How To Get a Guaranteed Payday Loan

A guaranteed payday loan is a cash advance designed for emergency needs and is used by people who need instant cash. An application is filed and submitted, and is processed in a few days. Once it is approved, the borrower receives the cash through his bank account. Payment terms will depend on what is agreed between the borrower and the creditor, but it will be on a staggered basis, with interest payment on top of the balance. It can also be paid in full, in which case the interest will be minimal. It is best to find a loan that offers cheap monthly payments.

Payday lending easily wins approval for a cash loan application, as long as all documentary requirements have been completed and the borrower qualifies according to his monthly salary. Applications by individuals with salaries below the minimum set by the creditor will not be approved. Applicants should also be 18 years old or older and have an existing checking account. Payday lenders also check your credit history, so it is advisable to settle all your other loans or at least maintain a good credit standing before applying for another loan. However, there are lenders who do not consider applicants that have outstanding payday loans with other lenders.

You will need to fill out an application form to apply for a payday advance. They will ask for the following information:

  1. Personal information – complete name, address, contact numbers, home ownership, driver’s license number, birth date and social security number.
  2. Employment information – company name, employer address and contact numbers, length of service, salary details.
  3. Banking information – name of the bank you have an account with, bank’s contact numbers, bank account type, bank’s ABA bank routing number, and bank account number.
  4. Reference – name and contact details of a person they can call to check on your background.

To avail of a guaranteed payday loan, here are your options:

  1. Inquire from your current bank whether they offer a quick loan, and ask them about their requirements. Banks usually have a required salary bracket. They also ask for several documents such as your most recent pay slip, your income tax return and other legal documents that will guarantee them that you are capable of paying off the loan.
  2. Credit card companies sometimes offer fast loans for their subscribers. Then the loan will be paid on a staggered basis and will be included in the credit card billing statement.
  3. Online guaranteed payday loan applications are available. The entities that offer guaranteed payday loans online are actually not bank or financial institutions, but are financial matching service providers that match prospective borrowers with prospective lenders. The financial matching service provider submits the applicant’s information to several payday lenders, so it will depend on which of these lenders will approve a loan application. This is the reason some borrowers receive several letters of approval at a time. The advantage is that the borrower gets to choose from several options and gets to pick the one with the best terms of payment and lowest interest rates.


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