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Your Helpful Guide to Quick Guaranteed Payday Loans

What are quick guaranteed payday loans and how do they work? How much money can you avail for and when can you pay it back? What about the general costs, are they unnecessarily high or reasonably priced? Is it really guaranteed? These are some of the questions that might come to mind when we hear the word guaranteed next to payday loan. This article will tackle all these questions in detail and walk you through all the important information that you need to know about them.
What are Guaranteed Payday Loans?
A guaranteed payday loan, as its name implies, guarantees that your application will be accepted once the necessary information has been sent to the lender. They are also called high acceptance rate loans because they normally provide higher approval rates compared to other types of credit. They are also short-term unsecured loans, which means that they do not require collateral and have short maturity periods, usually just for a few months. If you are in dire need of cash but are reluctant to avail for a loan after having been rejected numerous times by banks and other lending institutions, you might want to explore these loans and its comforting guarantee.
How can you apply for them?
When you apply for this credit, you can avail for a few thousand pounds depending on the lender, which you will need to pay back after a few weeks or months. You can avail for it online and the application process is generally quick and easy with the use of a computer or even your mobile phone via the internet. The lender will normally ask you to provide some basic but vital information regarding your residence, current employment status, and personal bank account details – the money will generally be deposited in your bank once your application is approved that is why your lender will ask you for your bank account number.
Who can use them?
Virtually anyone can use them as long as they meet the general criteria that lenders require in the application process. If you are in an emergency situation however, speed is crucial and you don’t want to waste time on applying for a loan that will get your application denied in the end. You simply can’t afford it especially if important bills are due in a couple of days. What you need is a quick and sure way to get money and these loans will give you just that. For unexpected expenses that require urgent attention, these loans can be an ideal solution.
How do you repay them?
Normally, you need to pay back the money that your borrowed plus some extra fees that the lender will charge in your next salary. The exact date on when it will be due will be indicated once you avail for it and normally lenders will expect you to repay the money that they lent you in one single payment. How much lenders charge for their services is reflected in the total APR and this is one area that you need to look into when opting for a loan. Always choose the one that gives you the least APR since it will be the deal that will provide you with the least cost. The most recent cap in interest rates that the FCA has implemented on payday loans is at 0.8%. Lenders cannot go over that cap or they will be violating the law.
Finding a Reliable Lender
In recent years, payday loans have received plenty of bad feedbacks and criticisms from borrowers and consumer groups alike. A lot of financial experts would even advise you to stay away from them and to avoid using them as much as you can because of their potential to create a spiral debt. But the notorious reputation that these loans have been carrying for quite some time now can be blamed largely on bad business practises made by loans sharks and irresponsible lenders. They lend money to as much borrowers as they can without considering whether or not these people can actually afford such a loan and the costs that come with it. When they miss out on their payments, the lenders would just add further interest rate as penalty and this will continue on and on until the total amount of money that the borrowers have paid for in interest rate will have already exceeded the amount that they borrowed for and they haven’t even got out of the debt yet.
This is why it is important that you find a reliable lender who will help you find the deal that works best for and your current financial situation. Always borrow from a reliable lender who is concerned not just in making money but in helping you overcome the financial difficulty that you are currently facing.