What is a guaranteed personal loan? It is one type of financial assistance provided by the non-bank lenders for people who need quick cash urgently. Basically, it is quite easy to obtain this particular loan. The lenders offer this type of loan to people without doing any credit check. At the same time, the lenders also do not require the loan applicants to put up any collateral.
During economy downturn, is it possible for a person with poor credit to obtain $10,000 personal loan? To be frank, $10,000 is not a small amount and it is indeed hard for a borrower to obtain this amount of loan from the traditional banks when he or she has poor credit. In order to get a guaranteed loan easily, you need to follow the steps below:
Step 1: Make sure you have steady employment
First thing first, in order to convince the lenders that you have the ability to pay back your loan, you need to have a stable job. In general, most of the lenders in the market require the loan applicants to maintain the same employers for at least 90 days.
Step 2: Keep your bank account in good standing
Having an active bank account, either a saving account or checking account, is essential. To qualify yourself for a guaranteed loan, you need to have a bank account and it must be maintained for at least 90 days too.
Step 3: Furnish your lender with supporting documents
Since there is no credit check, how do the loan applicants prove their financial ability and their identities to the lenders? They are advised to gather all the necessary financial documents, such as their appointment letters, monthly pay slips, latest bank statements and their driving licenses and submit to the lenders. If all the documents are complete, the loan approval process will be faster.
Step 4: Compare the interest rates offered by different lenders
When the economy is uncertain, there are many lenders who are offering guaranteed loans to people with different interest rates. In order to save some costs, you are reminded to compare the interest rates and late fee charges from different lenders before you take up the loan.
To sum up, as long as you fulfill the requirements set by the lenders, you can access to quick cash within a very short period. Make use of the fund carefully and make sure that you repay your loan on time.
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