A car breakdown, a delay in payment from a customer or a prolonged illness are just a few of the dozens of reasons that make us look for additional funds. However, the chances of getting additional funds significantly decrease when the person applying for the loan has unpaid arrears recorded in the databases. Do leading loan companies offer such a product as a guaranteed personal loan of $2,000 – $5,000 with bad credit? A non-bank loan is a solution that is easily and, above all, quickly available. Without unnecessary formalities and most often without income certificates or other financial documents. In each case, however, the client’s ability to pay the liability on time is assessed.
Why is a guaranteed loan for indebted people not a market standard?
Unfortunately, a few of the leading non-banking financial companies on the market offer a product such as a guaranteed loan for those in debt. It is worth mentioning that in the vast majority of offers available on the market, the possible bad credit history of a potential customer is a factor that may completely destroy the chances of a positive consideration of the submitted application. It is difficult to find any highly reputable non-bank company in which there would be a guaranteed loan for those in debt.
What makes a guaranteed loan for indebted people not a standard and widely available financial product? A guaranteed loan for indebted people would probably have to be associated with higher costs related to the risk of granting it, which would significantly worsen its profitability.
Online personal loan without credit check – is it possible?
Having several obligations does not eliminate the chance of getting another 2000 dollars loan. High applicant’s debt is a greater risk for a loan company, but the decision to grant financing depends on several factors:
- the amount of income,
- the amount of other liabilities.
Only a comprehensive assessment will give an answer about the applicant’s possibilities of timely repayment of the loan and will allow for the issuance of a decision.
Personal loans for bad credit – do they exist?
Bad credit history, and thus entries in the debtors’ database, can destroy dreams of an additional loan. Having a debt that has been repaid late or, worse, if the borrower has completely defaulted, is a premise for a decision to refuse to grant another loan. However, the method of verification of the applicant itself may be different. It will not always be necessary to send a verification transfer. However, it is not possible to grant a loan without confirming the applicant’s identity.
A personal loan guaranteed approval – conditions
The decision to grant financing is based on the assessment of the possibility of timely repayment of the liability. The verification of debtors’ databases is done to protect customers from over-indebtedness. However, submitting an application always gives you a chance to be awarded funding. In the event of high debt, the solution may be to reduce the loan amount or change the repayment date.
It is worth knowing that:
– you can receive guaranteed approval personal loan for the amount from 2,000$ to 5,000$,
- in case of problems with the timely repayment of the liability, the option to consider is the possibility of refinancing the loan, and thus extending the repayment date.
How to apply for an online personal loan with bad credit?
Online verification makes it quite simple to apply for a loan and waiting for a decision is short.
A personal loan application is easy to submit online. It would be enough to:
– select the amount and repayment period using sliders,
– complete the registration form,
– confirm identity with express verification or traditionally with a verification transfer.
The decision to grant a loan will be sent via SMS to the telephone number or email provided in the registration form. Applications are processed 24 hours a day, 7 days a week.
How much does a quick loan cost for those in debt?
The regulations set an upper limit to the amount of interest and non-interest costs for each non-bank loan. The maximum amount of obligations such as bad credit $5000 loan online may not exceed the amount specified in the act.
The costs of the non-bank loan include:
– APR (annual percentage rate) – their maximum amount for a personal loan is 36%.
– most often a commission for granting a loan,
possible additional costs:
– interest for late payment of liabilities,
- costs of the conducted debt collection.
Guaranteed loan with bad credit – recommendations?
No lending company can guarantee that a loan will be obtained before the applicant’s creditworthiness is assessed. It is worth noting that even in the case of guaranteed loans, you yourself must take responsibility for paying off the loan, as this will allow:
– prevent the applicant from becoming over-indebted,
– protect the loan company against making commitments for which there is a high risk of failure to pay the liabilities on time,
- reduce the risk of the lender’s business.
Bank loan VS non-bank loan – what to choose?
A loan is a type of financing available in the offer of banks and non-bank loan companies. Indebted people have little chance of getting a bank loan. The only solution can be a consolidation loan, which aims to combine several liabilities into one with a smaller installment. However, this option is usually only possible for bank loans and borrowings, and does not include liabilities incurred in loan companies.
An online loan for indebted people will work well in the case of having other liabilities both in a bank and a non-banking company. However, it is worth remembering that in any case, the applicant must have income that will allow him to pay the liability on time.
Quick guaranteed personal loan – advantages
The advantages of a fast online loan are:
– the possibility of submitting the application at any time of the day,
– minimum formalities,
– quick verification process,
– quick money transfer to the account,
– the possibility of refinancing the loan.