Guaranteed Payday Loans
Payday loans are available for those who need a small, cash loan but may have credit issues. Most lenders offer guaranteed payday loans for any applicant, regardless of their credit score.
Lenders who offer guaranteed payday loans are sometimes not lenders at all, but a loan broker. They work with hundreds and maybe thousands of lenders who specialize in payday loans and their guarantee is they will find a lender that will approve a loan for you. Most lenders do not perform a credit check so the odds of being turned down for a loan are pretty nil.
Guaranteed payday loans are a relief for those who need a small amount of cash but do not qualify for a bank or credit union loan. It is stressful enough to have an unexpected bill arise and no cash available to pay it, but with a guaranteed payday loan, peace of mind will be achieved knowing the unexpected expense will be covered. Guaranteed payday loans still have to be paid back and they may eradicate peace of mind temporarily until the loan is paid back.
Guaranteed payday loans are available by application to the lender of choice. The applications are available online and can be filled out in less than 10 minutes. Applications can also be submitted online, which is the lender’s preferred method, or submitted in person if the lender has a store front in the applicant’s neighborhood. The application can also be faxed to the lender and some lenders will allow the application information to be given over the telephone.
A word of caution when applying for guaranteed payday loans is if the lender is really a loan broker, the application will be forwarded to any number of potential lenders. The applicant will have no control over where the application, which will contain personal and financial information, is sent. The application could be sent to an unscrupulous lender who will use the applicant’s information for evil and not for the good of the applicant.
Lender’s, who offer guaranteed payday loans, do so with above average finance charges. The interest rates run about 15 to 35% and the loans are payable in 7 to 30 days. If the applicant were to crunch the numbers, they would find the annual percentage rate, or APR, to hover in the triple digit neighborhood. The finance charges are higher than a bank or credit union offers.
Guaranteed payday loans are sometimes the only option someone with short term financial challenges has to obtain the necessary cash to take care of an unexpected expense. Payday loans are not meant to fix a chronic, long term financial problem, but to cover a onetime unexpected expense until the next paycheck arrives. If guaranteed payday loans are used responsibly, they will be the necessary help the applicant needs and not the one eyed financial monster some portray payday loans to be. Payday loans should be paid back according to schedule to avoid late fees and penalties that will just add to the cost of the loan.