Winter holidays are right around the corner, so we're all waiting for a Christmas miracle and are excited about what it will bring to us. While another year is reaching its close, holidays entail a lot of expenditures that may be difficult to cover on your own. If finance is a nuance, you probably start thinking about available ways of getting extra cash. However, you need to demonstrate good credit to get an unsecured personal loan from traditional financial institutions. And it may become a problem for about a third of Americans.
Luckily, bad credit personal loans with guaranteed approval that are offered by alternative direct lenders can come to the rescue. But do you know which one you should choose among all the options that are available on the market? If you find it difficult to decide on a direct lender, we're here to discuss the companies with the best holiday deals for low credit with instant approval decisions.
Top 3 Services Offering The Best Guaranteed Installment Loans for Bad Credit
- 1F Cash Advance – Apply for a no credit check loan with guaranteed approval now
- ASAP Finance – Get a guaranteed installment loan for bad credit online
- 15M Finance – Apply for a 1.000 dollar loan with no credit check now
#1. 1F Cash Advance - A Leading Service for Bad Credit Loans with Guaranteed Approval
1F Cash Advance is deservedly one of the first brand names that come to mind of borrowers with poor credit scores when they need cash advance loans. When you're looking for a reliable direct lender, this connecting service is always willing to link you with one from its network. By doing this, the platform helps its customers find a way out of difficult financial situations.
As the company is intimately familiar with its borrowers' problems, loan availability is one of the most important criteria that direct lenders must meet to join the company's base. Thus, you will not find loans with strict requirements and a minimum acceptable credit score here. Each financial product was created to meet changing customers' expectations.
"We believe that financial assistance must be accessible and simple, and this is what formed the basis of our mission. We know our customers are our main asset, and their problems will always be the first place. Each of them with their particular needs is extremely important to us. Thus, we strive to offer the best possible bad credit loans that you can receive with minimum efforts." – Marsha Welch, the finance author and expert of 1F Cash Advance.
Total Score: 4.8/5
1F Cash Advance shows impressive results with a total score of 4.8 out of 5 that is based on the following criteria:
Customer service: 4.3/5
Customer support: 5/5
Acceptance rate: 97%
Loan decision speed: 5/5
Key Features
Requesting a loan is easier than ever
The whole requesting process is done remotely. An online application form you need to complete is short and plain. Most borrowers note that it took them less than 5 minutes to apply.
Almost guaranteed loan options
An acceptance rate is about 97%, which means that almost everyone who sends loan requests gets their guaranteed approval loans in the end.
Your poor credit score is not a matter of concern
Direct loan providers that the company teams up with don't consider your bad credit score to be the reason for refusal. You don't need to have an excellent credit history with no margin for error.
#2. ASAP Finance - Offers Loans for Bad Credit with Instant Approval
ASAP Finance does its best to make its clients' dreams come true with just one snap of their fingers. When you want to get a bad credit loan almost effortlessly and focus on what is really important, this company is the right place to seek help. As it offers loans with almost instant decisions, you won't spend much time waiting for an answer from a lender. Just check your inbox one hour after submitting a form. If the loan decision is positive, the requested loan amount will be in your bank account on the next working day.
"Bad credit borrowers can rely on us in any situation. No matter what your reason for applying is, we're here to give you a fast and fair offer that can completely meet your needs without asking questions. Our loans are designed for different situations, and we will be happy to help you decide based on your specific needs." – Gregory Allen, the principal CEO of ASAP Finance.
Total Score: 4.7/5
The trust score that goes to ASAP Finance equals 4.7 out of 5, which consists of the following:
Customer service: 4.6/5
Customer support: 4.8/5
Acceptance rate: 92%
Loan decision speed: 4.8/5
Key Features
Affordable interest rates
Both secured and unsecured loans come with competitive interest rates that are quite reasonable for this industry segment.
Basic eligibility criteria only with no minimum credit score set
You don't have to worry that you're not good enough to apply and get the money you need. At ASAP Finance, they welcome every client and prove themself in their work, showing that borrowers with poor credit scores are eligible for affordable financial aid.
Perfect for financial emergencies
As the funding process is rapid, you can count on emergency loans when something urgent happens. The loan funds will arrive within one business day.
#3. 15M Finance - Get No Credit Check Loans with Guaranteed Approval Instantly
If you're looking for a reliable source of additional financial assistance, 15M Finance is always at your service. This connecting platform is best known for providing financial products with guaranteed approval decisions in less than one hour. This is achieved due to a simple verification procedure, which means that the company's partners don't request your credit history from major credit bureaus.
