There are lenders that will publicize the fact that loan approvals can be guaranteed given the right circumstances, but there is a catch to the idea. Everything rests on those circumstances, so not just anyone can get the green light. It means that securing approval on personal loans with bad credit cannot be guaranteed.It is somewhat misleading to claim that guaranteed loan approval exists at all, but the reason why it is made is that, in certain circumstances, approval is pretty easy to secure. Even when low credit scores are a part of the equation, applicants can have a realistic chance of securing the funding they need.The secret? Well, it all comes down to your choice of loan application, which lending institution is applied to and the ability to accept the limits that a given financial situation places on a personal loan application. So, knowing what the available options are is important. Here are 3 of them.Loans With A CosignerThe key issue for any lender is not credit scores or even loan sums, but whether or not the borrower will be able to make the repayments. Remember, a loan is an investment for them, and they want a return on it. It is this principal that dictates whether an application for a personal loan with bad credit is a risk for the lender.The solution to this problem is a cosigner, otherwise known as a guarantor. When it comes to securing a modest loan, like $5,000, they are extremely useful. In fact, it is probably as close to securing guaranteed loan approval than a bad credit borrower is every likely to get.But there are conditions. The cosigner usually needs to be a homeowner, have an excellent credit rating and a large enough income to make monthly repayments. Their advantage, after all, is to make the repayments on the personal loan in the event that the borrower is no longer able to.Alternative Installment LoansNormally, we think of installment loans as those that require regular repayments (usually monthly) over a set period of time. But the financial strains the credit industry finds itself under has moved the goalposts a little. Now, it is a flexible solution to those seeking a personal loan with bad credit, with the loan sum paid in cash installments.This is a relatively new product, with loans of just $100 available in equal sums over a period of time – usually up to 12 months. The loan limit is usually at around $1,500, and having a source of income is essential – in fact, it is the key to securing a guaranteed loan approval.There is no need to find a guarantor, so the interest rate charged is going to be a little more, but the structure of this personal loan means the repayment term is more flexible. Once it is ascertained that the loan is affordable, then approval is practically guaranteed.Choosing a Payday LoanThis is a hugely popular option, but in terms of getting good terms on a personal loan with bad credit, it fails to impress. Bad credit borrowers frequently seek out the best bet when it comes to loans, but not always the best terms. Because a payday loan is granted on the back of an imminent paycheck, the chances of a successful application are greater.Guaranteed loan approval is not exactly given however, since usually the loan must be repaid in one payment after just 30 days. And with the interest rate very high (30%), it means a $1,500 personal loan needs $1,950 to be paid off. That is a lot to take from one paycheck, but if it is affordable, then the loan is granted.