Having poor credit can create some issues, but people with bad credit seeking installment loans still have options. Having a good credit score usually makes it easier to qualify, but it doesn’t mean you can’t be eligible. Loans for bad credit like installment loans often require a fair credit score for an application to be considered, but there are options for bad credit installment loans.
You will often find near instant approval for bad credit loans as much of the decision making process is fairly quick on the lenders side or even partially automated. From the time you submit your application, many lenders can provide a decision within minutes about whether you have been accepted for approval. Since not all lenders use the same methods for reviewing your short term loan request, just because a lender has rejected your applications it does not mean all will.
Bad Credit Loans No Credit Check
Since every lender has a different way of reviewing applications, finding an option with no credit check or bad credit installment loans with guaranteed approval in Canada is unlikely. This is because a lender needs to either review your credit score or use alternative data to make a decision about whether your loan request might be approved. It’s how they manage risk, and to try and ensure they will be repaid what was borrowed.
Anytime you see guaranteed approval for bad credit installment loans or similar, it’s best to view with caution. Being able to offer such a guarantee or no credit check loan would be highly unlikely. Some that are seeking an emergency loan with bad credit and guaranteed approval are in a hurry to find the funds they need and this can affect their decisions. Choosing high interest loans may take care of a current problem, but you have to pay for it after and the wrong choice can leave you with an expensive way to borrow.
Since most banks would not approve a request for a loan with bad credit, using an online direct lender is often your best bet. A main thing when doing so is to be aware of any interest rates, fees, terms and to read the agreement before signing. This is to help you know what it is you are agreeing to, including costs involved, and avoid any surprises later.
Even with extremely bad credit an installment loan is possible. A reminder that the worse your credit score, the more likely you are to have higher interest rates since you would be considered more of a risk to borrow to.