There are a few places that you can get approved loans, regardless of credit history. I won't matter if you have a really bad score, and are a high risk borrower, when you use the right lenders to borrow money. While those with a bad FICO score will expect to pay high rates of interest, it can be comforting to know you are able to borrow money in case of an emergency. Let's explore some of the places you can get approved loans, regardless of credit history, and some ways to keep the risk lower, so you don't have a bad experience with high interest rates, and other problems that can occur.
About High Risk Lenders:
There are a lot of high risk lenders out there that can borrow you money when you're in a bad situation. Getting approved loans regardless of credit history will generally involve using of these lenders. The approval, while sometimes guaranteed, is done to make the lender money, not help you get out of a bad situation. Getting approved loans regardless of credit history is a high risk situation. There are some things, in some cases bad, that must be expected when you use of these lenders.
Interest rates: You can expect to pay very hefty interest rates when you borrow money from a high risk lender. While you will pay a bad rate, you will get approved loans regardless of credit history. In some cases, the actual interest can be as high as 80% when you factor in hidden fees. Still, when you need to get approved loans regardless of credit history, it may be worth paying the bad rates. Your payments will be higher with your bad score, which is to be expected.
Hidden fees: You can get approved loans regardless of credit history from high risk lenders. Some go as far as to guarantee it.There are typically some fees the high risk lenders don't want you to know about. Many of them charge very large generation fees, which is basically the charge for the paperwork. In addition, many will have steep late penalties. This can make high risk lenders unaffordable to many, especially if you miss a payment or two. When you get approved loans regardless of credit history, you will want to look into the hidden fees.
Collateral: This is sometimes referred to as security, unsecured essentially means with no collateral to borrow the money. You may need to put up collateral to get approved for loans regardless of credit history. This could mean putting your home, car, boat, or anything else of value on the line. If you default, the high risk lender takes possession of the collateral. While people looking to get approved for loans regardless of credit history are often scared by this, it is a way to decrease interest rates. It's really a personal choice you must make.
Limited amounts: Approved loans regardless of credit history. This is a catchy slogan. Some will even go as far as to guaranty that all applications to borrow money are accepted. There is a catch, as you would expect. Many of the high risk lenders advertise guaranteed acceptance, but will only borrow small amounts of money.
Getting approved loans regardless of credit history is possible with certain lenders. While there are many lenders out there, many of them will fall into a few basic categories. These are some of the typical high risk money providers that will borrow you money, even if you have a really bad score. With some luck, one of these options for approved loans regardless of credit history will be a winner. Let's take a look at the typical players in the high risk, bad FICO score area.
Car title: It's really a personal choice more than anything if you choose to use this type of lender. You will get approved loans regardless of credit history. Some are even guaranteed to accept you, no matter how bad your score is. You put your clean title on the line when you borrow money this way. If you default, the high risk bank takes the car. You can expect to pay bad interest rates, especially when acceptance is guaranteed. Still, it's an option to find approved loans regardless of credit history. It's worth looking into.
Payday advance: This really is a viable short term option when looking to get approved loans regardless of credit history. You will pay really bad interest rates. These types of transactions are generally two weeks in length, and typically acceptance is guaranteed. You borrow money today and pay it back in two weeks. It's short term, high risk, and has a real bad interest rate. Still, when you need to get approved loans regardless of credit history, it's worth checking out. Many people use these types of programs every day.
Guaranteed acceptance: Any lender that offers any type of guaranteed acceptance, no matter how bad you score, is prime candidate to use when you need to get approved loans regardless of credit history. You can search for these high risk lenders online and get a ton of results. You will not have a problem finding someone to borrow you money online. Of course, you could end up in the poor house, since the interest rates will be through the roof. It's really a personal choice you must make.
Local banks: You are not guaranteed to get approved loans regardless of credit history through most local banks. Still, they are worth checking out. Many banks have a much lower interest rate. In addition, you will be able to sit down with a real person, so it's a more personal experience. Although you may not really get approved loans regardless of credit history at traditional banks, you may have a chance to borrow money from them, even if you are high risk. If you have done business with them before, and kept current, they may be willing to borrow you money, even when you have a really bad score. You will get a better deal this way.