Are there such things as guaranteed payday loans? If you have a bad credit rating, this is something that is going to be on your mind. Anyone who needs to get their hands on money fast due to an unexpected financial outlay doesn’t want to have to spend hours looking for approval for a loan.
However, in this life there are no guarantees and the same applies to loans as approval for loans depend on individual circumstances. Therefore, no lender can guarantee approval before looking into your circumstances and whether the loan is affordable.
Guaranteed Loans Have A High Approval Rate
The good news is that payday loans do generally come with a higher approval rate than other loans as the amount you are applying to borrow is small and you repay the loan back quickly.
There are many benefits to taking out a payday loan and these include:
- The application is fast and you get an instant decision;
- The whole application is undertaken online;
- You are not committing to a long term loan;
- It offers money to meet any unexpected financial outlay;
- Money can be paid into the bank account on the same day;
- The approval rate for payday loans is better than with other loans.
What Are Guaranteed Payday Loans for Bad Credit?
While there is no guarantee that you will be approved for a loan, if you apply for your loan with our help we can promise that your application will be considered. The lenders we work with will take your current circumstances into account to determine if the loan is going to be affordable to you.
So, what is a payday loan?
A payday loan is a popular type of loan that anyone can apply for if they are met with a sudden unexpected financial outlay. This can be anything that crops up such as a large bill that needs paying before your next payday. It might be to meet an unexpected repair bill if your car broke down. It could even be to pay off that unexpected overdraft you found yourself in which is going to attract huge fees.
In any of these cases, you could apply for a payday loan and if approved you could have money paid into the bank on the same day, often without hours of applying.
With the payday loan, you cannot borrow a huge sum of money as you would with a personal loan. Typically it offers in the region of £100 to £500, which is generally enough to cover an unexpected outlay. If you require more money you might want to take a look at the short term loan.
You agree to borrow the money in the short term. The payday loan is usually repaid in full the next time you are paid, but lenders will allow you to spread out the cost for up to three paydays if needed. Spreading out the cost can make life easier as the whole amount, including any interest, is not taken from a single payday. However, as interest is added on a daily basis the longer you spread the loan over the more interest is going to be added onto the loan, so the more the loan will cost you in total.
This is something that does have to be weighed up when applying for the loan as you don’t want to leave yourself without adequate money on your payday but you don’t want to have to pay over the odds for the loan.
Applying for Loans for Bad Credit
To be able to apply for any loan you are going to have to meet certain requirements. These include:
- Having a regular monthly or weekly income coming in;
- Having enough disposable income left to repay the loan;
- Be over the age of 18;
- Live in the United Kingdom;
- Have a bank account in the UK;
- Have a debit card attached to the bank account.
You can search for a loan yourself, but this may take a long time as you may have to make more than one application to find a lender willing to offer loans to people with bad credit. Whenever you apply for a loan it is marked on your credit rating and multiple searches can go against you.
Alternatively, you can apply with us, Bonsai Finance, to help you find a loan. We are not lenders. Instead, we work alongside a panel of lenders in the UK who offer affordable loans with some of the most competitive rates around. You only have to make a single loan application and we can help to match you with a lender by searching within our panel of lenders. If your application is rejected by one lender, we simply move on to the next lender.
This boosts your chances of finding approval for a payday loan and all from making one single application. It also means that several applications are not noted on your credit file.
To apply for a loan with our help, you should first tell us how much you need to borrow and how long you want to take the loan over, one to three months. We will want to know the dates of your pay dates and you should ensure that you will have enough disposable income to cover the repayments.
You can then go on to leave your personal details with us and we will search with our panel of lenders to match you up for a loan.
We can help you to find guaranteed payday loans for bad credit with a panel of UK lenders. All lenders offer some of the most competitive rates along with ensuring that loans are affordable. You could have money paid into the bank the same day if approved.