Bad Credit Personal Loans Guaranteed Approval $5 000 (Experts Pick)

No matter what situation you are in, you can always get a personal loan. The best thing about personal loans is, you can use the funding for any purpose. Most lenders do not put any restrictions on the usage of funds. Also, it is easier to get personal loans as compared to any other type of loan. 

Although it is equally important to have a good credit score to get a loan. Because your credit score represents your creditworthiness and your chances of repaying the loan on time. Also, with a good credit score, you can easily get loans with a lower interest rate and higher loan amount. 

But even if you have a bad credit score, you do not need to worry. There are still some lenders who would happily offer you a personal loan. In this article, we are going to tell you about the top 7 bad credit personal loans guaranteed approval $5 000. We will also tell you about its eligibility criteria, alternatives, and basically everything that you need to know. So now let’s get started. 

Best Bad Credit Personal Loans Guaranteed Approval $5 000

When it comes to personal loans, you can get them from a bank, credit union, or online lenders. But if you need money immediately or you have a bad credit score then it is better to go for online bad credit loans. Because banks and credit unions require a good credit score and take days in depositing the loan amount, online lenders deposit the loan amount into your bank account as soon as the same day and even provide personal loans to bad credit holders. 

Also, when it comes to online loans for bad credit, the whole loan process becomes paperless and easy. You can have access to money from the comfort of your home, just with the help of your mobile phone and the internet. Additionally, you get several loan offers to choose from. Here is the list of some of the lenders that would offer you bad credit loans with guaranteed approval $5 000. 

1. PersonalLoans.com

Are you looking for bad credit personal loans guaranteed approval $5000? If yes, then PersonalLoans.com would be perfect for you. They offer loans ranging from $1,000 to $35,000, with an interest rate of 5.99% to 35.99%. If you get a loan from PersonalLoans.com, you need to repay it in 3 to 72 months, depending upon your loan amount. 

It is extremely easy to get a loan from PersonalLoans.com. You just need to go to their website and fill out a simple loan application form along with your details like name, income, required loan amount, credit score, etc. As soon as you submit the loan application, you will start receiving loan offers and you can go with any of the loans that fit your needs.  

They offer easy installment loans, so it would not get hefty in your pocket. Moreover, if you pay the loan installments on time, it will also help you in building your credit score. If your loan application gets approved, you will receive the loan amount in a single business day.

Features 

• Loan Amount: $1,000 to $35,000
• Loan Term: 3 months to 72 months 
• Interest Rate: 5.99% to 35.99%
• Loan Funding: One business day

Pros

• Easy loan application and approval process. 
• They offer loans to bad credit holders. 
• No restrictions on the usage of loan money. 
• Low APR and interest rate for good credit holders. 

Cons

• Bad credit holders might have to pay higher interest rates and fees. 
• The eligibility criteria are high compared to other lenders. 

2. BadCreditLoans.com 

As the name suggests, BadCreditLoans.com is especially there for people who cannot qualify for other loans due to bad credit scores. Even if your credit score is zero, you can still qualify for bad credit loans guaranteed approval $5000. They offer loans ranging from $500 to $10,000. 

The best thing about BadCreditLoans.com is, they send you the loan money instantly, so if you need some money urgently, you can definitely go to them. When you apply for a loan at BadCreditLoans.com, they send your loan application to multiple lenders and in just within a few minutes you start receiving loan offers. 

BadCreditLoans.com was established in 1998 and since then, they have gained a lot of reputation and trust from the people of America. Now every day thousands of Americans use their services to get online loans for bad credit. 

Features

• Loan Amount: $500 to $10,000
• Loan Term: 3 months to 60 months 
• Interest Rate: 5.99% to 35.99%
• Loan Funding: Next business day

Pros

• Restricted APR of 35.99%. 
• Multiple loan offers are available. 
• A fast decision regarding loan approval. 
• They offer installment loans for bad credit. 

Cons

• You might start receiving phone calls from lenders, which can be very annoying. 
• High APR and fees, especially for bad credit holders. 

3. CreditLoan.com

Are you looking for a small loan? If yes, then CreditLoan.com would be perfect for you. They offer bad credit personal loans guaranteed approval $5 000. Their loan amount varies from $250 to $5,000. They have a very easy loan application so it would not take more than 10 minutes for you to fill out the loan application and submit it. 

