How to Borrow Money With Government Guarantees
The U.S. government backs a number of guaranteed loan programs helping citizens in a variety of ways, including aiding with college tuition costs, opening small businesses, and paying for farm storage facilities. As of 2011, the government does not offer loans, grants or bailouts for debt relief or any other general consumer purposes. Although the government guarantees certain loans, it also requests personal guarantees from borrowers. The government guarantees that banks issuing the loans will receive full payment. However, the government will seek direct payment from borrowers defaulting on student loans and other government loans.
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Instructions
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Visit GovLoans.gov. The website is operated by the U.S. government and offers a complete listing of government-guaranteed loan programs.
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Review various loans on the website. Find a loan that appears to meet your needs. Select a loan by clicking the check box. Then click on the "determine eligibility" button to complete an online questionnaire. The questionnaire helps determine if you meet initial qualifications for the loan, but is not a guarantee of eligibility.
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Follow information provided online after taking the questionnaire. Contact the proper agency for applying for the loan, based on initial approval of your eligibility.
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Complete the formal application process with the proper agency.
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