Best Guaranteed Installment Loans for Bad Credit Direct Lenders Only

With more and more lending networks competing for your business, now is never a better time to apply for a guaranteed installment loan for bad credit by direct lenders. For example, are you looking for quick cash to cover a $250 unpaid parking ticket? What about a high-dollar $2500 loan for a Caribbean cruise? Rest assured, many direct lenders are willing to extend favorable rates and terms to bad credit borrowers who have difficulty applying for traditional loans.

Lender	Rating	Loan Amount	APR	Min. Credit Score	Best For:
MoneyMutual	4.9/5.0	$200 — $5,000	Up to 35.99%	0	Overall
FundsJoy	4.8/5.0	$100 — $5,000	Up to 35.99%	0	Same Day Funding
LifeLoan	4.8/5.0	$100 — $40,000	Up to 35.99%	0	Same Day Funding Online
100Lenders	4.6/5.0	$100 — $40,000	Up to 35.99%	0	Bad Credit
MarketLoans	4.5/5.0	$100 — $40,000	Up to 35.99%	0	Low Credit

The best guaranteed installment loans for bad credit by direct lenders can be used for all expenses, preventing you from getting into a cash crunch. With the ability to submit a quick 5-minute loan request form with same-day approval and next day funding, it’s an enticing decision.

Keep reading to learn more about the best guaranteed installment loans for bad credit by direct lenders, including highly rated lending networks, how guaranteed installment loans work, APR/fees to expect, and even ways you can improve your credit score to secure the lowest rates possible.

	MoneyMutual  Amount: $200 to $5,000  APR: Up to 35.99%  Min. Credit Score: 0  Approval: 5 Minutes  Rating: 4.9/5.0

Founded in 2010, MoneyMutual is one of the country’s more popular lending networks for short-term bad credit loans.

For starters, bad credit borrowers can be matched with lenders offering loans from $250 up to $5,000 at favorable sub-35.99% APRs. Plus, they sometimes enjoy longer repayment terms and traditional payday, auto title, no teletrack, and pawn shop loans, as long as 72 months. Its online application takes less than five minutes to complete, connecting you with a network of lenders offering competitive rates and terms.

Other loans offered by MoneyMutual include alternative online payday loans, bad credit installment loans, and personal loans.

Plus, MoneyMutual’s easy interface allows you to review all loan offers carefully, including terms, fees, and repayment schedules. We also appreciate its extensive resource section with helpful articles on loan topics, e.g., the importance of a good credit score. Our only knock on MoneyMutual is that it has a lower maximum borrowing limit than competitors like MarketLoans and LifeLoans ($5,000). However, its speedy online application, transparency, and favorable APRs /repayment terms are more than enough to compensate.

All in all, we wholeheartedly recommend MoneyMutual as an excellent source of guaranteed approval loans and guaranteed installment loans.

How to Apply: MoneyMutual offers an easy way to be matched with more than 120 lenders. To get started, visit the homepage and click the bright orange “Get Started” button. You will be prompted to answer questions, including your desired loan amount, employment details, and contact information. Once you submit your application, expect same day approval from several direct lenders. Carefully research and evaluate their fine print before signing off on any loan.

Eligibility:

• 18 years of age or older
• Government-issued photo ID
• Valid home and email address
• Valid bank account
• Not a resident of Connecticut

Highlights:

• Loans from $200 to $5,000
• Member of the Online Lenders Alliance (OLA)
• Available in almost all 50 states
• Excellent source of guaranteed installment loans for bad credit direct lenders
• More than 2MM customers to date
• Easy five-minute online application
• Well-written resource guides, e.g., Bad Credit Loans guide

Fees:

• No origination or prepayment penalties
• Late and insufficient funds fees apply

Pros:

• Loans up to $5,000
• Competitive APRs up to 35.99%
• Available in almost all 50 states
• Transparent disclaimers throughout the website
• Helpful resource guides on credit management

Cons:

• Not a direct lender
• No forbearance or hardship options are available
• Information may be shared with third parties (unless you opt-out by submitting a request in writing)
• Low maximum borrowing limit of $5,000
• Not available to Connecticut residents

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/extension 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.

	FundsJoy    Amount: $100 to $5,000  APR: Up to 35.99%  Min. Credit Score: 0  Approval: 5 Minutes  Rating: 4.8/5.0

If you are looking for a legit guaranteed approval loan from a network of qualified direct lenders, then FundsJoy is an excellent place to start.