Moreover, when you select a loan offer, the approval process takes just 1 to 2 hours. After approval, you will receive the funds in just 24 hours or less. In order to get a loan from CreditLoan.com, you need to have a monthly income of just $250. All in all, CreditLoan.com is one of the best options for bad credit personal loans guaranteed approval 5000, if you need the money immediately.

Features 

• Loan Amount: $250 to $5,000
• Loan Term: Depends on the lender to lender
• Interest Rate: Varies as per the lender
• Loan Funding: Same or next business day

Pros

• They offer an easy $5 000 personal loan. 
• Immediate loan approval. 
• Instant loan money deposit. 
• Easy eligibility criteria. 

Cons

• Some lenders may charge a very high-interest rate, as there is no restricted interest rate. 
• You will only get a small loan. 

4. BillsHappen 

The next lender on our list for 5 000 personal loan with bad credit is BillsHappen. They provide personal loans ranging from $500 to $5,000. But you will only get a loan from BillsHappen if you have your own active bank account as well as your Social Security Number. 

You can just simply go to their official website and there you will find a “Apply for Loan” option. You just need to click on that option and you will be able to apply for a loan immediately, just by filling out that simple form. Moreover, you can also apply for pre-qualification, in order to get an idea about the loan offer that you might get. 

The interest rate and annual percentage rate of BillsHappen loans may vary from lender to lender. Also, the lender will decide your loan term. If you agree with the terms and conditions, then you can finalize your loan agreement with the lender. 

Features

• Loan Amount: $500 to $5,000
• Loan Term: Depends on the lender to lender
• Interest Rate: Varies as per the lender
• Loan Funding: Same or next business day

Pros

• They offer loans to even bad credit holders. 
• Good for people who need immediate money. 
• Various loan options are available. 
• The loan application and approval process is fast and easy. 

Cons

• The interest rate is extremely high for bad credit holders. 
• Loan details are not available on their official website. 

5. CashUSA.com

If you are looking for bad credit personal loans guaranteed approval $5 000, then you can also consider CashUSA.com. They offer loans from $500 to $10,000, depending on your credit score and your need. Also, they deposit the loan amount directly into your account just within 2 to 3 days of your loan approval. 

The interest rate of CashUSA.com ranges from 5.99% to 35.99%. And the good thing is, they have a restricted maximum interest rate of 35.99%, so no matter how bad your credit score is, no lender can ask you to pay a higher interest rate. 

If you take a loan from CashUSA.com, you need to repay that loan within a term of 3 to 72 months, depending upon your loan amount and credit score. All in all, CashUSA is one of the most trusted and reputed money lending services in the U.S.A. and you easily get bad credit personal loans guaranteed approval 5000 from them. 

Features

• Loan Amount: $500 to $10,000
• Loan Term: 3 months to 72 months 
• Interest Rate: 5.99% to 35.99%
• Loan Funding: 2 to 3 business days

Pros

• The loan approval and deposit process is very fast. 
• Various verified lenders are available on their official website. 
• They use high-security measures to protect your data. 
• They also offer long-term loans for bad credit. 

Cons

• The fee and APR might be high for bad credit holders. 
• They do not provide loans directly. 

6. 24/7 Lending Group 

24/7 Lending Group was launched in the year 2001 with the main aim to provide financial assistance to people in need. Since then, they have provided loans to thousands of people who needed money immediately. Their loan amount ranges from $500 to $35,000 and the interest rate can be varied from 5.99% to 35.99%. 

Depending on your loan amount, you will need to repay the loan within 2 months to 72 months. They have thousands of positive ratings and reviews which clearly represent that their services of 24/7 Lending Group are really good. 

They accept all credit scores so you can easily get a 5 000 personal loan with bad credit from them. Not just personal loans, but they also offer other kinds of loans like student loans for bad credit, RV loans for bad credit, etc. 

Features

• Loan Amount: $500 to $35,000
• Loan Term: 2 months to 72 months 
• Interest Rate: 5.99% to 35.99%
• Loan Funding: Next business day

Pros

• They have thousands of positive ratings and reviews online. 
• A good option for bad credit holders. 
• They offer low-interest-rate loans for people with good credit scores. 
• You can apply for prequalification to see if you would qualify for their loan or not. 

