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Fast and Quick: Guaranteed Loans for People with Bad Credit 

People with a bad credit score often find it challenging to get a loan. In the case of emergency expenses, such as unexpected hospital bills, being laid off, or major home repairs, those with poor credit may face even greater difficulty meeting these financial obligations. Lending institutions will see them as risky borrowers, and often deny their applications.

Moreover, having bad credit tends to limit your options. Even if your loan application is approved, you can expect a higher interest rate than those with good credit. Below are the different guaranteed loan options for people with bad credit.

Use a Co-Signer

If you have a bad credit score, you’ll tend to get your application rejected or have unfavorable loan terms. In this case, you might consider getting a co-signer to help you qualify. A co-signer will be a second repayment source for the lending company. If you fail to make your payments, the co-signer will be responsible for paying what you owe.

Applying for a loan with a co-signer is a good option, especially if you have a bad credit score. The creditworthiness of your co-signer will help you get the best possible deals a lender could offer.

Payday Loan

A payday loan is a short-term loan that requires you to fully pay the borrowed amount plus tax and other fees on your next payday. The period of a payday loan is typically 2 to 4 weeks from the date it was approved.

The particular due date will be stipulated on the loan agreement and discussed with you during the loan application. Getting a loan approved is a simple and easy process, however, it’s one of the most expensive loans you can get. If you need quick cash for urgent financial needs, a payday loan is an option.

Car Title Loan

A car title loan is a secured loan that requires the title of your vehicle as collateral. The car should be under your name, and must be paid for in full. Otherwise, your application might not be approved. This is another type of secured loan and the loan limit depends on your vehicle’s market value.

The more valuable your car, the more money you can borrow. However, a missed payment or two can result in the repossession of your vehicle. If you’re badly in need of financial assistance right now and have no other options, a car title loan will still be of immense help.

Peer-to-Peer Loans

For people with bad credit, a peer-to-peer loan is another available option.

When applying for this kind of loan, you’re not getting money from any financial or lending institution. You’re borrowing money from a person or a group of people willing to lend you the particular amount you need for a certain period. They earn interest from what you owe. The P2P loan structure began in 2005 and continues to help people in need of financial assistance even today.

P2P loans work like other bank loans, but they may differ in interest rate, loan limit and length, qualifications, etc. The date of repayment and loan terms will also be discussed during the loan application. Like other loans, you have to repay the full amount of the borrowed money plus taxes and fees.

Joint Personal Loan

Like a personal loan that needs a co-signer, a joint loan will let you benefit from your co-borrower’s creditworthiness. This type of loan is most common to married couples, especially when one has a bad credit score.

If these couples decide to make big purchases, they can apply for a joint personal loan. You and your spouse must understand the loan’s terms and conditions since both of you will be legally liable for repaying the full loan amount. If one of you refuses to pay, the other will be responsible for settling the remaining loan balance.

A joint personal loan is of great help when couples fully commit to being responsible for repaying the loan.


Having a bad credit score isn’t easy, especially when you need emergency financial assistance. Unless you have enough savings to cope with your unexpected expenses, you might be in trouble. Even those with a poor credit score have options available to meet these financial needs. The various loans discussed above will help if you have bad credit. The examples above can help you with your current financial challenges.