High-Risk Personal Loans Guaranteed Approval

Writer and editor - Joseph Smith | Updated on 2023-03-06
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Are there any high-risk personal loans with guaranteed approval?

The operative word here is “guaranteed.” It implies that there is no other scenario preventing someone from receiving approval for their application. In that case, there is no such thing as high-risk personal loans with guaranteed approval.

However, there are plenty of companies that are close to absolute. They offer “guaranteed” high-risk personal loans fast with lower requirements. This more relaxed standard makes it possible for more people to qualify for and receive a loan.

Many times, these financial institutions cater to people with poor credit who are unable to get a loan anywhere else. Companies compensate for the risk with relatively high interest rates. Additionally, the loan amounts are usually only $100 to $5,000.

Best “Guaranteed” High-Risk Personal Loans

Loans Amount Loan term / Interest Benefits
Personal Loans (Personal loan) Ranges from: $500
To: $35,000
3 Month to 6 Years
APR: 5.99 - 36%
Bad Credit: Accepted
Creditscore: At least 580
Minimum Income: $2000 per month
Type of service ?
RubikLoan (Personal loan) Ranges from: $100
To: $5,000
Up to 1 year
Show loan fees ?
Bad Credit: Accepted
Minimum Income: $1000 per month
Type of service ?
QuickLoanLink (Personal loan) Ranges from: $300
To: $35,000
2 Month to 7 Years
APR: 6.90 - 530%
Bad Credit: Accepted
Creditscore: At least 550
Type of service ?
LifeLoans (Personal loan) Ranges from: $500
To: $40,000
2 Month to 5 Years
APR: 5.99 - 36%
Bad Credit: Accepted
Creditscore: At least 580
Type of service ?

How to get guaranteed high-risk personal loans fast

There is no shortage of lenders when it comes to finding personal loans. Many businesses cater directly to people with low credit scores so they can receive the immediate financial support that they need. Consumers can find online applications that take less than five minutes to fill out and have funds available within the same business day.

People who want guaranteed high-risk personal loans fast can be at a disadvantage, though. Lenders need to compensate for the built-in risk, plus the processing speed. As a result, many financial institutions will charge higher interest rates, which can hover around 30 to 35%.

Intuitively, lenders reserve high-risk loans for high-risk borrowers. Generally speaking, that means the prospective borrower has a credit score below 620. Some other red flags may include a history of delinquent payments, a limited credit history, and recent applications for multiple forms of credit.

The bottom line is that borrowers have to prove to the lenders that they will repay the loan. Therefore, borrowers should have evidence demonstrating their ability to repay the loan on time. They may also need a co-signer whose credit score effectively serves as collateral for the investment.

Alternatives to high-risk personal loans with guaranteed approval

See our dedicated article here with alternatives to bad credit loans.

Personal loan options

The specific terms of a personal loan will depend on the needs and preferences of a borrower. That said, there are several different types of personal loans, including personal lines of credit, debt consolidation loans, secured and unsecured personal loans, and fixed-rate loans.

The most common type is unsecured personal loans. If the borrower defaults on the payments, they will not have to transfer property as compensation. These types of loans are for “riskier” lenders and have interest rates anywhere from five to 36%.

Another loan variety is the debt consolidation loan. This type lets people streamline their debts into one payment, which comes with a lower APR and helps them save on interest. Many companies excel when it comes to personal loan processing, though the important component is that their offer matches a customer’s needs.

About credit checks

A credit check is a way for a prospective lender to look at someone’s credit history. They come in two flavors: hard and soft. A hard credit check, or hard pull, occurs when a financial institution checks a prospective borrower’s credit, typically during an application for a mortgage, personal loan, or credit card.

A hard credit check will lower a person’s credit a few points. It is for higher risk customers who are susceptible to not paying back their loan. While a single hard credit check will make a minimal dent in the credit score, several pulls are inadvisable.

A soft inquiry, or a soft pull, takes place when a financial institution checks a credit history as part of a background check. These inquiries do not affect credit scores, which makes them preferable. They are often a way of pre-approving customers for an offer.

How to improve your credit score

It sounds rather obvious, but the best thing people can do is learn everything they can about their credit scores. There are three major credit bureaus in the United States: Experian, Equifax, and TransUnion. Consumers can get a free credit report from any of the credit bureaus once per year.

After receiving the credit history, people should scan it for errors. Some of the most frequent mistakes include misspelled names, duplicate accounts, fraudulent statements, and incorrect payment status. The more significant the error, the greater the potential impact on a person’s overall credit score.

Read a more detailed of how to improve your credit score here.

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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