In today's economy, loans are hard to come by. Banks are struggling to get loans from other banks, and this has caused a lot of economic difficulties. Mortgage and auto loans are scarce, and signature loans don't really exist, unless you have an insane credit score, and great job, and a solid personal balance sheet. For most people, getting a loan is quite difficult.

Since getting a loan in the current economy is difficult, many people have turned to guaranteed loans. The question is whether anyone can get the loans. Are the loans really guaranteed? For many people they are, this article summarizes what you need to know about this risky type of loan.

These loans are short term loans with terms that are usually one to three months long. The money is usually direct deposited in the borrower's bank account. This type of loan is somewhat risky for the lender, and for that reason these loans carry unusually high interest. They also usually cap out at $1500.

Loans of this type do not require good credit, in fact credit isn't examined by most lenders. They hedge their risk with these loans by charging unusually high interest. Even though some people will default, the interest earned from the other people pays the bills.

The first criteria that most lenders use is that you are a citizen of the United States. If you aren't, you are too high of a risk for this type of lender. A non-citizen who defaulted on the loan would be too difficult to track down. A agency that tried to collect the debt would probably be unsuccessful.

You must also be of legal age in your state to qualify for a loan of this type. Legal age is often 18 years, but sometimes 21 years. This is determined by your state. Your online or local lender can tell you what legal age is in the state in which you reside.

To get a loan with some lenders, you may need to have an active checking account. Many lenders who provide these loans want to withdraw your payments automatically. This gives them less risk. A person would have to default and then not use their checking account anymore to get away with the lender's money.

If you meet the above criteria, there's only one step to go. You must have a job, and you must have had it for at least three months. This shows that you will have additional funds in the future, providing the banks with less risk.