Getting a loan is possible with bad credit though you must exercise caution. “Guaranteed loans, no credit checks” is a term used by some companies, who promise you a loan with a simple application.
In reality, no company can 100% assure you of a loan. This implies that any loan applicant will be provided on upon application, which is not true.
All lenders do a basic background check on applicants before granting them loans.
Direct Lenders Approval Rate
On average, about 70% of applicants with bad credit are granted funding. No lender grants loans to 100% of their applicants, meaning companies claiming to guarantee loans are not forthcoming.
Borrowers should be cautious about companies that say “bad credit, no problem” or “guaranteed loan approval no credit check direct lender.”
Improving the Chances of Loans Approval
Most legitimate lenders who offer personal loans, like credit unions or banks, are wary of certain aspects of borrowers’ financial records.
For borrowers to be assured of a loan from mainstream lenders, they should:
- Have consistent, sufficient income.
- Have a good credit score, or improve your current standing.
- Keep a good savings record.
- Maintain good credit history; paying back loans on time, taking manageable loans, etc.
- Decrease any current or outstanding debts.
- Refrain from damaging you credit score; go for loans you are comfortable with, pay them back on time.
Direct Lenders Offering Loans on Bad Credit, Fast!
Nowadays loans from conventional lenders like banks can set you back. This is due to the time it takes for approvals to be issued, meaning it could be weeks, sometimes months before funds are transferred.
Over the past decade or so, direct lenders have become more and more available. Compared to mainstream lenders, the turnaround time on approval can be merely hours if not a few days.
Different companies offer different types of personal loans. A borrower with time constraints might find it daunting to endure long approval times, as time affects credit rating and financial stability.
Thus fast loans from direct lenders are more applicable to daily life, hence more suitable to most. The best part is they can be accessed a lot more easily nowadays.
Greendayonline’s Loan Offers for Bad Credit Borrowers
Direct lenders on the Greendayonline website perform basic “soft” checks on borrowers. This favors the loan applicant as no “hard” checks mean no involvement with credit bureaus. Approvals therefore do not depend on good credit, increasing the applicant’s chances of getting their funds.
In this sense, Greendayonline is not so different to other legitimate direct lenders. Bad credit loans are easier to acquire on the website with a soft credit check, with faster fund transfer than from traditional lenders.
It is best to steer clear of sites guaranteed loan approval with no credit check direct lender, as they can be dangerous.
Can you Get Payday Loans with Bad Credit?
Mainstream or conventional lenders and lending institutions incorporate credit bureau ratings. This makes it nearly impossible for applicants with bad credit to receive funds.
However bad credit payday loan providers do not follow these restrictions, as they only assess your income’s consistency.
Ability to repay loans, through a steady source of income is their only concern. Therefore, bad credit loans are still readily available despite having a bad or very poor credit score.
Bad Credit Loans Guaranteed 100%?
Your credit score determines the likelihood of a successful loan application. Having a good credit rating greatly favors any applicant of a loan from any type of lender, especially banks.
With a score as low as 600, it is still possible to acquire a loan. To be certain, sites like Greendayonline are the best chance a bad credit loan applicant has of securing one.
Greendayonline do not conduct hard credit checks, which does not assure you of a loan. That being said, due to soft checks there is a lower than average chance of a loan being denied.
Dangers of Bad Credit Online Loans
The risk of bad credit loans lies in their higher interest rates and fees as compared to other loans.
The lenders take some risk as well, by granting loans to applicant with bad credit history, they are left vulnerable. This is why their rates and fees are higher, evidenced by two-week loans drawing a possible 450% annual interest. It is wise to note that before applying for payday loans.
Loans Above $5,000?
Greendayonline offers installment loans of up to $5,000, repayable monthly. Similarly, a car title loan allows you to borrow on your car’s equity, or use your credit card if your provider can provide you sufficient balance. For smaller amounts, the website provides payday loans.
Such loans, however, require hard credit checks when requested as they are unsecured bad credit personal loans.
Greendayonline gives loans with soft checks on payday loans, with the best chances of approval. You can apply for $100 to $2,500, with loans $5,000 and above offered on installment loans.
Greendayonline’s Bad Credit Payday Loans
Two weeks is the standard deadline for these loans, with a maximum amount of $1,000 receivable.
However, due to different states’ varying loan laws, the loan repayment deadline may change. Therefore, prior knowledge of these laws in your specific state is advised as these laws govern loan amount, loan duration, interest rate and fees.
Loans on the website can be disbursed within a day, however this duration may differ depending on individual lenders’ work load. Again, they are not assured.
Where to get good offers on bad credit loans?
When addressing your loan needs, you should first find a reputable, reliable company. Greendayonline provides payday loans and the longer term installment loans. In order to stay ahead of the curve, it is wise to research different lenders and learn their terms and conditions, as all companies’ loan terms vary.
Payday loans are growing very popular, and so lenders are also popping up frequently. Choosing the right lender is crucial, so ensure they operate under your particular state’s laws. Do this by visiting their offices or online platforms.
The online route is usually the fastest, as the process from loan application to funds transfer can take only a few hours. Sometimes it takes a day depending on your bank’s conditions as well.
Direct lenders will usually require basic documentation that you should have readily.
Why Bad Credit Loans Are Better?
Convenience is a major factor. From the comfort of your own home, you can complete the loan application process and receive loan funds within a day.
The funds are transferred to your account as quickly as possible, unlike conventional lenders where weeks or month-long waits are expected.
You choose how to use the funds. You have complete autonomy on what the funds are used for, which sometimes isn’t the case with traditional lenders.
Are you Eligible for a Bad Credit Loan?
To be eligible you must be at least 18 years old, be a permanent resident of your state or have American citizenship and provide valid identification documentation.
You will also be required to give birth name, home address, and contact information. Finally, you will need to provide records of steady income or proof of current employment.
Before you submit your application always remember, beware fraudulent companies who use attractive words like guaranteed loan approval no credit check direct lender, it will not end well.