If you fall under the group of customers with poor credit scores, you are more likely to encounter difficulties when you find yourself in need of extra cash. This may be easy when you just need an inappreciable amount that you can quickly borrow from friends until the next payroll date. But what if your unplanned expenses have crossed the “trifling” line, and you will not be able to return the money in one lump sum? Well, that’s what installment loans for bad credit were created for.

Although traditional personal loan providers often demonstrate a tepid attitude toward bad credit borrowers, there are many other lenders that are willing to please. At the same time, it may be tough to find a reliable direct lender to go with, as many of them are driven by the itch for money only. But there are still trusted and reputable companies with affordable no credit check options. Here is our list of the best platforms for online installment loans with guaranteed approval and instant money transfers.

Top 3 Best Installment Loans Online for Bad Credit

  1. 1F Cash Advance – Apply for bad credit installment loans with guaranteed approval
  2. ASAP Finance – Get guaranteed installment loans for bad credit today
  3. 15M Finance – Get bad credit loans with guaranteed approval decision now.

#1. 1F Cash Advance – Best for Guaranteed Installment Loans for Bad Credit

If you don’t want to guess whether or not you will get an installment loan with bad credit, 1F Cash Advance is a place with no room for doubt. The company can easily impress you with its level of accepted loan requests from under-banked customers. You don’t need to hope for a miracle or keep your fingers crossed to get an installment loan here. Just enter your data in a submission form and access offers from multiple lenders. There will surely be at least one that can help you out.

Besides offering installment loans online, the service also provides easy-to-get payday loans for people who need a smidgeon to overcome small financial emergencies until the next paycheck comes. Loan amounts you can access range from $100 to $5,000 and depend solely on the lender, loan type, and borrower’s income.

“We strive to minimize eligibility criteria and partner with lenders who share our values and are more interested in meeting people’s needs instead of making them fit their sky-high requirements. Therefore, our bad credit installment loans are an accessible financial instrument that almost everyone can get in case of need without overburdening themselves.”Kerry Vetter, the finance expert and writer of 1F Cash Advance.


Allowed with a low credit score

There is no minimum credit score requirement that you must be above. Even a bad credit score is already enough to apply. Direct lenders are mostly focused on your solvency.

No records in your credit history

Most direct lenders from the company’s extensive database are not supporters of hard credit checks. As they are not obliged to perform them by law, they typically replace such inquiries with soft pulls that don’t influence your credit score.

Emergency options with fast payouts

1F Cash Advance’s online loans are known for being extremely fast to access. If you get a loan approval, you will get the loan funds the next working day.

#2. ASAP Finance – Best Personal Loans for Bad Credit with Instant Approval

Are you tired of waiting for a loan decision from a traditional lender? At ASAP Finance, they value your time, so you will know whether or not you’re approved almost immediately. After you complete an application blank, the company spreads it over the network of carefully selected direct lenders in order to find the best deal for you. It usually takes a lender about an hour to review your request, make a soft pull and send a response.

As lenders specialize in bad credit loans, they don’t set minimum credit score requirements or a minimum credit history length you need to have. Even if you have no or poor credit history, it won’t be a problem for ASAP Finance to meet your financial needs.

“People with bad credit must have equal rights for financial assistance with those with good and excellent credit. All they need is to know there is a place they can turn to when their financial situations are precarious and unstable. And we’re happy to be such a place. Our borrowers are our main value.”Gregory Allen, the principal CEO of ASAP Finance.


Loan approval decision in minutes

A direct lender needs just a few minutes to make an approval decision on a no credit check loan. You will typically get an email with an answer within an hour.

Competitive interest rates

The company stands for its products to be within everyone’s means, so it teams up with direct lenders that offer reasonable APRs along with affordable monthly payments.

No application and origination fee

No credit check loans from ASAP Finance are available without paying any charges to the service. You don’t need to be concerned about any application or origination fees that will take a toll on your wallet instead of helping you get out of financial difficulties.

#3. 15M Finance – Get Urgent Installment Loans with No Credit Check

If you need a personal loan without a picky screening of your financial situation, 15M Finance can arrange it for you. Here you can access plenty of lenders offering installment loans and borrow money from the one with the most favorable conditions. Although the company is not exactly a marketplace with a list of direct lenders you can choose from, it allows you to apply as many times as you need to get a suitable suggestion. You don’t need to pay anything to submit a form, so it won’t affect your budget in any way.

15M Finance proffers both long-term and short-term loans and strives to keep an interest rate at the level that is considered acceptable for bad credit financial products. Also, you can count on getting prompt assistance within one business day due to a lack of hard credit inquiries. 

