According to Experian, 48 million Americans have bad credit that makes it impossible for them to get a loan - if that’s your situation, then you need to look into high risk personal loans, because they allow you to borrow money even with a low credit score.
That’s why we’ve created this ranking of the best high risk personal loans in 2023 - for all the 48 million Americans who need a loan but cannot get it.
Find our ranking created by financial specialists, so you can get your ideal high risk personal loan today with fast approval and quick release of funds.
Top 5 High Risk Personal Loans: Bad Credit Accepted
We understand that you need money now, and regardless of your motivation, we’re here to bring you a practical solution: a ranking of the top high-risk personal loans - check it out and find your ideal lender:
- Honest Loans: Quickest Application Form.
- SlamDunkLoans.co: Quickest Acceptance.
Viva Loans: Overall High Risk Personal Loans
Credit Clock: Fastest High-Risk Personal Loans
Big Buck Loans: Highest Approval Rate for Bad Credit
Heart Paydays: Biggest Pool of Direct Lenders for High Risk Loans
Low Credit Finance: Highest Approval Rate for No Credit History
To apply for a loan just click on the name of your favorite option, complete the process and wait for the approval and release of the money in your bank account.
Do you want to know more about each option from the ranking? Then find our detailed reviews below, they will explain everything in a detailed and straightforward way to help you decide.
Viva Loans: Best Overall High-Risk Personal Loans
Viva Loans is our best choice for high risk personal loans, because instead of bringing you a pool of direct lenders, they’re here to issue your loan directly with quick approval and release. You can request up to $5,000, and you can pay it over a max of 24 months.
Viva Loans has one of the lowest APR in the industry for this segment, and thanks to their advanced system, they can review your application immediately and release the funds in as little as 2 hours if you’re approved.
Thanks to this company, you get a shortcut directly to the loan you need. You can forget about searching for a direct lender for hours and then spend even more hours comparing different hours. Just fill out your application and receive your money the same day if you’re approved.
HonestLoans.net: Fastest High Risk Personal Loans
If you need the money urgently, then you should immediately head over to HonestLoans. You can request as much as $5,000 USD and receive it within minutes if you’re approved. It’s even faster than Payday Loans, and that’s why it’s our go-to choice for high risk personal loans for emergencies.
The APR and the fees are low as well, making it possible for you to get a fast and affordable high risk personal loan.
Only keep in mind that HonestLoans is not available in all the states and that their customer support department is a bit slow, which is ironic taking into account how fast they are for approving and releasing loans.
Big Buck Loans: Highest Approval Rate for Bad Credit
Have you requested a personal loan from other direct lenders or companies without success? We understand where you are coming from, and that’s why we have included Big Buck Loans in this ranking. They have the highest approval rate for bad credit borrowers, as long as you have a verifiable source of income they’re ready to lend you a hand when others won’t do it.
Big Buck Loans has been helping clients like you for years, with sums up to $5,000 that you can comfortably pay back over a maximum of 24 months. They bring you plenty of benefits, including lower APR and fees.
Only keep in mind that Big Buck Loans is the slowest lender from our ranking. They can take 24 hours to approve and deposit the money in your bank account, but that’s a very small price to pay for the chance of getting a loan with bad credit.
Heart Paydays: Biggest Pool of Direct Lenders for High Risk Loans
Heart Paydays is the best broker and platform for getting a high risk loan from direct lenders. Because the algorithm, search functions and pool size are incredibly useful for finding the ideal loan offer for you.
You can compare different direct lenders based on max loan amount, max months, APR, fees, repayment terms, etc. Heart Paydays have already screened the direct lenders, so you can get a loan from a reputable and legit direct lender, all you have to do is to compare and choose the best for you case.
Only keep in mind that, as opposed to Credit Clock or Viva Payday Loans, the process for selecting, sending your application, getting approved and receiving the loan amount will vary greatly depending on the direct lender.
Low Credit Finance: Highest Approval Rate for No Credit History
Low Credit Finance is a godsend for people with a limited credit history and bad credit score, because they’re ready to review your application and approve it if you meet their requirements such as having a verifiable income source.
