Saturday, May 31, 2014

Guaranteed Unsecured Loans: They Do Exist, Here's How to Get One

Have you looked for an unsecured loan, enticed by ads that claim they are "guaranteed," only to get a denial? Are you starting to think that any kind of guarantee in financial situations is just a made up story? Well, that is just not true. In fact, you are likely just looking in the wrong places. Guaranteed unsecured loans do exist and you can get them and have money in your bank account within 24 hours of approval.

Why Going to Online Lenders Is Your Best Bet

One of the reasons that many people get rejected for loans when they have bad credit is because they assume that their personal bank is the only choice for their lending needs. While in most cases going to a local bank is an excellent choice, when it comes to borrowing with bad credit the sad fact is that most traditional lenders cannot help you.

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Online lenders are different, however. These lenders are in a marketplace that is really hot right now, causing a lot of competition for customers (you!). Therefore, many of them are less concerned with your past, your credit score or what reasons you have for the bad score, they are more concerned with helping you in the future.

Shopping Made Easy

Another huge benefit you gain from shopping for loans online is the convenience of price comparison. Online, all you need to do is a simple internet search for terms such as unsecured loan or cash advance and you will literally find dozens of lenders who can help you out.

Once you generate a list of 3-5 lenders, look into the background of each agency to ensure they are legitimate and get a quote from all of the good ones. This way you have several options in terms of interest rates, repayment terms and other fees.

Speaking of Fees...

Even though you are far more likely to receive the guaranteed loan that you need online, that does not mean that all the companies who offer them have your best interest at heart. Before you make you final decision as to which lender you want to go with, it is essential that you read all the loan paperwork and ask questions about anything that you do not understand.

Also, during the research phase mentioned above, make sure you use online forums to speak to other customers who have used these lenders. They may be able to provide key insight into the pitfalls to look out for with the lending contract.

Do Not Feel Pressured to Make a Decision

Despite what any one lender may tell you, remember that there is choice out there for you and deals are made every day. Do not allow anyone to pressure you into taking a loan you are uncomfortable with because of terms or payments you cannot afford. Make sure that you give yourself ample time to consider all of your options. Also, do not allow lenders to make you feel bad about your current situation. Remember, you do them a service by taking their loan.

Completing the Process

The online application process is generally quick and involves filling out a simple form with employment and residency verification. Guaranteed loans are not subject to a credit check, but you will need to provide a bank account and routing number so that the amount of your loan can be deposited. Those without bank accounts may be able to get a prepaid debit or credit card for an additional fee.

The best part about this process is its speed. Once you choose a lender, the money will be in your account within 24 hours of your credit approval. By being sure to responsibly repay these loans as the contract specifies, you should be able to regain some footing in the credit world and be on your way to a better financial future.

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