A can mean two things for your cash flow on the short term. You can both avoid over-time penalties from other financial institutions or providers, and it's also nice to have the cash exactly when you need it. This product is not to be confused with guaranteed loans that mostly describe money lend to small businesses or people who can present a co-signer, who guarantees to pay the amount back in case the original borrower fails to meet their obligations.
In most real world situations the term refers to guaranteed approval loans where the emphasis is on the word 'approval'. These loans are considered to be a very short or short term solution to cash flow problems or to work around issues where the penalty would be much higher than the interest rate on this type of a loan. For those people who are trying to get out of the swamp of bad credit it can be a real godsend to be able to meet their obligations with an advance on their pay check.
The nature of the loan also suggests other names for it with the most common being payday loan. People who take one out will most probably pay it back with their next check, so the risk factor doesn't really matter. In cases where this type of borrowed money is used to pursue hobbies or purchasing consumer items the interest rate can be a problem, mainly because these tend to become midterm loans rather than short or ultra-short term financial band-aids.
If you're thinking about applying for a guaranteed loan, you'll find the process easy enough to follow up on and there is no need for too many documents to fax either. These companies usually don't conduct a credit check, but they sometimes ask for a verifiable source of income, such as an employment status. It's checked mainly to ensure that you can pay the money back on time, but it's also a good thing for you. It indirectly means that they care about you being able to pay on your next payday rather than propelling you into the debt spiral only taking one small payment at a time and letting interest rates roam free.
Note that loans that are available without a co-signer, or the lender doesn't go into extensive paperwork, the typical APR can be very high. Every state comes with its own unique set of regulations regarding guaranteed approval personal loan constructions. The main concern is that these loans have to be paid back in a very short term, usually on your next payday, which may come in eight to thirty-some days away. The market rate varies quickly, but as a general rule of thumb you may expect to pay around $20 interest per $100 borrowed, regardless the time between you getting the money to the day you pay it back.
Guaranteed personal loans offer an easy way out of some really sticky situations with the approval process guaranteed. These products don't come without a good amount of extra interest, so think about other possibilities. If there are no other financial institutions who will lend you money, they may be your only option available, and given the fast approval process, they're not the worst one either.