Participating lenders on the FundsJoy platform are willing to extend loans up to $5,000 at favorable sub 35.99% APRs. It’s a nice alternative to those accustomed to predatory rates offered by payday, auto title, no teletrack, and pawnshop loans. FundsJoy’s direct lenders offer a welcome refuge with lower APRs, lengthier repayment terms, and no origination or prepayment penalties with most lenders.

One of the best things about FundsJoy is that it is only willing to work with law-abiding lenders that do not have predatory collections or limited transparency practices. It does its best to promote responsible lending practices, providing you with all the details necessary to be comfortable with your guaranteed installment loan.

If there is one bad thing to say about FundsJoy, it’s that some lenders charge origination fees of up to 5%. However, they are easily avoidable, as a single loan request form will open up three or more competitive loan offers.

How to Apply: FundsJoy offers one of the easiest ways to apply for a loan. It only takes five minutes. Visit the home page and click on the purple “Get Started” button, where you will be asked different questions, such as your desired loan amount and all depositing details for funds to be disbursed. If approved, you will be matched with several direct lenders matching your credit profile. Take all the time you need to carefully review each before committing.

Eligibility:

• US citizen or permanent resident
• Government-issued photo ID
• Valid bank account
• Minimum monthly income of $800
• Completed application through the FundsJoy website

Highlights:

• Loans from $200 to $5,000
• Excellent APRs up to 35.99%
• Available in almost all 50 states
• Excellent source of bad credit loans and guaranteed loans

Fees:

• No prepayment penalties
• Origination fees of up to 5%
• Late and insufficient funds fees apply

Pros:

• Loans from $200 to $5,000
• Guaranteed installment loan APRs up to 35.99%
• Fast and easy five-minute online application
• Easy to opt out of marketing messages
• Excellent source of personal bad credit loans and alternative payday loans

Cons:

• Not a direct lender
• Available to US residents only
• Information shared with third-party partners advertising their loan products and services
• Consecutive hard inquiries may affect your credit score (temporarily)
• Some lenders charge origination fees of up to 5%

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/extension 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.

	LifeLoans  Amount: $100 to $40,000  APR: Up to 35.99%  Min. Credit Score: 0  Approval: 5 Minutes  Rating: 4.8/5.0

For an excellent source of bad credit loans with no credit check and same-day approval, we highly recommend LifeLoans, one of the more complete lending networks out there.

We appreciate the diversity of LifeLoan’s direct lenders, ready to extend as little as $100 up to $40,000. In addition, it is specifically tailored to bad credit borrowers with credit scores in the 300 to 580 range, providing excellent rates (up to 35.99% APRs) and favorable repayment terms of up to 60 months. Plus, same day approval and next business day funding make it easy to get cash fast.

How to Apply: LifeLoans offers an easy and intuitive process to start completing an application. On the homepage, click the upper right navigation and hit the green “Start Now” button to start your application. Be sure to accurately fill out all the information to the best of your ability. Once approved, funds will be disbursed to your bank account by the next business day.

Eligibility:

• 18 years of age or older
• US citizen or permanent resident
• Government-issued photo ID
• Minimum monthly income of $800 a month
• Not a resident of Connecticut, New Hampshire, Washington, or Vermont
• Completed application through the LifeLoans portal

Highlights:

• Loans up to $40,000
• APRs up to $35.99%
• Flexible repayment terms of up to 60 months
• Quick and easy same-day approval
• Member of the Online Lenders Alliance (OLA)
• Excellent source of guaranteed loans and guaranteed installment loans

Fees:

• There are no origination or prepayment penalties
• Late and insufficient funds fees apply

Pros:

• Loans from $100 up to $40,000
• APRs up to 35.99%
• Available in almost all 50 states
• Instant same-day approval and next business day funding
• Excellent transparency with disclaimers on every website page

Cons:

• Not a direct lender
• No hardship or deferment options available
• Higher than average APRs
• No dedicated customer support line
• Not available to residents of Connecticut, New Hampshire, Washington, or Vermont

Terms: LifeLoans 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 LifeLoans 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/extension 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 $9,000 with a 21% APR, on a 3-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $12,206.72, with estimated monthly payments of $339.08. Over the course of the loan, you would incur $3,206.72 in total interest charges.

Be sure to carefully review the terms and conditions provided by each direct lender through the LifeLoans platform to ensure you understand all associated costs and obligations before signing on the dotted line.

	100Lenders  Amount: $100 — $40,000  APR: Up to 35.99%  Min. Credit Score: 0  Approval: 5 Minutes  Rating: 4.6/5.0

Kansas City-based 100Lenders is one of the nation’s top lending networks for guaranteed approval loans and personal bad credit loans.

