Bad Credit Loans Guaranteed Approval: Do They Really Exist?
The simple answer to this question is no. A “guaranteed approval” is a gimmick used by irresponsible lenders as a way to sway the unsuspecting. Expecting a lender to guarantee any type of loan, no matter how large or small, without so much as conducting a credit check is unrealistic.
That does not mean that someone with no credit score, or a lower one, cannot take out a loan. Some lenders partner with individuals who find themselves in such a situation, though they are not attached with a “guaranteed approval.”
Can I Get Guaranteed Approval Loans With No Credit Check?
No matter the type of loan you are applying for, a lender will have to perform a credit check before providing any approval. Some lenders work with individuals who don’t have a credit score or have a bad one. So rather than performing a hard credit check, they do a soft credit pull.
Payday loans are the easiest to obtain in such a situation. This short-term solution is the most common type of loan where the lender doesn’t perform a hard credit check. A lender might also be inclined to make a fast decision rather than make the borrower wait weeks, such as with a regular bank.
How to Get Loans for Bad Credit With Instant Approval?
The process for obtaining a loan approval through iPaydayLoans is simple and easy. Start by filling out the loan application form, which will navigate to the next pages asking you to provide financial and personal information lenders use to make a decision on whether to approve the loan.
iPaydayLoans helps connect you with a lender, where an expert panel will review the submitted information. Multiple offers might start coming in with a description of the loan, terms, and conditions, as well as the interest rate. With the terms and conditions signed, the funds will be transferred to you within a short amount of time.
How much would you like?
Types of Loans With Instant Approvals
Some loans on the market come with an almost instant decision. But, for most, lenders are even partially toward providing the loan with a low credit score.
1. Personal Loans
Personal loans, sometimes called installment loans, these loans are typically provided in amounts up to $35,000. As the second name suggests, they are repaid in equal monthly payments. Though lenders also approve these types of loans for individuals with bad credit, they typically have lower interest rates than payday loans.
2. Payday Loans
A payday loan is a short-term loan typically taken out by an individual with a bad credit score. The amounts usually don’t exceed $1,500 as they are supposed to be repaid quickly. When approving this type of loan, a lender will evaluate the individuals’ ability to repay, such as their income amount, rather than their credit score.
3. Car Title Loans
A title loan involves putting up a car title as collateral for loans of up to $25,000. The decision to approve this type of loan doesn’t rest solely on a credit score, though a soft one is taken, but on the individual’s ability to pay and of course, the confiscation of the title if the loan remains unpaid.
Advantages of Bad Credit Loans at iPaydayLoans
iPaydayLoans is there to support you in time of need. When you find yourself strapped for cash due to an emergency, iPaydayLoans works to match with lenders so you can get the funds you need as soon as possible. Take a look at some of these benefits of using iPaydayLoans:
Convenient 24/7 service
iPaydayLoans is there any time day or night. From the convenience of your home, get started with the process by submitting a few key pieces of information and wait while we match you with a lender.
Credit score improvement
Paying monthly and on time will only help improve your score. If you’re burdened with a hard credit score, use the opportunity for such a loan as a way to rebuild your score with on-time payments.
Fast decision in most cases
The road toward obtaining a loan approval could be as quick as a couple of hours. Once you submit your information, some approvals come through even as quickly as a couple of minutes, so you’re not left wondering.
Secured funding makes it to your pocket fast! Any loans approved through a lender can be sent as quickly as the next business day.
Up to $35,000 in Personal Loans
Compared to other companies, iPaydayLoans will have you partnered with a lender despite a bad credit score. Get help finding a lender to partner with to fund a loan of up to $35,000.
|How much can I borrow?||$50-$35,000||No hidden fees or charges|
|I have bad credit. Can I apply?||Yes||Bad credit is considered|
|Over how long can I spread the repayments?||1-36 months||Fast decisions|
|Are credit checks involved?||Yes||Soft credit checks only|
|Chances of getting approvals||Good||256-bit encryption protocol|
|How to apply?||Apply online||Easy application|
What Are the Eligibility Requirements for Bad Credit Loans With Instant Approval?
The process toward approval always starts with supplying the required information. Obtaining a loan with the help of iPaydayLoans means meeting some general eligibility requirements:
- At least 18 years old
- A United States Citizen or Permanent Resident
- Provide demographic information such as date of birth and address
- A valid form of identification
- Proof of stable income
- An active bank account
Even if you find yourself in a bad credit situation, you’ll still have the opportunity to reach out for funding. The outcome will focus on your ability to repay the loan, such as with a steady income, rather than on the credit score.
How Fast Can I Get the Money If I Am Approved?
Once the loan has approval from a lender, they will supply the terms and conditions. This information should be read carefully as it will detail the repayment plan and interest rate. With the paperwork signed and out of the way, the loan can be funded as quickly as the next business day.
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Does It Matter If My Credit Is Bad if I Want to Borrow $5000?
A bad credit score does not mean that you won’t get approval from a lender immediately. Rather, the road to borrowing $5,000 will be based on your ability to repay the loan, rather than on your past credit history. A bad credit score will likely result in a higher interest rate, which is something to keep in mind.