Cons

• Bad credit holders might only qualify for small loans. 
• They are not direct lenders, they just act as a mediator between the lenders and borrowers. 

7. MoneyMutual

The next money lending service on our list is MoneyMutual. MoneyMutual came on the market in 2010, and since then, they have provided monetary assistance to more than 2 million people. But the only problem with MoneyMutual is, they do not provide their money lending services in CT and NY. 

Here you can get a loan of up to $5,000. If your credit score is bad, you might not qualify for their maximum limit loan, but you can still get a smaller loan. The interest rate for these loans totally depends on the lender and can vary from lender to lender. 

You just need to go to their official website and apply for a loan and they will connect you to different direct lenders. If your loan application is approved, you can receive the loan amount as soon as 24 hours. Overall, MoneyMutual is one of the best options for bad credit personal loans guaranteed approval $5 000. 

Features

• Loan Amount: Up to $5,000
• Loan Term: Varies from lender to lender
• Interest Rate: Depends on the lender
• Loan Funding: Within 24 hours

Pros

• Good for small loans. 
• They offer loans to all credit score holders. 
• Instant loan money deposit.
• You get loans from verified direct lenders. 

Cons

• Only small loans are available. 
• They do not provide services in CT and NY.

What is a Personal Loan? 

A personal loan is a type of loan that allows you to borrow a specific amount of money for a variety of purposes, such as debt consolidation, home renovations, or unexpected expenses. Unlike some other types of loans, such as mortgages or car loans, personal loans typically don’t require collateral. Instead, lenders usually base their decision on your creditworthiness and ability to repay the loan.

When you apply for a personal loan, you will need to provide information about your income, employment history, credit score, and other financial information. Based on this information, the lender will evaluate your application and decide whether to approve you for the loan, as well as the interest rate and terms.

If you are approved for a personal loan, you will typically receive the money as a lump sum, which you can use for your intended purpose. You will then need to repay the loan over a set period of time, usually with monthly payments that include both principal and interest.

Personal loans can have fixed or variable interest rates, and the repayment period can range from a few months to several years, depending on the lender and the amount you borrow. Keep in mind that the longer the repayment period, the more interest you’ll pay over time, even if the monthly payments are lower. As per the Chamber of Commerce, in the United States, the total outstanding personal loan debt is $143 billion. 

Most importantly, you must compare different lenders and loan terms before applying for a personal loan, and make sure you can afford the monthly payments. Defaulting on a personal loan can damage your credit score and make it harder to obtain credit in the future.

Eligibility Criteria for a Personal Loan

The eligibility criteria for a personal loan may vary depending on the lender, but generally, the following factors are taken into consideration:

1. Age: You must be at least 18 years old to apply for a personal loan.
2. Credit score: Your credit score is an important factor that lenders consider when deciding whether to approve your loan application. A higher credit score typically increases your chances of being approved and can also result in a lower interest rate.
3. Income: Lenders will usually require proof of income to ensure that you have the ability to repay the loan. You may need to provide pay stubs, tax returns, or other financial documents.
4. Employment history: Lenders may also consider your employment history to determine your stability and ability to repay the loan. Some lenders may require you to have been employed for a certain period of time before you can qualify for a loan.
5. Debt-to-income ratio: This is the ratio of your monthly debt payments to your monthly income. Lenders may use this ratio to assess your ability to repay the loan and determine how much you can afford to borrow.
6. Citizenship and residency: To qualify for bad credit personal loans guaranteed approval $5 000, you must be a citizen or resident of the U.S.A. Otherwise, the lender would simply just deny your personal loan request. 
7. Personal Bank Account: Some lenders might also require you to have your own bank account where they can deposit the loan amount and deduct the installment amount if you go for the autopay option.

Important Things to Consider While Getting a Personal Loan

Getting a personal loan can be a very helpful option to manage your financial needs, but it is important to consider certain things before applying for one. By considering these important factors, you can make an informed decision and avoid any surprises or hidden fees down the line. Here are some important factors to consider when getting a personal loan:

1. Your Credit Score

Your credit score plays a significant role in determining the interest rate you’ll receive on a personal loan. A good credit score will generally get you a lower interest rate, while a poor credit score may result in higher interest rates or even loan denials.

