Struggling with poor credit can be one most nerve-wracking experience in the world. In the event of a financial emergency, it might seem challenging to qualify for a personal loan without the help of predatory payday lenders. While the options for personal loans are slim if your credit is less than stellar, it doesn’t mean that no options are available. There are high risk personal loans guaranteed approval direct lenders in the financial market, who can come to your aid.
Some lenders are willing to provide personal loans even with your poor credit rating. High-risk loans are lending scheme for risky borrowers. The option is for consumers with a precarious loan history, following an assessment by credit institutions, which decides if a customer is worthy of taking a risk. The label could be one of the reasons for your continuous denial of loan applications from several lenders.
In bad or poor credit situations, seeking the help of extremely high risk loans direct lenders might be a good option. An extremely high risk loan is credit product that financing institutions consider more likely to default, in comparison to their more conventional loans. Even as you try to find high-risk personal loans with guaranteed approvals, make sure you are dealing with a legitimate direct lender for high-risk loans.
Best High Risk Personal Loans Direct Lenders
While customers with bad credit can secure personal loans, it is unlikely you will find a credit product that is 100% guaranteed approval. If your credit history does not have bad records such as late payments, any direct lender is likely to issue a quick guaranteed personal loan approval. With a poor credit record, most bad credit borrowers opt to apply for loans without a hard credit pull.
Here are the best bad credit high risk personal loans guaranteed approval direct lenders, from whom you can access emergency cash.
1. Ace Cash Express
A direct lender is a good option if you need cash most because they make it easy for you to obtain it. Ace Cash Express is among the principal financial services providers with a focus on debit card services, bill pay, and short-term consumer loans.
Eligibility Requirements
- Applicants must have proof of a steady source of income
- Live in the state from which you are applying for the loan
- Applicants should have a minimum age of 18 years
- Does not approve applicants with ongoing bankruptcy cases
- Does not lend active military members
- Applicants must have a valid social security number
- Applicants must have at least one-month-old savings or checking account
- Have a valid phone number
Loan Description
| Product Item | Description |
| Credit Term | Six months |
| Interest rate | Up to 890.4% |
| Amount | $200 to $2,000 |
| Waiting Time | Immediately for offline applications Next business day for online applications |
| Application Method | Offline and Online |
| Funding Method | Cash for offline applications Bank account for online applications |
2. Aspen Financial Direct
The financial service provider meets the borrowing needs of consumers with bad credit. Aspen covers various loan emergencies, including travel, medical, and auto repair expenses.
Eligibility Requirements
- Applicants must have a regular income source
- Live in a state where they service loans
- Minimum age of 18 years, and 19 years in Alberta
- Have a genuine and active checking account
- Have an email address
- Applicants must be recipients of Aspen’s pre-selected mail
Loan Description
| Product Item | Description |
| Credit Term | 1-2 years |
| Interest rate | Up to 274% |
| Amount | $500 to $5,000 |
| Waiting Time | Next business day |
| Application Method | Online |
| Funding Method | Bank account |
3. Avant
One of the leading names in online lending, consumers can borrow personal loans with Avant along with obtaining their credit card. With one of the lowest interest rates among direct lenders for high-risk loans, the company is focusing on lowering the costs and barriers of borrowing.
Eligibility Requirements
- Applicants should have at least $20,000 gross annual income
- Be a US citizen with a valid social security number
- Minimum age of 18 years
- Have a minimum 580 credit score rating
Loan Description
| Product Item | Description |
| Credit Term | 2 – 5 years |
| Interest rate | 9.95% – 35.99% |
| Amount | $2,000 to $35,000 |
| Waiting Time | Next business day |
| Application Method | Online |
| Funding Method | Bank account |
4. Balance Credit
Balance Credit’s financial services provide unsecured, credit services and personal loans to customers with immediate cash needs. The company comes as a quick and convenient alternative to exploitative payday loans.
Eligibility Requirements
- Applicants should live in a state where Balance offers its credit products
- Be a US citizen with a valid social security number
- Applicants should meet minimum age requirements
- Must have a usable email address with a valid phone number
- Have active savings or checking account that is at least a month old, and not linked to any of the creditor’s accounts
- Have a steady income source that meets the lender’s underwriting criteria
Loan Description
| Product Item | Description |
| Credit Term | 4 months – 2 years |
| Interest rate | Up to 720% |
| Amount | $100 to $1,500 |
| Waiting Time | Next business day |
| Application Method | Online |
| Funding Method | Bank account |
5.Cash Central
A pioneer in online lending services, Cash Central continues offering dependable, secure, and consumer-friendly financial products.
Eligibility Requirements
- Prove your source of income
- Have a valid checking account
- Two existing, legitimate phone numbers
- US citizen with an authentic social security number
- Meet the minimum age requirement of 18 years
Loan Description
| Product Item | Description |
| Credit Term | 6 months – 2 years |
| Interest rate | Up to 739% |
| Amount | $300 to $5000 |
| Waiting Time | Next business day |
| Application Method | Online |
| Funding Method | Bank account |
6. CashNet USA
Operating in 23 states, the company has various financial brands under its wings, such as Quick Quid, Headway Capital, and Net Credit, among others. CashNet USA has three credit products, including Payday loans, Line of Credit, and Installment loans.
Eligibility Requirements
- Have a steady source of income
- Have a valid checking account
- Applicant must be a US citizen or a permanent resident
- Meet the minimum age requirement of 18 years
Loan Description
| Product Item | Description |
| Credit Term | 6 months – 2 years |
| Interest rate | Up to 474.51% |
| Amount | $100 to $3,500 |
| Waiting Time | Same-day for applications before 10:30 am CT |
| Application Method | Online |
| Funding Method | Bank account |
High-Risk Tribal Loans
High risk tribal loans are a type of credit product that offers quick money that most people refer to as installment loans. Native American creditors, who operate within the guidelines of tribal laws, mainly give tribal loans. While these credit institutions are under state regulations concerning financial products, specific federal laws do not limit their operations. To qualify for a high risk tribal loan, you need to provide:
- A government ID or driver’s license
- Proof of employment status
- Details of your active bank account
- Proof of your annual or monthly income
- Evidence of at least two months of indebtedness
The Wrap Up
Having a high-risk borrower tag does not prevent you from accessing financial assistance from credit facilities. Various lenders will not pull a hard credit check for high-risk personal loan consumers on credit applications. However, you will notice that high risk personal loans guaranteed approval direct lenders are applying higher interest rates than regular loans. The extra charges are a cushion to supplement the lender’s risk. While these loans provide much-needed breathing space for emergency cash. To improve your credit score and have more flexibility in the future, we recommend that you use the loan wisely and pay it back promptly.