Is there such a thing as a guaranteed personal loan? Well, sort of. First of all, there is no guarantee of you receiving any loan apart from the official approval of the lender. Second of all, the type of loan being offered may not meet your needs. Lets take a look at guaranteed personal loans and how you can apply for one today.

Words matter. They really do. The term “guaranteed personal loan” is used to describe different lending vehicles, but for the sake of ease it generally covers the following names:

Payday loan

Cash advance loan

Cash flow loan

No credit check loan

In other words, these types of loans are short term loans charging a very high interest rate, rates that are well above what you could expect to pay even with the worst credit card plan.

For instance, lets say you want to borrow $1000 until the next payday. One such lender will be happy to let you borrow the funds provided that you have a checking account and a job. By filling out an online application, approval can be given in as little as one hour and the funds deposited immediately to your checking account.

Please know this if you plan on applying for a loan:

Terms are short, usually 7 to 30 days.

You can expect to pay anywhere from $10 to $30 per $100 borrowed. This means that if you borrow that $1000 the lender may require you to payback between $1100 and $1300.

You can extend the term as many as three times, but youll pay additional fees and interest charges for that privilege. In the worst case scenario you may end up paying back as much in interest and fees as the amount borrowed.

Some lenders will give you a break if you pay your loan back early. For example, if the loan term is for 14 days and you really own need the advance for 5 days, your lender may agree to charge you only for the 5 days borrowed. Of course, check the agreement out closely to find out what the exact terms and conditions are before you sign up.

If you default on your loan, your credit can be ruined. Then again, if your credit is already bad this may be the only type of lender who will extend funds to you!

No, a guaranteed personal loan certainly isnt for everyone. However, if you understand the terms and conditions of the loan and you have absolutely no other choice, then carefully selecting the loan that is right for you could work for your benefit.