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What are Guaranteed Approval Loans? (No such thing!)

Lenders can provide a payday loan which meets your short-term financial needs that can arise from a crisis. These won’t be guaranteed for every person in every situation. They are also known as payday loans, short-term loans and personal loans. These type of loans depend on your ability to repay — if a person doesn’t have the ability to repay they are not guaranteed approval.

What is a guaranteed approval loan? Actually, there are no such things as “guaranteed approval” loans. Certainly you can think of a scenario where someone applying wouldn’t be guaranteed a loan, (for instance, they might not be able to repay one if the did get it).

However, if you do have income, this kind of loan has many benefits. By repaying with your future salary, you can borrow money prior to receiving it. Let’s take a look at getting a fast loan.

When you are unemployed, it can be an extra challenge to rely solely on the allowances given by the government. There are financial emergencies that leave you battered and broken, unable to think of a way to get any funding. To help out, many loan companies are reaching out to offer bad credit direct lender high risk loans for unemployed individuals. 

Emergencies happen all of the time, and no matter what you’re the situation is, you are bound to take action to find a solution. This is even if you know you have bad credit scores and the fact that you are unemployed. For most lenders, these two criteria are already red flags for approval of loan application. They may deny the application outright because it is a big risk to give out super fast loans to people who have bad credit record and unemployed at the same time. But who help these people in times of emergencies?

Bad Credit Loans for Unemployed

The good thing about today’s lending industry is that they keep evolving to accommodate different people in different situations. Being unemployed is not their choice and finding and holding a job can be tough. Government allowance may keep you through your basic needs but in case of urgent financial needs, it is not easy to find financing without proof of income or employment. 

This dilemma has been addressed by online lending companies by designing loan products, especially for unemployed borrowers. This chance to apply and be approved for a quick loans bad credit no brokers eases out the worries about their pending bills, urgent expenses and gives them hope to improve their current circumstances. 

Loans that are Meant to Help You Out

Bad credit loan for unemployed has assisted thousands of unemployed borrowers by giving them urgent financial assistance to meet their needs. These loans are unsecured and free from credit checks. They are easy to get and apply for. These direct loan lenders will simply rely on your government allowance as proof of your income and your capability to make repayments based on this. 

Most of the time, unemployed borrowers use the loan proceeds to apply and search for jobs. They use it to supplement their daily needs and support their families. There are also instances that they need the unsecured loan application for medical emergencies, home, and car repair and others. 

Different Types of Bad Credit Loans for Unemployed

Loan providers have designed various loan products to serve the needs of different individuals. For people with bad credit and are unemployed, here are some of the options.

1. Bad Credit Loans

These loan deals are offered to most borrowers and even if they are not regularly employed they can take out a loan by applying for this product. 

2. No Guarantor Payday Loans

Finding a guarantor can take a while and if you have an emergency, this is the type of loan that you should apply for. It is easy to secure funds through this service but be aware of its high-interest rates. 

3. Debt Consolidation Loans

For those who might have fallen into several debt traps, this is the best way out. This loan product will help cover all pending payment dues and you can focus more on getting a new job and fixing your credit rating. 

4. Text Loans

By the name itself is quick and easy to avail. It has proven to be ideal for most unemployed individuals as it does not require credit checks. 

Applying for Bad Credit Loan for Unemployed

Having bad credit and being unemployed may be too gloomy to look at, but on the bright side, there are now hundreds of online lending institutions that offer loan products for people with bad credit score and unemployed. The application is conveniently accessible online, thus there is no need to travel to a traditional lending company location.

All you need to do is fill out the application form and get pre-approved. You will instantly be advised to provide necessary documents like proof of identification, legal age and proof of income for your application to be validated. Once your application meets all the requirements, the company will approve your loan and transfer the loan amount proceeds to your account. The process takes a short while and sometimes, borrowers can access their funds on the following business day.