How It’s Possible to Get Guaranteed Bad Credit Personal Loans

How It’s Possible to Get Guaranteed Bad Credit Personal Loans

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by Rick Hall

Imagine this situation: you have a brother that’s two years younger than you and he has a consistent pattern of overdrawing his personal bank account; the fees the bank charges are really starting to stack up on him. As you can tell this kid is almost always short of cash, and now his car is in disrepair and his wife can’t get to her job. His only answer might be guaranteed bad credit personal loans.

The question is whether this loan is the right one to solve your brother’s cash shortfall. Sure, any guaranteed loan is better than one not guaranteed, and I doubt your brother with his track record is going to have many other options. Even considering the loan is guaranteed tells you it’s going to be the better choice both for him and also for his lender, the one who could lose all the funds they’ve lent if your brother doesn’t fulfill his repayment commitment.

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What is a guaranteed bad credit personal loan anyway – what do they mean by guaranteed? This is what it means – when a person with a poor credit history needs some cash help, banks aren’t just going to line up and throw money at them – they need to make sure their investment is protected. The best way to secure their money is to approach an organization – the veterans administration for example – that the person is a member of and ask them to guarantee the repayment of the loan.

So if you need to borrow some money, and you do belong to such an organization, then the lender is going to have a higher degree of comfort extending credit to you than if you were just there applying yourself. Hopefully you have a good rapport with the person inside your club with the power to approve this kind of process.

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But what happens if your organization’s president turns you down when you ask her to help you through your tough situation; what if she won’t secure the loan for you? In that case you’re going to have to try to qualify for the loan on your own. It is possible to do this – there are certain types of loans for people with bad credit available to you, especially if you can give the bank some other form of security on their money.

For the bank to be willing to give him this loan he’s going to have to produce a couple of things. First of all, there’s the collateral we already mentioned. Beyond that they’ll need to see both proof of income (such as a pay stub from a recent paycheck), and also some personal references from a boss or landlord that lets them know the loan is likely to be repaid.

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