In today’s economy, loans are hard to come by. Banks are struggling to get loans from other banks, and this has caused a lot of economic difficulties. Mortgage and auto loans are scarce, and signature loans don’t really exist, unless you have an insane credit score, and great job, and a solid personal balance sheet. For most people, getting a loan is quite difficult.
Getting loans in these circumstances is quite difficult, but if you find yourself in a pinch don’t worry. If all you need is some short-term emergency cash, there is help out there. Guaranteed loans are available for almost anyone and this article will teach you what you need to know to be able to qualify.
These loans are short term loans with terms that are usually one to three months long. The money is usually direct deposited in the borrower’s bank account. This type of loan is somewhat risky for the lender, and for that reason these loans carry unusually high interest. They also usually cap out at $1500.
These loans are generally called guaranteed because there is usually no credit check in the approval process. As long as you meet the lender’s criteria, you will be approved even if you have the worst credit in the universe.
To qualify for a guaranteed loan, you first of all have to be a citizen of the United States. A person who isn’t a citizen would be a much higher risk for the lender. In that case of a default, a non-citizen would be almost impossible to find. A collections agency would have no avenues to find the person.
You also need to be considered an adult in your state to qualify for a guaranteed loan. This means that depending on your state, you will have to be at least 18 years old to get a loan of this type. In some states, you may need to be as old as 21 to qualify.
To get a loan with some lenders, you may need to have an active checking account. Many lenders who provide these loans want to withdraw your payments automatically. This gives them less risk. A person would have to default and then not use their checking account anymore to get away with the lender’s money.
If you meet the above criteria, there’s only one step to go. You must have a job, and you must have had it for at least three months. This shows that you will have additional funds in the future, providing the banks with less risk.