How to Get a Guaranteed Loan

Straight and to the point. The only way to get a guaranteed loan, outside of having a good credit score, is by having some type of collateral. Most all banks, lending institutions and private lenders will tend to over look a low credit score as long as the applicant has some type of collateral. The collateral will have to meet certain requirements to be able to get a guaranteed loan. The first requirement is that the collateral being used to get the guaranteed loan must meet or exceed the value of the loan that you are asking for. Example: If you are asking for a $10,000 guaranteed loan but you only have collateral that has a value of $5,000, then chances are that you will not get the loan. As long as the value of your collateral matches up or exceeds the amount of the loan being asked for, then there should not be any problems getting the guaranteed loan. I have included a list of different types of collaterals below and I have also included a list of various lenders that will accept collateral against a guaranteed loan.

As stated above, the best way to get a guaranteed loan is by using a type of collateral that meets or exceeds the value of the loan amount that is being asked for. Here is a compiled list of different types of collateral that most lenders will accept against a guaranteed loan.

Different Types of Collateral to Use Against a Guaranteed Loan

1. House title
2. Car title
3. Mobile home title
4. Motorcycle title
5. Camper trailer title
6. Boat title
7. ATV title
8. Gun titles
9. Jewelry titles
10. Anything other collateral in your possession that has the same amount of value as the loan that is being asked for or it exceeds the loan amount being asked for. The title is kept as collateral for the loan.

This is just a small compiled list of different types of collateral that can be used against a guaranteed loan. As stated in number 10, if you have the title to anything else that holds a value of the same amount or exceeds the amount of the loan being asked for, then you can use that collateral to secure the loan.

Different Types of Lenders That Accept Collateral to Secure a Guaranteed Loan

There are many different types of lenders that will accept collateral to secure a guaranteed loan because of the applicant defaults on the loan, the lender can get their money back through the sale of the collateral. If the applicant defaults on the guaranteed loan, the collateral will be sold at a private or a public auction to the highest bidder. Here is a compiled list of lenders the will accept collateral to secure a guaranteed loan.

1. Conventional banks
2. Conventional lending institutions such as credit unions
3. Title Loan Companies
4. Private or individually owned loan companies
5. Mortgage loan companies
6. Mortgage brokers
7. Used car dealers
8. Mobile home dealers
9. Private lenders (LOcal or Out of State)
10. Private Investors (Local or Out of State)

There are more lenders that will accept collateral to secure a guaranteed loan but these are the top lenders. Always start with your local bank first to use the collateral to secure the loan. Then, move down the list. One of these lenders will say yes to the loan as long as the value of the collateral meets or exceeds the loan amount being asked for.