Get a guaranteed loan decision for bad credit instantly

If you believe that getting an online loan with bad credit is impossible, then you are wrong. There are no guarantees that you will get instant loan approval on your loan request, or any approval at all, but this doesn't mean that you have zero chances of getting a loan offer with acceptable APR. Bad credit score can make it harder to find a direct lender with attractive instant loan offers, but it's worth giving it a try.

What is a bad credit loan?

A bad credit loan is any personal loan which can be taken even if you have a poor credit score. Bad credit direct lenders consider additional factors besides your creditworthiness, such as income sources and amount of current debts, when deciding whether to guarantee you a bad credit loan or not.

Each lender has its own application evaluation process in place, so the more lenders you get in touch with, the better chances you have of being approved. 67CashToday can help you get in front of dozens of lenders with a single loan application.

Can I get a bad credit loan with guaranteed instant approval?

The short answer is no. There is no way you can get a guaranteed loan with instant approval because no lender can guarantee that your application will be approved. If the lender believes that the risk of non-payment for you is remarkably high, then your application will get rejected.

Visit our instant loans page for more information.

Bad credit loan applications are tricky because it is harder for the lender to understand the creditworthiness of the borrower, which results in lower approval rates and higher interest rates for those, who get approved with poor credit score.

Here are some recommendations which can guarantee you better chances when applying for loan with a bad credit score:

  • Make sure you provide correct information in your loan application.
  • Try to bring out all your income sources (benefits, dividends, freelance income).
  • Start building your credit now. It's a long process, but the end result is worth it.
  • You already have multiple debts, then try to consolidate them.
  • Go for secured bad credit loans if you have collateral.
  • Bring a co-signer with a good credit score.

What about no credit check loans with guaranteed approval?

If you have a bad credit score then for sure you would want to avoid any lenders, who may do a hard credit check on you and damage your credit history even more.

Though most of our lenders do only a soft credit check, which means that it will not harm your credit score, there is no guarantee that some lenders may not do a hard check.

How to get an online loan with bad credit?

The easiest way to apply for an online loan with bad credit is to use a broker or a loan-matching service like 67CashToday, because this way the service does all the work for you for no additional cost.

1. To get started with the application, please complete this online request form.

2. When submitted, you will get an automatic pre-qualification decision in minutes.

3. If approved, the lender will contact you with a loan offer and terms. Sort all the paperwork and sign the agreement online.

4. Get your funds and remember to repay your loan according to your agreement with the lender.

Please be informed that some lenders perform a hard credit check on you which may harm your credit score. If you are looking for a no hard credit check bad credit loan with guaranteed approval, then consider taking a secured loan instead.

What are the Pros and Cons of Bad Credit Loans

Pros

Lots of Lenders

There's no shortage whatsoever of bad credit loan lenders these days.

The alternative financial world is booming. More lenders than ever before are opening up their doors for business to people with less than picture-perfect credit.

Some of these lenders are offering unsecured lending packages, others are offering secured lending opportunities, and others still are creating new hybrid financing options with their bad credit loans.

At the end of the day, there's more opportunity for bad credit loans than ever before.

Easy Repayment Terms

On top of that, the repayment terms for bad credit loans aren't extreme any longer, either.

It used to be that if a loan was extended to someone with less than perfect credit the repayment terms (and interest rates) were pretty steep. This was to dissuade people from taking advantage of these offers unless they were willing to pay a mountain of money for the privilege.

Obviously, folks with bad credit usually aren't in the best financial position. Lenders learned pretty quickly that punishing people looking to improve their lives with financing wasn't the way to go.

Nowadays it's much easier to find friendly repayment terms than ever before.

Can Use Bad Credit Loans to Build Better Credit

Another huge advantage of these kinds of loans is that they can be used to build better credit, which in turn allows individuals to get even better loan offers in the future.

Lots of people are using bad credit loans to rebuild or even start from scratch. There's a lot of opportunity here for disciplined individuals that want to get back on the right financial track.

Cons

High Cost of Borrowing

At the same time, some lenders are still implementing high costs of borrowing with high APRs, high initial interest rates, or extended payment timelines with no prepayment or early payment options.

Not all lenders are operating this way, though. This is why it's so important to research all of the options out there before signing on the dotted line.

Can Cause a Debt Cycle

Bad credit loans used incorrectly can cause a vicious debt cycle that is next to impossible to climb out of.

The last thing anyone wants to do is take out a loan, agreed to repayment terms they know they aren't going to be able to meet, only to have to try and get another bad credit loan elsewhere to cover the initial financial blunder.

It's important to avoid this kind of forced error as much as possible.

Collateral May Be Needed

Depending on the credit situation of an applicant collateral may or may not be needed to secure lending packages.

Most financial outfits offering loans to those with less than perfect credit are going to be upfront and honest about this, though. They'll let people know that if their credit score is below a certain threshold some form of collateral may be necessary to move forward.

This kind of transparency is always welcome, especially when making financial decisions like this.

How much can I borrow with a bad credit?

If you go with unsecured loans, then the maximum amount that you can borrow depends on the lender, type of loan you select and state regulations.

If need a small payday loan, then check out $100 - $100 payday loans

For example, if payday loans are legal in your state, then with 67CashToday you can apply for a bad credit payday loan online up to $1500 (the amount may be lower according to the limits set by state law).

An installment loan is another option which is popular among people with bad credit. For monthly installment loans you can opt for a loan up to $5000 which should be paid back in fixed monthly installments. Both types of loans are unsecured, thus require no co-signer or collateral.

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