“We accept loan applicants with any credit as we can’t overlook their problems and want to support them. There are plenty of options for people with good credit, but we want to be a reasonable alternative to under-banked borrowers. Who else, if not us?” – Shania Brenson, the founder of 15M Finance.


No third-party creditors

The company works directly with online lenders without involving any brokers that charge additional commissions. Thus, you won’t overpay for anything. It’s just a service that settles direct lenders in one place to make it easier for you to navigate.

The company is always in touch

The service offers convenient working hours along with multiple ways of contacting its representatives in case of any questions. Moreover, the website is available 24/7, so you can apply at any convenient moment.

Payouts within 24 hours

The loan amount will arrive in your checking account as fast as the next business day after signing a loan contract.

Methodology of Choosing and Ranking The Best Installment Loans for Bad Credit Borrowers

The process of making up our minds about the company’s dependability always starts by gathering data and evaluating all the publicly available information we can find in open sources. At this point, we also get in touch with customer service representatives and carefully choose services that are fully consistent with our standards. After compiling a preliminary list of loan providers, we make a conformity check in accordance with the following metrics:

Company’s background and current reputation

We thoroughly appraise the company’s presence in the industry to estimate its experience along with the current results it has reached so far. We also pay attention to what other customers think about the company and their borrowing experience.

Cost of personal loans

This parameter includes both an interest rate and origination fee that are added to your loan principal and make up the total amount you need to repay to a lender. This way, we select the companies with the lowest possible interest rates and fees.


We evaluate the basic requirements the company sets to find out whether or not they correspond to no credit check loans. It’s notable that we are suspicious of both companies with too high requirements and those that don’t have them at all.


Online installment loans with instant approval are a form of debt that must meet your urgent money needs. Therefore, we need to make sure you will get a loan on time, and funding terms won’t exceed one working day.

After making an assessment of companies for each parameter and grading them according to the outcomes, we get the list of services with satisfactory ratings. That’s how the rating above was made.

What Are Guaranteed Installment Loans for Bad Credit with No Credit Check?

Guaranteed bad credit installment loans with no credit check represent a borrowed amount of up to $5,000 that you can pay off little by little over the loan terms stated in your loan contract. As the name suggests, such loans come with a high level of approved bad credit loan requests due to a lack of rigorous credit checks that are performed through major credit bureaus. Guaranteed installment loans for bad credit with no credit check are unsecured loans, so you can access them without leaving a pledge and risking your property. If you make your monthly payments on time, there will be no negative impact on your credit history. Thus, bad credit installment loans are a safe option for people who are trying to improve their credit but need urgent cash to finance a large purchase or overcome some major financial emergencies.

Unlike payday loans, installment loans have a flexible repayment schedule. The total of payments that consists of your installment loan amount plus an interest rate is divided by the number of billing cycles that your loan assumes. As most direct lenders typically require borrowers to pay once a month, there can be up to 24 billing cycles for two-year repayment terms.

Installment Loans vs. Payday Loans

Although both these options are forms of emergency assistance for bad credit consumers, they vary considerably. Both of them are alternatives to unsecured personal loans but offer different terms and loan amounts.

An installment loan can be a good option for financing some major purchases that are up to $5,000. It’s also a product that allows you to influence your loan payment amounts by choosing a shorter or longer loan term. Thus, you can make it more affordable and easier to repay if needed.

Payday loans don’t provide such flexibility. The repayment date is typically set by your next paycheck. Therefore, you can use them as a short-term financial solution in case of small financial emergencies that don’t exceed $1,000.

Installment Loan Examples

An installment plan is a common feature of most loans you can access from both traditional and online lenders. Let’s take a look at some examples that may be familiar to you. You may even have an existing debt with the installment structure:

  • Traditional personal loans – a kind of unsecured debt you can obtain from traditional financial institutions. It typically requires you to have a good credit score and go through a hard credit check;
  • Private and federal student loans – a form of borrowing that allows you to get the money you can spend to fully or partially cover expenses associated with your education;
  • Auto and RV loans – secured loans you can use to purchase a new or used vehicle;
  • Mortgage – a secured loan people take out to purchase a house.

Other Options for No Credit Check Loans with Guaranteed Approval

If guaranteed installment loans for bad credit don’t seem like a suitable form of debt for you, there are also several options people can apply for with bad credit scores:

  • A payday loan. Consider this unsecured loan for your short-term financial needs and repay the entire loan amount at once after you receive your next paycheck;
  • A bad credit personal loan. If you need a higher amount that is up to $15,000, with the ability to turn it back within up to 60 months, bad credit personal loans are at your service. But be ready to confirm you have a sufficient income to get one;
  • A car title loan. If you’re a car owner, let your means of transport become the key to reaching your short-term financial goals. Just use it as a pledge and get between 20% and 50% of its appraisal cost. As title loans are secured, they can come with lower interest rates compared to payday loans and other unsecured options;
  • A joint personal loan. Joint loans allow people with any credit scores to borrow money if they bring a co-signer with good credit. This way, both of you will be responsible for fulfilling your loan payment obligations;
  • A pawn shop loan. Bring some of your costly items to a pawn shop and get a loan amount that will be comparable to the price of your belonging. As it is a secured debt, late payment may result in the loss of your property.

