Bad Credit Personal Loans Guaranteed Approval $5,000

10 Bad Credit Personal Loans Guaranteed Approval ($5,000 and Up)

Filife Team

    Your credit score is one of several factors lenders use to determine your eligibility for a personal loan. One reason why it is often used is that it can affect the interest rate that you pay on your loan and the bonuses or loan limits that you may qualify for.

    The lower the credit score, the more difficult it is to get approved for a loan or credit card. But there’s a lot more to it than that. A bad credit score doesn’t necessarily mean that you won’t qualify for any loan—just that it will be more difficult for lenders to gauge your ability to repay.

    The good news is, as long as you can show that you are a responsible borrower and can pay your bills on time, it’s possible to get approved for a personal loan with an affordable interest rate.

    What are Bad Credit Personal Loans, and Why Is it Important to Have a $5,000 Amount and Guaranteed Approval?

    Personal loans capped at $5,000 commonly have a 60-month loan tenure. Many types of personal loans are available, but you generally get approved for higher interest rate loans when you have a bad credit rating. 

    For this reason, a personal loan is still one of the best financing options available for those needing quick cash or who do not have a long credit history and are looking to build one.

    Related: What is a Benefit of Obtaining a Personal Loan?

    10 Personal Loans to Consider With a Bad Credit Score

    You can still get a personal loan even if you have a poor credit score. Bad credit personal loans for $5,000 and up aren’t payday loans, and they don’t charge such high fees that they’re unaffordable.

    Here are a few of your options for bad credit loans with guaranteed approval and $5,000 and up that you should consider when your score is on the lower end:

    2. Payoff
    5. Avant
    6. UpStart
    7. Best Egg
    8. SoFi
    9. Upgrade

    1. is an online service that connects consumers to many lenders who can deliver various unsecured personal loans tailored to your needs. 

    They can provide an APR ranging from 5.99% to 35.99%. You may also get a loan amount of $35,000 depending on your credit score. However, if your score is too low, your loan amount may be reduced.


    • By partnering with various lending institutions, it’s easy for you to compare personal loan offers from multiple lenders. They can offer customers multiple low-cost personal loans according to your circumstances. 
    • They offer fast approvals and money deposited into your bank account in as little as 24 hours.
    • Lower monthly payments as their partners offer up to 72-month loan terms.
    • Prompt customer service and a simple and free application


    • Lower monthly payments and longer loan terms are likely to result in higher interest rates.

    2. Payoff

    If you’ve got a good credit score or an excellent one, Payoff allows you to easily borrow money and access funds faster than any other high-risk lending alternative.

    But when it comes to overall eligibility, the company’s proprietary algorithm evaluates hundreds of factors, including financial, social, payment, and cash flow data, to determine a customer’s qualification for relief loans from $5,000 to $40,000. 

    You can use this option to ease the burden if you have incurred credit card debt beyond your means and wish to consolidate.


    • Prepayment penalties are not applicable
    • Not all borrowers are not necessarily required to pay an origination fee.
    • Provides access to your credit score on a monthly basis for free.
    • Low origination fees ranging between 0% and 5%


    • You can expect to receive your funds within 3 to 6 business days, which may make it difficult for those with an immediate and pressing need for cash.
    • Paying your creditors directly with the loan proceeds is your responsibility.
    • Must have a FICO score of at least around 640.


    CashUSA can help bad credit borrowers find installment loans designed to improve bad credit scores and financial health. You can borrow up to $10,000 when you get approved for a personal loan with CashUSA. You can use it to pay off bills or have a little extra spending money each month.

    Additionally, even if they don’t think you’re an appropriate candidate for these financial services, they may suggest other affordable solutions, like ways to consolidate debt, credit repair, and so on.


    • There is no fee or cost associated with submitting a loan request.
    • It takes only minutes to complete their online application.
    • Your personal information is protected by industry-standard encryption and security measures.
    • Once you receive a loan offer from a loan provider, you are entitled to carefully evaluate the terms of the offer before deciding on it.
    • Your funds are usually deposited directly into your bank account within one business day following an electronic bank transfer.


