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Understanding Guaranteed Personal Loans

Jun 12, 2008
Nearly everyone has had a short term financial crisis at one time or another. The cable guy is knocking at the door, or the auto mechanic just left a message. The insurance company is on the phone. Whatever the reason, despite all our efforts to plan and budget well, occasionally we come up short.

Fortunately, lenders understand this. Life happens, and occasionally we don't have the funds available right away to pay for whatever situation we're presented with. As such, a number of lenders have created programs for Guaranteed Personal Loans. A guaranteed personal loan differs from a traditional loan in a number of ways - the most obvious being that generally (with a few caveats), you're actually guaranteed to qualify for the money, regardless of financial situation. For people with bad credit or no credit, that can be a real blessing.

How can I qualify for a guaranteed loan?
As I mentioned, there are a few caveats with "guaranteed" personal loans - to qualify for such a loan, you need to meet a few requirements. First, you need to provide proof of income. Whether this be a job, a social security check, or some other form of income, the lender needs to know that you receive real income on a regular basis with which you will be able to pay the loan back. You generally also need to be at least 18 years of age, have access to a home phone, and have a checking account which is in good standing.

How much can I borrow?
How much you can borrow generally depends on your income and ability to pay the money back, much like a regular loan. However, generally borrowers can receive anywhere from $100 - $1500.

How long does the approval process take?
The approval process for a guaranteed personal loan generally depends on the institution granting the loan - but lenders generally understand that these are short term loans, and therefore need to be processed quickly. Often with online loans for cash, the approval process is instant, or takes at most a few hours. Because there is no credit or background check, the approval process depends only on criteria determined through the lender - there is no third party to wait around for.

How long does it take to receive the money?
With many online lenders, due to the quick approval process and their desire to serve you quickly and efficiently, you can expect your money in just a day or two. Once all the paperwork is filled out and signed, you'll often find the money deposited in your bank account by the end of the next working business day.
About the Author
Mike is a personal finance writer whose most recent articles about guaranteed personal loans and no credit check home loans .
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