Bad credit long term loans guaranteed approval

Writer and editor - Joseph Smith | Updated on 2020-03-04
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Getting a long-term loan when you have bad credit is pretty challenging. But there are several loan options that you can explore to get the financial assistance you need.

Do bad credit long term loans with guaranteed approval exist?

Your credit score is one of the major factors that lenders use to decide whether or not to give you a loan. The higher your credit score is (especially if it is above 700), the easier it will be for you to access better loan options.

But if your credit score is below 600, fewer loan options are available. Fortunately, in recent times, certain loan products—made for people with bad credit—have hit the market.

Compared to traditional loans, lenders that offer these loan products are more open to working with people with bad credit, including those with a credit score below 550.

If you are wondering whether lenders that offer bad credit long-term loans with guaranteed approval exist, the answer is no. That said, if one lender rejects your loan approval, you can still get the loan you want by applying to other lenders with different requirements.

As long as you don’t quit, you’ll eventually find a lender that says yes.

Loans Amount Cost / APR ? Bad Credit Features
CashUSA
$500 - $10,000
Individual rates
Bad credit allowed
Allowed
  • Loan terms start at 3 months.
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
QuickLoanLink (Personal loan) $300 - $35,000 APR:
Starting at 6.90% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 550
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
HonestLoans
$400 - $5,000
$30 - $750 ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
CreditLoan (Personal loan) $100 - $40,000 APR:
Starting at 5.34% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
LifeLoans (Personal loan) $500 - $40,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 5 years
  • Credit check type: Both ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
GazelleLoans
$300 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OppLoans (Direct Lender)
(Personal loan)
$1,000 - $5,000 APR:
Starting at 99.00% ?
Bad credit allowed
Allowed
  • Loan term 9 months to 3 years
  • Next-day deposit: In some cases ?
  • Low approval rates ?
  • Time for decision: 1.5 min ?
RubikLoan
$100 - $1,000
$1,000 - $5,000
$15 - $300 ?
APR from 6.9% ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
Personal Loans (Personal loan) $500 - $35,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 3 months to 6 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
BadCredit.com
$100 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OpenCashAdvance
$200 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?

Where can I get a bad credit long term loan with no credit check?

All lenders, especially those offering long-term loans, run some form of credit check. The better your credit is, the higher the loan amounts that will be available to you. If you have bad credit and are hoping a lender will grant you a loan without checking your credit, that’s highly unlikely.

To be sure, lenders are more likely to reject a long-term loan application if your credit score is bad. But there are other lenders out there who are willing to provide the loan you want, regardless of your credit score. The solution is to keep applying to lenders until you find one that’s willing to work with you.

Some lenders run a hard check that involves contacting one of the three credit bureaus — Experian, Transunion, or Equifax. While others only run a soft check. Unlike a soft check, running a hard check will negatively affect your credit score.

Other lenders use an alternate credit check that simply verifies your income. Instead of looking for a lender that does no credit checks, target lenders that accept really low credit scores or use alternate credit checks. It’ll improve your chances of quickly getting a favorable bad credit long-term loan.

How do bad credit long term loans work?

The most popular bad credit long-term loans are installment loans. An installment loan for bad credit is a type of personal loan that people with poor credit history (or no credit history) can access.

If your credit score is less than 600, you’ll still be able to find installment loan lenders that are willing to work with you. Some of these lenders prefer to use alternate credit checks that focus more on your age and monthly income.

You need to have a monthly income of at least $800 in order to qualify for such an installment loan. But if you want to be able to access larger loan amounts, a minimum of $2,000 income is recommended. You’ll have to provide some proof of your income, such as a pay stub, during the application process.

You must also be at least 18 years of age. But applicants who are over 21 are more likely to be approved.

Through a secured or unsecured installment loan, you can access loan amounts between a few hundred and a few thousand dollars. The length of the loan (the “term”) will depend on what you and the lender agree to. It can be as short as a few months or as long as several years.

During the loan term, you’ll have to make repayments, which will consist of the principal sum and the agreed-to interest every month. The interest rate may be fixed or variable, depending on the terms of the loan.

Another useful bad credit long-term loan that you could opt for is a signature loan. This is an unsecured loan that requires no collateral, just your signature and promise of intent to repay.

Such loans are very similar to installment loans for bad credit because of their long terms and the loan amounts you can access.

Also, like installment loans, signature loans have the unique upside of boosting your credit score as long as you make the agreed repayments on schedule. Failure to do so will have the opposite effect and negatively impact your credit score.

About Same day deposit and instant approval for bad credit loans

While getting instant approval and same day direct deposit for a bad credit loan would be convenient, no lender can actually guarantee it.

A lender may promise that you can get loan approval and same day deposit before the close of the business day, but various factors can cause delays. For instance, complications with your loan application documentation may delay the approval process. Also, depositing a large loan sum into your bank account may require comprehensive manual checks that delay the transfer of the funds.

So, instead of looking for bad credit loans with instant approval and same day deposit, look for ones with fewer requirements and a short application-processing time.

What are the best alternatives to bad credit long-term loans?

A bad credit long-term loan can get you thousands of dollars to solve your financial issues. But, the credit requirements of some lenders, and the needed processing time, may delay your acquisition of funds.

