High risk unsecured personal loans, often known as payday loans have become more popular among a lot of people these days. This is probably because of the convenience and the fast approval process of these loans. You don’t need to have good credit to qualify for this loan as there is no credit check involved. You don’t even need to have any collateral and co signer as well and thus there is no risk of losing your property in case you default on the loan. It isn’t that difficult to get approved of these loans as they have pretty easy requirements.
Almost anyone can qualify for a payday loan. Some of their requirements include stable monthly income, an active checking account and you also need to provide your place of residence. You also need to be at least 18 years of age before you can apply for this loan. As it is a personal loan, you can use the money for any purpose. You can use it to pay for your credit card bills, to fix your car and other expenses. Since these lenders will not require any collateral from you and they would not do any credit check, you will be charged with high interest rates. This is the price you have to pay for the convenience of the loan. This is also understandable considering the risk that the lender is taking in allowing you to borrow money from them. If you default on the loan, they don’t have any property to repossess and that is why they charge high interest rates.
Instant personal loans guaranteed are also not found in banks and credit unions. Most banks and financial institutions would not grant you a loan if you have bad credit. If you are looking for bad credit loan, you can try searching online.