Top 7 Personal Loans for Bad Credit 2024: Apply to Get Money Now

Having a hard time finding a personal loan for your bad credit? Check out the best Personal Loans lenders to get your instant. The top ranking lender is Fast Loans Group along with others, go take a look at more details of the lenders. 

Did you know that over 79% of people with bad credit (300 to 579 points) have been rejected when applying for a loan? It means millions of Americans cannot get the money they need urgently because of their credit score, and if you are in the same boat, then we got a solution for you: personal loans for bad credit with instant approval.

Especially designed for customers with a credit score of 300 to 579 points (Poor or Fair credit), now you can get the money you need - from $100 up to $50,000 - even with extremely bad credit. Be instantly approved and receive the loan amount the same day straight into your bank account.

Come with us to check our exclusive ranking to apply for your personal loan with instant approval right now.

Ranking of the Top Personal Loans for Bad Credit with Instant Approval: Select Your Ideal Lender Now

Here you have our 7 recommended lenders that offer personal loans for bad credit customers with instant approval:


You can choose the best lender for your own needs now - simply click the name of your preferred option to apply now.

If you need more details and information about each lender before making a final decision, then we invite you to read the following reviews.

1. Fast Loans Group: Best Personal Loan for Bad Credit Instant Approval

 

Pros

Cons

Instant approval and fast disbursement for any loan amount

Not available in all US states

Low interest rate and fees

 

High approval for bad credit

 

High approval rate for limited credit history

 

High approval for low income and unemployed customers

 

Fast application process

 

Ideal for building credit and improving your credit score

 

Fast Loans Group is our premium recommendation because it offers one of the lowest interest rates, a high approval rate for all bad credit customers, instant approval and same day disbursement, a quick application process and high limits for how much money you want to borrow.

It’s especially important to note how efficient their application review system is - because they will approve right on the spot if you meet the eligibility requirements, and proceed to disburse the money as soon as possible, be it $100 or even $10,000. 

When it comes to the loan cost, it competes closely with HonestLoans.net, the broker with the lowest interest rate in this category. Therefore, you can expect to save a lot of money than if you borrowed the money from another lender.

All in all, Fast Loans Group is a superb recommendation that lives true to its promise of instant approval for all bad credit customers regardless of how much money they want to borrow.

2. Fast Money Source: Best for Big Loans

 

Pros

Cons

Borrow up to $50,000 with bad credit

Not available in all states

Instant approval and fast disbursement

Strict penalties for late payment

Competitive interest rate and fair fees

 

High approval rate for low income borrowers

 

Efficient customer support

 

If you need more money than what a regular personal loan can bring you, then Fast Money Source is exactly what you need. Borrow up to $50,000 USD with instant approval regardless of your credit score, even if you have extremely bad credit.

They couple their high limits with a competitive interest rate and fair fees - making it an ideal combo if you need a big loan to cover unexpected expenses or a new project. Since Fast Money Source allows you to use the money as you wish, you will enjoy total freedom. 

Their application review system is up to par with our top pick, Fast Loans Group. You can expect your application to be approved instantly if you meet the eligibility requirements, and they will proceed to disburse the money the same day. 

However, it’s important to know that this lender does not serve all US states, and that they have strict penalties for late payment.

3. HonestLoans.net: Lowest Interest Rate

 

Pros

Cons

Lowest interest rate and fees

Not available in all states

Borrow up to $5,000 easily

You have to spend time comparing different offers

High approval rate for bad credit

 

Instant approval and fast disbursement

 

Quick application process

 

HonestLoans.net makes it possible to get a bad credit personal loan with instant approval with the lowest interest rate available in the market. If you need money urgently and you want to keep the cost of your loan as low as possible, then this company is exactly what you need.

This company is a credit broker that will send your application to their thousands of direct lenders across the United States. You will receive several offers, and based on our experience and research, their direct lenders usually offer the lowest interest rate and fees for bad credit personal loans. You can choose the offer that better meets your expectations and then proceed to approve the contract.

Its biggest advantage also has a small downside: you will have to invest more time reviewing and comparing different offers to find the best one. However, this will favor you because you will obtain a bad credit loan with the lowest interest rate.

4. Credit Clock: Available 24/7

Pros

Cons

Borrow up to $5000 at any time of the day

Strict minimum monthly income requirement

High approval rate for bad credit customers

Severe late payment penalties

Accepts customers with limited credit history

 

Instant approval and fast disbursement

 

Superb customer support service

 

Credit Clock is unique of its kind because it offers instant approval personal loans for bad credit at any time of the day thanks to their 24/7 availability. And yes, it also applies to holidays, making it the most reliable lender in this category, especially for emergencies and unexpected expenses.

This lender allows you to borrow up to $5,000 with instant approval and fast disbursement. Thanks to their efficient application review systems, you will receive the money you need quickly - because this lender specializes in delivering loans for emergencies.