For starters, its participating direct lenders offer loans of up to $40,000 with APRs under $35.99% and repayment terms blowing past the two to four-week mark offered by traditional payday loans. In addition, an online application can be completed in five minutes with same-day approval and funding to your business account as early as the next business day.

Along with its transparent disclaimers that clearly illustrate terms of use, privacy policies, and other advertisers’ disclosures, 100Lenders makes it very easy to be confident in them. Look to 100Lenders for a quick source of fast cash at favorable rates and terms.

How to Apply: Even a small child can fill out a 100Lenders application — it’s that easy.

To start, visit the homepage, click the bright blue “Start Now” button, and complete all application details, including your desired loan amount, home address, bank account, and other pertinent information.

Eligibility:

• 18 years of age or older
• US citizenship or permanent residency
• Government-issued photo ID
• Valid bank account
• Not a resident of Connecticut, New Hampshire, Washington, and Vermont
• Minimum monthly income of $800
• Completed application through the 100Lenders portal

Highlights:

• Loans from $100 to $40,000
• APRs up to 35.99%
• Quick and easy application process
• Free of charge to use the service
• Excellent source of guaranteed installment loans for bad credit direct lenders only
• Bank-level security with 256-bit encryption to secure your data

Fees:

• No origination fees
• No repayment penalties
• Late and insufficient funds fees vary depending on the lender

Pros:

• Loans from $100 up to $40,000
• APRs up to 35.99%
• Quick and easy online application
• Good for all credit types

Cons:

• Not a direct lender
• No co-signer, co-borrower, or secured personal loan options
• No hardship or forbearance programs in case of financial difficulty
• Not available in all 50 states

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/extension 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.

	MarketLoans  Amount: $100 — $40,000  APR: Up to 35.99%  Min. Credit Score: 0  Approval: 5 Minutes  Rating: 4.5/5.0

For one of the best sources of guaranteed approval loans, look no further than MarketLoans.

MarketLoans is a lending network with massive participation from reputable and legit direct lenders that offer loans up to $40,000 at favorable APRs below 35.99%. Another positive about MarketLoans is it same day no credit check approval on bad credit personal loans and alternative payday loans.

We also appreciate that MarketLoans is available in almost all 50 states, including lengthier repayment terms and traditional two to four-week payday, auto title, no teletrack, and pawnshop loans.

How to Apply: Applying for a MarketLoans loan is a straightforward process. On the homepage, go to the upper right navigation and click the “Start Now” button to begin your application. It takes 5 minutes to provide your desired loan amount and all contact/depositing details before same-day approval and funding to your bank account as early as the next business day, as long as your loan request is submitted and approved by a daily 5 pm cut-off on a weekday.

Eligibility:

• 18 years of age or older
• Government-issued photo ID
• Minimum monthly income of $800 a month
• US citizenship or permanent residency
• Valid bank account and home address
• Not a Connecticut, New Hampshire, Washington, and Vermont resident

Highlights:

• Loans from $200 to $40,000
• APRs up to 35.99%
• Quick and easy five-minute online application
• Excellent source of guaranteed approval loans and bad credit loans
• Instant same day approval and next business day funding
• Available in almost all 50 states

Fees:

• No origination penalties or prepayment fees
• Late and insufficient funds fees depend on the lender

Pros:

• Loans up to $40,000
• APRs up to 35.99%
• Same-day approval and next business day funding
• Reputable network of legit guaranteed loans companies
• Excellent source of guaranteed installment loans for bad credit direct lenders

Cons:

• Not a direct lender
• Mainly a source of unsecured personal no credit check loans
• Not all lenders will grant your desired loan amount
• Most loan offers are up to $10,000
• No forbearance or hardship options are available
• No customer support line
• Late and insufficient funds fees depend on the lender

Terms: MarketLoans 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 MarketLoans 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/extension 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 $27.400 with a 18% APR, on a 4-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $38,634.00, with estimated monthly payments of $11,234.00. Over the course of the loan, you would incur $804.87 in total interest charges.

Be sure to carefully review the terms and conditions provided by each direct lender through MarketLoans platform to ensure you understand all associated costs and obligations before signing on the dotted line.

What Are Guaranteed Installment Loans for Bad Credit?

Guaranteed installment loans for bad credit are tailored explicitly towards borrowers with credit scores in the 300 to 580 range. They come with lower borrowing limits (generally up to $10,000, but as high as $40,000), higher than average APRs, and shorter repayment terms than traditional loans found by banks and credit unions.

These conditions exist because bad credit borrowers possess a higher risk of defaulting on guaranteed loans.

