Refused Credit? Guaranteed Approval for Poor Credit Rating Loans

Jun 1, 2010
Asa Ghaffar

: Approval for Fast Cash Advance Loans - Alliance_Main_Street

If you need fast cash and have been declined for credit due to a poor credit history, here's where you can get bad credit rating loans with no credit check.

There are a variety of reasons why people are rejected for credit. Customers are turning to poor credit rating loans in record numbers due to a substantial reduction in the number of successful applications for mainstream financial products. Fast cash advance loans may be more expensive, but they don't involve credit scoring, are available for any purpose and are provided within a maximum of 24-hours. Some guaranteed cash loans require the provision of collateral and others are completely unsecured.

Why Have I Been Refused Credit?

Although bad data held by credit reference agencies can be legally corrected under the Fair Credit Reporting Act, missed and late payments will result in a substantial credit score reduction. Most lenders use a process known as credit scoring to underwrite the risk of the borrower defaulting. Lenders can now afford to cherry-pick the best customers. It is advisable to perform an element of credit history repair if a lender advises that they will need to perform a credit check prior to making their decision.

What are the Borrowing Terms for Poor Credit Rating Loans?

Adverse credit will lead to either a higher rate of interest or an outright credit decline. There are a number of specialist loans and credit cards designed to assist people who have been declined for credit. Pawnbrokers, payday and auto title lenders provide guaranteed cash loans to customers who have a history of adverse credit. Customers can borrow money with awful credit, provided that they are able to prove their identity and can demonstrate that the repayments are affordable.

Can I Get an Adverse Credit History Loan from a Payday Lender?

A payday cash loan is a source of unsecured finance for customers who need a source of quick cash. It is possible to borrow $1,000 when refused credit elsewhere. In order to get approval, it is necessary to be a U.S. citizen, over-18 and in full-time work. Their identity must be validated with 2 forms of identification and a valid checking account. The customer provides the lender with a post-dated check and the funds are subsequently wired to the checking account. Costs vary between states, but it is generally in the region of $25 a month for each $100 that is borrowed.

Can I Borrow Money with Bad Credit from an Auto Title Lender?

A car title loan involves an assessment of vehicles value in order that money an be borrowed against the vehicles equity. The lending criteria are similar to a payday advance, but there is a further requirement that at least 75% of any outstanding vehicle finance has been cleared. Lenders will also need a set of car keys and an original copy of the car title. Some states have placed a restriction on the maximum rate of interest, but the cost of borrowing remains high. Failure to keep-up with the repayment terms will lead to the repossession and sale of the vehicle that was used to secure the loan.

Will a Pawnbroker Offer Me a Fast Cash Advance Loan?

Borrowing money from a pawnbroker involves providing collateral, such as gold, jewelry, silver or electrical equipment. An expert will assess the item and will normally offer a quick cash advance for between 30% and 50% of its value. Unless the advance is particularly large, the cash will be handed to the customer along with a receipt. The item is typically redeemed a month later by repaying the principal and any interest that has accrued.