Yes, it's true. If you have bad credit you will get a guaranteed personal loan. In addition, you'll get instant approval, the money within 24 hours and there'll be no credit check.
But before you go rushing to fill in the online application form you should be aware of the advantages and disadvantages of a guaranteed personal loan.
What most applicants fear is being ripped off by a scam organization or individuals. However, by taking a few precautions, you can easily weed out the few bad lenders. Things that will help identify a legit lender are things like an address listed on the website - you can easily verify whether they have an office where they say they have. Also, do they have a phone number listed on their website? Do they belong to any bona-fide financial organizations? Do they state how long they've been in business?
You can also ask third party consumer organization about any lender and you can contact your State's Attorney General and find out if the company had had any complaints lodged against them. You can even try searching online for reviews about the lender = the internet can be a goldmine of information.
The main disadvantages of guaranteed bad credit personal loans are that the amounts you can borrow are usually not large - a maximum of $1,500 is the industry norm. You can obtain larger amounts, however, your credit score has to be good; the loan must usually be paid next time you get paid; like any type of loan you're adding to your existing financial burden - you need to be sure you can repay the loan.
The advantages of this type of loan are numerous. The main ones are; no credit check; no collateral required, no co-signer required, no security deposit required, no faxes required. Plus, you can expect instant approval and the cash in your checking account within 1 working day. Finally, when you receive the money you are free to spend it whatever way you like.
Guaranteed personal loans for people with bad credit are a new financial tool and have proved to be popular for many who have urgent expenses to pay. When used carefully they can be a useful financial tool.
You can apply at the lender's office or by phone, although the most popular option is online. For time saving and sheer convenience online applications are preferred by most - just make sure you have you employment, residential, and other financial details on hand before you begin.
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