Other benefits to guaranteed installment loans for bad credit include same-day approval and next business day funding. In addition, reputable lending networks like FundsJoy and MarketLoans allow you to submit loan request forms that take no more than five minutes to complete. Our recommended lending networks offered access to qualified and legit direct lenders with competitive sub 35.99% APRs and flexible terms.

Remember that guaranteed refers to the availability of loans for all credit types, from bad to excellent. There is no guaranteed approval loan; all borrowers must meet basic eligibility requirements such as age (18 years or older) with a government-issued photo ID and a minimum monthly income of $800. Not all people can meet these requirements, so a loan is not ever truly ” guaranteed.”

Is a Guaranteed Personal Installment Approval Loan Possible?

It is essential to remember that guaranteed personal approval loans do not exist. Be wary of predatory lenders that use excessive marketing jargon such as “guaranteed rates” or ” locking your rate now” to secure your business. Even guaranteed personal approval loans with no credit check required have specific eligibility criteria like proof of income and a valid bank account to send funds to. Others may even look into your debt-to-income ratio, which should be below 40% to qualify for the best rates and terms.

One of the best ways to secure a legit guaranteed personal approval loan is through an online marketplace like MarketLoans and MoneyMutual, which have hundreds of reputable direct lenders ready to extend competitive rates for your next loan. Whether for a short-term expense like an unpaid medical bill or a $5,000 hospital invoice that needs a two-year repayment term, any of our recommended lending networks is up to the task.

 

How Can I Find The Best Guaranteed Installment Loans for Bad Credit from Direct Lenders Only?

Thankfully, it’s not difficult to find the best guaranteed installment loans for bad credit from direct lenders.

By following the outlined steps below, you are assured in finding the right funding opportunity, whether it’s an unpaid $400 utility bill or a $7,500 overdue hospital invoice.

Check Your Credit Score. Before submitting a loan request form, you must check your credit score by visiting annualcreditreport.com and pulling from each of the three major reporting credit bureaus — Equifax, TransUnion, and Experian.

Did you discover that you have a 300 to 580 credit score? If so, you are a prime candidate for bad credit personal loans/guaranteed installment loans from reputable online marketplaces like MoneyMutual and FundsJoy.

Consider Your Lender Mix. By now, you may work exclusively with direct lenders (no intermediaries) or non-direct lenders like MoneyMutual, which compare you with a legit network of hundreds of participating direct lenders offering competitive rates and terms.

Remember that direct lenders manage the entire loan process from underwriting to funds distribution, translating to lower interest rates and fees. For example, payday alternative loans from credit unions offer up to $2,000 to a max of 17.99% APRs.

In turn, non-direct lenders from online marketplaces issue loans of up to $40,000, with most direct lenders good for up to $10,000.

In short, consider direct lenders for lower interest rates and fees and non-direct lenders from online marketplaces for a broader mix of options.

Audit Lenders Carefully. Before signing any loan documentation, evaluate each direct lender with a magnifying glass. Check for all guaranteed installment loan requirements, such as a minimum credit score, income, and APR/fee structure. Review all terms and conditions carefully.

Consider All Alternatives. If you prefer not to apply for a guaranteed installment loan for bad credit from a direct or non-direct lender, rest assured that more options are available. One option is 0% interest cash advance apps like Earnin and Brigit, which can offer up to $100 per day or $750 per pay period, repaid with your next paycheck. However, these are paycheck advance services that leverage a portion of your future earnings, not technically a loan.

One drawback to 0% interest cash advance apps is minimal borrowing limits. For higher dollar loans, it’s best to look at bad credit personal loan direct lenders and online marketplaces for loans of up to $40,000.

In short, finding the best guaranteed installment loans for bad credit from direct lenders requires a little leg work and research, taking at most an hour or two.

Are Guaranteed Installment Loans No Credit Check?

Some guaranteed installment loans require no credit check, and others do.

Keep in mind that guaranteed installment loans with no credit check generally come with higher APRs and fees since there is a higher chance that a borrower will default on the loan. However, the good news is that there are very loose eligibility requirements, only requiring proof of age (18 years or older) with proof of income in the form of pay stubs or electronic timesheets.

Other benefits we enjoy with guaranteed installment loans for bad credit by direct lenders include quick approval, next day access to funds, flexibility with repayment options, and higher borrowing limits.

As we will clarify below, guaranteed loans offer a combination of longer-term personal loans and shorter-term payday loans. Reputable lending networks at online marketplaces like MoneyMutual and FundsJoy offer loan amounts as high as $40,000, although most lenders are only willing to extend up to $10,000.

