I Have Bad Credit, Where Can I Get A Guaranteed Payday Loan?
If you have thought, "I have bad credit, where can I get a guaranteed payday loan", it's time to stop wondering and make your application online, or visit a cash advance lender in your neighborhood. Having bad credit is not an issue with guaranteed payday loan lenders. The main reason that your credit history is not part of the requirements for a cash advance, is because you are not applying for credit.When you fill out the loan application at a land based lender store, you will be asked to write out a check in the amount of your loan plus any interest or fee that applies. At online websites, you fill out an ACH permission form that allows the lender to electronically withdraw that amount on your due date, directly from your bank account. This is not an extension of credit. It is a simple loan backed by your check or ACH approval. That is the guarantee, or security, to the lender of your good faith and promise to repay that cash you have borrowed. There is interest, or a fee, for this service and to cover the cost of borrowing for that short term. You are not being extended a credit account where you have an open ended loan.
A guaranteed payday loan lender will look at your banking history, however, and if you have many insufficient funds checks on your bank statement, that would be an item that may deny you access to this service. If you have previously taken out a payday loan but were unable to repay the loan on time, that may be a problem for obtaining a new loan. Your credit history does not apply.
At online guaranteed payday loan lender websites, you transact your loan entirely though the website. Just fill out a simple online application that contains all the information your lender needs. You must have a job, or income, be of adult age, and have a direct deposit bank account. There are a few more questions, but those are the basic criteria. There are guaranteed payday loan stores in most neighborhoods. Here, you will need to return to the store in person to repay your loan and fee with cash, on or before your due date. When you repay your loan, your held check will be returned to you. These lenders do not want to cash your check; they want you to show up with the cash. If they must process your check, it may affect the amount you can borrow in the future.
Guaranteed payday loan amounts vary from $100 to $1500, and fees for most range from $15 to $25 per $100 borrowed. In some cases, expedited loans may carry higher fees, and interest rates begin at about 456% APR. However, your loan term is not by the year, it is only one pay period, about a week or two. Your guaranteed payday loan is always due on your next pay day. There may be situations where you can "roll over" your loan to the next pay date, incurring an additional fee amount. In most states, you are only allowed to have two payday loans at any one time, for your protection. Payday loans are designed to be used for occasional emergencies, not as a source of income.