Guaranteed Unsecured Loan
When you have a negative credit history and don’t want to waste time being repeatedly denied, a very convenient option is the guaranteed unsecured loan.
These deals have become much easier to find with the internet. How most of the companies with this promise work is they have you fill out an application, just as you would at any other lender. They send this application out to other companies they work with who accept people with varying financial histories, and if they deny the application they keep sending it out until one of the companies they work with accepts your application. This can be extremely convenient when you have bad credit because on your own you will likely have to apply several times to find the right deal for you. There are some basic requirements though, even for the guaranteed unsecured loan. You need to be over 18 years old, a citizen of the country you are applying in, and employed. They will probably still do a credit check, this is to help them find the lender who will accept you. While these deals save a lot of time and are extremely convenient, there are some advantages to using a direct lender instead.
With a direct lender you may have lower rates because in the scenario above your rates have to pay the company you work with, and the company they work with. Also, if you search for individual lenders yourself you will have more freedom in your rate comparisons. These things do not matter to everyone, but they are something to consider. No matter what you decide to do, I recommend finding five companies to compare rates and terms to find the deal that is best for you.
With all the options available to you, you don’t want to simply sign up for the first guaranteed unsecured loan you find.
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