Bad credit is one of the biggest obstacles to getting approved for a personal loan, but it doesn’t have to be a hindrance. There are a number of lenders out there that are willing to give bad credit personal loans guaranteed approval. Although a traditional bank won’t do this, online lenders are able to approve loans even with a low credit score in as little as a day.
Loan Shark is an online lender that will pre-qualify you and submit your loan request to their network of lenders. The process is quick and easy and doesn’t hurt your credit score. In return, Loan Shark receives a fee from the lender after you accept a loan. To apply, you must be at least 18 years old, be a permanent resident of the United States, and have an active checking account.
If you don’t feel comfortable applying online, you can check out local lenders or credit unions in your area. Make sure you know which ones specialize in personal loans for people with bad credit and can visit them in person. You can apply for both unsecured and secured loans. For the latter, you’ll need to provide some type of proof of income.
Most lenders will approve you for a personal loan with an interest rate between 6% and 10%. If you have a good credit history and a steady source of income, you may be able to qualify for an even lower interest rate.