Also, the limit is high at $5,000 USD, considering that similar lenders would limit the loan amount at only $500 to $1,000 USD. You can get exactly what you need at Low Credit Finance for any type of project, situation or emergency.
However, take into account that Low Credit Finance tends to charge a slightly higher APR than the other options from this ranking.
How to Apply for a High Risk Personal Loan Online
Applying for a high risk personal loan is easy and fast, the following steps will guide you through the process, so you can get your loan as soon as possible:
- Select a broker of high risk personal loans from our list
- Head over and create your account
- Fill out all the necessary information
- Explore the pool of direct lenders to find the ideal high risk personal loan that you need right now
- Send your application, wait for the approval and receive the money in your account.
You can request your loan in 5 minutes or less even without prior experience - and if you need help, you can always request it and our recommended lenders will assist you.
What Is High-Risk Bad Credit?
If you don’t know what type of credit score will close the doors to conventional loans, and make high risk loans a solution for your case, then here you will find a full explanation on the matter.
Understanding how the credit score works
If you want to understand what is considered as bad credit, and hence risky, then you need to understand how credit scoring works - here you have all the information you need:
- Payment and Credit History
- Total Debt
- Length of Credit History
- Types of Accounts
- Recent Credit Activity
As you can see, there are different factors that will contribute towards calculating your credit score. And you need to work on them if you want to improve your credit score. If you get a personal loan from our recommended platforms, and you pay it back on time, then you will contribute towards improving it.
What is considered as high risk bad credit?
Bad credit englobes any score below 580 points, in short: if your credit score is fair or poor, then you’re considered to have bad credit, because the majority of lenders will deny your application. A low credit score means that there’s a higher chance that you will not pay the loan back, based on your previous behavior.
A bad credit score will limit the type of loans and credit products you can obtain, such as a credit card. However, even if your score is low, you can still get access to similar products like a $500 cash advance, as long as the company accepts customers with bad credit.
How to improve a bad credit score
Even though our recommended high risk loans can bring you the relief you need right now, you should really work on improving your credit score. This will allow you to obtain better loans and even help you at the hour of obtaining a new, better job. Here’s how you can start fixing your credit score:
- Request a high risk personal loan from our recommended platforms and make a promise to yourself to pay on time. Respect the monthly payments and you will generate a positive impact on your credit score. You can generate a similar effect if you request one of the best installment loans, because you can pay it over several months, and if you do it on time, then you will increase your credit score points
- Identify inaccurate information on your credit report and contest it, because if these negative claims get removed then your credit score will greatly improve
- Watch out your total debt, never let it be greater than your income - maintain a prudent ratio because this will benefit your credit score
If you want to speed up the process, especially if you are a busy person, then you should hire a reputable credit repair company. If there’s inaccurate info in your credit report, then they can help you to remove it.
Types of High Risk Personal Loans Guaranteed Approval Direct Lenders
A high risk personal loan is more like a category, and hence, there are different types of loans you can choose from. Here you will find all the details that matter to help you decide:
- High Risk Installment Loans: If you need way over $1,000, let’s say $5,000 USD and you want to pay it over several months, for example 24 months, then you should request a high risk installment loan. Options like Viva Payday Loans, Credit Clock and Big Buck Loans are ready to bring you this type of loan
- High Risk Payday Loans: If you want to pay the loan back as soon as possible and you need $1,000 or less, then a high risk payday loan might be exactly what you need. You can pay it the day after you receive your paycheck, and since you’re employed, you will increase your chances of getting approved for the loan
- High Risk Quick Loans: If you need less than $1,000 USD, let’s say only $200-300 USD, then you can request a high risk quick loan. Our recommended companies like Viva Payday Loans and Credit Clock can issue these very fast thanks to their advanced systems
- High Risk Secured Personal Loans: If your credit is extremely low, you have a short credit history, you’re currently unemployed and other lenders have already rejected your applications, then you should consider a high risk secured personal loan. You will have to leave a valuable item as collateral to obtain it.
Our recommended lenders and brokers offer these types of loans that you can request now even with bad credit.
