A guaranteed loan is a loan from a normal lender that's partly backed by a government guarantee, which lowers the lender's risk.
A guaranteed loan is credit extended by a commercial lender in which a government agency guarantees repayment of a portion of the loan against loss.
The guarantee can make a lender more willing to approve a borrower who's close to qualifying. Terms and eligibility depend on the program.
A bank might extend a loan it otherwise wouldn't because an FSA guarantee covers part of the risk.
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