Bad Credit Personal Loans Guaranteed Approval No Credit Check
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Are there any bad credit personal loans guaranteed approval with no credit check?
The straightforward answer to the question is no, you can get guaranteed bad credit personal loans approval with no credit check.
On the other hand, if you’re asking whether you can get bad credit personal loans with no HARD credit check, the answer is a resounding YES!
There are a copious number of direct/connected lenders that can provide payday loans or even emergency personal loans with no credit check. They just don’t “guarantee” your loan approval. They do no hard credit check and might only verify your income.
This is primarily because there are numerous factors that your lenders have to take into account before they can get your personal loans approved.
There are also some lenders that promise “instant loan approval,” which technically does not exist. What these lenders may be referring to are instant decision loans. In such cases, lenders do not perform any credit check on your account and provide an instant decision on whether your loan request is approved or not.
Are there any Alternatives to bad credit personal loans with no credit check?
If you want to apply for a bad credit personal loan with no credit check, your safest bet would be to go for a “soft credit check.”Usually, when you apply for personal loans, you have the option to allow your direct/ connected lenders to perform either a hard or a soft check on your credit account.
What’s the difference?
The basic difference between the two is that a soft credit check does not affect your credit score. So, even if you have a bad record on your credit account, the lenders will remain oblivious of it.
A hard check, on the other hand, refers to a more in-depth investigation of your credit account. The lenders usually get in touch with your credit bureaus, which can further diminish your credit score.
Thus, in case of a bad credit score, always opt for a soft credit check, as hard checks can diminish the chances of your loans getting approved.
Other alternatives of a bad credit personal loan with no credit check include applying for payday loans, an installment loan, or simply improving your credit score.
What are payday loans?
With a bad credit score, your best option would be to apply for payday loans or short-installment loans. Payday loans are by far the simplest and also the easiest way to obtain fast cash (loans) without any complications.
Lenders do not go snooping around your bank account or credit history. Usually, lenders only perform a soft check on your credit account and grant easy loans. The list of requirements is also minimal. Most only verify your income.
In fact, most lenders only check if you have a legitimate monthly income. If yes, your payday loans get approved, and the fund gets transferred to your bank account within a short period.
However, with payday loans, you have to deal with high-interest rates. Since lenders take up a significant risk (by performing only a soft credit check), they impose high-interest rates to compensate for such risks.
The pay-off time with payday loans is also usually very short as compared to personal loans, where the repay time window can last up to several years as well.
At the end of the day, the best alternative to bad credit personal loans with no credit check would be to work towards improving your credit score. Improving your credit scores can save you from a thousand different inconveniences.
A good credit score means you do not have to worry about your lenders performing a hard check on your credit history. Your chances of getting a personal loan approved also become significantly higher. Most importantly, with an improved credit score, you can obtain loans with low-interest rates.
General requirements for bad credit loans
Usually, the list of requirements for a bad credit loan is minimal as compared to conventional bank loans. This is mainly because your lenders already have a clue of your poor credit history (since you’re applying for a bad credit loan). Hence, they try to impose as few eligibility criteria as possible to help you obtain emergency loans.
Typically lenders just check for your monthly income proof when you apply for payday loans. Personal loans usually deal with high amounts (up to $35,000), and they also come with lower interest rates as compared to payday loans. Hence, the lists of requirements are also more intricate. The process of verifying the details on your application form is also more advanced in the case of personal loans.
The general list of requirements that lenders check before approving your bad credit personal loans are as follows:
- You should be at least 18 years of age. However, a person above 21 years is usually more preferred.
- You must be employed, or at least be making a minimal $800 (pre-tax) every month. However, for a bad credit personal loan, the recommended income is at least $2000, pre-tax.
- You must have an active bank account.
- You must have valid proof of identification.
- You must produce a valid proof of income for the said amount. Usually, a pay stub will suffice in such a case.
Is there anything like same day deposit loans?
Just like how lenders do not guarantee you a bad credit loan, a same day deposit loan is also not a guaranteed aspect. But, it is very much a possibility, nonetheless!
Lenders usually promise a fund transfer as soon as your credit history is verified, and that can take up to days depending on what type of loans you apply for.
Your best option to obtain the same day deposit would be to apply for bad credit payday loans. In such cases, the requirement is extremely minimal, and also the amount involved is low (usually up to $1000). Thus, your lenders do not need much time to approve your loan and deposit the fund to your bank account.
However, in case of personal loans, it might take up to a day or two, since both the eligibility criteria and the amount involved are high.
Nonetheless, there are lenders that may provide same day deposit even for personal loans. You just have to look.
Where can I check my credit score?
Anyone who has a valid social security number can check one of their three credit card scores through www.annualcreditreport.com once every 12 months. For free!
How to improve your bad credit score
Check your credit report regularly
Well, technically, checking your credit report doesn’t increase your credit scores. But, keeping track of your credit score will help you take the necessary measures to boost the number.
Apart from your credit score, you can also check your FICO score from this website as well.
While checking your credit score, make sure to raise credit errors to your credit bureaus if you observe one in your credit report. You can raise your issues through mail or phone calls. But, sending a formal letter to their official email works best in many cases.
Your credit bureaus will most likely resolve the issue within a 30-day time window and restore your correct credit score.
Pay your bills before the due date.
If you want to improve your credit score, the most fundamental step is to ensure you pay your monthly bills on time. Pilling up your bills puts extreme pressure on your credit cards and also diminishes your credit report. Try to clear out your monthly payments on time, especially the ones that your credit bureaus keep track of.
Late payments indicate your limited financial status to your credit company. This, in turn, can deteriorate your credit scores. The threshold of late bill payment is usually 30 days. So, make sure you don’t cross that specific time window to avoid any major penalty on your credit account.
Consolidate your loans
If you are making payments for multiple short-term, aka payday loans every month, consider consolidating your loans. Payday loans are great for obtaining fast cash, but their hefty interest rates can become a burden, especially if you have multiple of those.
Making multiple payments of such nature can become difficult in the long run. Hence, your best option would be to consolidate your loans at a lower interest rate. This can help you pay off the debts easier without pilling up multiple debt payments and boost your credit score as well.
Make efficient use of your credit card
Simply because you have a credit card does not necessarily mean you have to go out on your away and use it up to the brim. Your credit card bureaus keep track of your credit limit and compare that to the debt you owe. If your debt amount crosses a particular threshold value, it can have an adverse impact on your credit score.
Usually, the threshold limit is 30%. So, if your credit card limit is $10,000 and your total debt is over $4000, it can bring down your credit score by a significant number. Try to maintain debts below 30% if you want to maintain a good credit score.
Diversify your credit cards
If you only have one credit card, consider adding two other additional accounts to increase your credit limit. But, make sure to maintain a zero balance on the two other accounts. In such cases, even if you have a balance on your first account, your overall credit utilization appears lower as your credit limit is higher.
This helps you maintain a good reputation in front of your credit bureau and also enables you to spend more with lesser penalties.
However, if you start using up credits on all the accounts, it can affect your credit score in a negative way. So, make sure you keep all your credit spending in check.
Summary – Bad credit personal loans guaranteed approval no credit check
While lenders do not guarantee a bad credit personal loan approval, there are ample of lenders that will provide precisely what you require. You only have to make sure you tick all the boxes of their list of requirements.
The easiest way to secure a personal loan, however, is to work towards boosting your credit scores. A good credit score can help you score almost any type of loan with minimal inconveniences.