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Guaranteed Approval Loans - How to Get Guaranteed Approval Loans

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Many people believe that getting a loan requires a pristine credit history or, if you don’t have good credit, a co-signer who does. In fact, there are several types of guaranteed approval loans available for people in various situations. These loans offer a simple and fast application process so you can get your money without wasting any time. The exact process varies for each type of loan and each lender.

Guaranteed approval loans can be helpful for many situations. Some people get a guaranteed loan to consolidate debt, making it easier to pay off and avoid default. Others use loans for home improvements or to buy a new car. A guaranteed approval loan can also help you out of a temporary situation of financial difficulty, be used to start a new business, or go toward financing your education. The reasons for a loan are virtually unlimited.

It can be a relief to know that your credit score is not the only factor that lenders use to determine loan approval. If you haven’t gotten a loan approved, then you have simply not yet found the right lender. Of course, if you have a previous loan on your credit report that has not been paid for several months or gone into default, finding the right lender can be a difficult task, but there is sure to be one out there willing to work with you.

As long as you have proof of your identity, guaranteed approval loans can be found. This is the one requirement common to all lenders. If you look hard enough, you will be able to find multiple lenders and loan options. Be sure to explore all of these before choosing one. Here are some of the possibilities for guaranteed approval loans:

1. Home Equity Loans
It can be extremely helpful in finding a loan with guaranteed approval if you own property. It can be even more helpful if you own the property outright or you have equity in the property. Your equity can be used as collateral to take out a new loan for anything you might want to use it for. Lenders can guarantee approval for a loan if they know they have some sort of recourse to fall back on should you default on the loan. If you default, the lender can seize your property and sell it in order to regain their losses.

2. Secured Credit Cards
Another type of guaranteed approval loan comes in the form of a line of revolving credit. Secured credit cards can be helpful for establishing good credit so you qualify for more loans with lower interest rates. Secured credit cards work by sending the lender a cash deposit that they hold in case you stop making the payments on the card. Many lenders will give you a credit limit up to twice the amount of your deposit. A good place to begin looking for a secured credit card is with your bank.

3. Payday Advance Loans
As long as you have a checking account and a source of income, these guaranteed approval loans can be taken out from hundreds of different lenders. These are short-term loans designed to help you get through temporary financial difficulty. They are notorious for having absurdly high interest rates, but they do not check credit scores or credit history in order to determine eligibility. These loans must usually be paid back within two weeks, the length of time until your next paycheck.

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