Are Guaranteed Installment Loans Personal or Payday?

Guaranteed loans can be both personal and payday loans. It all depends on the lender, as well as loan rules and regulations.

Personal bad credit loans are almost always unsecured with higher-than-average borrowing amounts (up to $100,000) with sub-35.99% APRs. A personal bad credit loan offers higher borrowing limits than payday loans, so they’re typically used for larger expenses like home improvement projects and debt consolidation. Repayment terms also go up to 72 months.

In turn, traditional payday loans are short-term loans of up to $500, repaid in two to four weeks. It’s a popular source of fast cash for emergency expenses like unpaid medical bills and past due utility bills. Unlike personal bad credit loans, payday loans are typically repaid on the next payday. That’s why you must submit proof of income and a valid bank account upon loan application.

For perspective, consider the following representative loan example. A $24,000 bad credit personal loan with a 31% APR and a two-year repayment term would result in an estimated monthly payment of $1,354.29 and total payments of $32,503.02 ($8,503.02 in interest charges). For bad credit borrowers, this is an acceptable range.

In contrast, a 400% APR $500 traditional payday loan on a 2-week term with a $75 fee results in a total payout of$525, assuming zero finance charges like rollover fees. If this payday loan was stretched to a two-year repayment term, the total payment would be astronomical, with APRs hitting 2990% territory. Thank goodness traditional payday loans only offer two to four-week repayment terms.

Personal or payday loans can be classified as guaranteed loans, so it is essential to understand what they refer to. Guaranteed loans are a source of funding for bad credit borrowers with limited to no credit history. Depending on the borrower’s circumstances, they may opt for a bad credit personal loan for more considerable expenses or a short-term payday loan to cover paycheck apps or smaller emergency expenses.

Whether you are taking out guaranteed loans, payday loans or personal bad credit loans, it is important to understand all terms and conditions. Be sure to carefully assess interest rates, fees, repayment terms, and all the fine print, including representative loan examples and how your data is protected.

That’s why we are big advocates of all reputable lending networks like MoneyMutual and ZippyLoan.

Do Guaranteed Installment Loans Offer Instant Approval?

No, instant approval is not guaranteed with guaranteed approval loans.

Keep in mind the definitions between instant approval and guaranteed approval loans. Guaranteed approval loans are extended to borrowers with limited credit history with higher interest rates and fees to compensate. To qualify, you must meet basic eligibility criteria such as proof of income (e.g., pay stubs or electronic timesheets), a minimum monthly income of $800 a month, and a valid bank account to disburse funds.

On the flip side, instant approval loans could include guaranteed loans, guaranteed installment loans, and bad credit loans, as long as approval occurs on the same day as your loan application. Not all guaranteed approval loans offer same day approval. In the direst circumstances, expect to wait several business days to be approved, depending on the guaranteed approval lender’s underwriting criteria.

Always remember that guaranteed installment loans come with higher interest rates and fees than traditional loans from banks and credit unions. So be sure to carefully review all rates and terms before signing on the dotted line, as this will be a new financial obligation that has to be met on time for the months (and potentially years to come).

Are Guaranteed Approval Loans High Risk?

Although guaranteed approval loans promise quick funding for cash-strapped limited to no credit history, high risk borrowers, they still come with a minimum level of risk.

Arguably the number one risk with guaranteed approval loans is their higher-than-average interest rates of up to 35.99%. This upper threshold compensates for lenders’ increased risk in issuing funds, ensuring a study profit. On top of that, some guaranteed approval lenders may charge origination or prepayment penalties, fees which can add up quickly if you are not careful.

This is why you must make all of your payments on time, every time. Employ solid money management habits to prevent bad credit borrowers from entering a debt cycle, even for smaller dollar loans.

Fortunately, our recommended guaranteed loans lending networks offer legit guaranteed installment loans for bad credit with favorable APRs and terms well ahead of traditional payday, auto title, and pawn shop loans. So although there is some risk (as with all loans), there is much less risk with lending networks like MoneyMutual and 100Lenders.

Remember, the most transparent guaranteed installment lenders offer visible disclaimers on their website, citing APRs, fees, and even representative loan examples so that you can better understand the types of interest and finance charges you can expect. As long as you carefully research and plan correctly, don’t expect to pick the wrong guaranteed installment lender in any of our recommended lending networks.

How Can I Improve My Bad Credit?

You must keep your credit score working to qualify for lower interest rates and more favorable terms on guaranteed loans.

