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Best Guaranteed-Approval $5000 Bad Credit Loans

Written By
G. Dautovic
Updated
April 01,2024
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Being stuck with a bad credit rating makes most of the financial challenges feel overwhelming, especially when something urgent comes up in your life.

Whether it's an unexpected medical bill, urgent home repairs, or simply the need to consolidate debt, bad credit personal loans with guaranteed approval of $5,000 offer a beacon of hope for those individuals who cannot get a standard cash loan from a bank.

Our post will help you navigate through the emerging online lending space, and highlight the best and most trusted options available to you in 2024.

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Top Bad Credit $5,000 Personal Loans for April 2024

Fast5KLoans

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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OVERVIEW

Fast5KLoans was founded in 2014 and has since emerged as one of the leading lending marketplaces in the US. There are no minimum credit requirements here, and the funding times are matching the industry standard, with most bad-credit loans being approved within one business day or less.

  • No credit score requirements
  • Quick application process
  • Zero hidden fees
Apply Now
On Official Website
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LOAN AMOUNT:
$500 - $35,000
LOAN TERM:
60 days to 72 months
APR:
5.99% - 35.99%
FUNDING TIME:
1 business day

PersonalLoans.com

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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OVERVIEW

PersonalLoans.com operates as an intermediary, providing a robust marketplace for those seeking guaranteed-approval loans for bad credit. Connecting customers with lenders across 47 states makes it unlikely that you will be rejected for a loan, and the company provides a great amount of flexibility with its borrowing options as well. PersonalLoans.com uses an advanced algorithm to evaluate each application, but the minimum credit score requirements are a bit higher than what the industry average is right now.

  • Vast network of lenders
  • Great loan variety
  • User-friendly approval process
Apply Now
On Official Website
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LOAN AMOUNT:
$1,000 - $35,000
LOAN TERM:
90 days to 72 months
APR:
5.99% - 35.99%
FUNDING TIME:
1 business day

5KFunds

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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OVERVIEW

5KFunds stands out as a good option for guaranteed-approval bad credit loans of $5,000 due to its lenient requirements and simple loan application process. The marketplace is well-known for its cost transparency, and with a network of more than 100 different lenders, you can get a quote and your funds rather easily.

  • Flexible terms
  • Transparent loan process
  • Funds wired directly to your bank account
Apply Now
On Official Website
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LOAN AMOUNT:
$500 - $35,000
LOAN TERM:
61 days to 72 months
APR:
5.99% - 35.99%
FUNDING TIME:
24 hours

CashUsa.com

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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OVERVIEW

CashUSA.com is another lending marketplace that specializes in subprime loans, such as guaranteed approval bad credit loans. You can apply through a simple online form, and afterwards receive a tailored offer of loans from different lenders for your specific needs. With fast approval and low minimum requirements, you can almost certainly find a good offer despite your bad credit rating.

  • Fast loan disbursement
  • No fees
  • Secure lending platform
Apply Now
On Official Website
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LOAN AMOUNT:
$500 to $10,000
LOAN TERM:
3 to 72 Months
APR:
5.99% – 35.99%
FUNDING TIME:
1 business day

BadCreditLoans.com

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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OVERVIEW

BadCreditLoans.com is an online loan marketplace offering personal loans of $5,000 or less for customers across the US. The company accepts borrowers with credit scores of 500 or even lower, helping you find a lender that best suits your personal financial needs. The services offered by BadCreditLoans.com are entirely free, and you can get a quick offer through a simple online form, and even if you want to quit the application process this won’t incur any fees.

  • Doesn’t require collateral
  • No credit check
  • Competitive interest rates
Apply Now
On Official Website
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LOAN AMOUNT:
$500 to $10,000
LOAN TERM:
3 to 60 Months
APR:
5.99% – 35.99%
FUNDING TIME:
1 business day

LoansUnder36

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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OVERVIEW

LoansUnder36 specializes in personal loans of $35,000 or less, and borrowers can use the loans offered by the lender for a variety of payments, including debt consolidation, medical expenses and more. This is also not a direct lender, but an online personal loan marketplace, which connects you to lenders with the best possible loan offers tailored for your personal needs, making it quite easy to get funds quickly at a reasonable rate.