Credit Clock is a reliable lender but they are restrictive when it comes to low income borrowers - because their minimum income requirement is higher than average. However, if your debt to income ratio is highly favorable, then you will increase your chances of getting approved.

5. Heart Paydays: Best for Limited Credit History

 

Pros

Cons

High approval rate for limited credit history

Not available in all US states

High approval rate for bad credit

Terms will vary depending on the direct lender

Instant approval

 

Competitive interest rate and fees

 

Borrow up to $5,000 easily

 

Do you have a low credit score and also a limited credit history? This is a mortal combo for your eligibility at any traditional bank, but when it comes to Heart Paydays, they simply don’t care about it. They’re ready to instantly approve you and disburse the money you need the same day.

Once you’ve found the ideal offer from a direct lender, you can get approved instantly and receive the money the same day. However, keep in mind that you will have to compare different offers before you find the best one.

6. Big Buck Loans: Best for Extremely Bad Credit

 

Pros

Cons

Highest approval rate for bad credit and extremely bad credit

Higher interest rate

Easily borrow $5000 with fast disbursement

Severe late payment penalties

Instant approval

 

Flexible payment schedule

 

Great customer support

 

As we said before, 79% of Americans with extremely bad credit will be rejected when applying for a loan, even if it’s just for a small amount. This is why Big Buck Loans started its operations, in order to help you out if you are in this situation, so you can borrow up to $5,000 easily even with an extremely low credit score.

Their application review system focuses on your current income and debt to income ratio, completely disregarding your credit score, in order to see if you can be approved. Since they offer the highest approval rate for bad credit customers, you are highly likely to be approved and to receive the money the same day.

However, keep in mind that they charge a higher interest rate because there’s a higher risk of default or late payment. 

7. Low Credit Finance: Best for Low Income

 

Pros

Cons

Highest approval rate for low income and unemployed customers with bad credit

Severe late payment penalties

Instant approval

Higher interest rate

Fast disbursement

 

Generous repayment terms

 

Great customer support

 

Even bad credit lenders are likely to reject your application if you have low income or if you’re currently unemployed, but this is not the case for Low Credit Finance. They have the most generous standards for the minimum income and debt-to-income ratio you need to qualify for an instant approval personal loan.

Their promise of instant approval is held, and they can disburse the loan the same day, making it perfect for urgent expenses that you need to pay as soon as possible.

However, this lender is likely to charge a higher interest rate, but worry not because it’s not a predatory fee. It will remain within the range of acceptable so you can afford the loan without problems.

Overview of Personal Loans For Bad Credit 

Brand Summary Score

Fast Loans Group

Best Personal Loans  10/10

Fast Money Source

Good for instant Loans  9/10

HonestLoans.net

Flexible APR rates 9/10

Credit Clock

Support Available 24/7 9/10

Heart Paydays

Great Low Interest  8/10

Big Buck Loans

Limited to No Credit Check  8/10

Low Credit Finance

Good for Bad Credit  8/10

How to Apply for a Personal Loan for Bad Credit Instant Approval

Here you have the steps to follow to apply for your bad credit personal loan with instant approval:

  • Choose a bad credit personal loan lender from our ranking
  • Visit their website
  • Fill out the application form
  • Wait for the results of your application
  • Accept the contract with the final loan terms and conditions
  • Receive the money in your bank account

As you can see, it’s easy to apply for this type of loan online, and if you need more help, our recommended lenders will gladly help you.

How to Qualify for a Personal Loan for Bad Credit with Instant Approval

If you want to know for sure if you will be able to qualify for this type of loan, then here you have the full list of eligibility requirements:

  • You must be at least 18 years old
  • You must be a US citizen or permanent resident
  • You must have a verifiable source of income
  • You must have a favorable debt to income ratio
  • You must have a bank account under your name
  • You must have an email address and/or phone number

The eligibility requirements are minimal and you are likely to meet them if you have a job or an alternative income source, be it a pension, benefits, a new business venture, dividends, etc. All you need to do is to apply now to find out if you qualify to receive the money you need today.

A Deeper Explanation about the Eligibility Requirements and the Qualification Process

Since our recommended lenders offer instant approval personal loans for customers with bad credit, they need to rely on different elements rather than the credit score to determine your creditworthiness. Hence, they focus on the following:

  • Your Income: You need to have an income level that can cover the cost and fees of the loan. Therefore, it must go according to the amount you want to borrow. For example, the minimum income requirement will be higher for a $5000 bad credit personal loan than it will be for a small personal loan of $250 with no credit check
  • Your Debt to Income Ratio: Even if you earn a considerable amount of money that would easily cover all the costs of the loan you want to apply for, if your debt-to-income ratio is unfavorable, then it will be hard for you to get approved. Especially if you apply for a big loan like a $5000 bad credit loan

Their automatic system will quickly verify your income source and your monthly income, along with your debt to income ratio. And if everything proves that you’re highly likely to repay the personal loan back on time, then they will approve your application and proceed to disburse the money.