Pros versus Cons of High Risk Personal Loans
High risk personal loans are a godsend for millions of Americans with bad credit because they offer key advantages. Nonetheless, there are also some cons you need to consider. Here you have a proper comparison of the pros versus cons.
Pros of High Risk Personal Loans
You can enjoy exclusive benefits by applying for a high risk personal loan at our recommended platforms - here is all you need to know:
- Get the money you need: Even if other lenders have rejected your application due to your bad credit score or lack of credit history, you can forget about it all now - because our direct lenders are ready to lend you the money you need
- Get your money fast: Forget about complex application forms or waiting for DAYS to receive your loan money, our direct lenders are ready to review your application instantly and release the money as soon as possible, so you can get it same day
- High approval rate: Even with the worst credit score, you still stand a fair chance at getting approved by our direct lenders. Send your application and receive a response as soon as possible
- Use the money for any purpose: Our direct lenders will not ask you exhaustive questions about whether you will use the money because it’s a matter of your own. They respect your privacy, and hence, you can use the loan money as you please
- Find your ideal loan: Since we are recommending brokers and platforms with big pools full of direct lenders, you will get the chance to find a loan tailored to your needs and goals.
More than pros, our recommended brokers for high risk personal loans from direct lenders bring you benefits that will improve your financial life, especially during these moments.
Cons of High Risk Personal Loans from Direct Lenders
The benefits are phenomenal, but to bring it a good balance, here you have information about the few cons:
- You’ll Need More Time to Pick a Lender: Since you will be comparing different direct lenders, then it’s going to take you more time than just requesting it from a traditional lender. However, this brings you the advantage of getting a much better deal for your high risk personal loan application
- The Loans Are More Expensive: Since we are talking about high risk personal loans, the APR and the fees are going to be higher, but since we’ve only selected the best brokers, you can expect them to be the cheapest in this segment of the loans industry.
When you compare the pros vs. the cons, you can see that the advantages are quite more notorious and important. We’ve done our best to build the most exhaustive and carefully-selected ranking of high risk personal loans on the internet, so you can trust it.
The choice is easy: you should request a high risk personal loan from our recommended platforms - because it is the simplest way to get the money you need right now with minimal requirements.
How to Detect a High Risk Personal Loan Scam
Unfortunately, given that there are millions of Americans who need a loan urgently, some shady individuals and companies use this need to run sneaky scams. Don’t become a victim - learn how to recognize a high risk personal loan scam easily with our help.
Do they request you to pay upfront fees?
A typical red flag. If you get an offer for a high risk personal loan but they request you to pay some fees upfront, then decline it. Based on our experience and research, it’s highly likely that you will get scammed.
Are they registered in your state?
It’s also fundamental to verify that they are registered in your state. In case they are not, then don’t use their services because it’s not a legal nor a regulated lender. When analyzing a new option for our ranking, we make sure that they are registered in the states they do business in.
Do they have a physical address?
Any reputable lender will have a physical address - if it’s not the case, then it’s almost sure that it will be a scam. Without a physical address, customers cannot visit their offices to present their complaints in person, bringing you less protection as a borrower. This is one of the factor we take into account when analyzing if a platform or lender is legit or not.
Do they let you know what the APR and fees will be?
A trustworthy lender will let you know the exact APR and fees that you’ll have to pay when requesting a loan. If the company you’ve chosen does not clearly disclose this information, then you should avoid it.
Our recommended platforms are legit and transparent, but since we are talking about direct lenders, you need to check their terms and conditions independently. However, our listed platforms will always request the lenders to clearly state what the APR and fees will be.
Do they punish you if you want to repay earlier?
If they have early payment penalties, then it’s better to discard it. Even though this is not a trait that will let you know if a lender is a scam or not, it’s an abusive practice that will increase the cost of your loan unfairly. Our recommended brokers and platforms do not allow direct lenders to use these abusive practices, but if you want to compare loans from places other than our selected platforms, then you should take this into account.
Do they promise guaranteed approval?
