Many people have bad credit, and there are a variety of things that can cause it. Losing your job, divorce, and sickness are the top three, but you may also have issues with credit card debt. Regardless, you need money and can’t get a traditional loan. Since you need the money right now, you want to consider guaranteed payday loans. You can boost your chances of getting approved for a loan, but there are no guarantees.
Can You Get Guaranteed Payday Loans from Direct Lenders?
Most people wonder if it is possible to get guaranteed payday loans online from a direct lender. The answer is no, not usually. If you’ve got bad credit, most traditional lenders aren’t going to help you. They feel that you are too much of a risk to them. Of course, this can be unnerving because you need money quickly and can’t or don’t want to ask your loved ones or friends.
With that said, you have options available to you. Guaranteed approved payday loans aren’t real (no one can promise you a loan, and you shouldn’t be fooled by companies that do). Still
Working with a direct lender means that there aren’t any intermediaries involved. You can submit your information online or through more conventional means and get a notification in a few minutes if you are approved or not.
If you aren’t approved for the loan from a direct lender, your only option is to apply with another lender. Then, if you don’t get approved again, you must search out a third and fourth until you find one that is willing to grant the loan to you.
Often, it is impossible to do this if you have bad credit. Another issue is that you may attempt to get a loan six or more times before you finally get approved. Sometimes, it never happens.
Keep in mind that each time you apply for a loan, your credit report gets a small ding. It doesn’t mean much if you apply for a single loan (or multiple loans within a particular time frame), but it can lower your score if there are numerous hits.
What does this mean for you? Your already low credit score is lowered even more. A few points could put you in a different scoring bracket, which makes you look even less creditworthy to potential lenders.
Bad Credit Payday Loans: Can You Get Guaranteed Approval?
You can find payday loans for people with bad credit. There are plenty of subprime lenders ready to help you. However, there’s no such thing as guaranteed payday loans, no matter what. This is important to remember. Yes, you need money right away and can’t ask anyone for help.
Of course, you may be in a panic; you’re not sure what to do, and you turn to a payday loan lender. Keep in mind that these are short-term loans. Traditional lenders require you to have collateral or a great credit score. You probably have neither, but that is okay.
Online payday loans with guaranteed approval are not possible, regardless of whether you work with a direct lender or not. Often, you do not need a credit check or a cosigner. Instead, you need to have a steady income. If approved, you are given the money immediately (or within one day). Repayment times are shorter here and often happen when you get your next paycheck.
Many times, the lender requires direct withdrawal, so it gets its money on the specified date. This time frame is based on how often you get paid, such as weekly or bi-weekly. You get the money you require and can use it for any purpose. Though many people need cash for an emergency or bill, it’s also possible to utilize it for vacations, car down payments, and more.
Guaranteed Payday Loans with No Credit Check: Is There an Alternative?
Since there is no such thing as guaranteed payday loans online or in person, what is the alternative?
You can use a matching service instead of a direct lender. Of course, these services cannot guarantee you a loan, but you have a variety of lenders from which to choose, and they all want your business.
When you apply using a matching service, it gets all of the information it needs and then sends it to lenders within the network. There could be dozens of lending services available here. Therefore, if you happen to get denied for any reason, your application automatically goes to the next and the next until a lender is willing to grant the loan.
You’re preapproved at this point, and you are directed to the lender’s website so that you can finalize your loan terms. The approach here saves you a lot of time, which is a significant advantage when applying for a payday loan.
Of course, you’re guaranteed to be working with legitimate lenders, so there is no reason to worry about scams or other issues.
Usually, the preapproval process takes about 10 minutes with a matching service. In some cases, it is instantaneous, such as if you have a good credit score.
Being preapproved is a good thing because it means there are one or more lenders that are willing to give you a loan. Keep in mind the agreement isn’t finalized from the matching service. You must still visit that lender’s site and provide the necessary information, such as signing contracts online or emailing documentation.
When your loan is finalized, money is often deposited into your bank account within the next business day. Rarely, it can happen that same day. Remember, no reputable matching service is going to charge its applicants. The service gets paid by the lender once you are preapproved for a loan.
Conclusion
You must understand that guaranteed payday loans are not possible. You can boost your chances of getting approved for a loan through the use of a lender matching service. We realize that it’s lucrative to seek out guaranteed payday loans online and want to help you be successful. While we can’t promise anything, you have a good chance of finding an appropriate lender by utilizing our service. Please fill out our quick form to start the process.