Here are five of our top recommendations on how to improve a bad credit score for high risk borrowers:

Diversify Your Credit Mix. Diversifying your credit mix demonstrates to lenders that you can manage multiple types of accounts, from mortgages to student loans down to credit card lines. Plus, they have an indirect effect on/improving your credit utilization ratio. Keeping a credit utilization ratio in the single digits (e.g., 7% to 9% range) proves to lenders you can manage credit responsibly.

Look into Debt Consolidation. Combining two or more high-interest debts into a single manageable monthly payment reduces the chances of missing out on a payment. Remember to also enroll in automatic payments — out of sight and out of mind works best. Remember, payment history accounts for 35% of your FICO score.

Limit The Number of Credit Inquiries. Two or more consecutive hard inquiries on your record can hurt your score and affect your ability to qualify for guaranteed loans. So, keep each hard inquiry between 90 days to six months. Fortunately, submitting a loan request form will only trigger a soft inquiry, so feel free to shop around to your heart’s content.

Dispute Credit Reporting Errors. With one in five Americans experiencing an error on their credit report, you must check each credit report (Equifax, TransUnion, and Experian) at least twice a year. In addition, keep an eye on incorrect balances, accounts open that should be marked as closed, and similar errors belonging to guaranteed loans.

Be Smart with Credit Cards. Never borrow on high risk credit cards up to their limits. Credit utilization ratio accounts for 30% of your FICO score, so we recommend keeping the ratio below 30% (in the single digit percentages if possible). Remember to keep your old credit accounts open to diversify your credit mix and increase your average account age.

Be wary of credit card cash advances as well. They offer APRs higher than traditional purchases, with interest accruing from day one (no grace period). Only consider credit card cash advances if you can repay them within the next three or four days.

10 Tips to Increase Your Chances of Loan Approval

Whether you have bad credit, fair credit, or good to excellent credit borrowers, you can always improve your chances of securing a loan with rock bottom interest rates and favorable terms.

Here are ten highly recommended suggestions for high risk borrowers to improve their chances of guaranteed loans approval:

Shop Around. Nowadays, lending networks like MoneyMutual andZippyLoan have access to hundreds of legit qualified lenders offering competitive rates and terms on your next guaranteed installment loan. However, we recommend submitting guaranteed loans request forms to at least two lending networks for broader coverage.

For example, one guaranteed approval lender may offer a 29% APR versus a second guaranteed approval lender’s 34.99% on a 3-year repayment term loan, easily accounting for hundreds of dollars in additional interest and finance charges paid over the life of the loan. That’s why it doesn’t hurt to shop around.

Be Employed. Lending networks look for borrowers with a minimum monthly income of $800. Fortunately, you do not need to be a white collar professional with a Master’s degree to obtain guaranteed loans. All you need to do is demonstrate to lenders that you have a source of recurring income. This even extends to retirement pensions and government benefits, as long as it is valued at the minimum income required.

Choose The Right Loan. Different guaranteed loans have different requirements. For example, unsecured bad credit personal loans do not require collateral, whereas secured bad credit personal loans do. Fortunately, direct lenders and online marketplaces like MarketLoans and 100Lenders are almost exclusively unsecured direct lenders, so you do not have to take unnecessary risks.

If you prefer to take out secured guaranteed loans , many online direct lenders offer bad credit secured personal loans with slightly lower APRs than unsecured loans to compensate for the lower risk of borrowing.

Understand the Credit Scoring Process. One of our best recommendations is to know how credit scores are calculated for all types of loans, including guaranteed loans.

Here is a breakdown of how your credit score is calculated:

Payment history – 35%

Your payment history factors in the number of on-time personal guaranteed installment loan payments and any number of payments with 30-day lates, many of which are reported to credit bureaus. The higher your number of missed payments, the lower your credit score.

Amounts owed – 30%

The amount owed refers to your credit utilization ratio. Expect high balances to lower your credit score. We recommend keeping your credit utilization ratio under 30%. For example, if you have two credit cards with a total credit limit of $10,000, total outstanding balances should not exceed $3,000 across both of them.

Length of credit history – 15%

The longer your credit history, the higher your score. Ensure you keep your accounts open, even if they carry zero balances. Closing any account will automatically lower your average account age, dropping your score a bit.

Credit mix – 10%

Keep a diversified credit mix. Lenders love to see that you can manage mortgages, student loans, credit cards, and even bad credit personal loans, responsibly.

New credit – 10%

New credit refers to the number of accounts you’ve recently opened. Two or more opened lines of credit within a short period may lower your credit score.

By understanding the breakout of percentages, you will be better equipped to manage your credit. Be sure to make all payments on time, every time.

