One type of loan that is typically easy to get when you have bad credit is the payday loan. The question is, is it possible to get guaranteed payday loans for bad credit?
Don’t Believe Everything You Read About Guaranteed Loans
No ethical lender will guarantee that they will approve your application for any loan, the payday loan included, without checking you are able to repay the loan first. If lenders state they can offer guaranteed loans, they are telling fibs. You might search for a loan and see claims of guaranteed loans, but this is not true. When you apply for a loan, the lenders will want to know about your current circumstances.
Information lenders need from you includes:
- Your age;
- Your monthly income;
- Your monthly outgoings;
- Whether you have any CCJs;
- Your ability to repay the loan;
- The sum you want to borrow;
- The length of time you want the loan.
It’s Not Possible to Get Guaranteed Payday Loans for Bad Credit
All UK lenders will check your credit rating. While the lenders we work with will make a check, they also take your ability to repay the loan into account. Just because you have a bad credit rating, it does not mean you will be turned down for the loan. At the same time, there is no guarantee you will be accepted for a payday loan.
While there is no guarantee of acceptance, we can make applying for payday loans with a range of lenders easy and fast. We do not provide loans but instead work alongside lenders in the UK who offer affordable loans with competitive rates. This even applies if your credit rating is below perfect.
The benefit of finding a lender through us is that you can make one single application and we then try to match you up with a lender based on your circumstances.
What Is a Payday Loan
A payday loan is a specific type of loan that has become popular among people who find themselves short of money when an emergency crops up. This might be in the event your car breaks down and it needs repairing, a bill you forgot about needs paying or a major household appliance breaks down and needs repairing or replacing.
A typical payday loan offers between £100 and £500 and is repayable over one to three months. This can depend on the lender with some lenders offering more cash than others.
A payday loan can come in very handy in any circumstance where a small sum of money is required before payday. This is why the loan has the name payday loans.
The payday loan is usually paid back through the debit card linked to your bank. When signing up for the loan you will give the lender permission to collect the payment from your account with what is called a Continuous payment authority or CPA.
You agree with the lender to repay the loan over one to three months and they take the money you borrowed along with any interest incurred on the date or dates agreed. When repayments are completed, you can cancel the CPA with your bank.
No lender will offer guaranteed payday loans for bad credit, as they need to know about your circumstances and your ability to be able to repay the loan. Here at Bonsai Finance, we work with numerous lenders all offering highly competitive rates for loans with an application that is simple and quick. We can help you to find payday loans based on verifiable income, not your credit history, so apply with us today.