Guaranteed Payday Loans
Basics of guaranteed payday loans and how to obtain them
When you’re in dire need of money and finding nobody to help you get relief from the abrupt financial burden, you may opt for taking out a guaranteed payday loan. This is a special type of loan which is especially created to provide an individual with quick cash while he needs it the most. Be it for college admission, paying utility bills or repairing cars, you can apply for guaranteed payday loans for any reason and spend it at your own discretion. Unlike bank loans, these loans are small amount of loans disbursed for a short period of time. The best thing about these loans is that any individual, irrespective of credit rating, can apply for them. These loans are also known as guaranteed personal loans or cash advance loans.
Guaranteed payday loans - Implications
These loans are opted for as the last resort by the people who don’t have any other source which they can get a loan from. These loans are especially helpful for individuals who are suffering from bad credit rating and declined by the banks and credit unions owing to poor credit profile. Payday loans are actually secured or guaranteed against the borrower’s forthcoming paycheck. The rules and regulations covering such loans differ from state to state.
Guaranteed payday loans - Main features
Such loans require the borrower to do some paperwork, but if compared to conventional bank loans they are very less. People who are in need of such loans have to go to a local payday store to apply for the loan. However, they can also apply with an online lender. There is no dearth of online lenders; some online lenders have a physical office too. Whether applying with a local lender or an online lender, you must fill out a simple application form to get a guaranteed payday loan. The loan should be paid back on your next salary day. Otherwise, you need to roll over the loan. Payday loans are already expensive as they are often charged with high annual percentage rate (APR) and other applicable fees. So rolling over the loan would add more in interests and late fees and thus would make it more expensive. Therefore, make sure you pay back the loan on the due date and avoid paying hundreds of dollars in interests.
Guaranteed payday loans – Loan amount
Whether from a local lender or an online one, payday loans generally range between $100 and $1500. If you’re a first time borrower, you’re not likely to get over $500. However, if you’re a seasoned one, you can expect to get as much as $1500.
Guaranteed payday loans – Drawbacks
Guaranteed payday loans are very expensive, in terms of APR. The APR can go up to even 500%. To stop the lenders from exploiting people suffering for financial hardship, government is coming up with new laws and regulations. But the result is still unknown. Therefore, if you’re thinking about taking out guaranteed payday loans, consider it as the last resort.
Guaranteed payday loans – Application procedure
If you’re in need to fast cash and there is nobody with you to help, you may opt for a guaranteed payday loan. Here are the steps following which you may get such a loan easily and quickly.
Search for the lender – At the outset, look for payday lenders that ensure guaranteed approval. You may find a number of payday lenders advertised on yellow pages, newspapers, local journals etc. Now you have to shortlist the companies that offer guaranteed payday loans.
Contact the companies – If you can call the local lenders or even visit their office personally. In case of online lenders, you need to visit their official website to collect important information that you must know about applying for a payday loan.
Compare loan terms – Now compare the loan terms and interest rates offered by different lenders including both local and online lenders. You must also ask about different fees that most payday lenders generally charge. After comparing those, choose a lender that offers the best interest rate and the most favorable loan terms.
Know the time required for disbursement – Now you ask your chosen lender about how fast they will transfer the loan to your bank account. If they take much time for disbursement, then you may avoid taking out a payday loan and pay high interest rates. Instead of that, you may wait for your next salary day.
Fill out the application – If you’re satisfied with everything including interest rates, loan repayment schedule, repayment period and other relevant loan terms, you may fill out the loan application form. In case of local lender, you need to fill out a paper form. But with online lenders, you need to fill out an online form. You may need to write down your name, contact details, employment details, employer’s details, and bank account details etc. on the form. While filling out it, make sure you provide only correct information. Providing any wrong or false information on the application form may decline your chance of getting a payday loan even permanently. So be careful about that.
Furnish documents – The lender would ask you to furnish some important documents like your paystubs, Social Security number, bank account number and bank routing number while reviewing your application.
These are the steps that you must observe to ensure a fast and hassle-free approval of guaranteed payday loans. Due to the astronomical interest rates, you must consider the option of borrowing a payday loan as the last way out.
For no-fax approval of guaranteed payday loans, you may work with any lenders enlisted to our company. All of them fastest and safest transaction of cash.