2. Interest Rates and Fees

Personal loan interest rates can vary widely depending on the lender and your creditworthiness. Look for the lowest interest rate possible, but also consider any fees that may be associated with the loan, such as origination fees, prepayment penalties, or late fees.

3. Loan Amount and Term

Determine the amount of money you need and the time frame you need it for. Personal loans typically have repayment terms of one to five years, but some lenders offer longer or shorter terms. Consider how much you can afford to pay each month and whether you can handle the loan repayment over the loan term.

4. Lender’s Reputation

Research the lender’s reputation before applying for a loan. Look for reviews and ratings from other borrowers to get an idea of their experiences with the lender. A reputable lender will have transparent terms and fees, good customer service, and positive reviews.

5. Alternatives to Personal Loans

Consider other options to borrow money, such as credit cards, home equity loans, or borrowing from family and friends. These options may have lower interest rates or be more flexible with repayment terms.

6. Loan Purpose

Personal loans can be used for a variety of purposes, but some lenders may have restrictions on how the loan can be used. Be sure to check with the lender before applying to make sure the loan can be used for your intended purpose. 

What is the Required Credit Score for Bad Credit Personal Loans Guaranteed Approval $5 000? 

It is difficult to give an exact number of credit scores for bad credit personal loans guaranteed approval $5 000 because the minimum required credit score varies from lender to lender. Some lenders might give you a personal loan on a 250 credit score whereas some other lenders might ask you to have a credit score of at least 500 points in order to get a personal loan. 

Although, it is better to have a good credit score. Because a good credit score represents that you would be able to repay the loan on time so the lenders offer you loans at a low-interest rate. You can also qualify for a higher loan amount with a longer loan term. 

How to Get a 5000 Loan with Bad Credit? 

Getting a personal loan with a bad credit score can be really tough. But if you follow the step-by-step process given below, you would easily be able to get bad credit loans guaranteed approval $5 000. 

1. Do Your Research

If you want to get the best loan, it is very important to invest some time in research and find out all the loan options. For this, first of all, check your credit score and see how many lenders would offer you a loan at your credit score. For a better understanding, you can make a list of all the potential lenders along with their fees and interest rate. 

2. Compare all the Options 

Now that you know about the potential lenders, compare their interest rate, annual percentage rate, origination fee, late fee, etc. Do not forget to check if there are any hidden fees. Also, do not blindly go for a lower interest rate, because some lenders might offer you a loan with a low-interest rate but their fees can be higher than the total loan cost. So make sure that you check all the factors. Only after this, you would be able to get your hands on the best bad credit personal loans guaranteed approval $5 000. 

3. Apply for Pre Qualification

By now, you must have an idea of the lenders that can offer you a personal loan for bad credit. Now select the top 5 lenders that fit your needs and go to their official website and apply for pre-qualification. This way, you will get an idea about the loan amount, fees, loan term, and interest rate of the loan that you will get. The best thing is, this will not affect your credit score because prequalification is done with a soft credit check. 

4. Send Your Loan Application 

See how many lenders you have qualified for. Now select the best lender that is offering you the loan with a low-interest rate and low fee. Go to their website and apply for the loan. For this, you will need to fill out the loan application form, where you will need to provide all your basic details like name, address, age, income, etc. 

Also, keep all your important documents like identity proof, income proof, age proof, etc handy. Because some lenders might ask you to attach these documents to the main loan application form. After filling out the form, you just need to click on the Send or Submit button and your application will be forwarded to multiple lenders. 

5. Receive the Funds

After sending the loan application, you will start receiving loan offers from multiple lenders. You can select any of the lenders that you think would be perfect for you and sign the final loan agreement. Also, do not forget to read the loan agreement clearly, because once you sign it, you would not be able to alter any terms of that agreement. After this, the lender will deposit the loan amount into your bank account within just one to two days. 

What to Do if I Cannot Get a Personal Loan?

If your credit score is not, it can be very difficult for you to get a personal loan. If all the lenders have denied your personal loan request then you need to stop applying for more personal loans and try if the following things work out for you. 