Skyrocket Your Credit Score. Visit annualcreditreport.com and pull credit reports from the three major reporting bureaus — Equifax, TransUnion, and Experian. Identify areas of improvement. Is your credit utilization ratio more than 35%? Did you miss two or more consecutive payments?

Start on the right foot by paying all your bills on time and keeping your credit utilization below 30%. One of the best ways to do it is by enrolling in automatic payments, which ensures one less thing to worry about every month.

Consider Debt Consolidation. That consolidation allows you to package multiple high-interest debts into a single monthly obligation with a lower payment. Reducing the number of bills owed each month decreases the chances of a missed payment. With payment history accounting for 35% of your FICO score, even a single missed payment can drop your score by 50 to 100 points, disqualifying you from hitting lower APRs in the 9% to 12% range.

Enlist a Co-signer. If you need better credit, enlisting the help of a co-signer can increase your chances of being approved. First, this is because co-signers agreed to guarantee the loan in case you default. As a result, you can expect slightly lower interest rates.

Use a 0% Interest Cash Advance Apps. Suppose the goal is to cover gaps between paychecks. In that case, you may forgo bad credit personal loans and guaranteed installment loans in favor of 0% interest cash advance apps like Earnin and Brigit. They issue advances of up to $100 per day or $750 per pay period with 0% interest, no fees, and a generous payback structure (e.g., voluntary tips of up to $14 for Earnin and a monthly $9.99 membership fee for Brigit).

Dispute Credit Reporting Errors. According to the Consumer Financial Protection Bureau, one in five Americans experience errors on credit reports. With a single error easily capable of a 50-point drop, you must check and dispute errors regularly. Errors may include incorrect balances, wrong addresses, and even the same debt listed more than once.

Monthly Budgeting. Keeping your finances on track is one of the best ways to improve your chances of getting approved for a loan. One major deciding criteria lenders use to determine your eligibility is debt-to-income ratio. Any debt-to-income ratio above 40% may force lenders to deny your application.

Ways to improve monthly budgeting include integrating money management apps like Mint.com and Simplifi into your routine, designed to provide an easy view of your finances, including incoming cash flow and fixed versus variable expenses.

Put Up Collateral. Although lending networks are mainly a source of unsecured loans, producing collateral like a vehicle or house can increase your chances of being approved for a loan. Lenders extend loans based on a percentage of value and have the right to seize collateral on loan default. However, this is far down the totem pole, to be exhausted once one or more of the above options are met.

How to Find Legit Guaranteed Installment Loans for Bad Credit from Direct Lenders?

To find the best guaranteed installment loans for bad credit from direct lenders, consider our top five suggestions below:

Understand Your Purpose. The first step in finding a legit guaranteed installment loan for bad credit from direct lenders is understanding what you use it for. For example, can you cover a one-time $500 unpaid medical visit? What about a larger $3,500 loan to renovate your bathroom or kitchen? Audit your expenses and the repayment term you are comfortable working towards.

Identify Compatible Guaranteed Installment Loan Sources. Once you have determined your loan amount and repayment term, look to reputable online marketplaces and direct lenders that offer guaranteed installment loans for bad credit meeting your criteria.

For example, a $9,500 loan for a bathroom renovation would automatically disqualify MoneyMutual and FundsJoy, as both offer maximum borrowing limits of $5,000. MarketLoans, 100Lenders, and LifeLoans provide loans for up to $40,000 (although most direct lenders on the platform offer up to $10,000).

Be mindful of states of operation as well. MoneyMutual is the most widely available lending Network, only restricting Connecticut residents. In turn, FundsJoy, MarketLoans, 100Lenders, and LifeLoans serve almost all 50 states, excluding Connecticut, New Hampshire, Washington, and Vermont residents. Another reputable network not included here, ZippyLoan, automatically excludes New York, West Virginia, Oregon, or the District of Columbia.

Shop Around. Once you have identified the lending network you wish to work with, submit loan request forms to at least two. This approach allows you a wide range of direct lender options with competitive rates and terms. Don’t worry — the 300% and 400% APRs offered by traditional payday, no teletrack, auto title, and pawn shop loans cannot be found here. Instead, you will discover legit funding sources with sub-35.99% APRs, longer repayment terms, and no origination or prepayment penalties.

How Did We Pick These Lenders?

In writing this guide, we carefully researched and evaluated more than 20 different guaranteed installment loans for bad credit companies, including but not limited to lending networks, credit unions (payday alternative loans), and even online lenders.

