Bad Credit Loans Guaranteed Approval
Loans are when one party lends money to another party in exchange for the borrowed amount to be repaid, usually with interest. Guaranteed loans can help borrowers out of a bind or assist borrowers in dealing with financial emergencies and even assist loan applicants in advancing in their careers.
By understanding the basic types of bad credit loans, the potential borrowers can comprehend which loans are appropriate and suitable for their needs and can even help them get better deals. Let us go over the basics of the different types of bad credit loans.
Most of these loans fall under the options of consumer loans and non-traditional loan sources. Here are some of the bad credit loan options:
Personal Loans
One of the most common ways for borrowers to get money or fast cash from credit unions or banks is through personal loans. Typically, the borrowed money is then paid back in a lump sum and over a predetermined amount of time.
One can also ask for personal installment loans from friends or family. Friends or family can also be resources of money. A formal document, such as a family loan agreement, can potentially lessen the risks of relationship damage if the friend or family loan goes wrong.
Personal loans are usually bad credit loans, which means that the applicants can avail of the loan without worrying about their credit score. The potential borrowers only have to fall into the eligibility criteria, fill an online application form, and within a few hours, they can receive the amount in their active bank checking account.
Payday Loans
Payday loan providers lend money to people by allowing them to borrow fast cash against an upcoming paycheck. Payday loans with no denial are particularly useful when someone cannot wait for their next paycheck to deal with a sudden financial emergency, such as car repair or a sudden medical bill.
Bad credit payday loan direct lenders don’t run a check on the credit score of the potential applicants. The few requirements that make one eligible for this loan include that the applicant must be either 18 or above, a U.S. citizen, and have a steady source of income.
Auto Loans
Auto loans usually fall under installment loans, which are also bad credit loans. While installment loans are used for various purposes, amongst the common kind of installment loans are auto loans. Auto loans are specific for a vehicle purchase in which the vehicle itself is used as collateral, as in the case of secured loans.
Since auto loans are secured loans, the direct lender can repossess the vehicle if the borrower fails to make the repayment within the given time frame.
Car title loans are also a kind of bad credit installment loan where the car title is used as the collateral for the secured loan. This also means that the borrower can take the car if the borrower fails to repay the loan on time.
Student Loans
A student loan is a type of installment loan that students take out to pay for higher education, such as their college and university fee. Unlike a personal loan, the student loan is specifically meant for education and education-related items, such as books, food, housing, and transportation costs incurred while going to campus.
Home Based Loans
Mortgages are one of the most commonly used home-based loans. The mortgage is one of the most common methods for people to buy their dream house where the lender provides the applicant with the funding to make the purchase, and the borrower agrees to repay the loan after a specific period of time.
Small Business Loans
Besides consumer loans, there are also bad credit small business loans dedicated to aspiring entrepreneurs and small business owners to help them make capital improvements, accelerate business growth, and manage financial unpredictability. Many bad credit business loans are similar to guaranteed approval bad credit consumer loans but structured specifically for business owners.
What Are The Advantages Of Bad Credit Loans?
Debt Consolidation
An essential benefit of a bad credit loan is that the applicant might be able to consolidate debt with a higher rate of interest into one loan, which can make the life of the applicant much easier. The applicant can also decrease their monthly payment or even their interest rate by doing so. By doing so, the applicant might be able to expand their payments over an extended period of time and eventually get some breathing space.
Clear Payment Plan
From the first day when someone takes out a personal loan, they know the exact amount of their monthly installments and when the loan will be paid off. In other words, the repayment term of bad credit loans is clear, which gives the borrowers peace of mind about their contemporary finances and financial future.
Fast Cash
Bad credit loans are particularly useful for people with a vague credit score but a sudden need for quick cash. For instance, your car might break down, or the water heater will stop working. Whatever the financial emergency is, the right bad credit loan can quickly provide the applicants with the much-needed amount. The approval process is fast. Once the application gets approved, the applicant can receive fast cash on the same business day.
Why Choose Us For Bad Credit Loans Guaranteed Approval?
We at Micro Enterprise Works are the favorite network of direct lenders offering bad credit loans for people who need fast cash and don’t want to rely on traditional bank loans. We offer all kinds of bad credit loans, including personal loans, payday loans, and tribal loans.
If you have a bad credit rating, you don’t have to worry about it since no credit-checking process is involved with us. Besides, you don’t have to provide us with collateral. Depending on your monthly income, you may get a no credit check loan up to $5000 on the same business day and without the involvement of a third party.