1. Build a Credit Score 

As you know, your credit score is the main deciding factor in your chances of getting a loan. So if you want to get a personal loan but cannot get it, it is time to take a step back and focus on the main problem. Instead of applying for loans again and again and going through a hard credit pull every time, it is better to pay off all the bills and debts, so that you can build your credit score. You can also use your credit card to boost your credit score so that you can actually get a loan. 

2. Add Collateral or Assurance

If you cannot qualify for an unsecured loan, you can also go for a secured loan. In a secured loan, you will need to give collateral or assurance to the lender so that he can trust you that you would repay the loan on time. But you need to keep in mind that if you are not able to repay the loan on time, the lender has the complete right to keep your assurance or collateral. Generally, the amount of the loan is equal to the value of the collateral. 

3. Joint Loan or Co-Signer Loan 

In case you cannot qualify for an individual loan, you can also go for a joint loan or co-signer loan. In these loans, you apply for a loan along with someone who has a better credit score. If you are unable to repay the loan on time, it will become the responsibility of the other person to repay the loan. 

4. Borrow Money from Friends or Family

If you cannot get a loan, you can also ask any close friend or family member to lend you some money for some time. But if you go for this, you will need to make sure that you give them their money as soon as possible, otherwise, this can lead to internal differences.

Alternatives for Bad Credit Personal Loans Guaranteed Approval $5 000

If you’re considering borrowing money, but a personal loan isn’t the right choice for you, there are several alternatives to consider:

1. Credit cards

In case you need to borrow a smaller amount of money, a credit card can be a good option. Depending on your credit score, you may be able to get a card with a low introductory APR or a rewards program that helps in offsetting the cost of your purchases. According to a survey by the Chamber of Commerce, 170 million Americans use credit cards. 

2. Home Equity Loan

If you have a home and have built up equity, you might be able to get a loan against that equity with a home equity loan or line of credit. These types of loans typically come with a lower interest rate as compared to personal loans, but they require you to use your home as collateral.

3. Peer-to-Peer Lendings

A Peer-to-peer lending platform connects the borrower to the investor who is ready to offer a loan. This can be a good option if you have a lower credit score or have been turned down by traditional lenders.

4. Retirement Accounts

If you have a 401(k) or other retirement accounts, you may be able to borrow against it. Keep in mind that this can have long-term consequences for your retirement savings, so it’s important to weigh the pros and cons carefully.

Whether I Should Go for Bad Credit Personal Loans Guaranteed Approval $5 000? 

It totally depends on your ability to repay the loan. If you have a good income and you would easily be able to repay the loan then you can definitely go for bad credit personal loans guaranteed approval $5 000 but if you think that you would not be able to repay the loan then we would suggest you look for some other alternative options like secured loans, joint loans or improving your credit first and then applying for a personal loan. 

Because since you have a bad credit score, even if you qualify for a personal loan, the interest rate would be too high. And if you do not repay the loan on time, you would have to face hard consequences like a high late fee or in the worst consequences, the lender might declare your account as charged off, which will decrease your chances of getting another loan or credit card and will affect your credit score and credit report for years.  

Also, if you decide to go for a personal loan, it’s always a good idea to compare different lenders and loan terms before applying for a personal loan to increase your chances of being approved and getting the best possible terms.

Frequently Asked Questions (FAQs) 

Q1. How hard is it to get approved for a $5000 loan?

It totally depends on your credit score. If your credit score falls in the category of fair to excellent, you will easily get approved for a $5,000 loan from a bank, credit union as well as an online money lender. But if you are a bad credit score holder, it might get difficult for you to get approved for a $5,000 loan. Though some online money lending services or direct lenders might offer you a loan. 

Q2. How much would a $5000 loan cost per month?

The per-month cost of a $5,000 loan depends on your credit score as well as the loan term you have agreed to. If the loan term is short, the per-month cost of the loan would increase, though the lender might offer you a lower interest rate for a shorter loan term. 

Q3. What type of loan is the easiest to get with bad credit?

If you have a bad credit score, it would be easier for you to qualify for a secured loan where you will have to give collateral. You would also easily qualify for a joint loan or co-signer loan, where you will have to apply for a loan with someone who has a better credit score.