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Top Bad Credit Loans: Guaranteed Approval – Get Money Fast

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The things guaranteed in life are few and far between, so you have to grab them when you can. If you have bad credit but need a loan anyway, something with guaranteed approval is exactly what you need.

By “guaranteed” approval, we mean lenders that have flexible credit requirements. You may notice as you read that some of these lenders are more well-known than others. However, each has its reasons for making its way to our list.

For those with a blemished credit history, you might try out one of the top bad credit loans in this guide. Before we dig in, though, we do want to touch on the biggest benefit of using one of these lenders.

Even if you have poor credit, this can be the path to starting your credit repair. Taking out a loan will be added to your credit history – so it can only get better from here!

Likewise, you’ll need to understand how a process like this works. None of the companies we recommend will ever be a scam or fraudulent. They may require higher interest rates than other lenders, though.

Throughout this guide, we’ll touch on each loan network’s features, pros, and cons. By the end, you’ll have a powerful set of recommendations, as well as the know-how to choose between them. Now, let’s dive into our full list on which lenders are more lenient with bad credit.

The top bad credit loan companies include:

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While PersonalLoans is free to sign up for and free to apply, it’s not the most well-known on our list. Out of our lender recommendations, it may have the fewest consumer reviews.

Newer to the world of lending, what it doesn’t have in reputation it makes up for in benefits. With a quick and easy application process, you can get your loan money within hours. The platform brags that you can get a next-day direct deposit upon approval of your loan.

The best part is, they work with users that have damaged or bad credit. No matter the reason, the company understands that everyone deserves another chance. This is a great company to get started with on the road to credit repair and a better credit score.

Features

  • Free to signup and apply
  • Quick, short, and easy application process
  • Secure online form ensures your information is safe
  • Their lender network is broad and diverse
  • Works with poor credit users

Rapid1k.com – Best for Quick Deposits

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When you have bad credit, you don’t want to worsen by adding multiple credit inquiries to your history. It’s best to choose a network and send out just one application. Alternatively, some users opt to choose loan companies that just do a soft credit check.

Instead of trying to get approved by countless companies, lenders could be pre-qualified to reach out to you. With Rapid1k.com, they bring you a network of lenders ready to approve you.

Like with a few other loan companies, you can see your funds as quickly as the next business day with Rapid1k.com. Reliable and efficient, they make applying and securing a bad credit loan a breeze. Everyone’s situation is different, which is why you deserve a network of lenders tailored to approving you.

While they can help out in a pin, the network offers a loan limit of up to $2,500. If you’re looking for a larger sum at once, you may want to keep reading. It’s free and easy to apply to this platform, however.

Features

  • Free and secure to apply
  • Short, easy form to fill out for application
  • A loan approval decision can be made in minutes
  • Direct deposit can hit by the next business day
  • Loan limit of up to $2,500

BadCreditLoans.com – Best Overall Bad Credit Loan Company

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A company that’s been in the game for over 20 years is BadCreditLoans.com. While they might not have the nicest APR per loan, what bad credit loan company does? It depends greatly on your credit, too. Their APR can range from 5.99% to 35.99%.

They offer loans between $500 and $5,000, which is generous for users with poor credit. Their loan terms also vary, so you can choose between 3 to 36 months to pay off your loan. Overall, they’re a worthwhile loan company to apply to.

In addition, they have a streamlined 3-step process for application. Once you put in your loan request, you can review what offers lenders have for you. You’ll spend some time looking through all the offers, then sign a contract that fits your needs! Money is deposited after 24 hours.

Features

  • With just one application you’ve connected to their entire network of lenders
  • Direct deposit can hit your bank account in under 24 hours
  • Very flexible credit requirements
  • The company has been in the loan industry for over 2 decades
  • They offer an easy 3-step application process
  • Loan limit of up to $5,000

ZippyLoan – Best with Collateral of a Co-Signer

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Perfect for borrowers with low credit scores, ZippyLoan knows how to take care of its users. They prioritize the ability to repay a loan application, which is a huge plus for you. While rates can be high, they have a much easier accept rate than many other lenders.

