There’s no doubt that personal loans can be utilized for nearly anything.
A personal loan is a loan amount of cash you borrowed at a fixed interest rate, which needs to be repaid in a particular amount of time. You could receive a low rate for a personal loan if you make the ideal decision. You can then utilize it for debt consolidation or even for your home improvements.
In this post, we will walk you through everything you need to know about personal loans, how to get guaranteed loans if you have bad credit or poor credit, and how to get the quickest loans.
Now, if you are ready to know more about loans personal, let’s get started!
What Is the Easiest Loan to Get Approved For?
Do you know what’s the guaranteed and easiest loan to get approved for even if you have poor credit? You guessed it right. It’s personal loans.
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This type of loan can be a practical financial tool, especially if you need assistance in consolidating high-interest debt or making a big purchase. It is no surprise that more than one in ten adults in America have a personal loan, especially with the increase of online lenders competing for customers.
Getting approved for a personal loan for bad credit could be simple if you meet all the lender’s prerequisites. You can be approved instantly if you are flexible enough with the interest rate.
Yet, you might be wondering how quickly you can get a guaranteed personal loan. Well, that will depend on the lending agency you pick. Others will take hours, while some could take a few weeks. In some situations, you might be able to compare the rates through an online loan comparison tool. This tool enables you to be prequalified with a soft credit check. The good thing about it is that it will not affect your scores.
Remember that getting a personal loan with guaranteed approval from an online lender is quicker compared to traditional options like credit unions and banks. This is because you can be pre-approved and send the necessary details through the lender’s official website.
You will then be able to determine the rates you qualify for after you fill out the initial application form. You can also check the initial loan amount, and then you can borrow in just a few minutes. Your lender will then request you to provide personal information like your government-issued ID and your mailing address. From there, they will pull out your credit report and perform a credit check.
Once you are approved, most online lenders will give the loan funds as soon as the same business day, but note that it will vary on the time of approval and how quickly you confirm your bank account details. It might take you several days before the refund hits your account.
Which Bank Has the Easiest Personal Loan Approval?
Wells Fargo and USAA are two of the easiest banks to get a personal loan approval.
USAA doesn’t disclose a minimum credit score requirement. However, their site mentions that they take into account individuals with scores below the acceptable credit range (below 640). Therefore, you might be able to qualify even if you have bad credit. How awesome is that?
On the other hand, Wells Fargo asks for a score of 660 for their unsecured personal loans to get guaranteed approval. Nonetheless, they also provide secured personal loans, which are accessible to those people with lower scores.
This bank’s secured personal loan needs collateral in the form of money in a CD or Wells Fargo savings account. The majority of banks offering personal loans need a credit score of at a minimum of 660. Others need even higher scores such as Barclays with 700 and Citizens Bank with 680.
Below are other banks you can find that provide the easiest process of getting personal loans guaranteed approval:
- TD Bank – They require at least a 660 score for current customers. For non-customers, they need a credit score of 750.
- Discover – They need a minimum of 660.
- American Express – They require at least a 660 credit score.
- Wells Fargo – They require at least a 660 credit score for their unsecured loans, but there’s no minimum needed for secured loans
- USAA – They will lend to customers with less than a fair score of 640 below.
Just do keep in mind that the credit score requirements are either consensus of third-party sources of official information from the lender.
The credit score of an average individual is more than 660. That puts them in a good place to be eligible for a personal loan from most banks. However, you can apply with USSA or obtain a secured loan from Wells Fargo if your score is lower.
Are There Any Guaranteed Loans for Bad Credit?
Here are some of the best loans if you have bad credit:
Unsecured and Secured Loans
The most typical kind of secured loans is auto loans, home equity loans, and mortgage loans. Unsecured loans, on the other hand, you do not need any collateral. The interest rate you get is grounded on your creditworthiness.
Payday loans are short-term loans, normally for 500 dollars or less—this type of loan charges high costs in exchange for quick cash. The repayment is normally due by the following paycheck. The good thing about payday loans is the lenders do not perform credit checks. That makes it simple to get approved.
A cash advance is very similar to a short-term loan. Your credit card issuer provides it. The total you get in cash advance is distributed in cash and is borrowed from the available balance on your credit cards.
HELOCs for Bad Credit
HELOCs are very much the same as home equity loans. They are based on your home equity and typically secured by your house. Nevertheless, HELOCs work just like credit cards. They enable you to borrow only as much as you require when you need it. You will then repay the funds with flexible interest rates.
Home Equity Loans
This type of bad credit loan pays a lump amount of money straightforward. You pay it back in fixed monthly payments. Such loans utilize your home as collateral. That means the lender has the freedom to seize your property if you don’t make any payments.
A bank agreement might approve you for a minimal overdraft agreement or a short-term loan, but it will depend on your bank’s policy. You can get in touch with your bank and learn more about your options.
How Can I Get A Loan Immediately?
If you want to get a loan instantly, we recommend that you go for a personal loan today. It is one of the best options for borrowing money. Here’s how you can do that:
- Determine how much you like to borrow. Make sure that you borrow only what is needed. There’s no reason for you to pay interest on the money you do not need.
- Check your credit history. Personal loans depend on your creditworthiness. Thus, make sure you check your credit score first and get an updated credit report before applying.
- Prepare the needed requirements. The majority of lenders will ask you to present particular requirements to confirm your income and identity. Those might include your proof of income, employment, and proof of residency.
- Get qualified. It would be ideal for getting prequalified first for loan offers based on your credit profile and credit history before you apply for a quick loan.
- Compare your loan options. Look around by searching a set of P2P lenders, online lenders, credit unions, and banks. You can create a list of loan options that is critical to you.
- Read the document. Make sure you know the fine print before signing it.
There you have it! Do you think are you ready to get personal loans and get approved? We wish you the best of luck on your journey!
Keep in mind that getting a personal loan and getting approved isn’t a difficult thing to do. All you need to do is to research and consider all the options accessible to you. We hope this guide has provided you all the things you need to know about getting guaranteed personal loans.
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