When we speak about guaranteed loans, we know we are looking for a loan product that is easily within our reach. We want to get in touch with the product soon. We want it, and we want lenders to assure us that we will get it. That’s what we want.
The truth is that guaranteed approval – that’s what we call it – can work wonders if we put it to the proper use. For example, guaranteed approval loans can work as a statement to help you use it for the party who will receive the money from you.
For example, you are a business, and you take out this loan to use the guaranteed approval information to tell your suppliers that you will definitely pay them. Then again, you can be an individual who can tell your services or the people to whom you owe money that you have a loan approved and that you can make that payment on this date and that time.
You see that guaranteed loans are popular and that they will be so with time. They come in good use when difficult funding situations are included. You can use the guaranteed loans to fund necessary projects or processes even if you make the payment later. The loan approval can serve as evidence of your upcoming payment.
What Are the Perks of a Guaranteed Loan?
We have already discussed a little bit about the perks of a guaranteed loan. We might say that this loan has multiple use-case scenarios. You can use them in different ways to meet your funding needs. Here is where they can get interesting for you.
Guaranteed loans are basically loans that bring you proper borrowing support. Even if the money is disbursed later, you can still use the primary information of the loan to do something more important.
- You Can Use It in the Process of Debt Consolidation
Take this for example. If you are suffering from debt and you want to repay the money with another debt, which is taking out this current loan, then you can assure yourself that you can manage to repay the money more efficiently. A new loan will take all the previous loans into one and then repay all of them with interest. As a result, you do not have to worry about multiple lenders and multiple interest rates anymore.
However, the guaranteed loan approval can do a little more here. You can use the information of the loan’s approval to tell your lenders when you are repaying them. The approval then works as a formal document.
- You Can Use It to Mark Payments before You Make Them Officially
Similar to the above example, we can mark a future payment by using the loan approval as a document. For example, you have suppliers in line waiting for your approval on the payment. You take out a guaranteed approval loan and tell them when you are paying them for supplies. Isn’t that an excellent way to continue the business processes?
- You Might Be able to Manage Emergencies
Whether it is an emergency or urgent funding that you do not want to or cannot avoid, some easy money can help you solve the problem. However, getting the money in hard cash and ultimately solving the issue can take time. In these instances, all you want to do is to take out a simple loan. However, what happens when you get it in a guaranteed approval?
Well, the approval can serve as a statement to help you state that you took measures to make sure the payment happens. For example, your roof needs repair, and you supply the guaranteed approval information to the home renovation company to assure them when you are going to pay them. It will definitely help them start work and, by this, aid you in managing emergencies.
These are all the potentials you get with a guaranteed approval loan. Now that you know them, we would like to tell you a little more about what guaranteed approval is in the literal sense and what you may have gotten wrong about it.
It’s Not 100% Guaranteed Approval; It’s 99% Guaranteed Approval
Although we sometimes come across what we know and expect as 100% guaranteed loans for marketing purposes and other reasons, the reality in the lending world is quite different. We can explain this matter to you by telling you a little about the definition of a guaranteed approval loan.
- Most guaranteed approvals are unsecured loans. Yes, you read that right. You do not need to bring in collateral to get your loan approved. However, there are other requirements of this loan that borrowers need to pay attention to. They are given below:
- Guaranteed approval loans get ‘guaranteed’ officially when the lenders find out that the borrower is financially capable of managing the money. It does not mean that you have to earn a lot. You can repay your lender using alternative income such as part-time or freelance. When we find out that you can repay the instalments using your salary, then we will be happy to lend you the money. At that point, your loan becomes truly guaranteed.
- They do not need a guarantor to help you get the loan guaranteed. As a matter of fact, it is a personal loan. Most personal loans are offered without a guarantor or a co-signer. You can say that your income alone gets the loan approved. You do not need another party to convince the lenders for a guaranteed loan.
- You do not have to show a good credit score to get the loan. In fact, we do not ask our borrowers to send their credit report and score for a hard credit check. We do take the information for a soft credit check. It does not influence the lending part. We need it to suggest to you the best loan products and keep a financial record.
Now that you know that loans with guaranteed approval can be possible only if you send us your current and updated salary details, you can quickly get a loan of this kind. Why don’t you start arranging your salary details and then apply to us soon?
Lisa Ann has developed a well-experienced professional career. From managing the staff of more than 50+ loan experts at Fastmoneyfinance to boosting the delivery of various loan offers, she has acquired many challenging roles to come out with the best results for the company. Lisa Ann is a Senior Content Author and the Chief Financial Advisor at Fastmoneyfinance. To back her massive experience in the UK’s financial industry, she has the postgraduate degree and diploma in Business and Finance.