Plus, they have a higher loan limit if you need a larger sum of money. Their loans range from $1,500 to $20,000. If you’re looking for a smaller sum, you might want to look at one of the other loan companies in our guide.

Overall, ZippyLoan is ideal for those that like flexibility. With an option to choose your payment date and different offers available, they try to accommodate all needs. They also have next-day and even same-day deposit options depending on how quickly you get approved.

One big factor we noticed that some of the other lenders don’t have is their resource section. So that you’re not caught off guard or left uninformed, they have educational resources online. We appreciate this extra touch so that their users feel more informed and confident about their loan decision.

Features

  • No minimum credit score to apply and get approved
  • If you can add a co-borrower or include collateral you can get your APR lowered
  • Receive the funds fast, in as little as 24 hours
  • Soft credit check to pre-qualify, but they report your payments to all three credit bureaus
  • Loan ranges from $1,500 up to $20,000

Now10k.com – Best for Limited Credit History

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As the name might imply, Now10k.com makes it easy to get up to $10,000 fast. The company boasts that all they need from you is a few minutes and your bank information. While that might sound a bit fishy, they say it to reassure you that your credit doesn’t have to be involved.

When you get approved, your payments can get reflected on your credit history. To get approved, though, they don’t require credit info. If you have poor credit but need a loan quickly, this is a solid option to choose.

They also have an accelerated online lending process that makes it easy to get approved. Overall, Now10k.com is a viable choice for those that need flexible approval.

Since everything is done online, the application process is simple, easy, and takes just a few minutes. Then, the funds can be deposited into your bank account within the next business day.

Features

  • Quick approval decisions even for poor credit
  • Gain access to a network of lenders across the country to easily find a match
  • Money can hit your bank account by the next business day upon loan approval
  • Online form to apply is fast and simple
  • Loan limit of up to $10,000, as the name might suggest

Lendafy.app – Best for Rapid Approval

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Lendafy offers more than just options for those with poor credit. They’re an app that works with all types of credit to make it fair for everyone. After applying, they boast that you can get approved for a loan within just 2 minutes.

Unfortunately, the app doesn’t offer services in Arizona, Connecticut, Georgia, Massachusetts, Maryland, New York, Pennsylvania, Vermont, or West Virginia. That’s still a wide network across the nation, though.

The company offers loans up to $10,000, so they’re a worthy option for many users. Alternatively, for those that don’t need a lot, their loan minimum starts at $100. If you have employment and meet their minimum income requirement, it’s easy to get a loan with Lendafy.

Features

  • Can get an approval decision within just 2 minutes of applying
  • Flexible credit requirements to make it easier for those with poor credit
  • Loans start at $100 for those that don’t need to borrow thousands
  • Direct deposit can hit on the next business day after loan approval
  • Loan limit of up to $10,000l

Upstart.com – Best for Higher-Sum Loans

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Finally, we have Upstart, one of the most well-known names in the industry. While they haven’t been in the game for long, they’ve certainly built an exemplary reputation. Their loan limits start at $1,000, ranging up to $50,000.

Unlike other loan companies, they also have longer payment terms. Payback your loan in 3 or 5 years instead of struggling to pay it back in less than 24 months. Plus, there’s not a minimum annual income like many other lenders require.

It may not be the best option if you have under a certain credit score, though. A minimum credit score of 600 is preferred. For users with damaged credit that still meet this minimum, Upstart might be the answer.

Overall, the company is a worthwhile option for someone with bad credit to look into. With such a vast loan range, Upstart could help change your financial situation entirely. As with many of the other lenders on our list, you can also receive money in as little as 24 hours with their next-day deposit.

Features

  • Payment term of 3 or 5 years, making it easier to pay back over time
  • Can receive money in as little as 24 hours with next-day direct deposit
  • There’s not a required minimum annual income specified anywhere
  • A minimum credit score of 600 is preferred for this lender
  • However, loan limit from $1,000 up to $50,000

Now that we’ve shown you the top bad credit loans, we hope you can see the pure opportunity available. Even with a damaged credit history, you can turn your credit around with any of these forgiving credit lenders.


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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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