After some consideration, we decided that our primary criteria were APR range, repayment term flexibility, fee structure, and miscellaneous perks such as visible disclaimers, representative loan examples, and well-written disclaimers that gives us the confidence we won’t fall into predatory rate territory.

Here is a thorough explanation of each criterion:

APRs. Do not expect any direct lenders from our recommended lending Networks to charge APRs above 35.99%. Remember, APRs are the total cost of borrowing over a year, including interest and finance charges. The calculation is straightforward, with 35.99% meaning bad credit borrowers would pay $35.99 in total charges for every $100 borrowed. Although these are higher than average APRs, it’s a standard cost for lenders to do business to recognize loans to a group of people at higher risk of default.

Repayment Terms. Unlike the predatory two to four-week repayment terms offered by traditional payday lenders, our lending networks offer lengthier repayment terms of up to 60 months (even 72 months in some cases). However, it is essential to note that the longer the repayment term, the more interest you will pay. Therefore, although longer repayment terms create greater monthly budgeting flexibility, we encourage you to keep repayment terms as short as possible.

Fee Structure. Our goal was to identify lending networks with a loose fee structure. All lending networks with the exception of FundsJoy charge no origination fees and no prepayment penalties. However, you should expect late and insufficient funds fees, as these fees are simply required for lenders to make a profit.

States of Operation. Preferably, lending networks operate in as many states as possible. MoneyMutual leads the list, where only Connecticut residents are excluded. In turn, 100Lenders and others exclude Connecticut, New Hampshire, Washington, and Vermont residents and former and current military personnel. Remember, these lending networks aim to make legit guaranteed installment loans available to as many borrowers as possible, so we appreciate the outreach.

Miscellaneous Perks. Outside of APRs, repayment terms, and fees, we pay close attention to added value offered by these lending Networks. For example, MoneyMutual has an extensive resource section with helpful articles on improving your credit, the anatomy of a payday loan, and much more. Others like FundsJoy and 100Lenders, offer clearly written disclaimers on every page of their website, directing users to their terms of use, privacy policy, advertiser disclosures, and other fine print that informs an educated lending decision.

Frequently Asked Questions

How can I get guaranteed $3000 installment loans for bad credit?

Getting guaranteed $3,000 installment loans for bad credit is straightforward. You can take several options, including lending networks and online direct lenders specializing in extending loans to borrowers in the 300 to 580 credit score range.

No minimum credit score is required to qualify for lending network opportunities (e.g., MoneyMutual). Instead, you must only submit a five-minute loan request form, providing proof of income (generally a minimum of $800 a month) and valid depositing details, including a bank account. From there, you will be approved the same day with funding to your bank account as early as the next business day.

What are tribal guaranteed approval loans for bad credit?

Offered by Native American lenders, tribal guaranteed approval loans are subject to different regulations than traditional state or federal lending guidelines. Specifically, they operate under Tribal Law, which allows for more flexible eligibility criteria without needing credit checks. However, if you adhere to all basic requirements, expect guaranteed approval with tribal guaranteed approval loans.

Remember that tribal guaranteed approval loans have higher average interest rates and fees, a trade-off for providing funds to bad credit borrowers with a higher risk profile.

How long do I have to repay a guaranteed installment loan for bad credit?

How long you must repay a guaranteed installment loan for bad credit depends on the lender. Bad credit personal loans have repayment terms as long as 72 months versus shorter two to four-week online instant cash advances from reputable lenders.

Naturally, expect shorter repayment terms with lower borrowing limits and longer repayment terms with higher borrowing limits.

What are some good alternatives to guaranteed installment loans for bad credit?

We know several legit alternatives to guaranteed installment loans for bad credit. One of our favorite options is 0% cash advance apps like Earnin and Brigit, which offer up to $100 per day or $750 per pay period, already paid with your next paycheck. Benefits of using these services include quick and easy access to cash with seamless integration between a smartphone app and a connected bank account.

What’s more — cash advance apps charge no fees. For example, Earnin only accepts a voluntary tip of up to $14, whereas others like Brigit and Dave charge monthly membership fees.

Look to cash advance apps if you are looking to cover gaps between paychecks. Unfortunately, longer repayment periods (popular with bad credit personal loans from lending networks) are not possible, as these operate more as paycheck advance services than actual direct lenders.

Conclusion

Nowadays, those with limited to no credit history no longer need to take out high-risk, instant same day payday loans with outrageous 400% APRs to cover paycheck apps or unexpected expenses. By applying for a guaranteed approval loan from reputable online marketplaces, borrowers enjoy sub-35.99% APRs, flexible repayment terms, and no origination, prepayment, or rollover penalties designed to break your monthly budget.