Emergency! How to Obtain a $10,000 Guaranteed Personal Loan

A guaranteed personal loan; just exactly what is it? A guaranteed personal loan is a type of financial assistance that is provided by a non-bank institution for those who need a considerable sum of money to meet an emergency situation. Institutional lenders such as brick and mortar banks and credit unions, rarely do loans of this nature. On the other hand, it is often pretty easy to get this sort of loan from other lenders. The lenders who sell these loans often do so without any credit checks. Nor do they ask that collateral be presented.During an economic downturn or recession, it is entirely possible for a person with poor credit to get a $10,000 guaranteed personal emergency loan. To be sure, $10,000 is no small amount and it is indeed difficult for a loan seeker to get this sum from the usual brick-and-mortar financial institutions, especially if he or she has a bad credit history. However, to get a $10,000 guaranteed loan easily, with terms you can live with; just meet the following four requirements.Requirement One: Steady EmploymentAs with any loan, the entity, or non-bank lender, who is making the loan wants to be repaid. A good way to show the loan maker your ability to pay, is to offer proof that you have been steadily employed for a decent amount of time. Steadiness with the same employer counts, too. At the very least, a lender would like to see at least 90 days of employment with the same employer or firm. If you have more time with the same company, all the better.Requirement Two: Bank AccountHaving an active bank account is essential as well. A checking account would meet the minimum requirements. But a savings account or money market accounts would enhance your chances of getting your loan. The lender will require that the bank account has been active for 90 days, the same amount of time they would like to see for employment.Requirement Three: Supporting DocumentsSince there is not credit check required with these loans, it is incumbent on the loan seeker to prove financial ability as well as background information or identity. You should gather bank statements, monthly pay slips, government approved IDs such as a drivers license or passport, and other credentials that may be required. Often, the lender will ask to see a utility bill, or some other instrument of obligation, that has been active under your name for at least 90 days at the same address noted on your other credentials. Of course, the more complete documentation you have, the faster the approval process will be.Requirement Four: Compare RatesHopefully you have applied to a number of different lenders. Economic conditions often force lenders to offer different rates. You should choose carefully among the lenders who have agreed to give you a $10,000 guaranteed personal emergency loan. Before you assume the loan, find the lender with the interest rate, the repayment schedule, and the fees, that best suits your time table and your pocket book.As long as you meet the not-so-difficult requirements set by your prospective lender, you should have your $10,000 guaranteed personal loan for your emergency pretty quickly. Use the money wisely and make your payments on time. Doing that will make it that much easier to get a loan when next you need an infusion of cash.