Most online lenders offering guaranteed personal loans with bad credit actually offer payday loans or cash advance loans that feature limited terms and are not always the solution that bad credit applicants seek. However, not all lenders that offer guaranteed personal loans with bad credit limit their products to payday or cash advance loans, they can also include regular unsecured personal loans and sometimes secured personal loans based on equity.

What’s with the guarantee? Nobody can guarantee finance, what is guaranteed is the fact that credit score will only have a limited influence on the decisions of approval. The terms and requirements are made available to the applicant beforehand and therefore, the borrower knows for sure that if he meets the requirements listed and that if his credit score is above the minimum required, approval is guaranteed.

Brokers on the other hand, can only guarantee that they will put all their knowledge and expertise to find a lender that suits the needs of the borrower. Those that charge a fee for their services may guarantee approval but the guarantee covers only the result which implies that if the loan approval is not achieved, the broker will return the fees in full. This is called a money back or cash back guarantee.

Minimum Requirements For Cash Advances or Personal Loans

These loans are designed for those that feature a stained credit history and need financial aid in order to get back on track. How bad can your credit be? As long as you are not currently going through a bankruptcy process and even if you have a past (but discharged) bankruptcy, there are financial institutions willing to approve financial products. Nevertheless, the terms for approval won’t be the same ones than those offered to people with fair or perfect credit.