How to Obtain a Guaranteed Personal Loan with Poor Credit – 5 Steps to Go

By | August 13, 2013

Do you know what a guaranteed personal loan is? It is sometimes called payday loan. This quick loan is usually provided by non-bank lenders for people with poor credit history and it is extremely useful during emergency. The best thing about this loan is it doesn’t involve any collateral or credit check. It is not necessary for a borrower to have good credit history. In other words, regardless of whether you have good credit or poor credit, you are qualified for this loan.

Now, let me share with you how to get this loan in an easy manner.

First Step: Find out whether you are qualified for a guaranteed loan

There are 2 main requirements an applicant must meet, i.e. being employed by the same employer and own a bank account for at least 90 days. In order to obtain the quick loan easily, you need to make sure that you have a stable employment so that the lenders are convinced that you are able to pay back your loan. At the same time, you must ensure that you have either a saving account or a current account which is active and in good standing. If you can meet both requirements, you can proceed to the next step.

Second Step: Obtain details from different lenders

You have the freedom to choose which lender you prefer in the market. There are many non-bank lenders which offer such loan to the public, especially for those with bad credit. You are advised to look for these lenders through internet or advertisement. You are reminded to find out the background of the lenders through the Better Business Bureau in order to avoid scams.

Third Step: Compare the loan fees as well as the terms and conditions of the loans offered

Bear in mind that different lenders offer different loan terms. Some of them charge high loan fees but some not. The term of repayment also varies from one to another, the duration can be as short as 14 days and it can also be 90 days long. You are reminded to choose the loan package which suits your financial situation most. If possible, you should avoid high loan fee. Don’t bear unnecessary cost.

Fourth Step: Gather all the required supporting documents

Although this is a no-credit-check loan, you are required to furnish your lenders with some supporting documents such as a copy of your recent pay slip and a copy of your bank statement. If you are applying the loan online, you need to scan the copies and attach the files.

Fifth Step: Submit your application

Complete the application procedure and wait for the response from the lender. If you are qualified, the approval will be given within a very short period.

Last but not the least; if you want to get the loan fast, you are recommended to apply for the loan ONLINE. In general, you can access the fund by the next business day. Even if you have poor credit, no worries, you still stand a high chance to obtain financial assistance.

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