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.
Let's clarify quickly . . .
Payday loans are short term cash loans. In most cases, you would apply for payday loans online and have the money in your bank account that same 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.
There is no such thing as 'NO' with a guaranteed payday loan.
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 you apply and 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 apply to this payday loan company because they will 100% say yes, it's guaranteed, right?
Even if you apply to one of these guaranteed payday loans direct lenders, your loan application might get declined for several reasons.
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 apply for. Every lender needs some form of repayment security. Your loan could be declined due to numerous other reasons such as;
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.
Don't worry. While there's no such thing as a guaranteed payday loan, despite what you might have heard. There are still options loan options with a high chance of approval available to you. Loanza proudly works with all the best 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 the right loan for you, 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 the lowest interest rate possible. We can also help you explore other loan options and help you get the best deal for 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.
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. Loanza carries out what's called a 'soft search'. This will allow us to see some information about you but not your full credit report. Future lenders cannot see this type of credit check so it cannot harm your credit history. Loanza will use this soft search to find you the best possible loan. Some lenders will offer offer 'soft search' loan and others will carry out a full credit approval which will show on your credit history. Please make sure that you read the fine print before submitting your application.
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!
Payday loans are designed for emergencies such as;
We recommend against the use of short-term or payday loans to finance luxury items.