Best Guaranteed $500 to $5000 Loans With Poor Credit
How to pre-qualify for $500 to $5000 loan
You may be able to pre-qualify for a $500 to $5000 loan guaranteeing your approval. Many people across America have have credit issues for one reason or another. It is not uncommon, but when it comes time to borrow money they want a little security that they will be approved without a big hassle. Unfortunately, there is no such thing as "guaranteed loans", that's just not how the world of finance works. It is not possible to guarantee any sort of financing without going through the traditional channels and requirements.
The closest thing you could expect to a guaranteed loan is a pre-approved loan.
How to get a "guaranteed loan" with bad credit
In order to get a guaranteed loan with poor credit you will need to pre-qualify. The process to pre-qualify for a loan is simple. Complete an application and you should know quickly if you have been approved. If you are pre-approved you should receive a letter or possibly a loan offer from the approving lender. If should directly reference how much money you can borrow and at what interest rates. Many loan offers will have an expiration date so you will need to react and decide if you want to borrow money based on their terms.
What are the best options with a poor credit score?
Having poor credit can be a real issue and hinder you ability to get approved for loans. It also means you will likely have to pay higher interest rates than a person with a good credit score. This is simply the system that has been adopted over time by lending institutions as a way to mitigate their risk. Borrowing money is a one way to improve your poor credit score and begin rebuilding. Starting with small loans and making payments on time will begin the credit score recovery process.
Will I need a checking account to get pre-approved?
Many lenders are flexible with their requirements and you can find loan companies that can work around many issues with your application. However, having a checking account is pretty universally necessary. Mainly because poor credit loan companies need a way to transfer the funds to you and your checking account solves that problem.
Checking accounts also show that you have some amount of financial stability. If you bank account has been open for a few years, then direct lenders feel more comfortable that you will be a lower risk borrower.
Can I get a guaranteed installment loan with poor credit?
Many loan companies will give you the option to attempt to get pre-approve for an installment loan even if you have bad credit. We have found a few websites that offer this type of service. See the link below.
Getting a "guaranteed loan" is not realistic but getting pre-approved is possible. There are many lenders online that offer a pre-approval process. Many of these loan companies do not report your application to your credit, this will help by not hurting your credit score and making it worse.
The Best Option for 500 to 5000 Guaranteed Loan
The two best options for a guaranteed loan, if you need to borrow 500 to 5000 dollars is to put up some collateral worth more than the amount you want to borrow.
- Pawn Loan - Probably the closest thing you will find to a guaranteed loan is a pawn loan. You bring an item of value to the store and they lend you money based on the item's value, not on your credit score. You leave the item in the store until it is paid off and then you can obtain ownership again. If you do not make the timely payments, then the item will be sold to recoup the money the lender gave you.
- Title Loan - If you are looking for a larger loan, around $5000, then you may want to consider a title loan. You will need a clean and clear title to a vehicle that is worth more than 5000 dollars. The lenders uses your car as collateral against the loan, so it does not matter if you have poor credit or not. If you do not make the payments, the vehicle my be repossessed by title company.
How to rebuild my credit with a loan
If you are looking to rebuild your credit you will want to carefully research which loan companies report to the credit bureaus. Many personal loan companies do not report payments to credit bureaus. But there are a few allow you to rebuild your credit by making timely installment payments.
How much will I be able to borrow and at what APR?
Many lenders that offer pre-approved loan to people with poor credit offer loan amounts up to $10,000. There are many loan companies that operate online and they all have different criteria and loan terms. You should be able to find what you are looking for without too much hassle. Interest rates are also as unique as the lenders. Each company has their own business model, which means they have varying APR's. All interest rates and terms should be clearly marked on any loan agreements that you can read prior to committing to the loan.
Concluding Guaranteed Loans
When it comes to short term loans you are unlikely to find any company that offers a $500 - $5000 guaranteed loan. But there are many companies that offer a pre-approval process that you can use to determine how much you will be able to borrow and how much that borrowed money will cost you.
All loan terms are between you and the lender that may offer you short term credit. We have no access to the interest rate, loan duration, payment amounts, or annual percentage rate (APR). Not all lenders are able to offer you the amount you request. Annual percentage rate may be dictated by the laws of the state where you reside. This may limit your ability to access credit. All lending decisions are made by lenders, not us. Read all terms and conditions provided by the lender prior to accepting a legally binding loan agreement.
Short term credit is not a long term financial solution. It should only be use in an emergency until a less expensive option is available. Void where prohibited.
We receive compensation from lenders for providing your information in an attempt to help you get a funded by one of these lenders. We make no guarantee you will receive the amount you request on your application or that you will receive any loan offer with specific terms. Everything on our website should be considered an advertisement that we may be compensated for.
Most of the lenders in our network do not use a typical credit check, meaning with the 3 main credit bureaus. They may review an personal loan industry specific report such as DataX or Teletrack.
Services on our website are free to use. You will not be charged to submit an application. Installment loans and payday loans should be use only as a temporary solution.
Must be 18 years old to apply and be a full time citizen of the United States.
If you have any complaints about a lender you can contact the Consumer Financial Protection Bureau (CFPB) at:
Mail a complaint
Consumer Financial Protection Bureau
PO Box 2900
Clinton, IA 52733-2900
or call: (855) 411-2372