Many people believe that guaranteed personal loans don’t exist. They believe that if your credit is bad, there is no hope for you. The truth is that no matter how bad your credit is, you can still get a loan, as long as you can meet a few simple requirements.
The guaranteed type of a personal loan is often referred to as a payday loan. A lender gives the borrower money that will be paid back when he or she gets paid. Even though they’re often called payday loans, they are usually quite flexible and can be paid back over a period of a few months.
Many people believe wrongly that if their credit is poor, they won’t be able to get personal loans. The truth is that most of the time credit isn’t checked for this type of loan. While credit isn’t an issue with guaranteed loans, there are still requirements that have to be met.
If you are in need of this type of loan, it’s fairly easy to qualify. First, you need to be a citizen of the United States. Secondly, you need to be of legal age, which is probably 18 years but depends on your state. Additionally, you will need to show that you have had a job for at least three months.
While most lenders will lend up to $1500, some will lend more. Other will only lend up to $500. The amount you’re able to get will depend almost entirely on the lender and your income. Since credit isn’t checked, it isn’t part of the equation.
There are quite a few companies that offer this type of loan online. Most of them offer instant approval. Once approved, you can expect to receive your funds within one business day and often in a matter of hours. Usually, the lender will then debit the payments directly from your checking account. For this reason, a checking account is often required.
Many people wonder how much money they will be able to borrow with this method. That usually depends entirely on how much income you have, and the model of the lender you’re working with. The lender also is often willing to take payment over the schedule you need.
Overall, this is a pretty smart way to secure funds if you have poor credit. You won’t need a cosigner, and won’t need to provide collateral. This is probably the only loan that you can get if you have poor credit and no assets.
Author: Dave DavisThis author has published 8 articles so far.