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A guaranteed payday loan is a short term lending program for people who are in an acute financial crisis. People use it to meet emergency or urgent financial requirements. The amount available for this type of installment is normally between $100-$1500 only.
Guaranteed payday loans Process
For qualifying this type of arrangement, payday loan companies will show preference to those who have a steady income. Thus, they execute this business with two major objectives-making profit and collecting loan money. Mostly the time of approval of this program is within 24 hours of applying.
Characteristics of Guaranteed Payday Loans
There are some basic characteristics listed below: Structured lending is one of the significant features of guaranteed payday loans. This type of financing has no credit check. The qualification process is fundamental and does not obligate the borrower to meet any complicated requirements. Thus, it is easy to avail of free loans in this process while meeting financial needs without worry. There is no requirement for any security deposit. The amount of APR usually lies between 200% – 800%.
Guaranteed Payday Loans Rates and Terms
As the cost of this product is not very high, so repayment terms are also simple. In guaranteed payday loans, there are simply no prepayment penalties. The installment can be repaid in 12 installments. In this type of lending, the first month’s payment will be on the next payday instead of payment on the 15th of next month. At that time, the principal amount and late fee will be charged for settlement. Apart from that, the borrower has to pay the penalty for each installment. There is no credit check, so you do not need any credit history for getting approved for guaranteed payday loans. Therefore, this product is favorable to get approved quickly. Additionally, there is no obligation to collateral security. because it does not require any security deposit or collateral security, which makes it one of the best alternatives for getting a short term loan
Options to Help You Qualify for Guaranteed Payday Loans
loan expert: Guaranteed payday loans are low-cost funds offered to the people who fulfill predetermined financial requirements. The loan amount is between $100-$1500 only, which varies after analyzing numerous amounts and repayment terms. The duration of repayment can almost range from 12-24 months. For qualifying this product without any security deposit or collateral security, there are several options available. Get your paycheck directly deposited and apply for guaranteed payday loans. Loan rates will be comparatively lesser if you have a regular income. Only then can you take it for getting approved.
Pros of Guaranteed Payday Loans
Several individuals happily avail of this type of lending. No credit check, no collateral security, and a fixed and easy repayment schedule are the most significant points for which people indulge in guaranteed loans. It provides a solution to those who have no way to get funds to manage their short term financial requirements.
Despite all these points, there are still some negative aspects described below: There is no security deposit. If you default, it will become hazardous for borrowers to repay installments under stress or pressure in time. So it is always recommended to return the installments at a time during the due date. Furthermore, guaranteed loans are technically very high rate loans in terms of interest-bearing.
Unlike other loans where you can fundraise for further use if you are under debt or without any funds but with some basic qualification criteria, an assured payday loan could be taken by anyone without any hassle. Hence, lending automatically becomes higher. Thus, borrowers should be extremely wise while taking such financing as they cannot save much if they do not repay the installment on time. However, making sure the presence of your fragile financial condition and hitting hard cash crunch time, these installments give financial service providers to offer short term funds.
Cons of Guaranteed Payday Loans
Despite all the mentioned points, there is still a negative point for the borrowers who do not have less financial troubles, owing to which they end up being given high fee loans. And like other funds, the cost of this product depends on numerous factors, including monthly installments, loan amount, and the borrower’s credit rating. If somebody has a low credit rating, it is obviously tough to get approved for a guaranteed payday loan. Similarly, if you require a small amount of lending, it becomes hard for you to become eligible for getting these same-day loans. In our friend’s view, borrowing is a simple thing, and the only need is the determination to approach and apply against any difficulty rather than running around a lending institution. But even though it’s simple, there are several risks adding situations and challenges that investors should always keep in mind while borrowing or finding any financing method.
How to Apply for a Guaranteed Payday Loan?
It’s not wise to commit mistakes while applying for guaranteed loans to get approved quickly and easily by meeting your urgent financial requirements. Some of the mistakes that borrowers make while going for this product are listed below: The best recommendation is to be aware of the lender loan rules and regulations to apply correctly towards the right lender and make sure the lender wants to accept your loan application or not. You should also prepare some basic documents which need to be prepared on time and submitted with the loan application form. Not only will you speed up your loan approval process, but at the same time, it will help you to confirm if you have met up all the required qualification criteria.
The following steps can help you if you want to get your guaranteed payday loans online in no time.
- Get all necessary details such as how much money I qualify, my credit rating, and my creditworthiness for applying for a loan.
- Start analyzing the details of various lenders whose products suit your budget most. Your decision should depend upon the interest rate, monthly installments, and other terms sought by the lender during the admission process itself.
- Get clear with each lender before actually filling any loan application. Normally, they do not provide a 100% grace period for filling loan applications online, especially during weekends, which may postpone your loan approval process.
There are always two or more lenders ready to come forward to give support from their end. So a borrower must evaluate all the offers and then logically pick out a program that suits them most. Because after filling online, the borrower still has to contact his team for further information regarding checking whether the application is approved or not or if there is some further verification required. It should be done by contacting the assigned direct number or email id if specified during the online application form. From the borrower’s perspective, it seems like a good idea to have a little chat with the assigned team to be informed about his application status.
Documents to Apply for Guaranteed payday loans
Below we have listed the documents for applying to guaranteed payday loans, which applicants must submit. These documents clearly confirm the details needed by the lender while processing off loan application:
- Bank statement showing your account funding capability in detail.
- SSN copy of your identification card.
- W-2s (last year’s tax returns) or a pay stub with proper income documentation.
- A copy of your current driver’s license or state photo ID, if necessary.