What Are Bad Credit Loans Guaranteed Approval?
There are solutions for people with bad credit to borrow money, especially for emergency needs. Some common sources for bad credit loans guaranteed approval are short term loans, such as payday loans, installment loans, and title loans. While no loan application has a 100% guaranteed approval rate, these short term loans cater to poor credit individuals.
Some loan providers do not approve loan applications for individuals with abysmal credit. Getting cash with bad credit can be difficult, but Loans Institution fill in the gap and offer short period loans without using credit history as the major determinant for approval.
Bad credit loans uses
Bad credit loans can be used for just about anything that a personal loan can. Typically, however, they’re not suitable for debt consolidation given their higher cost. You may use a bad credit loan to purchase a car which will usually be used as security.
Get approved for a Bad credit loan
If you have bad credit, a lender will base its lending decision on two factors; affordability and the availability of security. To increase your chances of approval you should make use of a specialised bad credit lender like Loans Institution.
Bad credit loan security
For bad credit loans guaranteed approval, you need to place an asset as security. In this way, if you default on the loan, the lender will have the right to repossess the asset as compensation for the default.
Since the risk for the lender is lower when collateral is available, you’ll stand higher chances of approval. You may even be able to secure a lower interest rate. This option is risky, but it can be quite helpful as long as you’re able to pay back the loan.
How do you apply for a loan for poor credit with Loans Institution?
We understand that many people can have poor credit and still be financially responsible. Instead of proposing a bad credit loan that puts you into a bigger hole, we offer credit to help you.
- Speedy -We pride ourselves on offering a quick and easy poor credit loan alternative. You could get cash into your bank in under 90 seconds, once approved . No need for a long and anxious wait.
- Borrow what you need – You can apply for up to €/£85,000 and use what you need from your approved credit line. Unlike a loan for bad credit, you’re always in control.
- Borrow £/€5,000 – £/€85,000
- Repay over 12 – 72 months
- Instant approval
- UP to 3,5%
Requirements to apply for a bad credit loan
In order to assess your eligibility as a loan applicant, the lender will check your credit file. Each lender has its own criteria so you may be able to qualify even if your credit file is not completely blemish-free.
You should definitely go over your credit file before you make a loan application. You can request a free credit check once every year from the following credit agencies; Experian or Equifax. You should watch out for errors. If you find any, have them fixed right away.
Since the eligibility requirements of lenders vary, you’ll benefit from making use of a loan comparison service or a broker. If you make multiple applications to various providers your credit score will suffer considerably.
To qualify for a bad credit loan you must:
- Be 18 years of age or older
- Have a steady stream of income
- You must have been employed for the full 6 months preceding the application (or 12 months if self-employed)
- Be able to prove affordability
- For some loans, you’ll need to provide sufficient security
Supporting documents required for bad credit loans
- An acceptable form of ID
- Proof of income in the form of recent payslips
- 2-months worth of bank statements
- Proof of address (a utility bill)
- Various documents related to your specific form of security
I have extremely bad credit can I still get Bad Credit Loans Guaranteed approval?
Extremely bad credit loans may still be possible even with very bad or miserably poor credit. As long as you have a job, get paid regularly, and have been at your address for more than 3 months, it is worth applying for an emergency loan.
Very Bad Credit Loans in an Emergency
We are specialize in loans for people with very bad credit. If you have defaulted previously or have extremely poor credit, WE are able to lend you money. The interest rate will also reflect your financial situation.
No Credit Check Loans No Matter What?
Whatever your credit score, you have a chance of getting a loan. A good credit score guarantees you a loan from almost any lender. Bad credit loans are possible with a credit score as low as 500. But the only way to be certain is to apply on a site like Loans Institution.
Those seeking no verification of their credit report are in a good place as we have no hard credit checks. This does not mean there are no rejections but with a soft credit check, you stand a better chance of getting a bad credit loan garanteed approval.
Will Loans Institution Check My Credit History For Loan Approvals?
Loans Institution may check your credit history before you are approved for a loan. If you have bad credit, this may not automatically disqualify you for a loan. It is important to remember that your credit score indicates how risky it is to lend you money and may affect the interest rates or fees charged. Also, some credit checks we performed are not hard and may not impact your credit score, check our « no credit check loans » service for more info.
If your major concern is whether your credit score would impact your loan application and cause disapproval, it is noteworthy that this may not be the case, provided you meet other conditions and provide requirements.
Advantages of Bad Credit Loans Guaranteed approval
- Being able to access cash when in dire need is a huge relief for most people. Particularly for an individual with a poor credit score, getting approved for a loan application to pay for emergency financial needs can be beneficial.
- Although some lenders carry out checks on credit history, these are not usually hard checks that further impact your credit score.
- Most personal loan providers allow you to apply for online payday loans for bad credit. This process is quick and easily accessible. Also, lenders do no go through lengthy processes like traditional banks and financial institutions, neither do they request bulky documentation for bad credit loan applications.
Disadvantages of Bad Credit Loans
- The interest rate attached to bad credit loans is usually high. Loan providers charge lending fees for bad credit loans. These high-interest rates account for the high risk of giving out a loan to individuals with a poor credit score.
- These types of loans should be explored only if necessary. You should be in a position to pay back the money with any interest. The penalty fees for defaulting on bad credit loans such as payday loans are high and can affect your cash flow situation.
- If taken out of proportion, bad credit loans may lead you into a cycle of debt. It is recommended to explore other cheaper options of accessing cash, either from friends and family or through a credit card.