There is no getting around that sometimes in life you need some extra cash. Unexpected changes in your life could easily come into play for needing a few thousand dollars. Perhaps your relationship status changes and you have to find a new place to live or your car needs a major repair. You might also be having somewhat of an entrepreneurial spirit and want to launch your own business. If you have little to no savings or access to credit cards, finding the funds to cover these expenses might seem next to impossible. If you have applied for bank loans and had your application denied, chances are you do not care to use that method to get access to the cash you need.
Options for You
Even if you are unable to meet credit standards need for traditional lending, there are still options that are available to you. One possibility is loans with a guarantor. If you are not familiar with these types of loans, they give people with bad credit or no credit history a way to be issued a loan. In order to qualify, the person that needs the loan must have someone else sign the loan papers to qualify for it. A guarantor can be anyone you know and who trusts you to repay the loan balance with interest. This could be anyone that you know and trusts you. Likely candidates might be your parents, a good friend, or even a co-worker. If they are willing to be a guarantor, the chances are good that you can qualify for the loan.
Anyone that has the capacity to repay the balance and the interest of the loan is considered, so even if you have a spotty or non-existent payment history, your chances of getting approved are pretty high. This type of loan can be very helpful when you are in a bind and do not have a lot of time talking to lenders that are not likely to fast-track your loan application and approve it in a relatively short period of time. While most traditional style banks also offer loans to people who have a loan guarantor, they must still follow the traditional style loan application method that can add days or weeks to the review and approval process. When you apply for a typical bank loan, it can take as long as a week or two to get your answer. If the lending institution requires more information from you or your guarantor, it could take even longer than that.
The Process
Like all other loan products, there is a process to getting the loan. In order to get your application started, the first thing you will need is some information about yourself. This includes basic things like your name, contact information, your work details, your bank account details, and your payroll schedule. Your guarantor will also need to be available to speak on the phone with a loan representative and be willing to give that same information either online or with the lender on the phone.
All of the information collected online and over the phone is used to decide your eligibility for the loan amount that you requested. These types of loans allow borrowers to greater amounts of cash than short-term loans and have a longer repayment plan schedule. Loans are available in amounts of 1,000 to 12,000 with repayment terms of 24 to 84 months, depending on how much money you originally took out. Smaller loans typically have a shorter repayment time period than larger loans, but either way if you are approved, it gives you the money you need today to do with it as you wish.
Your Loan Has Been Approved!
After you and your guarantor have submitted all of your loan information, the lending company will make their decision on whether to grant the loan pretty quickly. There are no setup fees associated with this type of loan. If your application is approved, the funds will be deposited directly into the bank account of the guarantor typically within the next business day. He or she will be responsible for giving the funds to you for you to use as you see fit. People who are approved also have the option of repaying the loan back early, so should your situation change for the better, or you use the money to start a business that becomes wildly successful, you always have to option to pay off the loan sooner than the original terms dictated.
Align Yourself for Success
Once your loan has been approved and you have access to your funds, it is time to align yourself for success. If you took out a substantial amount of money, now is your chance to align yoursaelf for success. You can use those funds to launch a dream business that can change your entire future. If you do not have big business dreams to speak of, you can use this money for other things like buying a new car or paying for repairs for the one you have. If you need to move, you can use the money to help pay for deposits or new furniture for your new home. If you have wanted to attend university, the money can be used to help cover tuition or boarding costs at the school you want to attend. Perhaps you have children that have pressing medical bills that need to be paid.
There are a million reasons why you might need to have a quick infusion of cash to get you set straight. A loan can help you get back on your feet or establish yourself so you can make the moves and conduct the business that you need to. How you spend the funds is entirely up to you, so you really do have a lot of options for your future at this moment in time.
When you work with a company that specialises in fast track loans you will get your answer without delay, so you can take care of the business you have in your mind.