Guaranteed personal Loans bad credit


GUARANTEED PERSONAL LOANS BAD

Guaranteed personal loans online with instant approval are easy to get now with more choices to choose from. While that’s a clear advantage for borrowers, there are disadvantages. Drew wants to know more about both the pros and cons.

“Just like millions of Americans today, I’m turning to online personal loans to augment my income. I use this loan to pay for the mortgage when my budget falls short. But are these loans any better or worse than storefront loans?” – Drew, New York City, NY

It depends on your situation. Both loans provide a quick access to cash where otherwise mainstream creditors will turn you down (this is the same situation in the UK and Canada, where short-term loans are popular). To know if this type of loans is for you, let’s spell out both the advantages and disadvantages.

Benefits of guaranteed personal loans online with instant approval

1. Easy access to fast cash

The main advantage of these loans is that it’s fast and easy to secure. A direct lender only asks for your personal and work information and your bank account details. Generally, you just fill up an online application and send it to a direct lender with one press of a key. If you have regular income, you can even get an approval on the same day and the cash transferred to your bank account immediately.

2. Provides an option even for people with bad credit

3. Convenient to secure

The loan process can be completed at the comfort of your house. No more waiting in line and feeling a little embarrassed when passersby see you. With online loans nobody will know that you take out a loan except you and the direct lender.

Disadvantages of guaranteed personal loans online with instant approval

1. High interest and fees

The consequence of getting guaranteed approval loans without a credit check is getting a high interest rate and fees. This is one way a direct lender lowers his risk of losing money when you default. Because of these astronomical fees—the interest is regulated with a cap by the state—online personal loans are best used for emergencies when you have no choice but to secure cash fast.

2. Your giving out personal information online

If you’re wary of giving away personal information over the Internet, you may find online loans uncomfortable. You’ll be asked to submit your full name, address, work background and other personal data to get the loan. Nevertheless, lenders today use encrypted technology that protects your data from being hacked. Think of it this way—if you’re okay buying from Amazon or Apple Store where you provide the same personal information, the hacking concern may not be as serious as you’ve imagined.

3. Risk of debt trap

Because guaranteed personal loans online with instant approval are easy to secure even for people with bad credit, you may find yourself taking out more than what you need. This can easily lead to recurring loans to pay for your previous loans. The result is you end up paying for as much as three times the principal. A Pew Charitable Trusts 2012 report indicates that borrowers are indebted for an average of five months when in fact these loans should be repaid in just two weeks.

Interesting facts

  • A temporary duty assignment (TDA), also known as "temporary additional duty" (TAD), "temporary duty travel" (TDT) or "temporary duty" (TDY), refers to a United States Government employee travel assignment at a location other than the employee's permanent duty station. They are usually of relatively short duration, typically from two days to two...

Additional information


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Popular Q&A

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What is a Federal Loan Guarantees?

A Federal Loan Guarantee is a promise to a Lender of record that if the Lender makes a loan and services a loan under an Agency's program guidelines and that loan subsequently goes into default, then the Federal Government will honor the guarantee by buying the defaulted loan. The impact on the Lender is to promote loan making where there might not otherwise be a loan.
Often, Lenders will not make a loan to a worthwhile small business or rural development due to higher perceived risks of these customer types. Lending is readily available for the economically advantaged (low risk rated) …

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Will lenders accept my VA home loan guarantee?

I hope you found you home by now. Anyone using their VA, for their loans, please make sure that your lender is experienced with that type of loan. Ask them how many successful VA loans have they closed in the last year. There was a long period of time that the home market just didn't fit the lending limits on in many parts of California, much less the Long Beach area. But, with the current market that we are "experiencing" the VA loan is becoming a more popular choice for many home buyers.
Like the previous post said, the VA is guaranting the loan, not providing it.
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