Are you in a cash crunch due to an unforeseen expense that pops up during the middle of the month? We have all been there, and it can be a scary situation to be in, especially if you do not have a good credit score. Even if you have a decent score, the time and paperwork needed to get a loan approved at your nearest bank can take over weeks. You may think of lending from a friend, but really, are you sure that you want to jeopardize your friendship over some cash as generally, borrowing from friends end up with unavoidable arguments.
What is a guaranteed payday loan?
Payday loans are short-term loans that anyone can apply for with very few requirements and no credit check at all. Due to the nature and ease of use, this type of loan has gained rapid popularity. It is a default go-to solution for many hard-working middle-class Canadians throughout the country. But, can anyone get their loan approved no matter what? Well, the answer to this question is more complicated than a simple yes or no.
The first part of the answer is no; Guaranteed payday loans do not mean that “everyone” who applies will get their loans approved. Some minimum requirements need to be fulfilled before your loan can be processed, which we will look into later. But it’s uncanny how straightforward the requirements are compared to other forms of loans. So it is more than likely to get your payday loan approved if you cover the minimum requirements.
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Here is what you will need if you are planning to apply for a payday loan
Proof of employment: The most crucial aspect of getting a guaranteed payday loan is to show the lender proof of employment. This is extremely important as this shows the lender that you are capable of paying off the loan after the due date. Without proof of employment or if your employer can not be contacted for whatever reason, there is a high chance that your loan may not be approved. But we at redpayday offer guaranteed payday loans no matter what in Canada and evaluate each case based on its merit, so apply for free today to check your chances of getting a payday loan.
Bank account: You will need a checking account to apply for any loan. Simple.
Permanent address: You, of course, need to apply with a valid permanent address.
The total amount you can lend
Payday loans are meant for short-term solutions for your financial needs and usually offer up to CAD 5000 on credit. The minimum is just cad $100, making it a perfect loan for everyone no matter what you need it for. The typical due date can be anywhere from a couple of weeks up to one year at maximum. Being a short term loan, payday loans also do not require any collateral, so you can rest assured that your valuables are safe.
Guaranteed payday loans with bad credits
Yes, Payday lenders do not require a mandatory credit check as this is a short term loan. In contrast, a payday loan can be a great way to improve your credit score. If you can clear your dues on time slowly, your credit score can be improved. This can be a lifesaver for anyone with a bad credit score, as we all know how easy it is to miss just one installment of your credit card only to find yourself reported as a defaulter.
Interest rates in Guaranteed payday loans
There are a ton of myths on the internet surrounding the interest rates of payday loans. Many speculate it is an evil sort of loan with astronomical interest rates, which can not be far from the truth. Payday loans are meant to be fast, affordable and convenient loans that anyone can take advantage of. They have no collateral like most other loans ( something critics do not always point out), making it a high-risk loan for the lender. The interest rates are a bit on the higher side given the short time you have to pay it back but paying CAD $ 80 – 200 for lending CAD $ 500 for a month seems like a fair deal to me. For an in-depth analysis and breakdown of interest rates, please head over to our website to learn more.
Some use cases for payday loans.
Payday loans can be used for a variety of situations. Payday loans can be used in diverse cases, from recreational purchases like a brand new ps5 to a medical emergency that needs urgent cash to perform an operation. Payday is a type of loan that is designed precisely for the hard-working middle-class people of our country, so it can be used for virtually anything. We also have a comprehensive blog on different use cases for a payday loan; check it out from here.
No matter how good you are at budgeting and planning, unexpected expenses will come to hunt you. These expenses are just a part of life, and you have to deal with them. Our Guaranteed payday loans make it easy and convenient to face any financial situation. There is also no credit check and no collateral pledged to the lenders, making it one of the safest loans. You can also use payday loans to improve your credit score by paying off the loan on due time. The application process is online, and you can get a loan approved within one hour. But, being a straightforward loan to apply for and get approved for, we do not recommend you take multiple loans as it may put you in trouble financially. Interest can quickly pile up.
We hope this article has been helpful for you in understanding what Guaranteed payday loans no matter what, actually means. Follow our tips and if you have any questions or confusion regarding any of the topics discussed or any query on a Payday loan in general, contact us here. Our financial expert is here to address your needs.