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Secured and Unsecured Personal Loans – Which One’s for You?

Seven years past the great recession of 2009, people are still trying to recover from the financial damage. Also, the inflation rate is another challenge that people have to face every day. Car prices are rising and it is becoming difficult for people to buy a car with good credit score. It is even more difficult for people with bad credit score.

Is it possible to buy a car with bad credit score? Where should you apply in order to get easy approval on auto loans? If you are troubled by such questions, you should opt for guaranteed auto loans.

Guaranteed auto loans help you buy a car quickly. As the loan application can be submitted online, it is the quickest and easiest form of financing. As the process is online, you may get approved within a single day of applying for the loan.

Here are some of the reasons why you should opt for guaranteed auto loans if you have a bad credit history:

If you apply with a traditional lender, your loan application may take multiple days to get approved. It will also involve physical efforts such as walking down to the lender’s office, waiting at the office, meeting the authorized personnel, etc. Also, there are chances of your loan application getting rejected.

On the contrary, if you apply for guaranteed auto loans, you can get approved within a day. There is minimum physical involvement because of the online loan process.

Dealers offer various promotional schemes to car buyers. The schemes include discounts, cash back incentives and free car accessories. You may have missed such schemes in the past. But, you won’t miss any of them now because of guaranteed auto loans.

When you get approved for the loan, lenders promise you to transfer the loan money within a day. So, you need not to worry about losing the promotional schemes offered by the dealer.

Since lenders offer you shorter loan terms and use your car as collateral, they provide you with various flexible repayment options. You can plan ahead and decide how much money you can spend every month towards monthly payments. Then, you can choose the option that fits your monthly budget efficiently.

Guaranteed auto loans offer you with two major advantages. Firstly, you can buy your desired car. Secondly, the repayment of the loan can be used as a repairing tool for your credit score. Paying the monthly payments on time would improve your credit score and hence improve your creditworthiness in the long run.

With guaranteed auto loans, consider having money in your hands. After you are approved for the loan, the money will get deposited in your account within a day. Therefore, you get an edge over the dealer. It gives you the power to bargain for your car and ask for the maximum discount.

Everyone has a dream to own a car. Don’t get worried by looking at your credit score. Opt for guaranteed auto loans. With the convenience of the loans, your new car will not be a distant dream anymore.

No matter how much you earn each month, it would not be surprising if there comes a time when you find yourself in short supply. Of course, if you are able to consistently spend less than you make, in theory you should never run into situations where you are out of money. Unfortunately, reality is not that simple.

Everybody’s situation is unique. However, slickcashloan   the 5 main reasons you may be running low on money include:

1. You do not make enough money to cover even basic expenses.

2. Your paycheck is fine – when it comes, that is. But payments are inconsistent, and some months it is better than others.

3. You make a really good income, but something unexpected comes up suddenly that pushes you into the red.

4. A recent large purchase such as an automobile or a home has eaten into almost all of your available savings, and things are extra tight right now.

5. A friend or family member has asked to borrow money and you are trying to help, but you do not have the extra cash on hand.

When you are faced with any of these “money emergencies,” you need to get access to cash quickly. These include:

* borrowing from a rich friend or relative

* taking on a second job

* taking out a loan by putting up something of value as collateral

* taking out a personal loan without the need for collateral

If you have explored all of these options thoroughly and have concluded that taking out a loan is your best bet, you may have one major concern: what if you do not get approved? It is common to be concerned about not getting approved for a loan if you have bad credit, have been rejected for a loan recently, or if you lack a checking account.

To get a guaranteed personal loan approval, follow these 3 steps:

1. Decide how much money you need to borrow. This requires striking a tricky balance: on the one hand, you do not want to borrow more than you need, since the interest you pay on this loan will depend upon how much you borrow. On the other hand, you want to make sure you borrow enough money since you do not want to have to go back in a week or two and take out another loan. Rule of thumb: figure out how much you need, then add 20%.

2. Contact at least 7 lenders before making a decision. This is important: you are probably going to be tempted to just take the first loan for which you get approved. Resist the temptation! If you contact at least 7 lenders, it is a sure thing that one of them will offer you a lower interest rate and overall better terms than the rest. Spend the extra 15-30 minutes to make sure you select the right lender. hint: before contacting them, make sure the lender is one who will guarantee a personal loan, even if you have a bad credit score. They will tell you this up front.

3. Choose a lender whom you can contact via online or phone. While you may be most comfortable calling your lender, I urge you to consider the online option. It is quicker to get approval when you contact them online. And, you will hit your “quota” of 7 lenders before you know it.

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