There are two possible explanations to the term guaranteed personal loans. They may refer to money lend to people who can assign a financial body or another person who co-signs for the loan therefore guaranteeing that the conditions will be met. The other definition is usually what people mean. In this sense the approval is guaranteed, in other words, the applicant will get the money no matter what. It also means that the company giving you the money doesn't ask unpleasant questions, there is no need to fax anything and most of the times they don't even care if you have a credit index.
For those who are otherwise financially stable, a n can be vehicle to get from A to B in before the next paycheck. These situations include but are not restricted to avoiding overdraft fees, penalties for late payments and shutdown of certain services due to a backlog of outstanding bills. The loan can be taken out by almost anyone, with or without a track record of paying money back to lenders, but people who really should take money out are those who can reasonably think that they will be able to pay it back.
Most states regulate these cash advances; in some states the regulations criminalize providing payday loans. If you live in such a state not everything is lost, but you may want to ask around to find out what you can do. Paycheck advances are usually called guaranteed personal loans mainly because they can be taken out by anyone, therefore making the approval process as streamlined as it can be.
There are benefits to this financial tool, too. If you're usually able to catch up with the bills, but there is something you couldn't foresee, a family tragedy or breakdown of the car that's essential to your job, there may be no other solutions. The feature that makes these loans invaluable in these cases is that they can be on your balance in less than 24 hours, so you don't fall into the debt spiral, while shuffling bills around. In other cases it may be the means to you staying the bread winner of the family. In such situations payday or guaranteed loans are necessary.
They are also relatively low on interest if you compare them to some of the available options. Let me just give you an example where the rate of interest may be justified. Let's say there is a small cash flow hiccup in your bank account and your credit card is not available at the moment either. What some banks do when you go into the minus territory is applying an overdraft charge or penalty that can be as high as $10 per day as long as you're in debt plus a monthly fee of around $20. If you have to take a personal loan of $100 to avoid this fee, and this loan comes with a $20 interest until you get your new paycheck, it was worth it.
Don't fall for the marketing terms 'fast loan' and 'easy money', they're usually used to lure people into thinking that this is an easy loan. Don't forget that while there are moments when the financial step of borrowing money this way can be justified, these are intended as short term solutions for daily cash flow problems. In any other case you might want to be looking at longer term ways.