Should I Get a Guaranteed Personal Loan?

There was a time when if you needed some quick cash, you could ask your parents or your friends. Most of us don't have that luxury since it seems like all of our relatives and friends are in as bad of a financial situation as we are. So, if you are looking for money to pay bills, pay for some emergency repairs, or even to start a small business, then you might want to see if you can get a guaranteed personal loan.

Yes, it is true that many companies are no longer lending money. The larger banks are rarely giving mortgages out anymore because you have to fit such high criteria in order to qualify for them. If your credit score isn't over 700, then you should not even apply. So, they surely are not in the market to give out guaranteed personal loans.

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But, that does not mean that you can't get one. A guaranteed (or secured) loan is one that is backed by some security on your part. In other words, you put up the title of your car, or equity in your home in exchange for the loan. Some companies will allow you to put up goods like expensive bicycles or computers in exchange for a smaller loan.

Guaranteed personal loans come in all sizes, from small loans of $500 or less, which are usually handled by companies that traditionally do payday or cash advance loans, all the way to much larger loans for people who are starting a business. These loans are usually backed by the equity or title of a home or even a life insurance policy.

You need to have something to put up for collateral when you get a guaranteed loan, and as long as you do, then your credit score should not matter as much as it would if you were trying to obtain an unsecured loan.

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