $5,000.
How to Apply: MoneyMutual makes the loan application process very easy. Start by visiting their homepage and click on the"Get Started" button. Then, follow the prompts on the screen, entering your contact details, employment status, and preferred depositing method. Once you've filled out the application, several bad credit personal loan companies will compete for your business by presenting multiple offers.
Terms: MoneyMutual offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans range in amount from $200 to $5,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As MoneyMutual operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extensions fees, are determined by the participating direct lenders.
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let's consider an example. Suppose you were to borrow $3,600 with a 22% APR, on a 2-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $4,482.27, with estimated monthly payments of $186.76. Over the course of the loan, you would incur $882.27 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through MoneyMutual's platform to ensure you understand all associated costs and obligations before signing on the dotted line.
Rating: 4.7/5.0
Amount: Up to $15,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
For a network of reputable lenders willing to offer $1,000, $2,000, $5,000, or even $10,000 bad credit personal loans, then VivaLoans is an excellent starting point.
We appreciate VivaLoan for its network of hundreds of participating direct lenders offering loans up to $15,000 at decent APRs up to 35.99%. In addition, its fast loan approval process matches you with several direct lenders within minutes, allowing you to research and compare rates, terms, and fees before committing to one.
Consider VivaLoan suitable for all loan types. Outside of bad credit personal loans, they also offer fast and easy, near guaranteed approval alternative payday loans, installment loans, and short-term loans, allowing borrowers to find the best one to meet their financial needs.
How to Apply: VivaLoan offers one of the easiest ways to apply for a loan. First, start the application process on the homepage, where you'll be prompted to enter relevant details, such as your contact information, employment status, and preferred depositing method. Once you've submitted your application, VivaLoans will match you with several direct lenders offering your desired loan amount and terms.
Terms: VivaLoans offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans go up to $40,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As VivaLoans operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extensions fees, are determined by the participating direct lenders.
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let's consider an example. Suppose you were to borrow $31,500 with a 24% APR, on a 3-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $44,490.05, with estimated monthly payments of $1,235.83. Over the course of the loan, you would incur $12,990.05 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through the VivaLoans platform to ensure you understand all associated costs and obligations before signing on the dotted line.
Rating: 4.5/5.0
Amount: Up to $5,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 minutes
FundsJoy allows those with bad credit to apply for a loan from their own home, connecting to hundreds of qualified legit direct lenders offering loans up to $5,000.
We appreciate how well-rounded FundsJoy's offerings are, starting with sub-35.99% APRs, flexible repayment terms, and a quick approval process that allows borrowers to receive loan offers from several direct lenders in minutes. As with traditional loans from banks and credit unions, you don't have to wait days or weeks for approval.
We are also big fans of its user-friendly loan request form that takes at most five minutes to complete. With an emphasis on speed for cash-strapped borrowers, it's nice to know that funds can be received through your bank account as early as the next business day. All you need to worry about is getting approved by a daily 5 pm weekday cut-off.
If you're looking for a user-friendly online learning platform with competitive rates and terms for bad credit Borrowers, then FundsJoy is a solid choice.
How to Apply: With FundsJoy, applying for a loan is user friendly. All you have to do is visit the homepage and click on the "Get Started" button before starting the application process. Expect to answer essential questions like your contact details, employment status, and income information before receiving multiple loan offers from its extensive network of trusted bad credit personal loan companies.
Terms: FundsJoy offers a variety of loan products to consumers, including bad credit installment loans, high-risk personal loans, instant online cash advances, and personal loans for bad credit. These loans go up to $5,000 with Annual Percentage Rates (APRs) of up to 35.99%. Repayment terms can extend up to 60 months. As FundsJoy operates as an online marketplace rather than a direct lender, the specific fees associated with each loan, such as origination fees, prepayment fees, late payment fees, insufficient funds fees, and rollover/extensions fees, are determined by the participating direct lenders.
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let's consider an example. Suppose you were to borrow $2,400 with a 28% APR, on a 1-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $2,779.37, with estimated monthly payments of $231.61. Over the course of the loan, you would incur $379.37 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through FundsJoys platform to ensure you understand all associated costs and obligations before signing on the dotted line.
Bad credit personal loans with guaranteed approval are designed for individuals with limited to no credit history with difficulty getting approved for traditional loans from banks and credit unions. Ideal customers have credit scores in the 300 to 580 range, drawn to this type of loan thanks to easier qualification criteria. All you need to be is 18 years of age or older with legal US residency and a minimum monthly income, usually around $800 a month.
However, to compensate for the higher risk to lenders, bad credit personal loans with guaranteed approval typically carry lower borrowing limits (up to $40,000), higher interest rates, and shorter repayment terms. However, they are very respectable compared to traditional payday auto title and pawn shop loans with sub 35.99% APRs, repayment terms of up to 60 months, and no origination or prepayment penalties.
As with all loans, we recommend reviewing all terms and conditions to ensure you can meet all repayment obligations.
