Despite what you may think there are guaranteed personal loans available. If you have a job, earn one thousand dollars a month and are a U.S. citizen there are many lenders who will guarantee approval of your loan application.

So, how do they work? Well, these types of loans are also called payday loans. The idea is that the loan amount is small enough that the borrower can repay the loan when their salary is paid into their checking account – however, one can also choose to repay the amount with several repayments. The usual maximum loan amount is $1,500, although higher amounts are available from some lenders.

Do you qualify for a guaranteed personal loan?

The answer is yes – even if you have very bad credit – providing you meet the following, simple requirements.

1. You are a U.S. citizen
2. You’re over eighteen
3. You have a checking account
4. You have a job (or some other reliable source of monthly income)
5. You earn a minimum of $1,000 per month

If you can answer yes to the above, then you will get approval. But that’s not all. Most lenders require no credit check. What’s great about this is that your credit rating is not adversely affected – something that’s especially important if your credit is already less than good.

Also, most applications can be completed online and approval is almost instant and the money will be paid straight into your bank account within 24 hours. The money you receive is for you to spend whatever way you want; there are absolutely no conditions on how you choose to spend it.

There’s no doubt that people with bad credit who need money quickly that guaranteed personal loans can be a useful financial tool.

Although the borrower will almost certainly get instant guaranteed approval for a loan, one should remember that the terms for approval won’t be the same ones than those offered to people with fair or perfect credit – one usually pays more interest on the loan.

You can apply from many different sources, but there’s no doubt that for convenience and speed of approval, applying online is usually the best option. Be careful when applying. If you’re concerned if the lender is offering legitimate guaranteed online personal loans you can check them out with a third party consumer review service. Also, your Attorney General’s office or your state’s BBB can let you know if any complaints have been.

Guaranteed personal loans are available for anyone – even those with very bad credit. Just a few years ago this wouldn’t have been possible but thanks to de-regulation, competition and the internet, there are now many lenders who will give you the emergency cash you need. By shopping around you can get the best deal; one that best suits you and not the lender.

By: Robin Cassidy