Bad credit loans, guaranteed approval? The phrase, “guaranteed approval” is often used by companies to draw interest from borrowers in to requesting loans through them. The truth is, no lender offers guaranteed approval.
It’s dishonest to suggest that such things can be offered to consumers. All loans do undergo some type of review before they are approved. It’s how the lending industry works.
There are options that do not require you to take out a loan and you should research those and be sure that you understand what all of the options are for your particular situation before considering requesting a loan through any company.
Bad Credit Loans Guarantee
Even though guaranteed approval cannot be assured, that doesn’t mean that you might not qualify for a loan from one of the direct lenders working with Personal Money Store.
The lenders working with Personal Money Store offer payday loans online and other loans in small dollar amounts. This means that they are capable of being more flexible about the types of borrowers they consider lending money to, even people with bad credit.
Borrowers with credit in good standing are easier to lend to because there is less risk involved, but with borrowers with bad credit, poor credit or no credit score, things get a little tricky for a lender because there is the potential that borrowers might not be able to repay the loan within the term.
However, with smaller dollar amounts, this risk is lower. These loans are often unsecured, too, which may increase your chances of approval. A secured loan is secured with some kind of collateral. Mortgages and car loans are common examples of a secured loan.
Unsecured loans require no collateral to be used, which makes them more accessible to some types of borrowers. So, even if you think you might not qualify, it’s possible you may still receive an approval, and the best way to find out is to apply.
How do bad credit loans work?
Applying for a bad credit loan is easy with the online form. It takes a few minutes to complete the application form and you can apply from anywhere convenient to you using your smart phone, computer or tablet. This means no standing in lineup at a payday storefront lender or no waiting for a letter to show up in the mail to tell you that your loan request has been declined, as you would with a traditional bank.
Personal Money Store can improve your chances of loan approval over applying with a traditional bank or other lenders because we submit your loan request to multiple lenders, increasing the odds that you will receive an approval.
Should your application receive approval, you will be sent to a new page where you can review your contract. It’s important that you read the contract carefully before signing it. Pay attention to the fine print. It’s also important that you do this so that you can ask your lender any questions you may have before you sign. Your payment schedule and details like interest rates will be included within your contract. Make sure to pay attention to these terms too, so that you would be aware of and can make your payments on time and avoid another dark mark on your credit score.
How fast is it to get a bad credit loan?
The lenders working with Personal Money Store are capable of rendering a decision about your loan fairly rapid. Some even provide near instant decisions, so you’ll know if your request is to be approved rather quickly.
Many of the lenders we work with may be capable of depositing funds as soon as the next business day after you receive an approval. To improve the response time, be sure to apply during regular business hours and on a regular business day. You might check to see if it is a bank holiday, as this will slow down the approval process.
In most cases, no matter where you live, there’s an option available. If you are looking for installment loans with bad credit or similar there is probably choices that can work for your needs.
Also, when filling out the form, be sure that all of the information you provide is correct and is properly spelled without mistakes. Any kind of mistakes on an application form can often slow down the approval process and may require a customer service representative to get in touch with you directly in order to straighten things out so that your request can be reviewed. It’s important that you make sure every box is completely filled accurately and all of the information is correct before submitting the form.
Also be sure that you provide the necessary details about your banking account, which should be in good standing so that the lender may deposit the funds directly once you have signed the contract and been approved.
Will it hurt my credit score?
Because many of the lenders which we work with are often capable of providing a decision without doing a hard credit check through a major credit reporting company, it’s possible that requesting a loan may not impact your credit score.
There are different types of credit checks. Some companies claim to offer “no credit check loans” but this is just as dishonest as claiming to offer “guaranteed approval” or “guaranteed installment loans for bad credit”. Every lender verifies that you are employed or have some kind of income, at minimum. This is a kind of credit check too. Claiming not to check the credit of a borrower is misleading, disingenuous and Personal Money Store asks you not to be fooled by companies that make this claim.
How do I get guaranteed approval?
There’s just no way to ensure that you will be approved. However, you can apply today and find out if you will receive an approval fast! We call this receiving an “instant decision.” While the process may take a few minutes, you should know right away if you will receive an approval or not because many of the lenders working with us are capable of reviewing your request rapidly, which means you’ll know if you qualify quickly.
One common reason that borrowers seek out bad credit loans, is the development of some sort of unexpected expenses or financial emergency in their lives that has interrupted their ability to be able to pay some of their regular bills on time.
It’s happened to almost everyone at some point. The fridge stops working or the car breaks down, or a freak windstorm rolls through and you need to make a few minor home repairs. Maybe you need to pay a copayment for a medical visit for your child, or maybe you just need a little extra cash to avoid a painful late fee on a bill so that you can keep your spending on track.
At Personal Money Store, our philosophy is that everyone should have the right to request loans regardless of their credit history. This is why we work with lenders who work in smaller dollar amounts, of $1,000 or less.
The lenders working with Personal Money Store are capable of approving loans to a much broader range of borrowers, which may help in one of these common situations that consumers seek to borrow small dollar loans.