Guaranteed Payday Loans
Guaranteed payday loans are short term loans that are usually approved very quickly, within minutes in most instances so that you can have the funds in your account on the same day. There are no credit checks and it is hassle free with no faxing involved as these are usually processed online. The amounts are generally quite low ranging from around £75 to £800. Guaranteed payday advances can be used for just about anything, for example domestic bills that are overdue, emergency car or home repairs or even for leisure purposes.
Why are they called guaranteed payday loans?
They are so called because they are designed to tide over those who find themsleves in financial difficulty until they reach their next payday. Think of them as an advance against the next pay cheque. They are usually repayable within 30 days being the monthly salary cycle, but can sometimes be extended.
How do I qualify for a guaranteed payday loan?
You will normally have to have a UK bank account and debit card, and a full time job taking home approximately the same amount you are able to borrow. You must be over 18 years of age and are not required to put up any collateral against the loan. Effectively these are bridging loans and as such carry a higher rates of interest than longer 12 month loans do. The fees are fixed and presented to you before the agreement is finalised so there are no hidden or subsequent charges. In most cases there is no confirmation required from your employer so in that respect you have complete confidentiality.
Anyone taking out guaranteed payday loans of any sort should seek independant financial advice to avoid the possibility of getting into a situation where they are unable to repay the loan. Even guaranteed short term payday loans carry penalties and charges should the repayment not be made on the date the loan is due, so it is important to ensure they are repaid on time.
