Debt Consolidation Credit Counseling In Phoenix

The term guaranteed loan might mean different things to different people. It might mean that if you apply for a loan, you are guaranteed to get one. Or maybe it means that if you borrow money, it is guaranteed you will pay it back. The reality is that there are a few different common types of guaranteed loans.

One common type of guaranteed loan is a personal loan. Sometimes called guaranteed loans, they are quick and easy to get. Even if you have bad credit, you will probably still be able to qualify for the loan. They don't require any collateral because they are usually only given in smaller amounts and for a short period of time. Once you apply for the loan, you will usually have the money in your hands within one day.

Government guaranteed loans are another very common kind of guaranteed loan. There are quite a few different kinds of loans that are government guarantee. All the government guarantee means is that the government assumes the responsibility of the loan for the lender. Therefore, if the borrower defaults on the loan, the government will continue to pay the lender so they don't lose money on the deal. This obviously makes lenders more willing to loan money since they have the security blanket of the government guarantee.

One type of government guaranteed loan is a guaranteed business loan. For many people who dream of starting their own business, the dream stays a dream unless they can find someone to lend them the money to start the business.

For most lenders, it is just considered too risky to lend money to someone for a new business. Especially in today's economy, there are just too big of a chance that the business will fail leaving the borrower unable to pay back the lender. Lenders wouldn't be willing to take the risk without the government backing the loan. With the government business loan, there are more opportunities for people with a dream to make the dream a reality and become a business owner.

So no matter what your needs are, there are several different kinds of guaranteed loans available to help meet those needs.