Guaranteed Personal Loans for Those With Bad Credit

The Guaranteed Loan

Guaranteed personal loans for those with bad credit were engineered to fit the needs of many folks who have come upon hard times due to the national economic crisis of today. Unemployment is high, traditional lenders are not granting loans, and prices are rising. It is no wonder that folks have been taking big hits on their credit reports. When you have many borrowers that need funds despite their bad credit, and many traditional lenders unwilling to convey those funds, it is no wonder that private lenders have stepped in to fill the breach.

Finding the Right Lender in the Right Venue

The venues to avail yourself of a guaranteed personal loan for those with bad credit are varied. You can apply over the phone, you can walk into the shop of a local vendor, or you can search online. The most alluring is the shopping online venue in that it allows you to survey many different lenders right from the comfort of your home or office. Despite your bad credit, you will be able to pick and choose among the various lenders almost as if you had A-1 credit. Interest rates and repayment terms may vary widely from vendor to vendor and you will be able to find the best to suit your financial situation.

Meeting the Benchmarks

Once you get online and determine the three or four vendors with whom you might do business regarding your guaranteed personal loan for those with bad credit, you are going to have to prove a few things. You better have a bona fide picture identification issued by the government. You will need to show some pay stubs that prove you have been steadily employed for about three months and pulling down at least $1200 a month. You will need some proof of residency. Lenders will want proof of an active banking account, preferably a direct deposit checking account. Guaranteed personal loan lenders will not talk to you if you are in the midst of a bankruptcy or some similarly severe financial difficulty.

Gathering the Funds

Once you have found the lender you want and submitted your application for a guaranteed personal loan for those with bad credit, you should have approval within minutes if all your ducks are in a row. If you have a direct deposit bank account the funds will probably be in it within 24 hours, often sooner. In some instances, lenders will issue a prepaid credit card for a small fee. Of course, these funds are for your use as you see fit; most use them to meet emergencies such as a car repairs, medications, or to catch up with a forgotten bill.

Cashing in on the Opportunity

A good thing about taking a guaranteed personal loan for those with bad credit is the opportunity it allows you to fix your broken credit. Paying such a loan back in a timely manner as outlined in the contract, will go a long way to improving your credit scores.

Interest Rates and Repayment Terms

As you will have noticed while you shopped, fees and interest rates for these guaranteed personal loan for those with bad credit can be quite high. And repayment terms can be quite stringent. That is why shopping among the lenders is so important. The thing is, you do not have a good credit report and you need cash. Sometimes, because of the easy approval, paying a little extra is not so bad.

Find Out How To Get A Personal Loan With Bad Credit

If you have bad credit, don’t feel alone, as there are tens of thousands of people that have bad credit. The good news is that many loan companies are now starting to use the more personal approach instead of a totally mechanized approach to approving and declining loan applications. Many of these companies have realized that having bad credit does not mean that someone is a bad person, since bad credit can result from a wide variety of different causes, many of which may be completely out of the control of that person. Such reasons include large and unexpected medical bills, a job layoff, a messy divorce, or many other things which have no bearing on the intentions of the person to managing their finances.

Just because you have bad credit does not mean that you cannot get a personal loan. It may mean that the traditional sources of lending may not want to talk to you about your loan, such as banks or credit unions. But there are several steps involved in getting a bad credit personal loan.

First of all, just how bad is your credit, or do you just having a feeling that it is bad? Without knowing exactly how bad it is, you could be spinning your wheels in shopping for your best personal loan option, so your first step is to get copies of your credit reports from the three major credit bureaus and find out exactly how bad is bad. One of the things you may be surprised to find is that your credit is not as bad as you think, and that your credit report contains errors, which you have a legal right to have corrected. Once those errors are corrected, your definition of “bad” may go up a few levels. Our web site below contains links to give you more information on the details of how to do this.

Next, even if you still have “bad” credit, you can still get a personal loan, although you are going to need to look beyond your local banks and credit unions. Keep in mind that shopping for a loan follows pretty much the same process as shopping for a new car or shopping for a piece of furniture. In other words, it is a very competitive market, and the interest rates and loan terms you will encounter are going to vary widely, so it is clearly in your best interests to shop around.

With bad credit, the interest rate on your personal loan is probably going to be higher than it would be if you had excellent credit. This simply stands to reason, since the lender is going to view you as a higher risk, at least until you can prove to them with timely payments that you are dependable and a good credit risk.

Do not ignore the online personal loan quotes that are available. Online companies have a much lower overhead and frequently pass those savings on to their customers. They also have the ability to take a more personal approach to looking at why you have bad credit and approving personal loans that a bank or credit union might sneeze at.

Everyone has a need for a personal loan every now and then, and if you have bad credit, that does not mean you cannot get a personal loan. Do your research and you may find yourself pleasantly surprised at the results!

Knowing How to Apply For a Personal Loan is Half the Battle

If you have come to the realization that you could actually use a personal loan, then it is time for you to sit down and start looking for one. There are so many loans available today, that you can easily become confused as to which loan it is that you need. With loans online, the task of understanding and obtaining a loan become even more daunting a task. Knowing how to find the right loan is not only about where to shop, but how to shop is critical in the success you desire. A few simple tips will go a long way in helping you know what to look for and how to find the best loan available to you.

Saving Money While You Borrow Money

It is very important to save money while you borrow money in a personal loan. When this may seem like an odd statement, you will soon find that it makes all the sense in the world. The fact is that many lenders compete for customers by offering low interest rates. These rates are what are going to be paid first on the loan you take out, so you are going to want to get through them as quickly as possible. This is known as the interest, and then the money that you borrowed is known as the principal. By shopping around for a while until you find the best possible rate available, you can actually save money down the stretch. This is because you will be paying less back to the lender before you actually get to the principal on the loan. This could equate to a few dollars, or it could add up to thousands depending on how much you have borrowed and the rate that was applied.

Shop Online To Save Even More

When it is time for you to start shopping for a personal loan, you are going to need to get your application out to as many lenders as possible in order to be noticed. The trouble with this however, is that this could be a very costly affair if you have to physically apply with each and every lender you hear of. It is easily worth your time for you to start shopping for the loan you are looking for on the Internet. This is a great place for you to find a lender, because lenders today offer application online. This will eliminate the need to travel, saving you money in transportation and parking. Many times a lender will share this application with other lenders making this one application stretch between several opportunities.

Do Not Sign On The Line If You Are Not Sure If This Is The Best Deal Possible

Many lenders of a personal loan will offer great incentives for you to deal with them, the problem with this is that the loan’s rates may not be all that great. This will leave you with payments that may be reasonable, but you will be paying far more than you had intended to pay. If you do not feel comfortable with the loan and its terms and conditions by all means do not sign for that loan. It does not hurt to shop around until you are comfortable that you are getting the best possible deal.