u/scotchlurker

I keep seeing ads for instant approval personal loans for bad credit. They say you get approved in minutes and money in your account the same day.

My credit is 550 and I need $2000. The idea of instant approval sounds too good to be true.

I applied for one just to see what would happen. They approved me in 10 minutes without asking for anything except my SSN and bank info.

That freaked me out. How can they approve a $2000 loan in 10 minutes without verifying anything?

I haven't accepted the offer because something feels off. Has anyone here actually used one of these instant approval loans? Did it end up being legit or were there hidden fees and crazy interest rates?