People may have misconceptions about loans. However, these sorts of misconceptions are natural. We might say a guaranteed loan comes into much use when it comes to effective borrowing. Most borrowers might find this loan very interesting.
Often, you might develop an idea of failing to repay the loan. Others believe that a guaranteed loan is a myth. In this post, we might help you clear these views of yours and help yourself with the right advice. Reasons? We are direct lenders.
What Is a Guaranteed Loan?
A guaranteed loan is a personal loan. It can be a secured loan too. A loan of this kind is called a guaranteed loan because a borrower will be accepted in almost any borrowing condition with this loan. Therefore, it qualifies to be the kind of loan you can try borrowing when you are facing financial issues such as low income or bad credit issues.
Many searches for these loans because they want to save money. Most guaranteed loans in the UK from different lenders are favourable in this aspect. As a direct lender, our guaranteed loans come with more than one repayment package. It thus helps a borrower choose a comfortable deal and repay his or her loans in time. As a matter of fact, it does turn a loan more affordable.
Are Guaranteed Loans a Myth?
The definite question that comes to borrowers’ minds is the availability of the loan. On a general note, the guaranteed loans are supposed to be guaranteed. They should then be loans that anyone can take out. Of course, in a way, a borrower can put a guaranteed loan in that sense. However, there is more to learn about these loans.
These loans cannot be 100% guaranteed when you cannot repay them. You have to understand that these loans are guaranteed in any financial condition. You can take one of these loans out even if you have no income. What it comes down to is simple.
Both secured and unsecured guaranteed loans in the UK are found in 99% approval if you are sure about repaying them. It does not mean you must have a high-paying job or a profitable business to be eligible for a guaranteed loan. All you have to do is stay transparent with the repayment scheme, making you eligible for the loan.
How will you find out if you’re Eligible for a Guaranteed Loan?
We have already discussed the way a guaranteed loan is repaid. To find out if you are eligible for a guaranteed loan, you need to know how exactly you apply for this loan and what matters are taken into consideration to help the loan get sanctioned in your favour.
- Before applying, we highly recommend finding your loan rate and repayment package and then using this information in a loan calculator to learn what your repayment terms are going to be. Pick alternative packages to find out an easily affordable rate for you.
- You have to apply via a paperless application form with minimal documents required.
- You will then have to share your income details and other documents regarding your financial information, such as bank statements and credit card details (if you are a credit card holder). For businesses, you might have to share business credit reports and various income statements.
- Your lender will then check whether or not you are eligible for this loan based on your loan amount. If needed, the lender might go on to make adjustments to the repayment statement and inform you of the best alternatives.
- With these processes being over, you will get to know if you are approved for a guaranteed loan or not. In most cases, this approval comes positively. It takes the lenders a few minutes only to run the verification process. You get the approval online. The money then gets disbursed to your account within one business day.
If it comes down to the plain; old point of being eligible for the loan, then your income statement alone can define the matter to you. If you earn the right amount, your loan is already approved.
Again, the right amount may not be high, or you don’t need an unreasonably impossible income. Check if you can manage the instalments for repayment. If you can, you’ll be lent the money.
Is a Guarantor Loan Real for a Bad Credit or for the Unemployed Exists?
For both bad credit and unemployment, guaranteed loans in the UK exist. You need to find the right lender where such products exist. You might find the best loan option.
- You might be wondering about the almost ‘enchanting’ concept of a guaranteed loan. That the lenders will avoid all sorts of financial problems of a borrower to lend him or her guaranteed loan sounds a little too utopian. Although you may think right given the logical perspective of a human being, the truth is a guaranteed loan is made guaranteed even if you have a bad or extremely bad credit score.
- You have already known that the loans are offered with relevance to your earning. Your earning defines the repayment mode. Therefore, you can get this sort of loan even in unemployment. You may choose your upcoming job’s salary or start-up revenue to repay your loan. We direct lenders also accept alternative income such as freelancing or part-time work for repayment. One may also use the benefit program to get a loan.
Is a Guaranteed Loan the Right Option for Me? Pros and Cons of a Guaranteed Loan
A guaranteed loan might be the right option when you are looking for quick money. It might not be the right option when your income is unstable (at least for the repayments), or you are looking for additional features such as a guarantor for your loan.
| Pros of a Guaranteed Loan | Cons of a Guaranteed Loan |
| A guaranteed loan is 99% approved in any situation | Unsecured guaranteed loans might be high-interest rates |
| It is a good option if you are considering an emergency loan | Guaranteed loans are approved quicker. You might not reverse your application once made and approved. |
| It can help you finalise purchase or funding decisions faster | Most guaranteed loans cannot be taken out in an unstable income statement |
| A guaranteed loan is not stressful | Not all loans may be guaranteed loans |
To Conclude
We are known as QuickLoansLender. We are into the direct lending practice in this industry for years. We can help you with a guaranteed loan. You have to tell us your needs and let us know your repayment preferences.
Write to us or phone us anytime you need money. Go through the loan terms and apply to us with a quote. We’ll be happy to help you out.
FAQs
Are guaranteed loans offered quickly?
Yes, they are. These loans are made to be fast because of the paperless application procedure. Besides, you need an online loan. A guaranteed loan, too, is an online loan option. It will be fast.
Can a person on benefits get guaranteed loans?
If you are a person on benefits, then you can definitely take out a loan on benefits. Sharing your benefits program as income, you can get a guaranteed loan approved in no time.
Emma Anderson is a financial advisor at Quickloanslender who always believes in researching hard to know her clients’ financial problems. She takes the time to understand their financial wants and needs to write the blogs on them as the solutions. In her long 14 years of experience, she has written plenty of blogs on the financial and business sectors of the UK.
Emma Anderson has been recognised for her work in financial planning and her blogs are regularly published in the website of Quickloanslender. As far as her educational qualification is concerned, she has done Masters in Accounting and Finance, and done PG Diploma in Creative Writing.