If you read that they promise that they will approve your application, then you’re in front of a scam. Because no reputable lender can promise this, because let’s say that you send your application, you have bad credit and you don’t have a reliable income source - how are you going to pay back to the lender then? This is simple logic, that’s why it’s impossible for a lender to promise guaranteed approval.
Scammers do this to attract possible victims, because they will usually request to pay upfront fees such as “processing fees”, “sign up fees”, or any other name. If you see this, then discard the option immediately.
Now, don’t get us wrong, we recommend High Risk Personal Loans Guaranteed Approval Direct Lenders because if you meet their minimum requirements, then you will be approved. But don’t believe that just by sending your application you will be automatically approved because it doesn’t work that way.
Does it sound too good to be true?
High risk personal loans are more expensive than regular loans, that’s a fact. Therefore, it’s completely normal for the APR and fees to be higher, because the lender is at higher risk of losing the money it’s lending. If it doesn’t make sense and sounds too good to be true, then you should be careful, because it might be a scam. Look out for other red flags to confirm your suspicions.
Do you see multiple red flags?
Even just one red flag is more than enough to discard an option immediately, but if you see many of them, then you can rest assured that it’s a high risk loan scam and you should stay away from it. Especially now that you have access to a ranking of the top options in the market, so you can request a loan safely.
Methodology for Choosing the Best High Risk Personal Loans
Our methodology has allowed us to build this ranking, developed by specialists on loans, credit, finances and complementary areas. Here you will find the disclosed process, to help you see why it’s a good idea to trust our list.
Reputation of the Broker or Platform
We are recommending brokers and platforms that allow you to find high risk personal loans guaranteed approval from direct lenders, and hence, they need to be reputable and trustworthy. Here’s how we verify it:
- We make sure that they are registered in the stats they do business in
- We check the online reviews and ratings to verify that they are overwhelmingly positive
- We analyze the company’s history to make sure it’s free from scandals
- We make sure that it has a physical address
- We make sure that they use strict filters for screening direct lenders.
This way we make sure that their pool of direct lenders is actually good because the filters they use will only allow reputable lenders to join the platform.
This would be the same case if you were looking for the best short-term loans, because you still need to ensure that the lender or platform is reputable and authorized to operate in your state, because otherwise, you’d be exposed to scams and other types of crimes.
Pool of Direct Lenders
Since you are looking for direct lenders, then it’s only logical to look for platforms that have a large pool of direct lenders willing to bring you a high risk personal loan. Our team has selected the platforms and brokers with the biggest pool of direct lenders that offer high risk personal loans in the United States, to bring you the highest chance of finding the ideal loan for you.
Since we only select legit platforms, you can rest assured that they’ve taken all the necessary steps to only allow reputable direct lenders to join their sites. So you will get the chance to request a fair high risk loan regardless of your credit score or history.
APR and Fees
The APR needs to be reasonable and fair, because even though we are talking about high risk personal loans, the direct lenders must be willing to lend you the money at a fair price. We do not tolerate abusive lenders that prey on desperate people who need cash as soon as possible - that’s why we only pick platforms that will allow you to connect with professional, fair and transparent direct lenders.
With an APR as low as 5%, you can get a good deal, and since our recommended platforms have the biggest pools of direct lenders in the US, you can find such a high risk personal loan if you look hard enough (or allow the algorithm to match you automatically).
Just like dating sites but here you will be automatically matched with an ideal direct lender that is willing to bring you an excellent high risk personal loan. We’ve tested all the brokers available in the US, and have only picked the ones with the best match functionality and algorithm, so you can find your ideal lender as soon as possible.
Just make sure to fill out your profile with as many details as possible (what the platform requests of you) to increase your chances of finding an ideal direct lender for you.
We also make sure that the platforms and lenders we recommend are always ready to help you. That’s why we verify that they offer a 24/7 customer support service with a competent team that will answer your questions and solve your problems as soon as possible.
How to Compare High Risk Personal Loan Offers
What should you do if you have picked 2 or more options from our ranking and don’t know which one to choose? Worry not, because here we will explain to you how to compare different offers, so you can choose the ideal high risk personal loan for your needs and goals.
