When searching for installment loans for bad credit, you’ve probably seen ads titled “guaranteed installment loans.” The word ‘guaranteed’ makes these ads sound like a great deal, especially because with bad credit, you’ve probably been turned down for loans in the past. Add this to the fact that you’ll be dealing with a direct lender, meaning no broker fees, and the whole thing sounds like a pretty good deal. But is it?
Before we get into that, let’s first understand what installment loans are.
Installment loans are loans that are repaid in fixed, equal payments. The payments are spread out over a set period, usually two years or more. The advantage of installment loans is that they allow you to make smaller payments over time as opposed to one lump sum payment. This can make them easier to manage and afford.
What is Guaranteed Approval?
When a lender says they offer guaranteed installment loans, it means they’ll give you a loan regardless of your financial situation, no questions asked. Unfortunately, there’s no such thing as 100% guaranteed installment loans from direct lenders only.
The fact is, all lenders will want to know some information about you before they can give you a loan. This is because they need to make sure that you’re a good risk and that you’ll be able to repay the loan. So, if you come across a lender advertising guaranteed installment loans for bad credit from direct lenders only, be very wary. It’s most likely a scam.
However, this does not mean you cannot apply for installment loans with bad credit. In fact, some lenders, such asMypaydayloan.com, specialize in working with borrowers with bad credit and have a high approval rate for installment loans.
This leads us to our next question:
Who Can Get Guaranteed Installment Loans From Direct Lenders Only?
Anyone can apply for guaranteed installment loans from direct lenders only. However, to be approved, you must meet some specific criteria. To qualify for an installment loan from Mypaydayloan.com, you’ll need to meet the following requirements:
- Must Have a Steady Income
We’ll require you to provide recent pay stubs or bank statements to prove that you have a steady income. This includes your employment details, including your employer’s name, address, and phone number.
If you don’t have a traditional job, you may need to provide other income documentation, such as tax returns or benefit award letters.
- Must Be an Adult, at least 18 Years Old
To prove you’re an adult, you’ll need to provide a government-issued ID like a driver’s license or passport. This is necessary because we need to be sure that you are who you say you are and that you’re old enough to take out a loan.
- Must Be a US Resident
Again, this has to do with the legal contract aspect of taking out a loan. US residents are subject to US laws, which makes it easier for us to work with you. To prove that you’re a US resident, you’ll need to provide a government-issued ID like a driver’s license or passport, as well as a recent utility bill or bank statement. This will show us that you have a US address where we can contact you if necessary.
This does not mean that registered aliens, such as green card holders cannot get installment loans. As long as you can provide the required documentation, you should be able to qualify regardless of your citizenship status.
Must Have a Checking Account with Good Standing
Like other loans, installment loans will require you to have a checking account in good standing. This is because the loan will be deposited into your account, and the payments will also be withdrawn from there.
But what if you have a savings account? Unfortunately, savings accounts will not be accepted. This is because savings accounts usually have restrictions on how many withdrawals you can make per month, and we need to be able to withdraw your payments without any issues.
To prove that you have a checking account in good standing, we’ll need your bank routing number and account number. We’ll also run a soft credit check to ensure no outstanding issues with your account.
If you meet all of the above requirements, you should be able to qualify for an installment loan between $200-$1,000 from us. And if you’re a returning customer, you can borrow as much as $1500.
Turn to Mypaydayloan.com For the Financial Help You Need!
We know that life can be unpredictable, and we’re here to help you when things go wrong. Apply your installment loan today, and we’ll help you get the money you need, when you need it.