If you need a faster loan with a shorter term, you can go for a payday loan. A payday loan is a short-term bad credit loan. Most of the time, you can get approved almost immediately. This makes it ideal for emergencies. Plus, most people are approved regardless of how bad their credit history is. But unlike long-term loans (like installment and signature loans), you can’t access more than $500 via a payday loan.

The major advantages of payday loans over bad credit long-term loans are:

• There are minimal credit checks
• No impact on your credit score
• Loan approval and deposit are fast
• You can pay it back quickly

But on the downside, even though payday loans are short-term, their APR is far higher than that of a bad credit long-term loan. If you fail to make the high repayment by the due date, it can easily put you in deeper debt.

What to avoid with bad credit long-term loans

A bad credit long-term loan can be a lifesaver, but that’s only if its terms are in your favor. To avoid signing up for a bad credit loan that does more harm than good, beware of the following:

  • Unclear terms: Some lenders mask payday loans as installment loans. Accepting such a loan for a small amount can result in an APR that’s above 400 percent with a repayment term of 1 to 12 installments.
  • High fees: Bad credit installment loans come with higher than normal interest rates. Combine this with exorbitant loan fees and you’ll get a very expensive loan.
  • Lose your collateral: If you go for a secured loan, you could lose your collateral if you can’t repay your debt. It can be especially devastating if the collateral is your home.
  • Repeat short-term lending: If a lender offers you another loan to cover a previous loan (from them), walk away. Such loans usually have even higher interest rates and fees, putting you in greater debt than you previously were.

To avoid all of the above, be sure to verify all of the terms of a bad credit long-term loan before accepting it. Look especially close at the APR and repayment terms so you’ll know if you can actually afford the loan.

How can I check my credit score?

People with higher credit scores can access better loan deals. If you know your credit score, you’ll have a good idea of the loan terms you can get, especially interest rates and loan amounts.

Some popular ways to check your score include:

  • Ask your bank/credit card company: Your bank or credit card issuer should have a free credit monitoring service available that you can use to check your score.
  • Free websites: Several websites exist that allow you to check your credit score for free. These only provide a ballpark estimate of your credit score. But it is still useful information.
  • Social Security Number: With your social security number, you can see a free credit report from Experian, Transunion, and Equifax once every 12 months via Annual Credit Report.
  • Pay for your FICO score: Paying to see your FICO score will provide you with an up-to-date score.

How can I improve my credit score?

Some of the more effective ways to improve your credit score include:

1. Increase credit card payments: Your debt-to-credit (DTC) ratio greatly affects your credit score. Credit is your credit card balance and debt is how much you owe on your card. To improve your credit score, keep your debt less than 30 percent of your balance. You can accomplish this by paying more each month to offset your debt. It is even better for your credit score if you can get your debt down to less than 8 percent of your credit balance, but above zero.
2. Debt consolidation: Credit bureaus look at every active credit card in your name to determine your credit score. By paying off smaller debts on other cards and consolidating all of them onto one single credit card, you can improve your credit score. Be sure to keep your old cards active, but with a zero balance. It will help maintain your credit card history.
3. Get more credit cards: For those that have only one credit card, getting two more can improve your credit score. Having multiple cards will increase your available credit, resulting in a lower debt-to-credit ratio. But this will only work if you maintain a zero balance on the new cards. Also, do not open too many new accounts within a short time as it will lower your average account age, which will hurt your credit score.
4. Make early credit card repayments: Rather than wait until the end of the month, pay your credit card bills before your issuer submits your credit card report to the bureaus. Since credit reporting occurs before you receive your bills, this tactic will maintain your credit score by ensuring there is no debt to report to the bureaus.
5. Fewer loan applications: For most loan applications, there is a hard credit check that will negatively affect your credit score. Avoid this by applying for fewer loans, or applying to lenders that use soft checks during the pre-approval stage.
6. Pay your bills on time: A history of paying utility bills, rent, and other bills on time will make you appear creditworthy and positively affect your credit score.
7. Get a secured credit card: For someone with minimal or no credit history, a secured credit card (that you preload) will help maintain your credit score. That’s because you can only spend money deposited into the card account.

Benefits with long term loans

Major benefits of long-term loans include:

  • More time to pay back your debt through specified monthly payments for the duration of the loan term
  • Lower APRs than typical short-term loans
  • You can get higher loan amounts, ranging from hundreds to thousands of dollars
  • Unsecured long-term loans require no collateral
  • You can use the loan sum for anything you want
  • If you make monthly repayments on time, it can improve your credit score

Summary – bad credit long term loans guaranteed approval

A long-term bad credit loan can provide you with the financial assistance you need without pressuring you to pay it all back quickly. The monthly repayments also place less of a burden on the borrower. While no lender can guarantee your approval for a bad credit long-term loan, you can almost certainly find one by applying to several lenders with different requirements.

That said, be sure to understand the terms of a bad credit loan before agreeing to it. Failure to do so may result in accepting a loan with interest rates and other terms that you can’t keep up with.

We would love to help you find the best bad credit long-term lenders in your area. Contact us today to find out more.

Joseph Smith

Joseph Smith
Writer and editor

Joseph Smith is an experienced freelance writer with over 11 years of experience. His area of expertise includes finance, loans and lending. His work has been featured on various large websites including this one.
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