Guaranteed Personal Loans for Bad Credit – And There Is No Guarantee Me Thinks

Borrowers with a bad credit history are often afraid to apply for personal loans. They think that, they are not able to be approved for the loan because of bad credit status or they have been turned down so many times, that they feel it is just a waste of time. They do not want to experience rejection yet again and the negative feelings that being rejected for a loan can initiate. There are lenders who will provide guaranteed personal loans for bad credit applicants and help them fulfill their dreams. You just have to search a little more for the ones that have a more liberal attitude and a desire to help people who are trying to achieve their own dreams.

Even though some consumers may have had a bad experience applying for loans in the past, it is important to keep applying and find a lender to give you that personal loan. The only real way to improve your credit when it is bad is to obtain a loan and then repay it on time. This assumes of course that you have also addressed the original issue that may have created your bad credit situation in the first place. If you were late making payments, carry a high credit card balance, have too many credit cards or other problems that may be causing your low credit score, you need to fix those issues. Gradually over time your bad credit rating will improve making it much easier to obtain a loan and also with better interest rates and terms.

Applying for a Personal Loan Online

In the mean time consumers who want to fulfill their dreams can fill in an application and apply for a personal loan online or in person. Applying online for a personal loan is so much easier than traveling to the lender. The application can be filled in online at any time of the day from any location that has a computer and access to the internet. Many people do not want their friends or work colleagues to know that they are applying for a loan and applying online provides some additional security.

Using the computer provides them with the security of privacy. If you use a public computer to fill in the application and apply on line, always close the browser at the end of your session and clear all bookmarks that you may have used. You may need access to a scanner so that you can scan and send copies of your bank account statement and your last pay stub. Make sure that there are no copies left on the system and don’t forget to take the originals from the scanner. You would be surprised how many people leave their originals on the scanner and just walk away.

If you are using your office computer at lunch time or after hours, the same rules apply. Even though this computer may be your personal computer at work that no one else uses, you never know when someone has to upgrade the software, make a change to a program or just borrow your computer for a few minutes. You do not want them to accidently discover some of your personal information that you are keeping on your computer like an application for a loan. It is good business practice to remove all personal material from your company owned office computer.

Include Pay Stub and Bank Statements

These documents are typically asked for to help substantiate that you have a bank account and that you have no insufficient funds charges in the past 30 days. Your bank account information is also required to ensure that the information provided is correct. They will transfer your personal loan to your bank account and then withdraw the payments from your account on the designated day. Most lenders prefer this option since it provides a detailed record of transfer and withdrawal of the funds.

The pay stub is also often requested to substantiate your income and show that you will be receiving money that you can use to repay the loan when it is due.  Your pay stub should be recent; it should show your name, the company name and the gross amount of your pay along with any deductions that might be taken off prior to your final payment. They also want to establish that you are making sufficient income  over a given period to ensure that you can repay the loan and meet the monthly payments.

Whatever your dreams are a guaranteed personal loan can help you fulfill them. Whether it is a trip to a holiday location, a gift for someone special or just paying bills and putting food on the table for your family, these loans can really help people when they need money. Lenders will loan money to people with bad credit, however the interest rates may be higher, the terms will be stricter and you may only be able to borrow small amounts. Focus on repaying the loan on time and your credit rating will improve allowing consumers to borrow more at better rates.

What Other Requirements Are There?

Every lender is different in terms of the information they need to help them make a decision about lending money. In addition to your pay stub and your bank account information as mentioned above, they may also require the following:

• You work full time
• Have been with the same employer for a period of time
• You are employed
• You receive your money by check or EFT
• Some will have minimum age requirements
• No bankruptcy or debt management plan
• If the loan is for a car, there will be specific requirements associated with the age of the car, the number of kilometers, ownership and insurance requirements
• If the loan is for a home loan, you will need to own the home and there will need to be equity in the home that can cover the loan
• There may also be location specific requirements as well

Check with the lender or broker that you are applying through to confirm that you meet all of the requirements. If you do not meet these requirements and have an explanation, you may want to add these comments in the comment section. There are many people every day that qualify for loans who are in bad credit situations. They are achieving their objectives and their dreams by taking a chance and borrowing money to help them get what they are looking for.