    • Interest rates up to 35.99% 
    • Not a direct lender
    • Your contact data may be subject to being sold
    • You won’t know which lenders have looked at your loan request


    They are an online platform that matches potential borrowers with loan providers in seconds based on their earning, spending, and borrowing habits. Their network of different lenders includes various vetted and detailed providers that can offer competitive interest rates and timelines.

    Available loan amounts can reach up to $5,000, but you must meet specific criteria according to your credit or income as with any lender.


    • They have streamlined their loan process by building an interface that allows borrowers to fill out their profile in an easy, no-hassle way, so all consumers need from their lenders is to confirm the requested information.
    • Availability of a large number of lenders for enhanced approval chances.
    • There are long-term loan options up to 60 months.
    • After approval, the loan amount can be disbursed in as fast as one business day.


    • Not accredited by the Better Business Bureau
    • High APR range starting from 5.99%

    5. Avant

    Avant helps more people get the money they need by providing options for personal loans and credit lines that rival those of a traditional bank and other lending institutions. 

    Borrowers can obtain loan amounts up to $35,000 without having to meet a minimum income requirement. 


    • Only performs a light check on credit history
    • In most cases, funds are available a day after the loan request is approved.
    • There are terms of 2-5 years to choose from
    • A credit score of as low as 580 can be approved for a loan
    • Unless you need a very large loan amount, you can start with as little as $2,000.


    • Origination fees which are equivalent to a considerable amount taken from your loan proceeds.
    • There are slightly higher interest rates ranging from 9.95% to 35.99%.
    • You can’t cosign for a loan.
    • Joint loan requests are not accepted.

    6. Upstart

    Upstart is changing the way personal loans are made. Their lending philosophy underwrites a borrower based on their demonstrated future trajectory toward financial self-sufficiency, rather than their current score like a usual credit check. But they do look at your income, assets, and employment history.

    Loans from Upstart range from $1,000 to $5,000, with APRS between 8.27% and 35.99%.


    • Analysis focused on the borrower’s social and economic circumstances, mitigating risk by considering more than just credit scores.
    • You will not be penalized for repayments.
    • Their loan terms range from 3 to 5 years.

    7. Best Egg

    Whether it’s debt consolidation, home improvements, or medical bills, Best Egg gives borrowers the financial freedom to live their lives without high payment fees and the hassle of banks.


    • Best Egg offers unsecured loans from $2,000 to $50,000 for any purpose.
    • Repayment penalties are not applied to loans paid off in advance.
    • Offers a low introductory APR of 5.99%.
    • 3 to 5-year loan terms are available.
    • A low credit score of 600 is acceptable.


    • Starting at 0.99% to 5.99%, an origination fee is charged on every loan.
    • Despite the low starting rate, the APR can get as high as 29.99% if you have bad credit. 

    8. SoFi

    With simple online applications that get done in minutes, Sofi helps take the guesswork out of borrowing and keeps life moving forward for those experiencing financial hardships.

    You may be able to qualify for loans of up to $100,000 based on your credit score and income. Borrowers can use their loaned amounts for any purpose without any hidden fees. 


    • They offer lower APRs starting at just 5.99% and up to 20.69%. 
    • It is possible to acquire funds exceeding the standard amount offered by most lenders.
    • Loan term options can range from 2 to 7 years.
    • Provides unemployment benefits, autopay discounts, and lowered APRs.


    • A minimum credit score of 680 is required for SoFi to approve an application, which is relatively high in comparison to other lenders.
    • Secured loans are not available.

    9. Upgrade

    Upgrade offers personal loans for people with bad credit using fair, transparent, and hassle-free practices that prove they’re a better bet than most lenders in the financial market.

    They offer loans up to $50,000 for a variety of purposes – from consolidating bills and credit card debt to making home improvements or paying for college tuition.

    The origination fee for all loans ranges from 2.9% to 8%.


