Bad Credit Instant Loan Approval -- What's the Catch?

Instant approval on a loan is available to those who have bad credit. While there are some requirements and they can vary from one lender to the next, for the most part instant loan approval is quite easy to obtain.

Bad credit instant loan approval amounts will depend on your income and the lenders own specifications. The catch to being able to obtain a bad credit instant loan approval is that you are going to pay interest rates that are significantly higher than you otherwise would and the amount you can borrow will be significantly lower than what you would be able to obtain with good credit.

Requirements for Bad Credit Instant Loan Approval

While these can vary from one lender to the next, here is a general idea of what requirements are necessary for instant loan approval: Full-time employment is required, and you must reside in the United States. Each lender has an income requirement as well. It can range from a $1,000 to $2,000 a month before taxes.

Things You Will Need to Apply for a Bad Credit Loan

For bad credit instant loan approval, you should have the information following handy:

  • What it is you are buying – for example, a car or furniture
  • How much money you wish to borrow – for example $3000
  • Proof of employment and earnings – a pay stub is what you need

Know the Interest Rate on Bad Credit Instant Loan Approval

Different high risk lenders will offer different interest rates. It pays to shop around and see who can offer the best rates.

Complete the Application Form for Bad Credit Instant Loan Approval

Loan applications will vary depending on who the lender is, but all will require the following.

Personal Information - You’ll need to provide your legal name, date of birth and home phone number, as well as your social security number.

Residential Information - You will need to provide where you live, how long you have lived there, do you rent or own, and the amount of your monthly rent/mortgage payment.

Employment Information - You will need to provide where you work, for how long, and how much you make. You will also need to provide your employers name or your immediate supervisor and the phone number of your employer.

Banking Information - Your banking information will include the bank name and the types of accounts.

Certification and Authorization

Finally, before your bad credit instant loan approval can occur you will need to give them electronic approval to verify the information you have provided. You will have to agree to their terms and then submit your application.

You can almost always receive bad credit instant loan approval; however, occasionally you may have to wait 24 to 48 hours. Once approval is received the check will either be mailed to you or deposited in your bank account. 

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