A Quick Guide To Searching For Guaranteed Payday Loans
When You Need Emergency Funds
Guaranteed payday loans are the ultimate go-to when you are in a need of cash to settle a financial emergency. Emergencies can be very tough especially when they happen in the middle or end of the month. You may have planned for a financial disruption but the truth is, financial imbalances are uncontrollable and at some point, you may be facing a lack of money.
However, these situations don’t require a large amount of money to sort them, so you cannot take a large loan that will need collateral. Also, the collateral-based loan will take time and in these cases, you don’t have time for such. That is why Same Day Lend is here for you, we may not guarantee that your loan application will be approved until we have conducted our quick assessment but we may still be able to provide what you are looking for. This post is going to provide you with all the necessary information that you need regarding guaranteed payday loans no matter Australia.
Exactly What Is A Guarnateed Payday Loan?
Payday loans are also referred to as cash advance loans, salary loans, payday advance loans, payroll loans, same day emergency loans they are all a form of short term loans. This type of loan does not require any collateral, it uses your job and employment status as collateral for a loan. Typically, the loan amount for this type of loan is between 50 dollars to 1,000 dollars, which is often enough to sort you out of an emergency financial situation or provide you with the needed time to get a larger amount of personal loan.
Keep in mind that the amount you can access would vary from lender to lender and sometimes according to location. In Australia, payday loans are under the Small Amount Credit Contracts (SACC). For most companies that offer guaranteed payday loans, the maximum amount they offer for this type of loan is 2,000 dollars. The repayment period may take between 16days to 12 months with the cost increasing per month.
|Commonly used names for payday loans||Other names for payday loans|
|Cash Advance Loans||Salary Loans|
|Payday Advance Loans||Payroll Loans|
|Small Amount Loans||Small-dollar loans.|
How A Payday Loan Is Different From A General Bank Loan.
There are different ways a payday loan is different from a personal bank loan, they include the following;
- Payday loans must be repaid in a matter of a few paydays, while personal bank loans may spread over years.
- The maximum amount you can get for Payday loans ranges from 1,000 dollars to 2,000 dollars but a personal bank loan will consider your credit score to give you a higher loan amount.
- Sometimes, payday loans don’t solely consider your credit score, because most lenders that offer Small Amount Credit Contracts may not do credit checks.
- Personal loans are majorly accessed from banks, while payday loans can be gotten from multiple small loan businesses.
The most notable difference is that in the case of a personal loan, most times you need to have a good credit score or must be able to provide collateral while payday loans do not take into account your credit history. So, payday loans are faster and quick enough to get you through an emergency financial situation.
Who Qualifies To Apply?
Although, payday loan processing is often easy there are still requirements that you need to meet, for your loan to be approved. Depending on your location and lender, your loan terms may differ, however, there are general requirements you need to meet for a payday loan, they include;
- The borrower must be at least 18 years old.
- You must be able to provide proof of income, that is you need to have a paid job or a regular source of income.
- Loans are not available for new accounts. Your account must be active and have a record of transactions of at least a few months before.
- You must have a valid phone number
- You should have government-approved means of identification
- For some countries, you may be required to provide evidence of your age to be eligible for a loan
Are There Any Limitations To Payday Loans?
Generally, everything has its drawbacks, so are payday loans. They have their benefits but they also have limitations which you should know, some of them are as follows;
- Interest Rates; Payday loans offer higher interest rates and fees compared to general personal loans.
- Amount and Duration; Payday loans don’t require any collateral, so they have lower amounts and short duration for repayments. That is why you cannot depend on them except to cover urgency and the waiting time before you can get a bigger loan. But since the loan is based on your job type, your situation may not end up bad.
What Are The Application Process And Charges Of A Guaranteed Loan?
You need to apply properly if you are searching for guaranteed payday loans no matter what Australia lending companies that you contact. You need to follow the following steps for this part;
- Look out for the payday loan providers that are closest to you and compare their interest rates and other costs.
- Browse their website for an online application form or visit their office to fill the form.
- Complete the form with verifiable information, if possible and where relevant provide all the proofs
- Submit the completed application form, wait for it to be approved. Usually, the waiting period is between 15 minutes to 20 minutes, this also depends on your lender and the location.
- After approval, you would be asked to provide all relevant proofs for documentation such as proof of income, identity, age, and others. You will have to wait for them to be verified.
After verification of your documents, your loan should be ready as soon as possible, the lender will transfer the money and you can access it in your bank account.
What Are You Waiting For?
Payday loans are generally lifesavers and can be used to help you out when you face tight emergency financial situations. Here are some advantages of payday loans to you;
- It is the perfect option for emergencies because it has a quick processing time, no waste of time, typically within 24 hours.
- Often, instant cash loans online don’t consider your credit score, so with a poor credit score you can still apply and be approved for a loan
- You don’t have to provide any guarantor or collateral
- Since payday loans only consider your salary, even if you are still paying a bank loan you can apply
- You can access payday loans in a matter of 24hours, the loan application and processing is fast and without stress if you follow the proper steps
- This loan is not dependent on the reason for taking out the loan, you can use it for almost anything including utility bills and grocery shopping.
The benefits of payday loans make it very beneficial, you should consider payday loans if you need some help with cash.
However, you should keep in mind that before you continue to apply or take out any form of credit, you must consult with a counsellor or a professional financial advisor.
Why Are Payday Loans Not Guaranteed?
At Same Day Lend, we always operate in line with professional guidelines. One of the responsible guidelines is that we cannot guarantee approval for a loan application before we conduct a proper assessment on such an application. To make sure that we are responsible for offering our various loan services, we conduct a proper and adequate assessment to determine the financial situation of the borrower and ensure that the loan is exactly what the borrower needs and they can pay it back comfortably.
To ensure that we conduct a full assessment, we make several inquiries about the applicant’s financial situation, among these inquiries, are;
- We will get at least 90 days of applicants’ bank statements as required by the law. These statements come in a read-only digital copy, this helps us to also determine an individual’s identity and not just their present financial situation.
- We will inquire into the applicant’s current income, their expenses, and their employment status, we will want to know the reason why they want to take out the loan and the period required for them to pay it back.
- We also conduct a credit check to know more about the applicant’s credit history.
Before we can offer a certain loan amount, we will first calculate all general expenses including living expenses, other commitments like other loans, and credit card payments. We do this to make sure that the customer has enough leftover income to be able to afford repayments.
We use advanced technology to hasten many of our processing procedures, which makes the application easy and quickly completed without errors as a responsible lender. This also enables us to avoid putting anyone under financial stress by offering them a loan that they can’t afford to pay back.