Best Bad Credit Personal Loans With Guaranteed Approval Over $5,000

Andrew Reyes
A person holds a stack of money while a loan officer hands them a pen to sign a contract.
Reading Time: 5 minutes

The following list of lenders can help provide you with access to personal loans, depending on your credit score. Let’s take a closer look at each.

CashUSA.com

Obtaining a personal loan from CashUSA.com is as easy as completing their secure online form in minutes, after which the company will help you connect with a lender in real-time. 

If the lender offers you a loan with an agreeable annual percentage rate and you accept, you could have the money in your account as soon as the next business day. You can also sign up for electronic debits that automatically apply payments to your account when they’re due each month.

If you don’t qualify, the company might send you offers for related services like debt relief or credit repair.

  • Loan amounts: $500 to $10,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: Three to 72 months.

Learn more about CashUSA today.

BadCreditLoans.com

BadCreditLoans.com uses their proprietary technology to help connect you with lenders and financial service providers in their network, which can provide access to monthly installment loans, even if you don’t have perfect credit.

Keep in mind, however, that these loans or lines of credit may come with meaningfully higher APRs than if you went with a standard lender, like a bank.

There is no cost or obligation to connect you with one of the lenders in their network, including state and Tribal lenders. Once you receive a loan offer, you can read through the details carefully before e-signing on the dotted line.

Once you accept, the lender will send the money directly to your bank account via direct deposit as soon as the next business day. BadCreditLoans.com may connect you with offers for other services like debt relief or credit repair if you’re not approved.

  • Loan amounts: $500 to $10,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: 90 days to 72 months.

Learn more about BadCreditLoans today.

Payoff

Payoff’s personal loans are designed to help you reduce or eliminate high-interest credit card bills while rolling everything into a single, low-rate monthly payment.

All you have to do is fill out their brief online application, and you could check your rate in as little as three minutes. You won’t have to worry about application fees or hurting your credit score, and there’s no obligation if a lender presents you with an offer.

If you agree after reviewing the terms, verifying your information, and e-signing your loan documents, Payoff’s lender will electronically deposit the funds into your account. In contrast to many of the other lenders in this list, Payoff doesn’t charge late payment fees.

  • Loan amounts: $5,000 to $40,000
  • APR: 5.99% to 24.99%;
  • Loan terms: Two to five years.

Learn more about Payoff today.

Prosper

Prosper provides access to fixed-rate, fixed-term personal loans that you can repay via single, budget-friendly monthly payments. Loan terms are typically between three and five years, with no prepayment or early payoff penalties.

To apply, all you have to do is select your loan amount and answer a few questions, and Prosper will instantly list your lowest eligible rates. From there, you choose the offer with your best terms, and the money will be deposited directly into your bank account.

Compared to many of the other lenders here, Prosper also provides access to home equity lines of credit (HELOCs) and debt consolidation, home improvement, and healthcare financing loans.

  • Loan amounts: $2,000 to $40,000;
  • APR: 7.95% to 35.99%;
  • Loan terms: Three to five years.

OneMain Financial

OneMain Financial specializes in personal and auto loans with fixed rates and payments. To apply online, you’ll need to enter your financial, employment, and personal information, and you’ll receive a quick response.

If approved, OneMain will connect you with one of their loan specialists, who will verify your identity, income, and expenses and discuss whether any collateral is needed. Then, after signing, you’ll receive the money in your bank account.

Compared to most of the other lenders on this list, OneMain Financial has more than 1,500 physical locations around the U.S. if you prefer to speak with someone face-to-face.

  • Loan amounts: $1,500 to $20,000
  • APR: 18% to 35.99%;
  • Loan terms: Two to five years.

Avant

Avant’s focus is to provide middle-income borrowers with access to personal loans that can help them pay down high-interest debt, improve their home, or cover unexpected expenses, all through a clear and transparent process.

Prospective customers can easily apply online in minutes, and if approved, you can have the money in your bank account as soon as the next business day. From there, you can manage your account and even make payments directly through the Avant mobile app for Android and iOS devices.

  • Loan amounts: $2,000 to $35,000;
  • APR: 9.95% to 35.99%;
  • Loan terms: Two to five years.

Upstart

Upstart uses artificial intelligence to expand access to reasonably priced credit, resulting in 27% more approvals and 16% lower rates than traditional models.

All you have to do is fill out a brief online form on their website to check your rate in five minutes. Then, you’ll verify your income (most borrowers receive instant approval) and get your money as fast as one business day later.

Once everything is in place, Upstart doesn’t charge any fees for pre-paying part or all of your loan.

  • Loan amounts: $1,000 to $50,000;
  • APR: 7.86% to 35.99%;
  • Loan terms: Three to five years.

PersonalLoans.com

After you fill out a short online loan request form, PersonalLoans.com provides you with access to personal loans via their network of lenders and other third-party networks.

Applying for a loan is completely free with no upfront costs and no obligation. You’ll have the chance to review your loan’s details before committing, which will be based on a combination of your credit score, repayment history, and other factors.

  • Loan amounts: $1,000 to $35,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: Three months to six years.

Learn more about PersonalLoans today.

What Are Personal Loans Over $5,000?

If you have bad credit, it can be difficult to obtain personal loans at any rate, whether you need help paying down credit card balances, covering emergency expenses, or anything else.

Fortunately, a wide variety of lenders specialize in providing personal loans to individuals with bad credit, whether guaranteed approval or otherwise. This way, they can help you get the funds you need when you need it, rebuild your credit, and obtain better financing options in the future.

How Do I Get a Personal Loan Over $5,000 With Bad Credit?

Applying for most bad-credit guaranteed-approval personal loans starts by entering your details on the lender’s website, including your name, date of birth, the amount of money you’re requesting, and the reason you’re requesting it (e.g., to pay down credit card debt).

Most of these lenders can provide an immediate answer to your personal loan request and then send the funds to your bank account in as little as one business day.

To ensure that everything goes smoothly during the application process, you’ll want to make sure that you enter all of your details correctly, including drivers’ license information, which can significantly impact the rates you receive.

Speaking of which, the lower your credit score, the higher your interest rate will be. Before agreeing to the terms, make sure that you’re not paying more in interest than necessary and that you can comfortably repay your loan.

The good news is that improving your credit score even a little can greatly impact the interest rates you receive. So if you don’t receive the best rates immediately, you can work to pay down your existing debt, boost your credit score, and reapply at a later time.

How to Find the Best Lenders for Personal Loans Over $5,000

Before seeking out a personal loan, it’s essential to review your credit report and your credit score, which will help you keep your expectations realistic regarding the types of offers you’ll receive.

Because there are so many personal loan lenders out there, it’s wise to start the process by asking for recommendations from friends and family who can provide helpful insight.

After narrowing down your list of lenders, you’ll then want to read online customer reviews for any you’re considering. Specifically, look for responsive customer support, which can help you quickly clear things up if you encounter a problem.

If you see a pattern, whether positive or negative, you’ll likely experience much of the same after signing on the dotted line.

If you receive a loan offer, carefully read through the terms, which can vary significantly between lenders. If available, you’ll want to focus on offers that don’t charge upfront fees, prepayment penalties, or much higher interest rates than what you’re paying now (if you’re using this loan to pay off credit card debt, for example).


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