Yes, getting bad credit personal loans with guaranteed approval of up to $5,000 is very easy. Unlike banks and credit unions, which may require a minimum credit score, all you need is to be 18 years of age and have a regular income stream with proof of income as low as $800 a month (e.g., using tax returns, pay stubs, and electronic timesheets).
You will also need a valid bank account for funds to arrive. It could be a checking or savings account from a bank, online bank, or credit union.
On top of age and income verification, it is essential to note that bad credit personal direct lenders from reputable online marketplaces like MoneyMutual and ZIppyLoan may only operate in some US states. So, for example, MoneyMutual is unavailable to Connecticut and New York residents, whereas ZippyLoan is not available to residents of New York, West Virginia, Oregon, or the District of Columbia.
Before applying, be sure to check which states your online lending network operates in.
Obtaining a $5,000 bad credit personal loan with guaranteed approval, it's possible with careful planning and research.
Assess Your Credit Situation. The first step is to assess your credit situation. Obtain a copy from each of the three major reporting credit bureaus, Equifax, Experian, and Transunion. If there's an opportunity to boost your credit score or dispute reporting errors, a 50-point increase can easily mean the difference between a 27% APR and a 32% APR.
Research Lenders Specializing in Bad Credit Personal Loans Guaranteed Approval. Review our guide to identifying two or three lending networks to submit loan request forms. Then, shop around by reviewing a minimum of three competitive loan offers.
Remember to explore alternatives such as 0% interest cash advance apps like Earnin and Brigit to cover paycheck gaps. 0% interest and no fees are promised; advance amounts only go up to $100 per day or $750 per pay period without qualifying for the maximum.
Apply for a Realistic Loan Amount. Only borrow what you can afford. We recommend utilizing personal finance apps like mint.com and Simplifi for an accurate picture of your incoming cash flow and fixed versus variable expenses. Remember, a new bad credit personal loan will contribute towards a higher debt-to-income ratio, so tread accordingly.
Bad credit personal loans and payday loans are very different in the following ways:
Borrowing Amounts and Repayment Terms. Bad credit personal loans typically issue higher loan amounts of as little as $100 up to $100,000 with repayment terms as long as 60 months. Traditional payday loans issue at most $1,000 with shorter two- to four-week repayment terms. This allows bad credit personal loans to be used for larger dollar expenses like a $2,000 hospital invoice or a $9,000 kitchen and bathroom renovation.
Interest Rates/Fees. While bad credit personal loans from legit online marketplaces like FundsJoy and MarketLoan top at 35.99% APR (most with no origination or prepayment and penalties), payday loans charge outrageous 400% APRs, and extension/rollover fees of up to $60 with every two-week extension,
Credit Check and Approval Process. Some bad credit personal loans and payday loans do not perform traditional credit checks with no minimum required credit score. Instead, eligibility is based on other factors, such as the borrower's income and debt-to-income ratio.
Impact on Credit Score. Bad credit personal loan companies may or may not report on-time payments to credit bureaus, whereas payday loan companies generally do not report at all.
Like bad credit personal loans and payday loans, bad credit and no credit check loans nearly share the exact differences.
Bad credit personal loans generally offer higher loan amounts than no credit check loans within the same $100 to $100,000 range.
In turn, no credit check loans offer much smaller loan amounts thanks to no minimum required credit score, with eligibility solely based on one's income and ability to repay (demonstrated using your debt-to-income ratio and monthly payment).
As with reporting loan activity to credit bureaus, there are many more bad credit personal lending companies that do so versus no credit check companies. However, if you fail to repay either loan with ensuing legal and debt collection efforts, lenders may report the delinquency to one or more credit bureaus.
Although bad credit personal loans and no credit check loans are radically different, either can be good to your financial situation based on your desired loan amount and repayment ability. Be sure to carefully review all loan terms and conditions (interest rates, repayment terms, and fees) before signing off on any loan.
While researching loans, you may encounter the terms ' direct and non-direct lenders.'
Here are the key differences:
Relationship with Borrowers. Arguably the number one difference between direct and non-direct lenders, direct lenders issue loans directly to Borrowers. In turn, non-direct lenders operate in miniseries, connecting borrowers with direct lenders in exchange for a small fee or commission (paid by the direct lender).
Speed. Expect a little less bureaucracy dealing with direct lenders who can facilitate quicker decisions in funding with customizable loan terms. In turn, non direct lenders do not have direct relationships, resulting in varied loan processing and approval times.
Loan Options. Direct lenders have several more loan options than non-direct lenders, with more control over APRs, repayment terms, and finance charges. In turn, non-direct lenders found at MoneyMutual and comparable lending Networks are mainly sources of unsecured loans without collateral. Therefore, for secured, co-signer, and co-borrower loans, it's best to be matched with a direct lender that offers these options.
Emergency high-risk payday loans are notoriously predatory, known for their high-interest rates, rigid fee structure, predatory lending practices, and the propensity to pit higher-risk borrowers into a debt trap if they are not careful repaying back the loan on time.
For starters, traditional payday loans charge upwards of 400% APRs. For perspective, the total cost of borrowing for a $500 payday loan with a two-week repayment term in a 400% APR is $576.72 ($76.72 in interest charges). Remember, this excludes rollover fees of up to $60 for every two-week extension.
