![]() The Consumer Financial Protection Bureau (CFPB) found that the size of a typical payday loan is $350 with a fee of $15 per $100 borrowed. Payday loans, title loans, pawnshop loans and other installment loans for low credit scores are often subprime loans that can come with extremely high fees that could add up to more than your loan amount. ![]() The biggest risk of guaranteed-approval or no-credit-check loans is the cost. Once you share your financial information and loan amount you’re looking for, you could be matched with loan offers. ![]() Guaranteed loans may also be available through online loan marketplaces. In some cases, you can get a personal loan for bad credit online. You can get guaranteed loans at storefronts offering payday, car title or pawnshop loans. Like other guaranteed loans, installment loans for borrowers with bad credit can come with high interest rates and fees. Although most lenders only offer installment loans to borrowers with strong credit, some lenders can approve borrowers with bad credit (a score below 580) or no credit. Installment loans offer a lump sum loan often paid off in monthly installments. As with any secured loan, if you don’t repay the debt, the lender can take ownership of your property and sell it. That collateral reduces risk for the lender-the pawnshop-and can help you get approval without a credit check. Pawnshop loans are a type of loan where you get a loan in exchange for offering up an item of value, such as jewelry, as collateral. Failing to repay a title loan can put you at risk of losing your car. Your car provides the collateral that reduces the risk for the lender, so you can qualify for these loans with no credit check. These loans are backed by a car that’s fully owned by the borrower or mostly paid off. With a title loan, your lender will hold on to your car title until you repay the loan. During the loan application process, you’ll need to show you have a source of income to repay the loan when it’s due. Payday loans often don’t require a credit check so you can get approved with a credit score below 580. Payday loans are loans where lenders lend you a portion of your next paycheck, and the entire loan balance must be repaid on your next payday. ![]() How guaranteed personal loans work varies between loans: Payday Loans ![]()
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