If you need a loan but you have bad credit you may be wondering where to get a guaranteed bad credit loan. The truth is that no one can guarantee you a loan if you have bad credit, but there are some solution for the cash strapped and credit deficient. Some of these solutions are high interest and uncomfortable terms, but this is the price you pay for having a bad credit score. Also, some types of credit are easier to get than others. For instance, you may find that seeking a guaranteed bad credit auto loan is actually fairly easy if you know where to look.

For someone to get guaranteed loan approval bad credit will make it impossible for someone to guarantee you a loan. If you are looking for a guaranteed bad credit personal loan, such as from a bank or other financial institution, you may as well know now that it’s probably not going to happen. However, If you are simple looking to borrow some cash, there may be some places that you can go. These are the payday loan places, the title loan places and buy here, pay here car lots for vehicle financing. Pretty much all of these come as close to guaranteed bad credit loans as you can get.

Let’s go over the payday loan first. A payday loan is a loan that you get from a company with your check made out for the amount of the loan plus the interest. You have to prove that you bank account is in good standing and that you have a steady income to qualify for this type of loan. If you do not come in and pay the loan plus interest on your payday, then they will cash the check as often as it takes to get it to go through. Also, the compound the interest every pay period. So, if you want to extend the loan, then you pay the interest and the loan is extended through another pay period. This can mean staying in a cycle of debt for a very long time.

A title loan place works slightly differently. You put your car title up as collateral and you get some of the blue book value of your car as a cash loan. You also will leave an extra set of keys with the loan place, and if you do not pay off the loan in the time allotted, they will find you and take your car away. The interest on these types of loans are also quite high as well, varying from state to state as the laws only allow a certain amount of interest to be charged for a certain type of loan. I always recommend against title loans except in extreme emergencies.

The last place to get credit if you have bad credit the buy here pay here car lots. A buy here pay here lot allows you to be approved by their own credit standards, which may be quite low, and allow you to make payments weekly or biweekly, or sometimes monthly.  If you do not make your car payment, these type of car lots will repossess almost immediately to keep from losing money. However, if you can find a fair buy here pay here lot, then you may be able to get a car, pay it off and have a great credit reference to boot.

Are there such a thing as guaranteed loans for bad credit. The common answer is no, why would there be? Why would lenders take a chance on lending to someone that has proven they will not pay back the loan or make payments on the line of credit. However, in today’s world having bad credit is somewhat of a common occurrence, and as a result more and more lenders are beginning to offer guaranteed personal loans for bad credit because even the most honest and responsible of consumers can run into credit problems now and then.

If you are looking for guaranteed unsecured loans for bad credit it may depend entirely upon how bad your credit is. Check your credit history, and average it out between the three bureaus (unless of course you know which bureau that finance company that you are applying at is using) and see what your score is. A score of 700 is good credit and will almost certainly result in approval while a score of around 650 is borderline and may depend upon other factors in order to get approved. Expect to get denied if you have a credit score of 600 or below.

There are some other things that affect whether or not you will get guaranteed approval loans for bad credit. Your income is one of the major factors. If you have an excellent income with a couple of years on the job, you have a much greater chance of getting approved for a loan. This is because if you have extra money each month, it is much easier to see how you could make the payment without struggling. Having a solid income that is greater than your bills will definitely be a deciding factor for companies offering guaranteed loans for people with bad credit.

Some other factors that may influence the loan companies are how long you have lived at your present address. If you can show stability and prove that you aren’t going to be moving anytime soon, then they may be willing to look at your more favorably, because they can easily track you down should you default on the loan. Also, how much debt you have as opposed to what you make is a factor they will look at. This is referred to as your debt to income ratio and it should be thirty five percent or below.

There are other types of financing that are often available to those with bad credit such as guaranteed payday loans for bad credit, title loans, signature loans and secured credit cards. If you find that you cannot be approved for a conventional type of loan then you may want to look into some of these options to get the money that you need. However, keep in mind that many of these extra options will cost you quite a bit in interest and that it may be worth it to simply do without whatever it was that you thought you needed the money for, and work on improving your credit.