Guaranteed Payday Loan - Myth or Reality?

Coin waving

Let's be honest, we have all been there, money is tight but we think we can manage until we realize the rent is due or unexpected payment pops up. The car breaks down, the kids break your computer and you need it to work . . . Life happens. Sometimes friends and family can help us out, other times we are not so lucky, or we don't want to burden them with our responsibilities. That's why payday loans are so handy. They offer emergency buffer and cash advance to tide us over in times of need.

What Exactly Is A Payday Loan?

Let's clarify quickly . . .

Payday loans are short term cash loans. In most cases, you would request payday loans online and have the money in your bank account that same day, or the following business day. The money comes from companies commonly referred to as 'direct lenders'. When you pay back your payday loans they get some extra money back in interest and that's how they earn their money. It's pretty simple. Payday loans have been around for a long time, to begin with, the money would be paid back in a lump sum (with the interest) on your next payday, hence the name. These days the loan terms you can get access to are much more flexible, the amounts you can borrow are higher and you can pay back in installments over as long as 18 months. Payday loans in some cases are more like short terms loans you would get from the bank but easier to obtain with a poor credit score.

So, What is a Guaranteed Payday Loan?

There is no such thing as 'NO' with a guaranteed payday loan. Or wait... 

There are countless companies in the market and if you need to borrow some money you are going to come across hundreds of companies online boasting of 'guaranteed payday loans', 'loans for bad credit guaranteed approval', or 'bad credit guaranteed approval loans'. The assumption with these loans is that if you submit a loan request, you will be accepted - the answer will always be yes. So you're online and you click on the advert for 'loan for bad credit guaranteed approval'. You need the cash and you also have a poor credit history so you go to this payday loan company because they will 100% say yes, it's guaranteed, right?


Even if you ask one of these guaranteed payday loans direct lenders for funds, you might get declined for several reasons.

Need a payday loan?

We can connect you to a trusted lender with high acceptance rates in minutes, even if you have bad credit.

Get Started Now

Are you sure that Guaranteed payday loans don't exist?

Let's think about it, if a payday loan company was offering guaranteed payday loans, with 100% guaranteed approval to anyone with bad credit (maybe even without a credit check), how could they be sure that they would get their money and their interest back? They couldn't be! That would be bad for business. So, yes, we are sure that a 'guaranteed' loan doesn't exist, but don't panic. We're just being extra cautious, upfront, and honest. Lenders do offer guaranteed approval loans for bad credit. They do offer guaranteed loans to people with a poor credit score. No loan is 100% guaranteed because there might be another reason you don't get the loan you want. Every lender needs some form of repayment security. Your loan could be declined due to numerous other reasons such as;

  • Failure to provide ID
  • Unable to Provide a Home Address
  • You have no job or other regular form of income
  • Your details demonstrate that you cannot pay back the amount of money asked for in the time scale required. This is referred to as affordability.

Wait, Isn't That False Advertising?

The wording can be arguably descriptive but in most cases, it will be worded in a way that makes sure it abides by all laws and regulations. If you take a closer look at these 'payday loans, loans guaranteed' adverts there will be more small print explaining that the loan guarantee is subject to further approval. There will be terms such as, 'Bad Credit Welcome. Sorry, No Unemployment' or 'Poor Credit Score OK, No Credit Checks Performed, Approval Guaranteed when borrowing x% of your income'. 

Essentially a 'guaranteed loan' is one with a very high approval rate. If you are having financial difficulty or have been turned down by traditional lenders then this will, of course, seem very appealing. The problem is loans that are advertised in this manner may come with excessive interest rates and harsh missed payment fees.

Need a payday loan?

We can connect you to a trusted lender with high acceptance rates in minutes, even if you have bad credit.

Get Started Now

So, What Are My Options?

Don't worry. While there's no such thing as a guaranteed payday loan, despite what you might have heard. There are still loan options with a high chance of approval available to you. Loanza proudly works with reputable direct lending companies in the USA and we can help maximize your chances of getting the loan you need.

Instead of hitting that direct lender link online that says 'loans bad credit guaranteed approval' or something along those lines. Let's consider a different approach. By using a paydays loans broker like Loanza to find a loan, you can take advantage of our market knowledge to help get you a short term, payday, or income-based loan from a trusted direct lender at affordable interest rates. We can also help you explore other loan options based on your circumstances.

Many lenders don’t require great credit and some will offer loans to you even if you have poor credit or without full credit checks. They’ll still have other eligibility criteria you need to meet to be considered – primarily they’ll be interested in your ability to repay the debt.

Will I Need a Credit Check?

With any loan, some form of a credit check will have to be carried out. This is required to confirm your identity as a bare minimum. At Loanza, we don't actually run any credit checks. Some of our lenders may run something that's called a 'soft search'. This will allow them to see some information about you but not your full credit report. Future lenders cannot see this type of soft credit check so it cannot harm your credit history. Some lenders will offer offer 'soft search' loan and others will carry out a full credit approval which will show on your credit history after you agree to it on their website (no need to worry about this when submitting your request with Loanza). Please make sure that you read the fine print before submitting your loan request on the lender's site.

How Much Does It Cost?

Nothing, Loanza's service is 100% free to use. Be wary if you choose to use another broker as many of them do charge an extra fee on top!

Please Remember . . .

Payday loans are designed for emergencies such as;

  • Unexpected repairs or emergencies
  • Paying off medical bills
  • Unavoidable financial needs

We recommend against the use of short-term or payday loans to finance luxury items.

Need a payday loan?

We can connect you to a trusted lender with high acceptance rates in minutes, even if you have bad credit.

Get Started Now