Are Online Installment Loans with Instant Approval a Good Idea?

Many people divide debt into bad and good. However, it mostly depends on what you’re going to use the loan funds for. Sometimes obtaining bad credit installment loans can help you stay afloat or avoid stress. This way, it may even be a useful option. Also, you can use online installment loans with instant approval as one of the steps of your investment strategy. For example, a bad credit installment loan can help you purchase an asset or start your own business, so it will help you build wealth over time.

Of course, there are also bad reasons for obtaining installment loans online. For example, you shouldn’t use an installment loan amount for some wants and inessentials, as well as obtain it if you’re not sure you will be able to keep up with your monthly payments. We’ve done our research and collected some good reasons for taking out bad credit installment loans:

  • Use the money to consolidate debt. Debt consolidation loans can help you reduce your monthly payments if you pick the right option. When you make debt consolidation, you combine several personal loans into one by using the funds to pay off all your current debt. However, debt consolidation loans need to have lower interest rates than your existing loans have;
  • Cover your medical expenses. Your health is the most precious thing you have, so you should take care of it. As leaving your medical bills unpaid may lead to undesirable effects, it’s better to pay them off right away. And sometimes you may need a loan to cope with it;
  • Make home improvements. This way, it may work as an investment if you’re going to rent out or sell your house at a competitive price;
  • Cover emergencies and regular needs. Sometimes you can unexpectedly run out of money and find yourself in need of a couple of hundred dollars to make ends meet by your next paycheck. In this case, check in with your budget first and make sure an installment loan is a last resort.

Am I Eligible for No Credit Check Loans?

No credit check loans with guaranteed approval are easily attainable. They have only a required minimum of basic criteria, which include as follows:

  • Minors are not allowed; only adults are accepted;
  • Permanent residents or legal citizens only;
  • Can demonstrate a monthly income of at least $1,000;
  • Have a valid bank account;
  • Specify personal and contact details that include permanent address, email, and phone number.

Keep in mind that some lenders can also take into account your debt-to-income ratio, credit utilization, or even borrowers’ credit scores. Thus, you should contact a potential lender in advance and ask them about the full list of requirements for bad credit installment loans.

How to Get a Personal Installment Loan With a Poor Credit Score?

Personal loans for bad credit with instant approval are typically available after making a few simple actions. First, you need to share your personal data and financial situation with the lender by filling out an online or offline application form. Then, you need to wait a bit for an answer that you will get by email. If positive, you need to review and sign an installment loan agreement. Finally, a lender will make a direct deposit to your bank account. It takes you about one business day to see the money in your account. From now on, you need to repay the installment loan on schedule within the agreed loan terms.

Conclusion – For Whom Will Bad Credit Installment Loans Work?

Installment loans for bad credit are most likely to fit people with bad credit scores who can’t get personal loans from banks and federal credit unions. Also, bad credit installment loans can meet your expectations if you’re searching for fast assistance with a convenient payment schedule. Like any other personal loan, online personal loans for bad credit can be a good idea if you know how to use them for your benefit. However, keep in mind that they are typically an expensive option, so an installment loan can easily trap you if you use it thoughtlessly.


How Fast Do Instant Funding Installment Loans Reach My Bank Account?

As the name suggests, instant funding installment loans hold the crown for their swiftness. However, it typically takes a bit of time for a bank to process the transaction and credit money to your bank account. Thus, you can commonly receive the money as quickly as the next business day.

Where Can I Get Personal Installment Loans for Bad Credit?

You can apply through a connecting service if you don’t have enough time to do your research and compare various loan providers. There are also direct private lenders and online companies that are always willing to help, so you can spend a little time listing and comparing those that operate in your area. Also, some bad credit options are available through banks and credit unions, but they are more likely to be secured.

How Do Installment Loans for Bad Credit Impact My Credit Score?

Personal installment loans for bad credit are generally not an option that entails a hard credit inquiry. There’s only a soft check that usually occurs when a lender makes a loan decision. Therefore, your credit score won’t be damaged or improved.

David M. Higgins II is an award-winning journalist passionate about uncovering the truth and telling compelling stories. Born in Baltimore and raised in Southern Maryland, he has lived in several East...

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