Loans can be immensely helpful when you need money in an emergency situation or a large sum of money quickly. However, certain processes need to be followed for acquiring any kind of loan.
This significantly includes meeting certain conditions to become eligible for the loan. One of the major conditions of getting loans from direct lenders is to have a good credit score. Unfortunately, many people suffer from the problem of bad credit. That is why it is hard for them to get the desired guaranteed approval.
It is possible to get loans even if you have a bad credit score. Many direct lenders have relaxed guaranteed approval rules and regulations that accommodate such individuals. It is actually beneficial for the credit score in the long run. If a person happens to pay the loan money back on time, they end up improving their credit score.
How to Get These Loans?
Loans are available through different means. They can be obtained through banks, brokers, and lenders. Banks are quite a common source for borrowing but they are also popular for having strict conditions as well as complicated loan approval processes. It is almost impossible to get the funds from banks if you have a bad credit score.
The best option is direct lenders who can offer you a guaranteed approval. Many companies have specifically designed their service to help people with bad credit.
Here at Loan Away, we have a very straightforward application process. It will only take you 20 minutes in total to get the desired approval.
- Borrow up to 5000 dollars
- Decision in 20 minutes
- Money accessible in 24 hours or less
Why Choose Direct Lenders?
With bad credit, you can’t go to banks so you are left with the choice between loan brokers and direct lenders. You should definitely choose the second option as they are better than the brokers for a few good reasons.
- Firstly, it is important to understand what direct lenders are. These lenders pay the loan money directly to you. There is no presence of a third party or intermediary so the chances of a guaranteed approval increase. Usually, the loan broker is the intermediary. It is good to avoid them because there have been cases where they take information on you and sell it to scam lists while eating up your money at the same time.
- With direct lenders, you deal directly with them. You are more likely to find information on them and be competently satisfied yourself before doing business with them. You will also have full control over where your information is going and whether you want to share it or not.
How to Choose Direct Lenders?
It is not difficult to find a company that offers loans to people with bad credit. These lenders usually openly advertise their high guaranteed approval rates. However, there are plenty of direct lenders and it is important to pay attention to find the most suitable, trustworthy, and reliable one.
One advantage is that they have well-established websites. You can easily look up detailed information on them through this source. You should find out how long they have working, what kind of policies they have, the variety of loan packages they offer, and testimonials from previous loan borrowers.
How Can Loans Help You?
When you have a low financial score, you must look for two things with taking out loans. One is that you can get the funds with a low score and second that you can improve your credit. Direct lenders will definitely accommodate you.
Choose a direct lender that reports to credit bureaus so when you pay on time, you will be able to improve your history.