Bad Credit Payday Loans Guaranteed Approval
Financial difficulties can appear at any time in our lives, regardless of whether we are ready for them or not. If your car breaks down, a child gets sick, or a close relative dies, this is a sign that you will urgently need extra money in the near future. Unfortunately, in today's world, such problems can only be solved through money, and most Americans do not have the necessary amount in case of an emergency. People often try to borrow money from family and friends, but they may not always be able to offer the amount needed to cover the costs. What to do in such a situation and is there a way out? The answer is yes, as guaranteed payday loans can help you.
Guaranteed Payday Loans FAQs
What is a guaranteed payday loan?
A payday loan is a short term type of loan that can help you cover your cash needs. The borrower applying for this loan should be aware that he will have to repay it on the next payday. Typically, the loan is automatically debited from your bank account.
A payday loan is unsecured, so you do not need to provide collateral to get a loan. Thus, a payday loan is an opportunity to get a short-term small unsecured loan that needs to be paid off on payday.
Are payday loans really guaranteed?
Many people who are going to take a guaranteed payday loan want to know if this loan is really given to all borrowers without exception. Of course, every loan requires certain checks, since the lender needs to make sure of your trustworthiness. Thus, no one can guarantee you a loan if you do not meet the requirements of a particular lender.
The guaranteed payday loan justifies its name by the fact that it is much easier to get it than any other loan. You do not need to meet a large number of requirements and go through complex checks to obtain a loan, but the lender will ask for the documents he needs. The chance of getting approved is about 80 percent, but not every person gets a guaranteed loan.
What are the interest rates of a payday loan?
The interest rate on the loan will depend on your lender, the terms of the loan, and the laws set by your state. Also, people with good credit scores can get lower interest rates, and people with bad credit scores higher.
Thus, no one except your lender will be able to tell you the specific interest rate on the loan. However, it is worth noting, that a guaranteed payday loan is an expensive type of loan that charges a triple-digit annual percentage rate (APRs). That is why, before applying, you should find out all the conditions of the loan and its payments, think, compare various offers from lenders, and then make a decision.
What are the advantages of a guaranteed payday loan?
Every smart borrower, before applying for a loan, prefers to know all the pros and cons of an offer, and only then makes a decision. You can see the advantages of this loan:
- High probability to be approved. When applying for a guaranteed payday loan, you may know that over 80 percent of applications are approved.
- The ability to quickly solve your financial problems. If your emergency requires extra money, a guaranteed payday loan can help you with that.
- Fast payouts. Once the application is submitted, if approved, the money will be transferred to your bank account the next business day.
- Bad credit is not a problem. Even people whose rating is not a role model have the right to apply for a loan and be approved.
What are the disadvantages of a guaranteed payday loan?
Like every loan, guaranteed payday loan has several disadvantages. In order to make the right decision, you should study each of them:
- High interest rate on the loan. If you are looking to apply for a loan, research the different types and be sure to find the one with the lowest interest rates.
- Commission. In case of non-payment of the loan, you may be charged a fairly large commission, which will become your debt for a long time. The best way out of this situation is to pay the loan on time.
- Short repayment period. When applying for this loan, remember that you need to pay it off on the day you receive your next paycheck, which means that you will be left without funds again. If you cannot be sure that the loan will be paid on time, you should look into installment loans.
How to Apply for Guaranteed Payday Loan with Bad Credit?
As you understand, there is no guaranteed loan approval. Therefore, when applying for a loan, you must meet certain requirements. Many borrowers are wondering if it is possible to get a loan with a bad credit rating? And is it possible to get a loan with no credit check at all?
The answer is yes. More often than not, people with bad credit apply and get approved by lenders. The most important factor in obtaining a loan is having a permanent source of income. Lenders do not use a traditional credit check, but ask for an income statement that confirms your employment and its duration. Lenders can also check other documents to see if you can repay the loan.
What are the requirements for getting a guaranteed loan?
Each loan has its own requirements that you must meet. As you know, a guaranteed loan has fewer requirements than any other, but they still exist. Here are the main ones:
- You must be at least 18 years old
- You must be a US citizen or an official resident
- You must have an ID
- You must have a bank account
- You must have a source of income
- You must provide an email and contact phone number
How do I apply for a guaranteed payday loan?
The fastest and most convenient way to apply for a loan is to do it online. The application process is as simple as possible. All you need to do is fill out the form with your data on the site. After submitting, you need to wait a few minutes for the lender to review the application and make sure that you meet the requirements. If approved, the lender will contact you directly to discuss the terms of the loan and their repayment. After signing the contract, the money will be transferred to your account on the next business day.
Don't forget that every Payday Loan not only has high interest rates, but also additional fees in case of non-payment. Also, if you miss your Payday Loan payment, it can ruin your credit rating. On the contrary, if you fulfill all the conditions agreed with the lender, your credit score may be improved.