Personal Loans Guaranteed Instant Approval

Writer and editor - Joseph Smith | Updated on 2020-03-03
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Are there any personal loans with guaranteed instant approval?

Unfortunately, there are no personal loans that can be automatically approved by a lender. Industry standards require at least some form of credit check. Personal loans require a more extensive credit check than payday loans, which subsequently may take them longer to approve. Direct lenders will need to make sure that you can pay back the money they will lend to you; otherwise they would not be in business for very long.

Personal loans are different than payday loans in a variety of ways, mainly in the length of the loan and interest rates. A person may look to a payday loan – otherwise known as a short-installment loan – if their credit is bad. If their credit is bad, banks may shy away from lending them any money. While a person may also turn to personal loans if they have bad credit, they are typically not in as bad of shape when it comes to their credit score.

Loans Amount Loan term / Interest Benefits
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 ?
CreditLoan (Personal loan) Ranges from: $100
To: $40,000
2 to 84 Month
APR: 5.34 - 36%
APRs from 5.34% - 35.99%
Bad Credit: Accepted
Minimum Income: $800 per month
Type of service ?
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
Fee: $15 - $30 $45 - $90 $75 - $150 Up to $1500
Bad Credit: Accepted
Minimum Income: $1000 per month
Type of service ?

A personal loan is a loan that lenders give with the intention of it being paid back for at least two years. With payday loans, the timeline is the opposite; they require the money to be paid back in installments for less than two years. The big difference-maker for individuals who can qualify for personal loans is that they will likely be saving a great deal of money on interest rates.

Payday loans are sought out by individuals who are in dire need of a loan. For personal loans, the need can be just as great, but the borrower is getting a better deal due to their improved credit score. The reason that there isn’t an instant approval process for a personal loan is that the lender will need to check your basic requirements. Another critical factor to consider with personal loans is the genuine possibility that the lender will perform a hard credit check, which may have adverse effects on your credit score.

When a lender performs a hard credit check, as opposed to a soft credit check, it can harm your credit score. If you have upstanding credit, this shouldn’t be an issue because the hard credit check won’t affect it that much. However, soft credit checks are surface-level checks, and they do not affect your credit score either way.

Personal loans with a same-day deposit

The good news is that there are plenty of personal loans with same-day deposits. Unfortunately, much like unsecured personal loans guaranteed approval, the lender cannot guarantee your same-day direct deposit as a certainty. Due to industry standards, some factors are out of the lender’s control, which could affect the day your money gets deposited.

The speed at which lenders deposit the loan into your bank account will depend on a variety of factors surrounding your loan, which may include:

  • The size of the loan. Larger loans may take longer to process, while smaller loans should be deposited relatively quickly
  • Whether or not they do a soft or hard credit check before approving your loan
  • The speed at which they check on your ability to meet their basic requirements
  • The business or banking hours at which they process your payment. If it doesn’t go through in time, it will likely be processed the next day
  • The lender cannot decide on your loan due to lost paperwork or other mitigating factors

What are the requirements for a personal loan?

Compared to a payday loan, there are slightly higher requirements to be approved for a loan. Even if you meet some of the requirements, others may hold you back from the approval process.

These requirements include:

  • The borrower must be at least 18 years old, although lenders prefer for them to be at least 21 years old
  • You have to be earning at least $800 a month before taxes. Yet, that is only the minimum requirement. Typically, a lender will want you to be making at least $2,000 of base pay before taxes. They do this so they can lessen the risk in their minds. If an individual has no income coming in, how can they trust them to pay back their loan?
  • You will need to present some form of valid identification, whether it’s a driver’s license, a passport, or another legal document. The types of identification accepted can depend on the lender
  • Your bank account needs to be active and not expired
  • You will need some proof of payment in addition to the minimum level of income. The lender requires this proof to cover their bases further. This proof can be a pay stub or direct deposit form

Alternatives to instant-approval personal loans

Instead of a “guaranteed instant approval” personal loan, you can further investigate whether a payday loan or debt consolidation loan may work for you. Most of these opportunities will depend on how quickly you need the money and how badly you need it. There are riskier options like pawning the title to your vehicle. You can also try to buckle down and raise your credit score so you can get any loan that you want.

There are many ways to improve credit, including:

  • Opening up new lines of credit, thus diversifying your credit line, and keeping the balances at zero dollars
  • Making your credit payments sooner
  • Consolidating balances to one account so that fewer lines have debts on them
  • And 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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