Lots of people think that truly guaranteed loans don't exist. They believe that if you are an individual with bad credit and no assets, you can't qualify for a loan. You can actually get this type of a loan, even if your credit is terrible. You can get this type of loan, even if you have no assets.

The guaranteed type of a personal loan is often referred to as a payday loan. A lender gives the borrower money that will be paid back when he or she gets paid. Even though they're often called payday loans, they are usually quite flexible and can be paid back over a period of a few months.

Millions of people in this nation have less than perfect credit. If your credit is bad, you are in large company. You may believe that you can't get a loan. You couldn't be more wrong. Credit isn't part of the approval process for guaranteed personal loans. You still need to meet requirements, but credit isn't one of them.

In order to get a guaranteed loan of this type, you usually have to be an American citizen, and of legal age in your state. Legal age in most states is 18 years old. You also will need to show proof of employment over a three month period. If you meet those requirements, you qualify for this type of loan.

While most lenders will lend up to $1500, some will lend more. Other will only lend up to $500. The amount you're able to get will depend almost entirely on the lender and your income. Since credit isn't checked, it isn't part of the equation.

To know if you're eligible for this type of loan, the easiest thing to do is to apply online. After you fill out the application, you will receive instant approval. 99% of people that apply for this type of loan are usually approved. The lender will then deposit your funds directly in your checking account.

Many people wonder how much money they will be able to borrow with this method. That usually depends entirely on how much income you have, and the model of the lender you're working with. The lender also is often willing to take payment over the schedule you need.

Overall, this is a pretty smart way to secure funds if you have poor credit. You won't need a cosigner, and won't need to provide collateral. This is probably the only loan that you can get if you have poor credit and no assets.