Guaranteed Personal Loan Approval – 5 Steps

The cash monster. You know it well – we all do. It is that cluster of pesky monthly bills, unexpected mishaps, car breakdowns, and frustratingly sudden medical bills that threatens to gobble up any extra cash you may have lying around the house or in your savings account.

And the cash monster can strike at any time. Just when you think you have saved up a little bit of extra money for your savings account for a rainy day – that rainy day comes sooner than you had expected.

If you are fortunate and the cash monster pays you a visit at time when you happen to have some money laying around, more power to you! However, as Murphy’s Law would have it, the monster pays you a visit just when you have few or no good options for producing the cash you need in short order.

An advisable option for meeting this situation head-on is to take out a personal loan. In particular, a guaranteed personal loan means you are extremely unlikely to get turned down, regardless of your credit score. Here are 5 steps to fighting off the cash monster with guaranteed personal loan approval:

1. Know your limitations:

When it comes to the prospect of a guaranteed personal loan, it can be tempting to want to borrow as much as the lender will allow. But, as Clint Eastwood reminds us – and I’m paraphrasing here, “A person’s got to know their limitations.” Essentially, what this means here is: do not borrow more money than you need. That way, you will be able to cover your cash needs with the loan but will be able to avoid unnecessary interest costs.

2. Find out your credit score:

There are plenty of guaranteed personal loan lenders out there who will lend to you even if you have a bad credit score. Still, your score will be a factor in the interest rate offered to you on your loan. The trick is to research your credit score ahead of time to know where you stand. In short, anything above 770 is excellent, above 700 is good, above 600 is fair, and below 600 is poor.

3. Do your homework:

Make sure to research at least 3-5 guaranteed personal loan lenders BEFORE you start contacting any of them. By spending an extra 30 minutes on research, you will widen your range of options and increase your chances of getting offered the lowest-possible rate.

4. Know how to search for the right lenders:

Make sure to use search terms like “guaranteed” and “bad credit personal loan.” That way, you can be sure to find those lenders best suited to your situation.

5. Negotiate wisely:

When you start getting offers for a loan, make sure to turn up your negotiation skills a bit. You will want to start by rejecting the first offer they give you; it just makes sense to try for a better interest rate. If they say “no,” just tell them thank you and hang up. Then, if you figure out later that that was the best rate, just call them back. It’s that simple.

Follow these 5 tips for finding a guaranteed personal loan.