Guaranteed Personal Loans - Tips to Make Sure You Get Approved Even If You Have Bad Credit

Published: 05th September 2008
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You may have heard or read about guaranteed personal loans. Many online lenders claim to give a nearly 100% approval rate even to applicants with no collateral, who are not home owners and who have bad credit. But, to avoid being the unfortunate few who are rejected here are some tips to make sure your application gets approved.

These types of loans are often called payday loans or bad credit loans. Their biggest advantages are; easy application forms, almost instant approval, money being received by the next business day and that the lender does not perform any credit check against the applicant.

Because no credit check is performed, this type of loan can be an ideal choice for those with bad credit and because the whole process is quick those who urgently need cash can also find this type of loan a useful financial tool.

So, what are the best tips to help you get a guaranteed personal loan?

All lenders require pretty much the same sort of information in order to approve the applicant. You need to be over 18 and a U.S. citizen. You must not be undergoing a bankruptcy process however a past, but discharged, bankruptcy isn't a problem. You need a checking account that is non delinquent. You need to provide proof of address and to have been living there for some time - 2 years or over is best. Finally, you need proof of monthly income for at least the last 3 months. It doesn't have to be from an employer but it must be shown to be reliable and consistent; it must also be over $1,000 - the more you receive each month the better.

If you have collateral, this will help enormously to get 100% guaranteed approval for a personal loan. Likewise, being a homeowner is something else that lenders like to hear from an applicant - homeowners tend to pay back loans in full.

You might be better advised to not borrow large amounts. You may be better off borrowing a smaller amount and then pay it back and then re-apply for another loan from the same lender. This shows the lender you a reliable and therefore you may get better terms the next time you apply.

The most important tip to get a guaranteed personal loan is honesty. Don't be afraid to tell the lender exactly why you have bad credit or about financial problems you have had in the past. By being truthful about your past financial mistakes you will impress upon your lender your willingness to learn and show them you are serious about your financial health.

Don't let your bad credit stop you from applying for guaranteed personal loans. Within minutes you could have completed an application and received a guaranteed online personal loan approval and have the cash in your account within 24 hours.

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