Bad credit loans guaranteed approval
Payday loans are easy to qualify for. However, it is not a guarantee that you will qualify for a payday loan after applying.
Like most consumers, you may want to know whether bad credit loans guaranteed approval are available. Actually, the answer to this question is no. No payday loan lender offers bad credit loans guaranteed approval. It doesn’t matter which state you are in, these loans aren’t just there.
Generally, there are requirements that borrowers need to meet before qualifying for a loan. Of course, the lender would want to know whether you can repay the loan. And he can only be sure of this if you meet the following requirements;
- Have a reliable and verifiable source of income
- If employed, you should have worked with the same employer for at least 6 months
Explaining bad credit loans guaranteed approval
It is true that bad credit loans guaranteed approval don’t exist. But there is still some good news for you. This is, payday loan lenders don’t consider your credit score when offering the loans. This means that you can apply and get approved for bad credit loans. In short, people with poor or no credit scores can still qualify for a payday loan. Most people apply for bad credit loans when they have short term financial needs. Here is a breakdown of how borrowers use the loans;
- 69% of borrowers use the funds for recurring expenses. This can be credit card bills, utilities, mortgage or rent payment, etc
- 16% of borrowers use the money for financial emergencies. These include car repairs, medical expenses, or repair of an important home appliance.
Do bad credit loans feature guaranteed approval?
No. Anyone who applies for a payday loan stands a higher chance of qualifying. it is easy to qualify so long as you meet minimum requirements. To be precise, over half of consumers who apply for bad credit loans get approvals. However, no lender offers guaranteed approvals for these loans. If you come across any lender who claims to offer guaranteed approval, avoid him like a plague. In most cases, these are usually scammers who only want to profit from your situation.
Guaranteed approval no matter your credit score
Again, no one guarantees payday loan approval whether you apply online or in-store. However, most lenders do not perform hard credit checks when issuing these loans. Well, you stand a higher chance of qualifying with a high credit score. But this isn’t even one of the requirements.
The most important thing is to have a reliable source of income. The lender will confirm this, to ensure that you can comfortably repay the loan. Don’t forget that payday loans have a short repayment term. Usually, you are required to pay the debt on your next payday. It means that you should only apply for the loan if you are in a financial crisis.
Requirements for guaranteed payday loans bad credit
When applying for any loan, eligibility will depend on the submitted data. Since there are no bad credit loans guaranteed approval. Here is the trick;
- Ensure that you give as accurate information as possible during your loan application.
- It is also advised against applying for a payday loan from multiple lenders.
When you apply for the loan in different places, there are chances that the second lender will disqualify you. This is why it is advised to apply for payday loans with a referral service. Why? Because over 100 lenders will see your loan request, and you stand a higher chance of qualifying. Dedebt has an approval rate of over 80% for all our loan applications.
Do guaranteed approval payday loans for bad credit exist?
We will still stick to the no answer. There is no reputable lender that offers 100% guaranteed payday loans. However, people with bad credit stand the same chance of getting loan approval as those with good credit. Over the years, consumers with bad credit scores have been applying and qualify for emergency payday loans.
How to increase your chances of qualifying for bad credit loans
The first trick is to apply for a payday loan from one lender. Most lenders offer these loans online. Online applications are fast and more convenient than in-store applications. The application process is also safe and secure.
Secondly, don’t give any inaccurate information. Ensure that you are as honest as possible with the information you provide. Lying will only disqualify your application. The last tip is to use a referral service like Dedebt. By doing so, your loan request will be shared with many lenders making it easier to qualify.
To conclude, it is advised to apply for a payday loan on a weekday. Most payday loan lenders don’t work during the weekend and on holidays. Therefore, loan requests received during this time are approved on the next business day. This won’t be helpful when you have an emergency at hand.