How to Get a Guaranteed Payday Loan Even With Bad Credit
You may feel that just because you have bad credit that you will not qualify for any type of loan. This is not necessarily the case and if you find yourself in a pinch and need some temporary funds immediately, then you may be in luck. It is possible to get a guaranteed payday loan with bad credit.
A Guaranteed Payday Loan for People With Bad Credit
A guaranteed payday loan is a type of loan that is generally for a small amount, such as $500 or $1,000. Your job is what is considered as your collateral with these types of loans. As long as you have verifiable income that amounts to $1,000 or more per month, then you have an excellent shot at qualifying for a guaranteed payday loan.
The loan will have to be paid back rather quickly. The due date is generally set to coincide with your next paycheck, hence the term payday loan. In most instances, you will have at least two weeks to pay off the loan.
The Cost of a Guaranteed Payday Loan for People With Bad Credit
A guaranteed payday loan costs have to do mostly with the amount you borrow and the interest rate that is applied to the loan. In most states there is a limit to the interest rate that may be charged. You should be aware of your state's regulations regarding interest rates and other fees that may be charged by the lenders.
In most cases, the cost of a guaranteed payday loan is talked about in terms of how much it will cost you per $100. For instance, if you need to borrow $600 and the cost is $15 per $100 over the two-week period. Then the amount you will have to payback will be $15 X 6 + 600 = $690. There may also be collection fees or administrative fees included, but this is not always the case.
Always make sure you are aware of any other fees that may be applied to your loan.
What Will Keep You From Getting a Guaranteed Payday Loan With Bad Credit
There may be a few things on your credit that may keep you from a guaranteed payday loan. If you simply have a low credit score, you will not be turned down for a guaranteed payday loan; however, if you have any of the following you may be denied:
- Bankruptcy in the last year
- Outstanding guaranteed payday loans
- Bounced checks or overdraft charges not satisfied
Before applying for a guaranteed payday loan, make sure that your checking account is in good standing and that you can verify your monthly income. If you do these things, there is very little chance that you will be turned down for a guaranteed payday loan.
Shopping for a Guaranteed Payday Loan With Bad Credit
Just because you have bad credit does not mean that you do not have the right to pick and choose your lender in order to get the best service and the best price. Not all lenders will charge you the same and not all lenders have the same reputation for service and honesty. For this reason, you should take the small amount of time necessary in order to shop around for the best deal on a guaranteed payday loan.
Online is the best place for you to do your shopping as it is the most convenient as well as the quickest. Once you have chosen a lender, you can fill out a quick application and the approval will come in about one minute. After approval, the money that you need will be wired to your bank account, in many cases, within 24 hours.