    • 3 or 5-year loan terms are available
    • Provides autopay discounts, thereby lowering interest rates associated with the loan.
    • Starting at only $1,000, you can apply for a loan.
    • A credit score of 620 is sufficient for approval.


    • Charges origination fee
    • Charges late fee


    Lend You is a no-frills online marketplace of consumers and legal lenders that empowers and connects Americans who need money with third-party lenders.

    They help people acquire unsecured personal loans as high as $35,000 loan amounts, with minimal restrictions on where to use the funds. 


    • No collateral or guarantor is required.
    • Applying is quick and easy, and once approved, you can receive the loan in as little as one business day.


    • A search tool instead of an actual trusted lender
    • Reportedly has poor customer service
    LenderAPR RangeLoan Amount RangeAcceptable Credit Score 
    CashUSA.com5.99% – 35.99%$500 – $10,000Unspecified
    BadCreditLoans.com5.99%-35.99%$2,000-$5,000Individual rates
    Upstart8.27%-35.99%$1,000 to $5,000580
    Best Egg5.99%-29.99%$2,000-$50,000640
    SoFi5.99%-20.69%$5,000 – $100,000680
    LEND YOU4.99%-450%Up to $35,000Unspecified
    Shaking Hand

    Tips to Help You Get Approved

    Credit checks can be harsh, and many lenders will still continue to be picky with bad credit ratings. If you want to expand your options for financial assistance outside of a bad credit loan, here are some things you can do.

    1. Go for a loan with a soft credit check

    Applying for a loan results in a credit check, which may turn a poor credit score even poorer. A soft credit check allows a lender to confirm your eligibility while not affecting your scores.

    2. Check your credit report

    Lenders look at your overall credit history when evaluating your risk level, and they consider a number of factors in their decision-making process. These factors include your score and the types of debts you have paid off in recent years. 

    3. Resolve inaccuracies

    Any time information is reported to a credit bureau, it can be a red flag that your credit is in trouble. Credit Bureaus make mistakes; they get it wrong sometimes.

    If you see any red flags on your credit report, contact your creditors immediately to request a dispute with the credit bureau reporting the error. This will help get your bad credit history erased from future reports and should the error be serious enough to affect your ability to get new credit, you may have a strong argument for a dispute.

    4. Consider credit repair

    If you can’t handle fixing your own credit and keep the bills paid, then hire a company to do it for you. A repair specialist helps you by finding good financial institutions that will help address your bad credit rating.

    5. Repay your debts

    Whether you have one or many debts, getting your debts down as low as possible can save you a lot of heartache in the long run. There are several advantages of debt consolidation, but the most important reason is that it reduces your overall financial expenses.

    Applying for $5,000 Bad Credit Personal Loans

    1. Research your options and shop around. If you are looking for a personal loan, it will be helpful to have your credit score handy, since the specifics may vary based on your credit score. Compare your options by using one of the above marketplaces.
    2. Prepare the necessary documents including proof of income, debts, and credit score. The paperwork should contain copies of all bills and payments, and confirm that every item noted in the contract is correct. 
    3. Once you have applied for the loan, you and the lender will enter into a contractual agreement. This involves little more than a written contract. But it forms an important part of your financing experience and ensures that you’re doing everything by the book. It also prevents you from getting scammed or taken advantage of by the lender.
    4. A good way to make sure funds are not lost in the transfer is to check your bank account and ensure the funds are deposited by the lender successfully.

    The Bottom Line

    • Credit scores aren’t the only factor considered by lenders. Some lenders look at whole credit reports instead of just credit scores, while others will have unique requirements.
    • While bad credit loans are viable, having a lower score affects some aspects of the loan, like APR, interest, or the amount.
    • Make sure to shop around to find the best deal you can get even with your existing score.

    Addressing unexpected expenses even with bad credit is possible with bad credit loans, and securing them isn’t as hard as you might think. You can get fair terms, but it’s important to keep in mind how your low score affects the loan.

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