Guaranteed emergency loans are loans granted by nontraditional lending institutions to individuals who need cash quickly. Unlike personal loans, issued by banks, guaranteed emergency loans are very easy to get, as they commonly feature no credit check. In addition, there are no collateral requirements set by lenders, making guaranteed emergency loans exceptionally attractive to people with bad credit. Some lenders are willing to loan as much as $10,000, subject to income and repayment ability of borrowers, making such loans a perfect solution for whatever life emergencies a borrower may go through. Despite the overall ease of obtainment, a set of procedures needs to be followed by a borrower in order to secure a guaranteed emergency loan. There are specific criteria that need to be satisfied to become eligible for a guaranteed loan.
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Ongoing Employment
A steady employment is a key to being able to make payments on a loan, and is on the top of the list of things lenders look for. While an uninterrupted employment for the past 90 days would satisfy most lenders, should you apply for larger loan amounts or seek lower interest rates a longer employment record would be needed.
Valid Bank Account
A checking or savings account in good standing is a sign of responsible behavior lenders are looking for. You should be prepared to furnish your bank statements for at least three months preceding your loan application in order to be considered for a guaranteed emergency loan. In addition, your banking history should be free of any flaws, such as bounced checks, overdrafts, and so forth.
Well-prepared Supporting Documentation
As most lenders issuing guaranteed emergency loans do not conduct credit checks on borrowers, they require other proof of financial solvency. In addition, lenders need to verify your identity to avoid being victims of criminals, specializing in identity theft. A borrower should be prepared to submit copies of valid identification along with proof of residency, such as a utility bill or a letter from a property owner to satisfy identity requirements. Paystubs, tax returns, and, sometimes, other financial document are required to satisfy sufficient repayment ability. It is of utmost performance to ensure your supporting documentation is complete and addresses all issues a lender may have regarding your application.
Shop for Loans to Get Better Terms
While there is a sufficient number of lenders, being able to satisfy requests of borrowers for guaranteed emergency loans, they all offer different terms. In order to avail from beneficial rates and charges, it is recommended to perform an online search for lenders specializing in guaranteed emergency loans. Once you narrow down your preferences to several lenders that seem to be most appropriate to you, your next step should be contacting them in order to find out application requirements. If you are able to satisfy them, obtaining a loan quote from selected lenders shall be your next move. Once you have all the information in front of you, it will be a lot easier to make an educated decision, allowing you to save money on borrowing cost and get the most out of your guaranteed emergency loan.
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