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Though there are many traditional options available in your cities, there is one popular option called payday loans. The reason for its popularity is the turnaround time and that it is guaranteed. The process of applying is very simple compared to other loans. You have to fill an online or direct form and submit it with certain details that the lender requires and in less than 24 hrs you will have the loan amount in your account.
Offering best services to get guaranteed payday loans approval online from direct lenders. Apply now in emergency crisis no matter if you have bad credit history. Let’s understand the term guaranteed. Many lenders promote their payday lending as a guaranteed short-term loan, no matter what. However, consumers should use caution. Legalised lenders even when promoting guarantee will check a few details. It is not possible that a 10-year-old can go online, fill a form and receive the loan. What the lenders mean by guaranteed is that the loan will be given to you if you clear certain criteria. The simplest criteria that almost all lenders may be looking out for is the legal age of a borrower and the current employment status. A guaranteed lender is more interested in checking whether you can pay back the money you have borrowed i.e. by checking your current employment history rather than your past credit history. Payday lenders are fine if you have a bad credit score.
If you find a lender who is promoting a guaranteed payday loan no questions asked, check their license in the state. There can be many lenders who are running illegally in your state and borrowing from them may lead you into a trap. In the United States of America, all the states where payday lending is legal it is regulated by the state authorities and their departments have specific rules defined for lenders and borrowers.
If after reading all the above you decide that payday loan is the answer to all your worries, we have listed down the major aspects in the agreement of the loan which you must read and understand fully.
- Principal amount – The amount you want to borrow.
- Tenure – The time for which you want to borrow.
- Cost – Cost of a online payday loans can have multiple areas to be read and understood. First, understand the rate of interest charged by the lender. Check for any other costs and fees the lender is charging like initiation fee, a fee for withdrawing the amount from the account on the due date, non-payment fee, in case of repayment plan if any extra fees are charged, and any other fees that may be involved.
- Inability to repay – Ask the lender clearly, what are the consequences if you are unable to pay the amount on the due date? Does the lender offer an easy installment repayment plan and the charges involved in it?
- Borrower check – This is one of the main aspects of a guaranteed bad credit payday loans. The lender will ask you some details regarding your employment and identification, ensure you give them the correct information to get the approval instantly.
After understanding all the details of the agreement fill the online form and provide accurate information to the lender and your application will definitely be approved.