Having bad credit is a recipe for disaster when it comes to borrowing the money that you desperately need. However, you can qualify for a guaranteed bad credit loan in amounts as much as $2,500 without a credit inquiry. Oftentimes, it is those who have fewer resources that are most affected by the inability to borrow money and these same people are halted in their tracks when they put in for loans of any type. No more.
Lenders are realizing that hard working individuals still have a need to borrow money and that good people often make mistakes with their credit. That is the reason that these lenders have for offering these types of loans - regardless of bankruptcy, default, foreclosure, garnishments, judgments, liens, and other indications on your credit record that might cause your application to be declined with other lenders.
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Money For Emergency Needs
Like any person, people with bad credit often have a very pressing need to borrow money. But unlike those with good credit, those needs sometimes go unmet and can have disastrous effects for the person who is in need. Perhaps your car is broken down and must be fixed promptly or you may lose your job. Or maybe you miscalculated the amount of money that you had coming in and a utility bill must be paid immediately or you will be without electricity, gas, or water. In these instances, the guaranteed bad credit loan is a life saver.
Qualifying For Your Loan
What these unique lenders do look at is your ability to repay them the money that they loan you. To demonstrate your ability to repay the lender, you will be asked to present them with paystubs or employment statements. In the case of borrowers who wish to take out a guaranteed bad credit loan whose income is derived from retirement or Social Security benefits, a proof of income statement may be required. If you are married, you may also have the lender base your loan amount on the income that is received by you and your spouse.
The way that a guaranteed bad credit loan or cash advance works is fairly simple. You will present the lender with a postdated check that is written out in advance for the amount that you wish to borrow plus predetermined interest charges and loan origination fees. The lender agrees to hold the check for you until a specified date in the future, which can be as few as two weeks or a month later. When the due date for your guaranteed bad credit loan arrives, you will make one lump sum payment to the lender and the loan will be covered in full.
Many guaranteed bad credit lenders offer this type of loan online - which makes it much easier and faster to get your money. In lieu of presenting an actual paper check to the lender to hold for the period of the loan, you will present the lender with an electronic check by providing them with your ABA bank routing number. The lender will deposit your bad credit guaranteed loan proceeds directly into the bank that you list with them using the information. When it comes time to repay your lender, the lender will process an electronic funds transfer from the bank. Taking out this loan online can oftentimes mean receiving your money almost immediately, which many borrowers like because they have urgent or often emergency needs for cash fast.
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