Have you ever found yourself in a situation where you needed urgent and instant cash without having time to wait for the long verification’s and approvals that our everyday banks put us through for loans? You are not alone, though bank loans are one of the safest and easiest options available to us when in need of money, they have a very long process of approval which makes getting the money you need instantly delayed. Along with that due to this long and detailed process, it is not always guaranteed that the bank will approve your loan.
Banks can reject loans for a long list of reasons and one of the list topping that is bad credit history. If you have a past record of missing loan due dates or even missing credit card bill payments etc. you can be considered as a bad credit borrower. If in such a case you need a loan where you are guaranteed loan approval where do you go? The solution is simple and close to you. You go for a payday loan.
guaranteed loan service
Payday loans are very simple to understand. The terminology linked with these types of loans is very similar to the regular loans. There is a principal amount you borrow, and the interest rate you must pay to the lender, some other finance charges like processing fee etc. and a tenure at the end of which you must pay back what you have borrowed. So where is the difference? The difference lies in the amounts of these terms. That means the principal amount will usually be a smaller number. The interest rate will be higher than regular loans and the tenure will again be very small usually two to four weeks.
Another difference because of which payday loans have become so popular in the past few days is the time it takes for your loan to process and be handed out to you. You may not believe it but, in most cases, you get the money within twenty-four hours of application. Why payday loans are so quick in nature is because of the less detailed verification of your past history and documentation.
Payday lenders usually ask for the following information and do a quick background check based on this information:
- Proof of residency or citizenship
- Proof of age
- Proof of regular monthly employment
With these documents, they check whether you are a legal citizen, of the valid age and have the means to pay back the borrowed amount. They are not interested in finding out about your credit history. The only thing these lenders care about is if you are capable of payback. If that is verified the payday loan is guaranteed.
As these documents are easily verifiable the lenders approve your loans instantly or within a few hours and money is dispatched to your account within a day.
So when you have an urgent need of a guaranteed loan service and you cannot wait to find whether or not it will be approved you can opt for payday loans.
The application process is simple:
- Find an online or storefront lender.
- Fill a form
- Provide required documentation and a checking bank account number
Get the cash next day and ensure you pay it back on the due date to avoid extra expenses. Payday loans Online if used wisely can be of great help in difficult times.