Secondly, exposure to predatory lending practices is high. For example, some payday loan companies issue hidden fees and employ aggressive collections tactics, not disclosing the true loan cost. All of this is designed to make you accumulate more debt over time.
Lastly, pay attention to the marketing jargon local cash advance places use to entice people into predatory debt traps. Promises of guaranteed rates in exchange for upfront fees are commonplace. Under no circumstances should you ever have to pay an upfront cost for a loan. Any loan that assesses origination fees will deduct it from loan proceeds before it is awarded to you.
Thankfully, the best bad credit personal loans with guaranteed approval from reputable online marketplaces like MoneyMutual come nowhere close to these predatory practices. Expect full transparency with clearly worded disclaimers on our recommended lending network websites, calling out its status as an intermediary, not a direct lender. In addition, expect information on how your data is shared with third parties, which states your lending network operates in, and other crucial fine print that helps you make an informed lending decision.
Avoid emergency high-risk payday loans at all costs and opt for legit bad credit personal loans and cash advances from reputable online marketplaces like MoneyMutual and VivaLoans.
Here are our top suggestions for finding legitimate personal bad credit loans of up to $5,000.
Shop Around. Lenders offer different interest rates based on your creditworthiness and lending policies. Shopping around allows you to compare rates for multiple lenders. For example, the difference in interest charges between a 24% APR and a 35.99% APR on a $2,000 loan with a one-year repayment term easily equals hundreds of dollars over the life of the loan.
Evaluating Loan Terms and Conditions. Apply a magnifying glass to the fine print and carefully review all terms and conditions. Pay attention to APRs, repayment terms, fees, and penalties for late and insufficient funds. Understanding each of these items will help you become a more informed borrower.
Check The Fine Print. All legit direct and non-direct lenders for personal bad credit loans have well-written disclaimers on their websites. First, you should check for a physical address, as many scammers do not have one. Secondarily, these disclaimers should disclose how your information is used with third parties with representative loan examples to get a true sense of what you can expect to pay for a loan over time. With full transparency, you will have better confidence in your decision-making.
How Did We Pick These Lenders?
When borrowing money, choosing the right loan provider is key. In researching and writing this guide, we evaluated more than 30 online marketplaces, narrowing our top selections to five based on four key criteria: APR (Annual Percentage Rate), fees, repayment term, and ease of use.
APRs. APRs represent the true cost of borrowing, factoring in your principal loan amount, interest rates, and all applicable fees. The lower the APR, the lower your borrowing costs. All of our recommended lending networks top APRs at 35.99%, the maximum interest rate threshold before entering predatory rate territory. Expect anywhere from 15% to 35.99%, depending on the lender and your credit profile.
Fees. Our recommended lenders charge no origination fees, application fees, or prepayment penalties. Of these, we abhor origination fees, which lenders use to cover administrative overhead costs, which we have no reason to be responsible for. Paying them interest charges should be enough!
Repayment Terms. We are big fans of flexible repayment terms. As you may already be experiencing financial challenges, customized repayment terms allow you to choose from multiple payment methods. Feel free to select from repayment terms as little as several months up to several years. Remember, the longer the repayment term, the more interest charges you will pay over the life of the loan, so we recommend borrowing smaller dollar loan amounts repaid in two years or less.
Ease of Use. Online lending networks like VivaLoan and 100Lenders offer full transparency with a streamlined application process and all of the fine print that clearly states its status as an intermediary, not a direct lender. On top of that, expect bank level 256-bit encryption for data security (some providers), Online Lenders Alliance (OLA) membership, and other qualifiers that express their commitment towards responsible lending practices and fraud prevention.
In short, keep APRs, repayment terms, fee structure, and ease of use in mind when choosing a bad credit personal loan company with guaranteed approval, no matter the loan amount.
You can borrow amounts as little as $100 upwards of $40,000. The loan amount direct lenders offer you depends on several factors, such as your income, debt-to-income ratio, and the lender's policies.
Repayment terms are flexible, lasting anywhere from a few months to several years. It's a welcome alternative versus traditional payday auto title and pawn shop loans that offer two to four-week repayment terms with rollover/extension fees for an additional two weeks to repay.
Qualification criteria for bad credit personal loans are more flexible than traditional loans for banks and credit unions. All you need to be is 18 or older with a government-issued photo ID, recurring monthly income(at least $800 a month), and a valid bank account for direct lenders to send your money to.
Of all the loan types we've reviewed, only 0% interest cash advance apps like Earnin and Brigit have a similar process. However, they issue much lower borrowing amounts than bad credit personal loans, intended to address paycheck gaps rather than a medium to long-term lending solution or to address higher dollar expenses.
Whether it's $1,000, $2,000, $5,000, or $10,000, many reputable online marketplaces are offering no credit check bad credit personal loans with guaranteed approval for emergency cash situations. Need to address an unpaid $2,700 hospital invoice or a $12,000 automotive repair? There is no longer a need to worry with our recommended list of alternative payday loan options from legit direct lenders.
