Bad Credit Loans Guaranteed Approval - Where Can You Find One?
If you just searched for the words “bad credit loans guaranteed approval” on Google, then you are in luck because on the Internet you will find plenty of lenders that will lend you money even if you have such a low credit score. The good thing about it is that it is really easy to get the money.
Practically the only thing you need to do is search for them on Google, click on their website, and then apply for a loan. You just need to be ready with your identification and bank documents. How long does it take to get some money? Usually, you will see a movement in your bank account within a few hours. If it takes long, it usually does not take more than 24 hours. It really beats borrowing money from your relatives and friends.
However, even though they are easy to get, you will find that bad credit loans guaranteed approval are not that great. What I mean is that, most of the time, I mean all of the time, they come with a very high interest rate. How high, you might ask. The lowest interest rate you will find is 25 percent with the highest at 35 percent. Banks only charge ten percent. The high interest rate is justified by the fact that they are taking a risk by lending money to people who have bad credit.
If you are one of these people with bad credit, you really do not have any choice but to go to these lenders. You don’t need to worry though, because they usually do not lend more than $1000 at a time. Guaranteed approval for bad credit personal loans are also known as pay day loans. This is because you usually pay them on your payday.
We said earlier that interest rate for this type of loan is between 25 percent to 35 percent. If you want to take advantage of a loan on the lower end of the scale, you absolutely must take a look at the different lenders and check how much they charge. Aside from the interest rate, you should also verify their loan terms. Loan terms just mean when you need to pay back. Most lenders require to get their money back after 30 days, however, you will definitely find a lender who will extend your loan.
In order to make your life easier in finding a lender, you should use a website that acts like search engine for bad credit lenders.
To recap, if you have bad credit score, you should be prepared to pay for a loan with a very high interest rate. But it is possible to find a lender that has relatively reasonable interest rates and loans terms so that you can repay without you feeling choked.
You might be surprised to know that most people tend to borrow money not because they want to buy something out of their budget. They usually borrow money to buy groceries.