When an application for credit has been rejected by the bank, many people turn to cobra for an easy approval loan to tackle a short-term financial crisis. Specialist lenders offer customers a guaranteed acceptance loan with no credit check at any stage of the application process. No questions will ever be asked about how the money will be spent so they’re considered an any-purpose loan.
The terms of borrowing money really couldn’t be any easier for the customer. The eligibility criteria are more concerned with the applicant’s ability to repay the debt rather than any past defaults, delinquent accounts or bankruptcies. That said, it is important to appreciate that the rate of interest reflects the risk faced by the lender. The default rate on guaranteed loans for bad credit are notoriously high.
Guaranteed Payday Loan Approval with a Poor Credit History
A payday cash loan is an unsecured cash advance for up to $1,000 that can be used for any purpose. Customers use it for a range of purposes, ranging from paying the rent to a holiday abroad. Although it’s an easy approval loan, it’s still necessary to be a U.S. citizen, over-18 years of age and be in full-time employment. Personal identification and a valid checking account are also essential.
Unless state laws apply, a $500 advance accrues up to $125 of interest each month. Despite the fact that guaranteed loan approval helps people out of a tight spot, this type of fast cash advance loan is legally restricted in a number of states. These restrictions could pertain to the maximum loan value, interest rate or both. In certain states, they are prohibited by law.
Easy Approval Loan from an Auto Title Lender
A vehicle title loan involves using an automobile as collateral to borrow money. It is a popular choice for people who need to borrow a larger sum of money. The value of the car will be assessed by an expert and a maximum loan value established. Few lenders will offer an advance for more than 50% of a vehicles value as there needs to be enough money to pay off the loan in the event of default.
Although it is a guaranteed loan for bad credit, it is necessary to comply with a different set of criteria. Applicants must be at least 18 and have cleared at least 75% of all car finance. Although a full-time job isn’t necessary, most lenders will expect the applicant to show how the advance will be repaid. A copy of the car title and a duplicate pair of car keys must also be provided.
It is in the interests of the borrower to repay an easy approval loan punctually. In the event of default, the vehicle can be repossessed and sold at auction to clear the principal, interest and any charges that have accrued. Subject to equity, the lender may be prepared to renew the agreement.
Pawn Shops provide a Guaranteed Loan for Bad Credit Scores
Pawnbrokers have been providing easy approval loans to customers for centuries, but have enjoyed something of a resurgence in recent times. A pawn shop loan is offered to customers based on the provision of an item of value, such as gold, jewellery, silver, art work, watches and electrical goods. This collateral will be held by the pawnbroker until the fast cash advance loan is cleared.
A professional person will value the item to establish the maximum value of a guaranteed acceptance loan. In order to ensure that the collateral is sufficient, no more than 50% of the collaterals value will be offered to the customer. Subject to the provision of satisfactory identification, the advance will be provided in cash along with a receipt in order that the item can be redeemed at the end of the repayment term.