  • One application for all available lenders
  • Incurs no fees
  • Quick approvals
Apply Now
On Official Website
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LOAN AMOUNT:
$500 - $35,000
LOAN TERM:
Up to 60 months
APR:
5.99% - 35.99%
FUNDING TIME:
24 hours

Avant

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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OVERVIEW

Avant is a well-known direct lender with years of experience, recognized for providing bad credit personal loans with guaranteed approval and catering to individuals with lower credit scores. The company was built around a customer-centric approach, allowing for rapid access to funds through a straightforward application process, along with important features like late fee forgiveness and a low administrative fee.

  • Low administrative fee
  • Quick access to funds
  • Soft credit check
Apply Now
On Official Website
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LOAN AMOUNT:
$2,000 to $35,000
LOAN TERM:
12 to 60 Months
APR:
9.95% – 35.99%
FUNDING TIME:
1-3 business days

Upstart

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Upstart Logo
OVERVIEW

Upstart is an innovative lending platform that utilizes artificial intelligence to assess your creditworthiness, not only by checking your credit score, but also considering other factors such as your job history, income potential and education. The lender provides a user-friendly experience and competitive interest rates tailored to your unique applicant profile, making it a good choice for those seeking rapid financial assistance without the barriers to entry commonly found with conventional lenders.

  • Zero prepayment fees
  • Calculates your credit score through AI
  • Streamlined application process
Apply Now
On Official Website
Read expert review
LOAN AMOUNT:
$1,000 to $50,000
LOAN TERM:
3 or 5 Years
APR:
6.40% – 35.99%
FUNDING TIME:
24h
Quick Breakdown

$5,000 Bad Credit Personal Loans With Guaranteed Approval - Our Top 5 Picks:

  1. Fast5KLoans

  2. PersonalLoans.com

  3. 5KFunds

  4. CashUsa.com

  5. BadCreditLoans.com

How To Apply For a $5,000 Bad Credit Loan

Before applying for a $5,000 bad credit personal loan, it is essential to understand the application process and familiarize yourself with the most common prequalification requirements, as lenders always have a certain set of criteria that each potential borrower has to fulfill before being eligible for recieving funds.

Requirements for Prequalification

Some of the most common prequalification requirements for guaranteed-approval bad credit loans of $5,000 are:

  • Age and Residency: You have to be at least 18 years old, and be a legal resident or a citizen of the United States, with proof of residency being commonly required. You can verify your age and citizenship through a government-issued ID like a passport, green card or a driver’s license, but some lenders require a birth certificate to prove your age. 
  • Income: You have to have a steady monthly income of between $500 and $1,000 to ensure the ability to repay the loan. This proof of income can be from employment, self-employment, government benefits or other sources, and you can use documents such as pay stubs, tax returns, invoices or bank statements to prove your income level.
  • Bank Account: You’ll need to have a valid checking or credit union account in your name for the deposit of funds and for the loan repayments.
  • Credit Score: Most lenders will usually require your Social Security Number in order to perform a credit check.
  • Debt-to-Income Ratio: Some lenders may assess your DTI ratio to evaluate your ability to repay the new loan.

The Application Process

While application processes vary between each individual lender, most of them do have a similar path you have to take in order to get a $5,000 bad credit loan.

  1. Initiate Loan Request: This is usually done through a short form on the lender’s website, on which you provide the prequalification details we mention above.
  2. Soft Credit Pull: Most lenders will then do a soft credit check to see if you meet the prequalification criteria.
  3. Receive Offers: If you meet the criteria, you will be matched with one or a number of different lenders and be able to compare their loan offers before taking the next step.
  4. Finalize Application: After you’ve chosen the lender with the best offer, you will complete their application process by providing any additional documentation that the company might require.
  5. Review and Sign Loan Agreement: At this stage, it’s crucial to be diligent and carefully read through the terms and the conditions of your loan agreement, and if you find these terms satisfactory, you will then e-sign the document to finalize the loan.
  6. Receive Funds: As $5,000 bad credit loans are mostly used for financial emergencies, most lenders will deposit the funds to your bank account rather quickly, with the industry standard being within one business day.

In order to have a smooth application process, we recommend that you keep all the important documents needed to qualify for the loan prepared, as this will increase your chances of securing a loan with more favorable repayment terms. Additionally, we advise that you take time to evaluate all the available offers, and that you use the prequalification feature to determine your eligibility without harming your credit score.