As 15M Finance has multiple payday lenders in its database, it works like an online marketplace. The company sends your loan request to its partners after receiving it from you. You will hear back from a direct lender who is willing to assist you shortly after submitting a form.
"What do "bad credit scores" really mean? In fact, it just indicates that you had or have problems that you couldn't cope with due to financial difficulties or the unstable economic situation in recent years. Low credit scores don't characterize you as an unreliable person. Therefore, credit issues shouldn't become the only reason why people who need help won't get it. You are much more than just your credit rating. Your needs will always be important to us." – Shania Brenson, the founder of 15M Finance.
Total Score: 4.6/5
15M Finance gets a total score of 4.6 out of 5. Here are the parameters that we've considered to get this grade:
Customer service: 4.5/5
Customer support: 4.6/5
Acceptance rate: 94%
Loan decision speed: 4.7/5
Key Features
Online application process available 24/7
At 15M Finance, they understand that emergencies happen unexpectedly and can take you by surprise at any time. If you need cash right away or can't visit the store within its working hours due to your busy schedule, you can easily apply online at any moment that is convenient for you.
Hard credit checks are not performed
Your credit rating won't suffer until you make your loan payment on time. There are no hard pulls through major credit bureaus that will stay on your credit report for years. Your credit score remains the same.
No third-party fees
The service works without intermediaries and doesn't charge any commissions from its borrowers. Thus, your loan cost will be the same as if you applied directly. You only need to pay interest rates and fees to a direct lender that gives you money.
Understanding of Guaranteed Loans for Bad Credit with No Credit Check
Guaranteed loans for bad credit with no credit check are a type of unsecured income-based financing through which borrowers can receive money regardless of their credit and without hard inquiries that affect their credit scores. No credit check loans occupy the top step of the podium for their speed of both loan processing and money funding processes. Typically, direct lenders make their decisions and notify applicants within less than one hour, while money transfers commonly take one business day.
Also, bad credit personal loans with guaranteed approval prove their name by having a high acceptance rate of requests from under-banked borrowers. This way, if you have a bad credit history, you are more likely to receive the amount you want when you are applying for a specialized financial product.
Types of Bad Credit Personal Loans (Guaranteed Approval Options) That Are Available in 2022/2023
Bad credit loans are now pretty popular borrowing options. There are even loans for bad credit offered by traditional lenders, but they are usually secured and still require a hard verification of your financial situation. Let's take a look at bad credit loan options that are considered almost guaranteed.
No Credit Check Payday Loans
A bad credit payday loan is a no credit check loan that you can obtain until paycheck to solve your up to $1,000 financial emergencies. Payday loans are short-term loans that a lender expects to get back from you after your next pay date comes. This way, the funds must be returned in one lump sum.
Getting payday loans online is typically as easy as pie as they are designed to be convenient and easy to obtain. However, interest rates on payday loans are one of the most expensive among all bad credit loans.
Personal Installment Loans
Guaranteed installment loans for bad credit are a flexible form of borrowing money that allows you to adjust the amount of your monthly payments at the application stage. This becomes possible due to the fact that you can independently choose the loan repayment period, which can be up to 24 months. This way, the amount of your debt will be divided by the number of months selected, so you can repay the loan partially and have more money on hand after making all mandatory payments.
These unsecured loans can help you with more significant expenditures as they provide up to $5,000 in loan amounts. However, the longer your loan terms, the higher the total cost of your debt. Therefore, an installment loan can be even more expensive than a payday loan.
Personal Loans for Bad Credit
A bad credit personal loan is an unsecured loan that you can obtain for some major purchases or long-term needs without turning to a bank or credit union. Online personal loans of up to $15,000 are available to almost everyone who can prove their sufficient income. Your bad credit score plays no role here. The repayment terms of personal loans for bad credit are typically between 36 and 60 months.
Secured Loans
Unlike unsecured personal loans that rely on your integrity and use the signature you put on the loan agreement as the only return guarantee, secured personal loans require more substantial warranties. A secured loan lender typically uses a valuable property you own as a pledge and can repossess or sell it if you fail to repay the money in accordance with your initial payment plan. Some secured loans are offered exclusively by traditional lenders (for example, home equity loans or share savings loans), while others (such as auto title loans) may be offered by online lenders or even pawn shops.
Joint Personal Loans
Joint loans are cash advances that people with bad credit scores can get by providing co-borrowers who have good credit. Such a practice is often used for student loans when students with no or low credit bring their parents with them to get the amount they need to cover their tuition costs. However, this form of debt typically requires you and your co-borrower to go through a hard credit check.
