Bad Credit Loans Guaranteed Decision on Loan Approval

Posted by Arif on December 12th, 2019

 If you have bad credit, you can get guaranteed approval on the loan?

Sometimes you need a little extra to get by. Unexpected costs can eat up your cash. A shortage of surprises in take-home pay can you make to pay for the rental loud. Emergencies may require cash upfront. Whatever the case, sometimes you need to get cash, fast.

If you have good credit, making ends meet when you fall short of funds easily. You can take a cash advance on a credit card or get an extension.

However, things are different when you have bad credit. You have fewer options and fees for obtaining a loan are often much higher.

Before you decide what to do, here is some valuable information about bad credit loans guaranteed approval and ideas.

table of contents

Is guaranteed approval loans for those with bad credit even exist?

Types of bad credit loans

Payday loans without collateral

secured title loans

How to increase your odds of getting a bad credit loan

LendUp can help

Is guaranteed approval loans for those with bad credit even exist?

The short answer is no. There are loans designed for people with bad credit, but there is no such thing as 100% secured loan.

Instead, most people with guaranteed online installment loans for bad credit online.. These loans do not involve credit check hard by traditional credit bureaus and many of them use alternate data outside of a traditional credit score to gauge your ability to pay.

With this type of loan, you will be asked to make one or more payments to repay the loan. You also have to pay interest and other charges. the loan amount varies by lender and generally, including interest and other costs.

Appearance Let's look at some type of bad credit loan so you can get a better idea of ​​your choice.

Types of bad credit loans

When you need fast cash, you probably do not care where you get your money as long as you have as much as you need to cover an emergency, lease, or other costs.

It's comforting to know you can cover your bill-but be careful. There are some serious pitfalls to choose a particular bad credit loans.

Payday loans without collateral

With this type of loan, the lender uses your paystub number to find out how much they think you can borrow and pay. Also called a down payment, deferred deposit, or credit the success of the loan, the amount is small, and the repayment period is short.

Usually you have to pay back the amount you have borrowed (and in most cases the interest and fees as well) when you get your next salary-about two weeks to one month after getting the loan.

The amount you can borrow depends on the laws in your state. To get approved, you will need to prove that you meet the minimum salary requirements. You can be denied if you do not make "enough" or if you have bounced a check recently.

Payday loans can be a debt trap. If you can not pay back the loan on time or if you fail to pay it, you may be forced to roll over the loan into a new loan, adding to the cost of borrowing, and it happens often.

According to the Consumer Financial Protection Bureau, 80 percent of payday loan borrowers roll over their loans. With each rollover, rising costs make pay off the debt much more difficult.

secured title loans

Secured loans are backed by some type of collateral, such as your car title. Therefore, they are also called title loans.

Such as payday loans, title loans are short term loan solutions. They are meant to help you get quick cash and they do not require a credit check, but they are different from payday loans.

Instead of giving a paycheck as you do with payday loans, you have to hand over your car title. Title loan lenders will let you borrow the amount based on the value of your car.

The lender keeps the title until you pay back your loan. You usually get 30 days, but some lenders title may give you a few months to pay the total as long as you make regular payments.

Major pitfall with this type of secured loan is that if you do not pay back the money you owe, you could lose your car. About 20 percent of people who took the title loan will finally have their cars confiscated.

How to increase your odds of getting a bad credit loan

Fortunately, payday loans and title loans are not your only choice. Even if you are a bad credit score, you may still be able to get a loan. Many traditional lenders such as banks and credit unions offer personal loans.

Although you do not need to have great credit, you'll generally need to have a better than bad credit. You may also be evaluated following:

credit score

Total earnings

monthly payment

credit history

payment history

record of service

Total debt

The number of credit inquiries

When you increase factors like your credit score or your record of paying on time, you increase your chances of getting a loan. You may also consider getting a secured loan, which means that you use something as collateral or add a co-signer.