Compare the loan limits
Our recommended lenders will have different limits - some will allow you to borrow over $10,000, while others will limit it at $5,000. Based on your own needs and goals, it will be easy for you to choose the right lender.
Remember that we are recommending platforms where you can request money from direct lenders, so you will have the chance to explore different offers, from people willing to bring you anywhere from $1,000 to over $50,000 - but it depends on the direct lender and their terms and conditions.
Compare the APR and fees
You should also compare the APR and fees of the lenders you want to compare. If both of them can bring you the money you need, then it will come down to comparing which one brings you the lowest APR and fees, especially if you want to repay the loan in over 6 installments. High risk personal loans are more expensive, and hence, you need to do what’s needed to keep the final cost as low as possible. And our recommended platforms will help you to accomplish this by allowing you to select from a pool of direct lenders that offer low APR and fees for high risk personal loans.
You should pay special attention to origination fees because they can ramp up the cost of your loan significantly. Our platforms do not bill origination fees, but it’s always good to keep an eye on it because you are dealing with direct lenders, so their individual requirements might change.
Compare the repayment terms
If you have an alternative income source or you usually get commissions at your job, then chances are there will be months where you make more money, and you are planning to use that extra income to repay the loan earlier. Therefore, it’s key to compare which lender brings you the best terms for early repayments, so you can save as much money as possible.
Since we are talking about direct lenders, the repayment terms will change from lender to lender. Therefore, take your time to read their terms and conditions, so you can choose the direct lender that will better meet your goals if you want to pay the loan off earlier than expected.
Because we are talking about direct lenders, you will have to spend a bit more time comparing the repayment terms but it will be worth it. Because you will find be able to find a direct lender that will bring you the loan conditions you are looking for.
Compare the approval and release speed
Some cases are more urgent than others, and if you need the money as soon as possible, then you can use this factor to decide. We’ve already detailed in our ranking which option brings the fastest high risk personal loans, something that will help you to make a decision.
However, we recommend you to consider other factors at the hour of choosing. A fast release is good, but you should look for the lowest APR for the amount of money you need, and if the lender that can offer you it will take a few more hours to deposit it, then it will be worth it.
Compare the extra benefits
If the lenders offer you the same loan limits, APR, fees and repayment terms, then you should decide based on the extra benefits that they bring you such as…
- Access to new and better loans
- Entries for a contest
If one of the lenders brings you more benefits that will help you to meet your financial goals, then you should go ahead with it. After all, each one of the options from our ranking have been screened to make sure that they are safe, legal and transparent, so you will be protected regardless of the company you choose.
Find the answers to the most frequently asked questions about high risk personal loans, to clear up your doubts and apply for your loan today.
Can you get a high risk personal loan with bad credit?
Yes, these loans have been especially designed for the 48 million Americans with bad credit that cannot get access to conventional credit offers. Even with a credit score of only 300 points, you can still get approved for a high risk personal loan.
Are high risk personal loans legal?
Yes, but you need to make sure that the lender is registered in your state, regulated and approved. That is why we make sure that all of our recommended high risk personal loans companies meet these standards, to only bring you reliable and legal options.
How much interest do you pay on a $1,000 high risk personal loan?
It will depend on the APR and in how many installments you will pay the loan. If you opt for a $1,000 loan with an APR of 12% and you agree to pay it back over 6 months, then it will cost you a total of $44.20 in interest, because you’ll end up paying back a total of $1044.20 USD. Our recommended brokers will allow you to use a built-in calculator to check the final cost of your loan as well as the monthly payments.
Can you get approved for a high risk personal loan with a credit score of 550 points?
Yes, because high risk personal loans have a high approval rate for people with low credit scores, even if it’s only 550 points. Being objective, you stand a higher chance of getting approved with a score of 550 points than the majority of Americans with bad credit, because it’s the top percentile, making it easier for our recommended lenders to approve your application.
Can you improve your credit score with a high risk personal loan?
Yes, you can use them to improve your credit score, but you need to pay on time. Furthermore, you should also work on removing inaccurate negative information from your credit report, because this will help you to raise your credit score. However, doing this on your own can be time-consuming, making it a better option to work with a credit repair company.