Bad Credit Personal Loans – Guaranteed Approval for up to $5,000

What Is Considered Bad Credit for Personal Loans?

Getting a personal loan with a bad credit score may be very challenging. Although there are small quick loans that are available with poor credit, the amount they offer is not always enough to cover your financial emergency. But there is still the right option for you! You can apply right now for personal loans and get guaranteed approval for up to $5,000 from direct lenders the same day.

In ASAP Finance, you can always get urgent loans for your individual needs. We are happy to help you find a loan provider who performs no credit check to save your credit rating. There is no minimum credit score needed to get an installment loan online!

Looking for a Guaranteed Personal Loan for Up to $5,000? Get It Now!

How to Understand My Credit Score?

Whether you are going to get a credit card, mortgage, or a regular personal loan from conventional financial institutions, a score less than 580 is considered a low credit score. According to the FICO score rating, there is a scale for lenders to rely on. Thus, the scores are as follows:

• 300 to 579 - Poor credit score;
• 580 to 669 - Fair credit score;
• 670 to 739 - Good credit score;
• 740 to 799 - Very good credit score;
• 800+ - Exceptional credit score.

Typically, people with bad or fair credit are called "subprime". It means they may face difficulties, such as higher interest rates or even loan denials, when trying to get a personal loan from traditional loan providers. According to the data of major credit bureaus, about 13% of Americans have poor credit scores, while approximately 16% have fair credit [1]. Thus, about a third of Americans have a high risk of being rejected for a personal loan.

However, having a bad credit history doesn't make you a bad person. There are many borrowers with the same issues, and there is nothing wrong with being one of them. Moreover, there are plenty of loan providers who offer personal loans without performing hard credit checks. Thus, you can still get additional financing when you need it right away, even if you have a poor credit score.

What Are Bad Credit Personal Loans?

Bad credit personal loans are online installment loans created to cover any customers personal needs without taking a look at their credit scores. Personal installment loans for bad credit may be either secured or unsecured. The main difference between them is that secured loans require collateral, while unsecured loans are available without a pledge.

Both secured and unsecured personal loans may be used as a long-term financial solution. At the same time, an unsecured loan usually comes with a higher interest rate and less flexible repayment terms compared to a secured loan.

A personal loan for bad credit usually offers the maximum loan amount of up to $15,000 and a repayment period of up to 5 years. You can use them to cover some of your significant expenses, make credit card refinancing, or do debt consolidation. You must repay a loan within the repayment terms in fixed monthly payments.

In certain cases, getting a personal loan from a direct lender doesn't affect your credit rating. However, traditional and online lenders may perform hard credit checks, which will lower your credit score by a few points.

Applying with ASAP Finance, you can get a personal loan from an online lender without any records in your credit report. As we are working with direct lenders only, there are no additional fees from a third party. You can save money by applying online for free and get a $5,000 personal loan directly in your bank account.

What Are My Options If I Need Guaranteed Approval for a $5,000 Loan with Bad Credit?

Although having a bad credit score can negatively affect your attempts to get a $5,000 personal loan, there are still various installment loans without minimum credit score requirements.

Personal loans from banks and credit unions

A bank or a local credit union may offer personal loans for borrowers with different FICO scores. These loans usually come with fair interest rates and a flexible loan term.

However, there is a significant nuance. In most cases, you will get access to a beneficial loan term only if you have a good credit history. Otherwise, banks and credit unions will offer you higher interest rates to prevent defaulters. Most personal loans for bad credit from traditional financial institutions also require collateral.

Bad credit personal loans from direct lenders

As a direct lender commonly doesn't pay much attention to your credit score, this option may be lifesaving for bad credit borrowers. Online lenders are usually interested in your ability to repay the money, but not in your credit report details. 

They also don't perform hard credit checks through main credit bureaus, so you can both get a loan amount and keep your credit score safe.

Installment loans

Installment loans are somewhere between personal loans and payday loans. These cash advances allow you to get a higher loan amount and repay it in equal monthly payments within 24 months. At the same time, an installment loan is generally more expensive because of higher interest rates. Thus, you will have to overpay a lot if you take out a $5,000 loan.

Car title loans

A car title loan is a personal loan that requires you to provide a lender with collateral. It allows you to get a loan amount of about 80% of your car value. As your car acts as a loan guarantee and carries less risk to a lender, it may ignore your credit score and offer you a financing option at a reasonable interest rate. However, this loan comes with the risk of losing your property in case of problems with your loan payments.

Can I Get a 5k Loan With Bad Credit?

ASAP Finance provides $5,000 personal installment loans without backing collateral, even for applicants with less-than-perfect credit scores. You're always welcome to apply and get the assistance you need.

Do $5,000 Personal Loans with Guaranteed Approval Really Exist?

It is true that you can apply for a cash advance with any type of credit. However, submitting your loan request doesn't guarantee you will get a $5,000 personal loan.

Unfortunately, bad credit personal loans with guaranteed approval can't exist in real life. A lender can't promise you will be approved for a loan without checking your application details. Although installment loans online are easy to get, there are still different reasons for being rejected.