Bad credit unsecured personal loans with very fast approval. Apply for cash loans from $2,100 to $15,000. Easy applications. Bad credit welcome.
What are bad credit unsecured loans with very fast approval?
Before we explore your options, let’s quickly define what we are looking for.
Firstly, bad credit loans are available to consumers with a lacklustre credit history. At times, a poor credit score may interfere with your ability to secure a loan. After all, traditional lending institutions may be more critical of bad credit. Bad credit personal loan lenders, however, may be more accepting.
What are unsecured loans? Put simply, no asset guarantees one of these loans. Generally, unsecured loans are available up to $2,000. Monzi works with lenders offering secured and unsecured loans up to $15,000. Learn more about payday loans no credit check here.
Finally, fast approval refers to a speedy assessment process. Unfortunately, however, it does not mean guaranteed approval – but we’ll get to all that later. Read more about secured bad credit personal loan here. Learn more about best personal loan rates australia here. Read more about fast cash loans bad credit here.
Can Monzi offer bad credit unsecured personal loan?
Technically, we are a lender-finding service. Therefore, we don’t actually offer loans ourselves. Instead, we try and pair you with available credit providers that can! For last minute loans go here. Learn more about personal loans bad credit instant approval here.
Monzi has built up a trusted network of credit providers over time. Moreover, these lenders can potentially offer loans from $2,100 to $15,000!
Small personal loans are loans from $2,100 to $2,000. These unsecured personal loans and may come with a repayment term of 12 months.
Any loan from $2,100 to $4,600, however, is known as a medium loan and may require security. Additionally, lenders may be able to offer repayment terms ranging from 13 to 24 months.
Finally, large loans are valued between $15,000 and $15,000! These are secured loans and may have the same repayment terms as medium loans.
Always be aware, repayment terms are determined by the lender. As a result, we cannot guarantee you will be offered terms that reflect what’s presented above.
How much can I borrow with bad credit unsecured personal loanl?
Generally, you can apply for unsecured loans up to $2,000. Certain lenders, however, may be able to consider unsecured loans up to $15,000.
It is important to note, the lenders Monzi works with are potentially able to offer loans up to $15,000. Unsecured loans, however, are usually only available up to $2,000. Why the difference? Let us explain.
When you apply for a secured loan, you use one of your assets as a guarantee. Specifically, your asset acts as a guarantee you’ll repay your loan on time. If you do not repay your loan on time, the lender can recover their losses through repossession.
With unsecured personal loans, obviously, the lender has no asset to repossess. Unsecured loans are, therefore, seen as riskier than secured. As a result, lenders are usually only willing to offer smaller amounts.
Can I get a $15,000 loan with bad credit?
Yes, but you will likely need to apply for a secured loan.
Attaching an asset as security may allow you to access easier loan approval.
Additionally, if lenders can see you earning a regular income, one able to cover your normal expenses and repayments, you may be considered for approval.
How quick are bad credit unsecured personal loan?
Time is of the essence when covering an emergency or unexpected expense. After all, a deadline breathing down your back can add an extra element of stress.
Luckily, applying with Monzi is easy and may only take a few minutes. That’s surely a relief when you need urgent cash loans. We only ask for the important information and our smart system is able to digitally access a lot of the information we need – paperwork free!
If we do pair you with a lender, however, processing speeds may vary. Lenders are free to assess applications as they see fit. For example, certain lenders may perform a credit check, while others may not.
Furthermore, the nature of your application may affect outcome times. In other words, lenders may be able to assess your loan application in an one hour, but another may take longer.
Finally, keep in mind that the following can affect how quickly you receive an outcome:
- The lender’s assessment procedures
- Your application
- Whether or not the lender needs to chase you up for extra information.
Are instant unsecured loans possible?
Yes! Monzi works with a wide network of lenders able to assess your unsecured loan application ASAP. These loans of $2,000 and under and may be repaid over 12 months.
Depending on when you apply, you may get an outcome on your instant online loan application within the hour. Lenders offering unsecured loans do vary, so this 60 minute timeframe is not guaranteed.
Are bad credit unsecured personal loan with very fast approval instant?
Unfortunately, instant approval bad credit loans may not actually mean instant. In other words, it is not as if you will click ‘Apply’ and have the money in your account within a split second. Instead, instant approval loans refer to situations where your loan is processed so quickly, it may feel almost instant.
After all, lenders need to confirm that the loan product is suitable for your situation. To do this, credit providers take certain steps:
- Inquire into the consumer’s financial situation, needs and objectives.
- Take steps to verify the consumer’s financial situation.
- Make a final assessment on whether or not the loan product is suitable.
How can I increase my chance of approval?
As each lender within our network is a separate company, we cannot speak to their assessment policies or procedures. In other words, we cannot guarantee what will increase your chances of being approved for bad credit unsecured personal loan.
Certain lenders may be able to offer easy approval for a consumer with really bad credit. Other lenders, however, may take a closer look at your whole relationship with money.
Generally, lenders will look to confirm at least the following:
- The consumer is earning a regular and consistent income.
- The consumer’s income is sufficient to cover both normal living expenses and repayments.
- Consumer displays good repayment history with other lenders and credit providers.
Can Monzi guarantee me very fast approval?
Unfortunately, we cannot speak on behalf of the credit providers in our system. Therefore, we cannot guarantee how long it will take to receive an outcome. In short, some lenders may be able to provide you with an outcome in an hour, while others may take longer.
Furthermore, keep in mind that you are never guaranteed approval. After all, lenders need to confirm the loan product is suitable for your situation. As we mentioned above, lenders take certain steps to gauge a loan product’s suitability.
Considered a loan product unsuitable if:
- it does not meet the consumer’s needs and objectives; and
- the consumer is unable to afford their repayments without experiencing financial hardship.
In fact, any lender offering you guaranteed approval is potentially untrustworthy.
I have really bad credit – can I get a no credit check loan?
Unfortunately, we cannot guarantee you being offered a loan without a credit check. As we mentioned above, lenders may all vary in terms of their assessment procedures. Because Monzi cannot speak on behalf of any other company, we cannot guarantee a no credit check loan.
Be aware, however, that a credit check does not have to send shivers down your spine. In fact, many of the lenders within our network are potentially able to look past your credit history and focus on your current situation.
In short, despite your credit history, you may be considered an unsecured personal loan.
What happens if I default on bad credit unsecured personal loan?
Unlike a secured loan, defaulting on an unsecured loan will not result in repossession. There are, however, still consequences.
First of all, your credit file will list the default. Moreover, this will have a negative impact on your credit rating.
Outside of this, the lender may pass your account on to a debt collector. Debt collectors might get in contact with you to:
- Give details about the account
- Demand payment
- Explain what happens if you don’t pay.
Debt collectors must always respect your privacy. Moreover, the law never allows them to harass you. Despite this, they have many avenues to get in contact with you.
There are restrictions on when debt collectors can get in contact with you:
- Phone: Not allowed to call you more than 3 times a week. Plus, can only call between 7.30 am to 9 pm weekdays and 9 am to 9 pm weekends.
- In-person: Should not meet you face-to-face if business can be done over the phone or email. However, debt collectors may visit you at home as a last resort.
- Social media: Debt collectors should only use social media if they are confident only you will read it.
