Are you in need of a loan, but are not sure if you will get approved? If so, then this post is for you. When it comes to guaranteed loans, there are two different types: personal and business loans. Personal guaranteed loans can be used for any purpose such as car repairs, emergency expenses, home renovations and other similar purposes. These loans are designed with people who need quick cash for both planned and unplanned needs in mind. Business guaranteed loans are intended to provide financial backing while the borrower waits on another form of financing or investment to come through.
The wording "guaranteed approval" is often used by private lenders who need to entice customers. These types of loans, often called "payday" or "check-cashing" lenders are not regulated and can charge high rates with manageable repayment terms. The reason that these no credit check companies advertise guaranteed approval is simple: it gets your attention so you will click on their ad or walk into their storefront.
Private lenders usually demand that the borrower repay on a strict schedule, usually one months' worth of payment in advance. If you can't make your scheduled payments to the lender, they might offer extensions or deferment for up to six months; but if this doesn't work out for you, it's likely that you will be sent to collections and risk losing other credit lines.
If an unplanned need arises while your business has guaranteed loans outstanding (e.g., client misses deadline), don't panic! Your team may have built-in redundancies necessary to cover any slip ups from clients and still keep everything running smoothly without having to invest more time and money into their project than planned.