It’s also important to know that you should not have items on your credit report such as delinquent debt or if you are under a debt collector. Any of these factors can drastically reduce your chances of getting approved.

What is a Personal Loan for Bad Credit?

Simply put, a personal loan is money you borrow from a bank, financial institution or direct lender, with a clearly defined payment schedule and consistent weekly/monthly payments. And when we talk about a “personal loan for bad credit with instant approval”, we’re talking about a personal loan exclusively designed for borrowers with a credit score lower than 670 points that can be approved instantly.

This type of personal loan focuses on factors such as your income source, your debt-to-income ratio and profession/job instead of your credit score to determine if you are eligible for the loan. As such, it’s possible to qualify for it even with extremely bad credit, as long as your income and debt-to-income ratio satisfy the lender’s standards.

These bad credit personal loans can be approved instantly and disbursed quickly thanks to the advanced systems that our recommended lenders use. They quickly review the information you send through the application form to verify if it’s true and accurate, so they can approve it instantly and then proceed to disburse the money, which they usually do the same day.

Pros and Cons of Personal Loans for Bad Credit

If you want to find out if this type of loan will truly meet your needs, then here you have a quick comparison of the pros and cons.

Pros

Cons

Borrow anywhere from $100 to $50,000 with bad credit

Interest rate can be higher than that of a regular personal loan

You can apply and get approved even with extremely bad credit (300-350 points - FICO)

Approval is not guaranteed

Get approved instantly and receive the money the same day*

 

Get approved and receive the loan money even if you have low income

 

Get approved even if you are unemployed

 

Use the money you borrow as you wish

 

Repay the loan over 3-60 months

 

With only 2 cons and 8 huge benefits, you can easily see why applying for a loan at any of our recommended companies is an excellent idea. Because even if you have extremely bad credit, now you can borrow the money you need under favorable conditions.

*Even though our lenders usually disburse the money the same day you’ve been approved, they can take up to 1 business day to complete the deposit.

Our Methodology for Choosing the Best Personal Loan for Bad Credit Instant Approval

If you want to learn more about how we built this ranking, then here you have the full details about our methodology and our selection process:

  • Instant Approval: The pure essence of a bad credit personal loan with instant approval is to have the chance of getting approved instantly, and our lenders are specialists at this. Furthermore, they can disburse the loan money shortly after approving you
  • High Approval Rate: We are talking about bad credit loans, and hence we’ve only selected the lenders with the highest approval rate for customers with bad credit, extremely bad credit, no credit history, limited credit history, low income and those who are currently unemployed
  • Fair Interest Rate and Fees: Just because you have bad credit it’s not an excuse for lenders to charge you predatory interest rates and fees. We’ve only selected the lenders that can bring you the financing you need at a fair price
  • Borrow As Much As You Need: Be it that you only need $100 or as much as $50,000 USD - our recommended lenders are ready to help you with as much money as you need, and you can use it for any purpose
  • Favorable Repayment Terms: You can repay your loan in the short-term or the long-term. Be it only 3 months or as many as 60 months - our lenders can bring you a payment schedule that will meet all of your needs and goals
  • Excellent Customer Support: Be it that you want to repay your loan earlier, you want to request an extension or you need more details before sending your application, our recommended companies can bring you the quality of customer support service you need.

F.A.Q

Do you want to know even more about the personal loans for bad credit that we recommend? Then we invite you to read the answers to the most frequently asked questions.

Is it easy to get a personal loan for bad credit?

Yes, it is easy to get approved because you only need to meet minimum eligibility requirements such as having a verifiable income source that is sufficient to cover the costs of the loan, and an acceptable debt to income ratio. You can qualify and get accepted even if you have extremely bad credit, for example, a credit score of 300-350 points.

How fast are personal loans for bad credit?

They are approved instantly if you meet the eligibility requirements and they are usually disbursed the same day. It can take anywhere from 1 to 24 hours after being approved. Nonetheless, we’ve only chosen the fastest lenders, so you can expect to receive the loan money the same day.

Is there a minimum credit score to qualify for personal loans for bad credit instant approval?

No, you do not need to have a minimum credit score to qualify for this type of bad credit loan. As long as you can cover the cost of the loan with your income, and you have a debt to income ratio that allows you to repay the loan without problems, you will stand a high probability of getting approved.

Can you get a personal loan for bad credit with instant approval if you have low income?

Yes, if your low income is enough to cover the cost of the amount you want to borrow, and your debt-to-income ratio allows it, then you can get approved for a bad credit loan with instant approval. This also applies if you are currently unemployed.