P2P Loans
Peer-to-peer loans are cash advances that are available through online platforms that people use to borrow money from each other. You can get connected with a person who can lend you a couple of hundred dollars, provided that you will return the funds plus interest on the agreed date. But pay attention to the amount of additional rewards you need to pay. P2P platforms often charge origination fees that may be up to 8%.
What is Implied by Guaranteed Loans with No Credit Check?
Let's get rid of misbeliefs. Guaranteed loans with no credit check are actually not 100% guaranteed and can involve a soft credit check. It happens because a lender wants to make sure you will return the money on time. Therefore, it reviews your payment and credit history through open sources and makes a loan decision based on the results of such a check.
Although a soft pull doesn't hurt your credit score, it can result in a negative answer if you're not creditworthy. This way, you can still get rejected for no credit check loans for bad credit, even if they are called "guaranteed." However, bad credit loans (guaranteed approval) have a higher approval rate compared to traditional forms of borrowing. Moreover, you will get a guaranteed loan decision on the same day.
How Do No Credit Check Loans Impact Your Credit History?
When you apply for no credit check loans online, a direct lender runs a soft credit check that shows whether or not you're able to repay your debt. However, this form of inquiry doesn't include a request to major credit bureaus, so it has no negative impact on your credit history. At the same time, loans for people with bad credit can't help them improve their credit scores either. Thus, bad credit borrowers can only use them as a form of emergency assistance but not as a way to rebuild their credit.
How to Get Bad Credit Personal Loans with Guaranteed Approval - Application Options
Guaranteed bad credit loans with no credit check commonly have a straightforward submission procedure. Of course, you can choose a lender nearby and visit its store to apply in person. But if you want to do it online, there are two ways to choose from.
Apply Through A Website
After you decide on a lender, you can visit its website and fill out an online application form there. First, you need to decide on the loan and specify what type of debt you're applying for. Then, you need to accurately enter your personal details and bank information (including your valid checking account) in the form and submit it. Finally, you will get a loan decision after a lender checks your data. If approved, you will get the money in your bank account as soon as the next business day.
Although it sounds simple, a website may not be very convenient if you use your cellphone to apply. This way, you can consider the next available option.
Use a Cash Advance App
A cash advance app offers more convenience as it is always by hand, as close as your smartphone is. Most lenders now strive to develop their cash advance apps to meet people's needs and adapt to changing borrowers' expectations. For example, cash apps can offer richer functionality and integrate features that are not available on the website. It's not surprising that this form of obtaining debt gains more and more popularity nowadays. An application process through an app is even easier and includes the following:
- Download an app on your smartphone using Google Play (for Android) or App Store (for iOS).
- Choose the amount and repayment period that suits you.
- Specify your personal and financial details by completing a step-by-step online application form.
- Receive an email from a lender in a few minutes.
- Access the money in your checking account on the next working day.
Next time when you find yourself in urgent need of money, the suitable solution will already be on your smartphone.
What Do You Need to Qualify for No Credit Check Loans for Bad Credit?
No credit check loans with guaranteed approval have requirements that are so basic that an average adult American can meet them with ease. Here are some common criteria that all bad credit direct lenders typically set:
- Be of legal age (18 or older);
- Have a residentship confirmation;
- Have a valid bank account;
- Have a stable source of income (at least $1,000 per month).
Final Thoughts on Online Loans with No Credit Check
Online loans with no credit check can help bad credit borrowers go through difficult times or make ends meet when unexpected expenses suddenly arise. This form of debt has a diversity of options on any occasion, which may be rescuing if you're a responsible borrower who makes a weighted decision. However, bad credit personal loans (guaranteed approval) also have their pitfalls in the form of high interest rates and limited terms for some options. Also, there is a high level of fraud in the industry, so it is important to deal with a reliable lender when you decide to obtain no credit check loans.
FAQ
Are Online Loans for Bad Credit Easy-to-Get Options?
Online loans for bad credit are several times easier to get than traditional forms of borrowing, especially if you have a low credit score. However, they are still a form of debt that you need to consider with caution. Make sure you're able to return the money and estimate all the risks before obtaining one.
What Are The Best Loans for People with Bad Credit?
Best bad credit loans are those that meet your expectations and are obtained from reliable bad credit loan companies. According to the basic criteria that a bad credit loan must meet, your potential debt needs to have competitive interest rates, suitable loan terms, low or no origination fees, fast funding, a simple application procedure, and easy-to-meet eligibility requirements. Just decide which parameters from this list are important for you and choose a loan based on them.
What Are Bad Credit Loans Usually Used for?
Bad credit loan services are commonly used to overcome financial emergencies or cover unexpected expenses. Some people also get them to use as debt consolidation loans or cover other debts they have to avoid late fees.
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